money Foreign Exchange

[Mandrake]

I mailed my parents duplicate debit cards of two banks. They just give me the heads up so I can transfer funds and all they need to do is visit an ATM.

 

This is also a good option and a proven convenience for most beneficiaries. As the sender, just watch out for the hidden charges or the peso exchange rate which may be way below the buying rate.

[Mandrake]

Here in the US, if you deposit a foreign bank check into a US CA/SA, it takes 7 days to clear.

 

I think its a country to country thing - the number of days to clear a foreign check, that is. 

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The clearing/settlement system of banks in the US is far more efficient and reliable compared to that in P.I., where banks are overly protective against and wary of fraudulent checks and money orders (local or foreign) getting into the system. Beleive it or not, only in the Phils. can a walk-in customer open a Savings Account in a Phil. bank which is restricted for CASH DEPOSITS ONLY. You can fund the account by wire transfers, but you cannot put a check deposit (even a Cashiers Check or Managers Check) on the account.

 

The customer would have to be officially referred by an existing client or any employee or officer of the bank to allow checks to be deposited to the account.

[willow_boy]

Yes, it is common among Phil. banks to impose the "collection period" of 30-45 days although your USD account in the Mainland can be debited in less than 5 banking days because the Phil. bank usually maintains a US correspondent bank (most of the time in NY), which handles the clearing of the checks with your US bank.  For US banks maintaining Branches/Offshore Banking Units in Manila, the clearing is faster but again the proceeds of the checks gets credited following the standard collection period.

 

On a case-to-case basis or if your beneficiary is a valued client of the Phil. bank, the checks  can be credited to their account on an "outright basis", that is on the day the check is presented.  From the bank's perspective, this will constitute an accomodation usually accorded to prime clients.

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Mr. Mandrake, thank you very much for this information. It's very much appreciated. Regards.

[Podweed]

This is also a good option and a proven convenience for most beneficiaries. As the sender, just watch out for the hidden charges or the peso exchange rate which may be way below the buying rate.

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It works. The time it takes (instantaneous) is the convenience. Thanks.

[Mandrake]

Mr. Mandrake, thank you very much for this information.  It's very much appreciated.  Regards.

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Glad to be of help.

 

Anybody here knows how the TFC Global Money Transfer of ABS-CBN works in your area?

[diver_703]

let say i want to transfer between $20,000 - $30,000 from my account here in the states to my wife's account in BPI, how do I do it? Fee?

Routing number seems to be unfamiliar in banks in pinas.

[Mandrake]

let say i want to transfer between $20,000 - $30,000 from my account here in the states to my wife's account in BPI, how do I do it? Fee?

Routing number seems to be unfamiliar in banks in pinas.

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The usual and safest way is to apply for a wire transfer at your US bank where your account is maintained. Fee would vary depending on how your US bank would send the money (via SWIFT or

Fedwire). Other than the account details of your recipient in BPI, the Routing No. (or SWIFT No.) is required by your sending bank to facilitate the transfer. Like other banks, BPI could easily give such information to their depositors.

[Dr_PepPeR]

The usual and safest way is to apply for a wire transfer at your US bank where your account is maintained. Fee would vary depending on how your US bank would send the money (via SWIFT or

Fedwire).  Other than the account details of your recipient in BPI, the Routing No. (or SWIFT No.) is required by your sending bank to facilitate the transfer. Like other banks, BPI could easily give such information to their depositors.

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Watch out for the fees! Clear with the transacting banks what their fees are, you might be surprised when you get the net proceeds.

[diver_703]

The usual and safest way is to apply for a wire transfer at your US bank where your account is maintained. Fee would vary depending on how your US bank would send the money (via SWIFT or

Fedwire).  Other than the account details of your recipient in BPI, the Routing No. (or SWIFT No.) is required by your sending bank to facilitate the transfer. Like other banks, BPI could easily give such information to their depositors.

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tnx a lot for the help...

[kapitanhook]

If there's one in your area, try iRemit...

Here in Singapore, they charge S$3.80/txn. FX rate isn't bad too

[diver_703]

The usual and safest way is to apply for a wire transfer at your US bank where your account is maintained. Fee would vary depending on how your US bank would send the money (via SWIFT or

Fedwire).  Other than the account details of your recipient in BPI, the Routing No. (or SWIFT No.) is required by your sending bank to facilitate the transfer. Like other banks, BPI could easily give such information to their depositors.

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let say the fee by my bank here in the states is $20 and $5 by the bank in pinas... does it matter how much i send?!? would BPI get the money right away...

[bRIX]

Western union would be the fastest and most convenient. i'm not very sure about the price though.

[Mandrake]

let say the fee by my bank here in the states is $20 and $5 by the bank in pinas... does it matter how much i send?!? would BPI get the money right away...

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Yes, the amount matters because some fees of US banks are graduated depending on the amount you send. Also, if you pay in greenbacks for more than $10,000 cash, the US bank will require you to fill up a Cash Transaction Form as required under AMLA. Regardless of the amount of transfer and the fee, the speed of remittance using SWIFT or FEDWIRE would vary between 3-5 banking days from the time you send the money.

[jigger_horny]

well said Mandrake ... I also do wire transfer when I was in Miami ... better check for the remittance and interbank fee

[Mandrake]

Western union would be the fastest and most convenient. i'm not very sure about the price though.

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Comparably very dependable, though a bit pricey. I may be wrong, but a friend of mine told me she paid a WU outlet in Israel $60 for a $1,000.00 real-time transfer to Hawaii. If the speed is real-time it could probably be that expensive.