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Transferring $ from U.S. to Phil Peso acct

voyager39
#1
A YT video stated that one good and cheap way to transfer money from the U.S. to the Phils is to maintain a U.S. dollar acct in the U.S. (he recommended Wells Fargo on yhe U.S. side); open a Peso savings acct with a Philippine bank; and to set up a transfer link between them, all before leaving the U.S.

The bank I ended up contacting was PNB (likely because they have a branch, albeit with limited services, nearby).聽 I have the account setup paperwork, but I noticed that their online cistomer service reviews are poor.
I'm posting here to ask whether this arrangement is really beneficial or needed, or whether other approaches to transferring money are as effective.
(There is a moderate burden to setting up the account: trusting the bank with about $250 U.S., driving a substantial distance to a local branch to have my ID documents authenticated, and waiting 2-3 months (!) to have the account set up and ready).

If anyone has feedback specifically about PNB, that would even more helpful still.
1 member reacted to this post
See also
TeeJay4103
#2
A matter of choice.

Many expats use a transfer service and others like myself,聽 wire from a bank account in their home country to their bank account in the RP.聽 My transfers are dollar transfers to my dollar account in the RP.聽 We withdraw dollars to carry a smaller pile of cash and use money changers at the local malls to convert to pesos.

Prior to moving to the RP I set up the requirements for foreign wire transfer with my bank manager in the U.S.聽 To test the set up we wired a small amount to my wife's family in the RP.聽 When we arrived we set up our own account and our wire transfers are all done on line. With the time difference it takes about 1 day for the funds to appear in our account.聽


Transfer services.


Regards
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FindlayMacD
#3
Many Americans have both a dollar account and a Philippine peso account and withdraw dollars when the rate is good and exchange locally. But transferring bank to bank is usually very expensive. I have a PNB Europe account in the UK and I used to transfer money with them, but although their 拢/peso rate is always good, their minimum charge is 拢8 for up to 拢1,000 and higher for more.

I now use OrbitRemit because although their exchange rate is usually a few points of a peso lower, their transfer rate is only 拢2 up to 拢9,999 and free above 拢10,000. You just have to set up an account with them online and they will give you their bank details and a personal reference number. Then you go online, create a beneficiary, (your own Philippine聽 bank account) and make a transfer, after which you log on to your own bank (online banking) and tranfer the money to them. The transfer to your Philippines bank is always very quick as well with OrbitRemit.

As long as you have online banking it is very easy to transfer money whenever you want when your here in the Philippines.
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mugtech
#4
We prefer to keep most of our money in FDIC insured accounts in the USA and transfer when required.聽 I have my SS monthly check deposited into the USA account and then write a check to have it deposited into a dollar account at BDO in the Philippines.聽 聽I usually deposit $2,000 every two months with a $5 service charge.聽 It takes about 21 business days, 30 in total, to have the deposit dollars available.聽 聽Some might see this as a negative, but by planning ahead it prevents Filipino "emergencies" from needing immediate attention.聽 We always take dollars out of the account and get pesos at Two Brothers store, where the exchange rate is most always at least half a peso per dollar higher than the bank rate, takes a lot less time, less paperwork.
2 members reacted to this post
MinimalistJourneyman
#5
So you just use a US check from your US bank and deposit it in your BDO account?聽 That would save a lot even with just a 2 peso exchange rate difference if you exchange $2000....about what I also exchange.
mugtech
#6

MinimalistJourneyman wrote:

So you just use a US check from your US bank and deposit it in your BDO account?聽 That would save a lot even with just a 2 peso exchange rate difference if you exchange $2000....about what I also exchange.


Yes, costs $5, takes 30 days to clear.聽 The account is in my wife's name, but the results are the same.聽 Of course it takes about an hour at the bank to make sure everything about the check and all the signatures and the deposit is correct, needs to be checked by upper management etc.聽 I always bring a book.聽 We have been doing this for 30 months, never gets any easier.

