money Foreign Exchange

[Wyld]

Im not a banker but I send money to a Philippine bank account regularly.

 

I use Western Union to transfer the money - they will need the bank account and transfer details of the recipient bank to do the transfer though.

 

The money is credited to the bank account in hours - and ive never experienced any lost money transfers.

[LYCHEE]

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?

 

Im no banker but I believe No. 1 is a better Option, because RCBC and its subsidiary RCBC Savings belong to the same group. Operationally, they SHOULD be able to coordinate the transfer and process the funds accordingly to your account with RCBC Savings using the swift code of RCBC, but indicating in the swift transfer that crediting bank is RCBC Savings. To be sure, suggest you contact RCBC on-line thru their website. hope this helps... :goatee:

[dexterhaba]

ANG GAGALING NG MGA TAO,, NUNG TUMAAS ANG DOLLAR NG 47.20 HABA AGAD NG PILA,, ARAW ARAW KKO CHECK UNG EXCHANGE RATE AT PAG MABABA ALANG NAKAPILA,,, PANO BA NALALAMAN NG MGA TO NA TATAAS ANG DOLLAR,,PARANG NAKAABANG SILA PARATI,, BAKA MAY WEBSITE NA NAGPREPREDICT??

[hottah_23]

For those who want to open an account ($ or P) or for those who want to go into investments like T-bills, ROPs etc (which have higher interest rates), i can refer you to a friend who works as a personal banker ... just pm me. Thanks

[LYCHEE]

ANG GAGALING NG MGA TAO,, NUNG TUMAAS ANG DOLLAR NG 47.20 HABA AGAD NG PILA,, ARAW ARAW KKO CHECK UNG EXCHANGE RATE AT PAG MABABA ALANG NAKAPILA,,, PANO BA NALALAMAN NG MGA TO NA TATAAS ANG DOLLAR,,PARANG NAKAABANG SILA PARATI,, BAKA MAY WEBSITE NA NAGPREPREDICT??

 

go to bworld.com.ph or bsp.gov.ph...makikita mo ang fx chart for a period in time bukod pa ang rates of the previous banking day..the weighted ave. on day 1 will tell you how the peso will perform on the ff banking day on the opening session of the trading floor...

 

kung chartist ka, u may be able to "predict" the peso's up and downs vs. the usd over a certain time frame...but, i suggest u also supplement this by reading a lot of related news both financial, economic & political to give u some sense of how the peso reacts to the global markets...hope this helps. :goatee:

[Dr_PepPeR]

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?

 

You're right about the need for a SWIFT code when you want to do a telegraphic transfer. I think your options on this would be:

1. Transfer your account from RCBC Savings Bank to RCBC or open a new dollar account in RCBC.

2. Have a check made by the US Bank and have it delivered/deposited to your RCBC Savings Bank account (this will require a clearing period of I think 45 days)

3. Withdraw from the US Bank and send it via:

a. DHL, LBC, Western Union or other similar service providers

b. Branch or remittance center of a local bank in th US.

 

Some factors to consider are whether you need to have the funds ASAP in the Philippines as against the cost of remittance.

[tints97]

$1 - P48.1 :thumbsupsmiley:

[koala1]

Regarding forex trading, I agree that it is best to start learning and gaining experience with "demo" or "free" accounts. Also, one of the most important to "learn" is your own psychology of trading.

 

Having said that, just be aware that "play' accounts usually deal in S100,000 lots and given a 100:1 leverage, that translates to a US$1,000 position size (probably too expensive for the average trader). Also, each pip will translate to a $10 gain or loss.

[MRROUGHSEX]

Why is the US Dollar strengthening against the peso lately? Just a couple of monts ago it's like Php44, as of time it is Php49 and nearing Php50.

 

It would be nice to see it back to Php50s for the OFWs' families here.

[jedimaster]

Im no banker but I believe No. 1 is a better Option, because RCBC and its subsidiary RCBC Savings belong to the same group. Operationally, they SHOULD be able to coordinate the transfer and process the funds accordingly to your account with RCBC Savings using the swift code of RCBC, but indicating in the swift transfer that crediting bank is RCBC Savings. To be sure, suggest you contact RCBC on-line thru their website. hope this helps... :goatee:

 

 

You're right about the need for a SWIFT code when you want to do a telegraphic transfer. I think your options on this would be:

1. Transfer your account from RCBC Savings Bank to RCBC or open a new dollar account in RCBC.

2. Have a check made by the US Bank and have it delivered/deposited to your RCBC Savings Bank account (this will require a clearing period of I think 45 days)

3. Withdraw from the US Bank and send it via:

a. DHL, LBC, Western Union or other similar service providers

b. Branch or remittance center of a local bank in th US.

 

Some factors to consider are whether you need to have the funds ASAP in the Philippines as against the cost of remittance.

 

It took time for me to get back to this thread but I wish to thank both of you for the tips and information. I went for the option #1 which is that RCBC coordinates with RCBC Savings Bank so I gave the US Bank the RCBC Swift Code.

 

I hope RCBC is firm enough to weather certain US financial company bankruptcies.

[kaitaro]

interesting. thanks all

[adikted]

gusto ko mag put up ng foreign exchange

 

anu ano po ang mga kailangan na permits?

[dexterhaba]

MGA BRO GUSTO KO SANA BUMILI NG DOLLAR DITO SA PINAS,, PERO MEJO MALAKI AROUND 10 K TO 20 K,,, SAN KAYA SAFE BUMILI OR PDE BA GAWIN TO SA BANKO???? CHEERS! TIA!

[ragstoriches]

Sure pwede sa bank. But you'll get more dollars sa money changers. Just find those that are more secured. Parkiramdaman mo rin kung me sumusunod. Dapat wala.

[dexterhaba]

Sure pwede sa bank. But you'll get more dollars sa money changers. Just find those that are more secured. Parkiramdaman mo rin kung me sumusunod. Dapat wala.

 

 

talaga pde bumili sa banko kahit 20 k USD bilin ko? alam ko kasi me limit eh,,,,