money Foreign Exchange

[diver_703]

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.

<{POST_SNAPBACK}>

 

sorry but i'm a little confused... i'll be more specific this time... i want to transfer $20,000 from my bank in the states to BPI... SWIFT, acct #, bank name are known... my bank said $20 is the fee, BPI said $5 and 3-5 days for processing... anything else i need to know, although both banks said amount of the transfer is not an issue... thanks a lot mandrake...

[Mandrake]

sorry but i'm a little confused... i'll be more specific this time... i want to transfer $20,000 from my bank in the states to BPI... SWIFT, acct #, bank name are known... my bank said $20 is the fee, BPI said $5 and 3-5 days for processing... anything else i need to know, although both banks said amount of the transfer is not an issue... thanks a lot mandrake...

<{POST_SNAPBACK}>

 

If your accout with BPI is a USD Account, i would say you are fortunate to have been told by your US bank and BPI that they will charge a total of $25 only ($20 by the US bank and $5 by BPI). Perhaps your US bank is a correspondent bank of BPI which tie-up is covered by a special arrangement with BPI. Normally, other US banks will charge a higher transfer fee for a $20,000 remittance.

 

I would assume as well that you maintain an account with your US bank where you will initiate the transfer in which case they may not require you to fill up a Cash Transfer Form (apart from the Application for Wire Transfer) for AMLA purposes.

 

You may want to verify with BPI if they collect any fee for withdrawing the money in greenbacks. Some Phil. banks charge a withdrawal fee of P0.05 for every $1.

Edited June 14, 2006 by Mandrake

[Alucard]

Mabilisan, W.U. or used other door to door remittance service. Cebuana is offering such service and their price is quite competitive (15 dirhams or roughly 225 pesos)

 

Next day, receive kagad nang family ko.

[Mandrake]

Mabilisan, W.U.  or used other door to door remittance service. Cebuana is offering such service and their price is quite competitive (15 dirhams  or roughly 225 pesos)

 

Next day, receive kagad nang family ko.

<{POST_SNAPBACK}>

 

I would assume your somewhere in the Emirates. Magkano ba ang singil ng WU dyan bro?

[boni]

I am not a fan of paying fee. Kasi kung i-plus mo lahat, dami rin iyon.

So kung puwedeng mag-plan ahead, that's good.

I use iBank in Manila. We opened a dollar checking account.

I issue a check from my US bank account and deposit it to our Manila dollar checking account. No fee charged. Clearing is 30 days.

[Mandrake]

I am not a fan of paying fee. Kasi kung i-plus mo lahat, dami rin iyon.

So kung puwedeng mag-plan ahead, that's good.

I use iBank in Manila. We opened a dollar checking account.

I issue a check from my US bank account and deposit it to our Manila dollar checking account. No fee charged. Clearing is 30 days.

<{POST_SNAPBACK}>

 

You must be a valued client of iBank to enjoy a waiver of bank fees from iBank or your US Bank. If the clearing period is 30 banking days, then the check must have been sent by iBank under COLLECTION BASIS. Normally, the US bank would deduct a fee from the proceeds of the check they have received for collection.

[diver_703]

If your accout with BPI is a USD Account, i would say you are fortunate to have been told by your US bank and BPI that they will charge a total of $25 only ($20 by the US bank and $5 by BPI).  Perhaps your US bank is a correspondent bank of BPI which tie-up is covered by a special arrangement with BPI. Normally, other US banks will charge a higher transfer fee for a $20,000 remittance.

 

I would assume as well that you maintain an account with your US bank where you will initiate the transfer in which case they may not require you to fill up a Cash Transfer Form (apart from the Application for Wire Transfer) for AMLA purposes.

 

You may want to verify with BPI if they collect any fee for withdrawing the money in greenbacks. Some Phil. banks charge a withdrawal fee of P0.05 for every $1.

<{POST_SNAPBACK}>

 

tnx for the advice... my wife has taken money from her dollar acct in BPI... no fee... that's the account that i'll be transfering money to... just hoping that the BPI will not charge anything this time when she withdraws $20,000...

[^O^]

i have 300,000 won after a trip in south korea... san ko kaya pwede papalit ito?

[jefoy]

what if remittance from Italy to PI what's the best way to use? i inquire on BPI since i have an accnt with them, but problem is my uncle is asking for CAB and ABI code or IBAN(Intl Bank Code), but apparently thany dont have any of it, just a SWIFT Code, any advice?

[Mandrake]

what if remittance from Italy to PI what's the best way to use? i inquire on BPI since i have an accnt with them, but problem is my uncle is asking for CAB and ABI code or IBAN(Intl Bank Code), but apparently thany dont have any of it, just a SWIFT Code, any advice?

<{POST_SNAPBACK}>

 

There is a BPI Express Remittance Center is Rome, Italy which your uncle (whom I suppose is working also in Italy) can use in sending money directly to your account also with BPI. I understand that BPI Center in Italy uses a customized system in sending money to the Phils. which is faster vs. the SWIFT system which is expensive and may take 3-4 days before the money is credited to your BPI account because the money will still pass through a NY account of BPI.

Edited July 3, 2006 by Mandrake

[willow_boy]

I'm not sure if this is OT pero do they allow people to maintain dollar savings accounts in the Philippines? By this, I mean would a bank allow a person to walk in, buy dollars at prevailing exchange rates, and then open a savings account to hold those dollars? Given prevailing CB regulations, is this legal?

Edited August 1, 2006 by willow_boy

[Mandrake]

I'm not sure if this is OT pero do they allow people to maintain dollar savings accounts in the Philippines? By this, I mean would a bank allow a person to walk in, buy dollars at prevailing exchange rates, and then open a savings account to hold those dollars? Given prevailing CB regulations, is this legal?

 

As a general policy among Phil. banks, one cannot just walk-in and buy US greenbacks let alone open a USD account using your pesos. BUT, if you are an existing client who has one or more peso accounts which are properly handled by your bank, your bank may allow you to buy foreign exchange but only to the extent of $5,000 only subject to certain conditions required by BSP. You may be allowed by your bank to use part of that money as initial deposit for an FCDU account you want to open. Hope this bit of info helps.

[gzorros]

I think for SWIFT system (Swift Code = International Bank Code = Routing Number for usa i.e HSBCPHMN meaning HSBC Manila) you have a one time charge like 45$ but for some remittance they have fees like 15$ plus the exchange rate differential (in all the total transaction cost would average to 15% to 18% of the amount remitted).

 

If you are sending a chunk of money like 1,500usd and above I would suggest wire transfer that would normally require swift code and the account numbers.

[chosenone]

Interesting thread indeed. Tanong ko lang mga sirs and mams, lalo na sa mga nasa australia now. Paano kayo nagpapadala ng pera sa family dto sa pinas. I will be working in perth and i still have no idea kung paano makapagpadala ng pera sa pinas. Tnx

[gzorros]

For wire-transaction it will be wise to set-up dollar account with BPI, MetroB,PNB, HSBC etc... Just a minimum amount would do. I prefer this method kasi dollar to dollar ang transaction.

 

You can send personal check but that would need at least 45 days to clear in Manila..

 

Online banking would be another thing...

 

MOney-remittance center should be available but their fee structure is expensive but very convenient.

 

- you can ask a Kababayan travelling back to manila to do you a favor by delivering your money.