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One time, my parents were here in the US on vacation.  I signed a bunch of blank checks and sent it home with them so that whenever there is a need/financial obligation, they can just write the amount on a check and deposit it directly to their bank in the Philippines.  With such, I avoid any wire transfer fees, etc.

 

This is true if your checks were drawn from your Peso CA maintained in your bank in the Phils. Thus, it is advisable to keep a peso checking account handy for this purpose.

 

But if those were USD checks (drawn from a US bank) were deposited by your beneficiary/payee to their local USD bank account in the Phils., applicable charges will be collected by the accepting bank and, in all probability by the drawee bank too, because the checks will have to be sent back to your US bank for collection before they are actually credited to your beneficiary's account. Usually, this process takes about 30-45 calendar days before the proceeds (less bank charges) are actually credited to the local account in the Phils.

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But if those were USD checks (drawn from a US bank) were deposited by your beneficiary/payee to their local USD bank account in the Phils., applicable charges will be collected by the accepting bank and, in all probability by the drawee bank too, because the checks will have to be sent back to your US bank for collection before they are actually credited to your beneficiary's account. Usually, this process takes about 30-45 calendar days before the proceeds (less bank charges) are actually credited to the local account in the Phils.

 

Mr. Mandrake,

 

This is the situation that applies to my case. My parents maintain a USD account with a bank in the Philippines and I know that the said bank does impose some charges. What bothers me about the entire process is that the money comes out of my US account within 2 to 3 days from the time my parents deposit my check in the Philippines and yet, you are right that it still takes about 30 to 45 calendar days for the money to get credited into my parents' USD account. Pardon my ignorance but is this (referring to the length of time) unique to the Philippines? Thanks and kind regards.

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Mr. Mandrake,

 

This is the situation that applies to my case.  My parents maintain a USD account with a bank in the Philippines and I know that the said bank does impose some charges.  What bothers me about the entire process is that the money comes out of my US account within 2 to 3 days from the time my parents deposit my check in the Philippines and yet, you are right that it still takes about 30 to 45 calendar days for the money to get credited into my parents' USD account.  Pardon my ignorance but is this (referring to the length of time) unique to the Philippines?  Thanks and kind regards.

 

 

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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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.

 

Before we had that arrangement, I relied on a local 'padala' system - $1,000 to your doorstep less $10 in fess. Whole thing takes 2 business days. Not bad. $40 if it's less, so it makes sense to send a thousand at a minimum.

 

I tried to sign up with PNB's online transfer. Hassle. Discontinued it.

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Mr. Mandrake,

 

This is the situation that applies to my case.  My parents maintain a USD account with a bank in the Philippines and I know that the said bank does impose some charges.  What bothers me about the entire process is that the money comes out of my US account within 2 to 3 days from the time my parents deposit my check in the Philippines and yet, you are right that it still takes about 30 to 45 calendar days for the money to get credited into my parents' USD account.  Pardon my ignorance but is this (referring to the length of time) unique to the Philippines?  Thanks and kind regards.

 

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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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.

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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. 

 

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.

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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.

 

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

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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.

 

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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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.

 

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

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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.

 

tnx a lot for the help...

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  • 4 weeks later...
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.

 

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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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...

 

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.

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

 

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.

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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.

 

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...

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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...

 

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 by Mandrake
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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.

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