money Foreign Exchange

[LYCHEE]

etong php500K, per month na kaya 'to? what if padala ka ng php500K every two weeks o every week?

:thumbsupsmiley:

 

per transaction item yan, kabayan. may mga banko sa 'merika or in the mid-east or elsewhere abroad na may electronic tracking system (software) na pwedeng i monitor ang frequency or no. of times nagpapadala ang isang regular remitter kahit below the 500thou limit in a manner that will tag the remitter or beneficiary (or both) for possible violation of amla. pero kung maayos naman ang source or pinanggalingan ng padala at purpose ng padala (kung 500thou or more ang equivalent in fx remittance), there is no cause to worry. just make sure the funds are also credited to a bank account of your beneficiary at wag mong ipapa door-to-door for obvious reasons. that's another story...ingat lang, kabayan.

[LYCHEE]

they will not require you to submit anything. it will be your bank who will provide them with justifications as to your source of income. we do have the bank secrecy law and your bank is bound to keep your records confidential. unless of course, the transactions are already arousing suspicion on possible money laundering.

 

lft

 

korek...the remitter is answerable only to the bank or remittance co. where the money was sent...it's the sending bank that has to answer to the regulatory body of the country for any questionable/suspicious transaction..at kahit na nakalusot ang padala mo sa sending bank mo abroad, the receiving bank has the right to put your transaction in question to the sending bank if the former deems that your remittance may be a suspicious transaction.

[dexterhaba]

Dollar is going up,,, whats happening??? :flowers: :flowers:

[Guest lustfortravel]

Dollar is going up,,, whats happening??? :flowers: :flowers:

 

 

lots of factors are causing the peso to depreciate against the dollar - the rising oil prices, inflation woes , etc. if not for the steady remittance by ofws to the country, it would have slipped down even more.

[yotibear]

"Higher commodity prices increase demand for U.S. dollars and that's hitting the peso" (galing bloomberg.com)

[Pinoymale]

For our wedding, one of wife's aunts gave us a Hawaiian lei made of several $1 bills. She did this by folding the bills in an accordion fashion (like a Chinese fan). It looked great, the only problem was that when we tried to deposit them into our dollar account, the bank wouldn't accept them because of the many folds each bill had, which we couldn't remove no matter what we did.

 

Is there a way around this problem so that we can finally deposit our money? Thanks.

[Guest lustfortravel]

^^ I know banks are a bit strict when it comes to markings on dollar bills but folds? That's a new one. Perhaps your bills are too creased to distinguish the serial numbers.

 

If that is the case, unfortunately you can't deposit it in any Philippine bank. You would have to use it in the States then when you travel.

[Dr_PepPeR]

^^ I know banks are a bit strict when it comes to markings on dollar bills but folds? That's a new one. Perhaps your bills are too creased to distinguish the serial numbers.

 

If that is the case, unfortunately you can't deposit it in any Philippine bank. You would have to use it in the States then when you travel.

 

Banks are wary of accepting fake dollar bills. The strictest I've encountered so far is BDO, which also does not accept any dollar bill with something written or marked on it.

[Pinoymale]

^^ I know banks are a bit strict when it comes to markings on dollar bills but folds? That's a new one. Perhaps your bills are too creased to distinguish the serial numbers.

 

If that is the case, unfortunately you can't deposit it in any Philippine bank. You would have to use it in the States then when you travel.

 

The bills are in very good condition. In fact, if not for the many folds, they could be mistaken for brand new bills. After the banks rejected the bills, we just kept it hidden in the closet, hence the good condition. We're just hoping that one of our US-based friends or relatives come home for a visit and are willing to exchange bills with us. I doubt they'll have trouble using the folded bills in the US.

[Pinoymale]

Banks are wary of accepting fake dollar bills. The strictest I've encountered so far is BDO, which also does not accept any dollar bill with something written or marked on it.

 

Hehe, BDO was the first bank we went to since we have accounts there ... and was, naturally, the first bank to reject our bills. I understand the need for strict rules to avoid counterfeit bills but I would expect banks, especially one as big as BDO, to have the equipment to detect fake bills so that genuine ones are accepted.

[daanswer]

is the new iraqi dinar a smart investment currently the exchange rate is low but predicted to be high within ths year or the next. what do you think? Is it a smart investment to buy a lot now of dinar then trade t all once the UN lifts it's ban on iraq?

[dexterhaba]

alam talaga ng banko kung ano ang trend ng dollar,,, binabaan ung interest rate ko from 3.+ % to 1.something percent ng ganun ganun nalang,, ang sabi ng devaluate daw ang dollar,, alam nila na tumataas ang dollar kaya binabaan ang interest,, haayyyy buhay,,,, in other words san ba talaga maganda invest ang dollar ko,, ayaw ko na sa banko!! :goatee:

[fatso8]

san ba pwede bumili ng dollar?

 

so i can open a dollar savings account.. san din ba nakakabili ng T-Bills?

[cleanpinoy]

you can easily buy dollars at any banco de oro. tapos deposit to another bank...

 

di daw puede bili sa bdo ng dollar then deposit sa bdo afterwards. puede other banks...

[jedimaster]

I need assistance on how I can wire money from US to RCBC Savings Bank.

 

I was told by US bank that to wire money, they need "Swift code". Well that's the problem. RCBC Savings Bank is a non-swift participant.

 

Which brings me down to 2 options :

 

1) Should i give US Bank the RCBC Swift code instead? US Bank is hesitant on that since they can not guarantee RCBC and RCBC Savings Bank would be able to communicate properly. Hence, risk of money to get lost.

 

2) Should there be intermediary and correspondent banks needed to be involved? if so, what are these and what are their routing numbers and swift code. The intermediary bank is the US Bank that has a swift code AND is designated by RCBC Savings Bank's correspondent bank as its intermediary bank. The Correspondent Bank is the Philippine bank that is swift participant and therefore has a swift code too. It is also RCBC Savings Bank's designated RP correspondent bank.

 

Here's the flow in my mind :

 

US deposit Bank A, has routing number ---- US intermediary bank B, has routing number and swift code ---- RP correspondent bank C, has swift code and routing number --- RP beneficiary bank D, has routing number (ie, RCBC Saving Bank)

 

 

Any bankers on manilatonight who can share their knowledge or expertise?