mugtech
#7
Also need to use the same BDO branch where the account originated.聽 BDO treats separate branchs like separate businesses, won't do deposits or withdrawals for a BDO account not opened in that branch
MinimalistJourneyman
#8
Thank you so much for the good info!聽 I鈥檒l definitely give it a try....I鈥檓 estimating this will save me about 6-8k a month in exchange rate savings which is worth a bit of waiting.聽 聽Yes I am aware of BDO鈥檚 opening branch location policy.
voyager39
#9
This thread has me wondering whether a Schwab international account coupled with a debit card would improve matters.聽 This card is supposed to be free of foreign transaction charges.聽 I don't know what exchange rate they use.聽 Perhaps someone here can supply that info?
Above, M-journey man stated that he spends 6,000 P ($120US - is that right? !!) per month on fees.聽 Since Schwab comes reasonably well recommended, I am wondering whether that approach would help.
MinimalistJourneyman
#10
I have a Capital One travel debit card that also has no exchange fees or atm withdrawal fees....from 鈥渢heir鈥� end.聽 聽You can only withdraw 10k at a time from an ATM and you will be charged 150-250 Peso per transaction.聽 聽Works out the same as using a remittance service I鈥檝e calculated.聽 I did use this method in Thailand when I lived there but here the local transaction fees and the small withdrawl limit make this method useless.
MinimalistJourneyman
#11
For clarification the 6k is not a fee but the exchange rate loss I鈥檓 calculating on $2500 per month using a remittance service.聽 Right now I get 50.80 pesos per dollar....if I go to a good exchange place I would get over 52.80 per dollar.
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voyager39
#12
I guess I should have added that the Schwab debit card also reimburses users for ATM fees charged by other institutions.

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TeeJay4103
#13

voyager39 wrote:

I guess I should have added that the Schwab debit card also reimburses users for ATM fees charged by other institutions.


Using Schwab for transactions in the RP gets a lot of positive reviews from expats as do some transfer services.

Our money is transferred on line from a stateside account to a BDO dollar account. Withdrawn in dollars and exchanged locally at a money changer for a higher rate.聽 For us, it's convenient and the money goes straight to our dollar account.

Our bank and others have varying fees, depending on the type of account or accounts you have with them.聽 It pays to discuss it with them in person and see what discounts you may qualify for, if any.

At this time BDO charges us $5 U.S. to receive the transfer.聽

Using a transfer service like Remitly聽 and then picking the money up at the local M Lhuillier office is an option used by many expats and does not require you to have a bank account in the RP.聽 The fees are less than most banks and if you are comfortable with giving them the necessary personal information required to establish the account, then it may be right for you.

Lhuillier link:


It's a matter of choice.

Won23
#14
PNB is my main form of transfer.聽 There is NY branch and Los Angeles.聽 I use the NY (routing #聽 聽 026003007).聽 I have a Navy Federal account which doesn't charge anything to transfer to pnb but the limit is $5k.聽 However PNB receives the $ in PI and it cost $7 no matter what.聽 If you move $1k or $5k, it cost $7, so a higher transfer is cheaper.

I just recently did a transfer (like today).聽 Looks like they changed the rate this month to $10.
pnwcyclist
#15
I keep my money in the US and use Wells Fargo Bank Express Send service. I transfer to my girlfriend's BPI (peso) account and it's in her account within the hour. Very convenient and safe.聽 I also use a debit card with no Int'l ATM fees from a different US bank. The Express Send transfer fee is $4, plus you lose 1 peso on the exchange (2%). I can live with that for the convenience and security benefits, but if I were to do it over I would have tried it with a BPI dollar account.
kevlar2tall
#16
The easiest and most efficient way is to set up transferwise account. You can add funds to a TW USD account which is treated as a domestic transfer. You can then send to a BDO account here and it arrives within 10 minutes on average. I use it all the time and it鈥檚 dirt cheap with great exchange rates. This also applies to sending money from the UK, Australia, Europe etc.

I think this gives you a first free transfer also:

[link moderated]
2 members reacted to this post
T
#17
I use TransferWise also. I transfer $1,500 usd over to BDO each month. Good exchange rate, 52.0160 at last transfer on Oct 2 and the cost to do the transfer was $6.17. The cash was deposited to BDO a couple of hours later.
2 members reacted to this post
zincity
#18
Pretty much all mentioned will work fine depending on your situation, but if you are going to open a bank account, I highly recommend Transferwise. You get the real conversion rate not the reduced one that all other services use. Your pay a 1% transfer fee and my US bank money is usually in my Philippino bank account within 2 hours. I usually just watch the rate and transfer the money when the rate is favorable. There are many ways to transfer money but I don't think there is a less hassle free way of doing it without being screwed on fees.
mugtech
#19

zincity wrote:

Your pay a 1% transfer fee and my US bank money is usually in my Philippino bank account within 2 hours.


So when you transfer $2,000 It costs you $20, but when I deposit a $2,000 check from my USA account it costs me $5.聽 Sure, I have to wait a month for the check to clear, but one thing everyone has in the Philippines is plenty of time.

zincity
#20
I agree it's cheaper. I like eliminating the extra steps of going to the bank and wasting my time doing withdrawals and then going to a money changer.
I like the convenience so I am willing to pay a bit more. Everyone can decide what's best for them.
ducecoop
#21
I use xoom I have the money transferred from my us account to my BDO account here in the Philippines with no fees if you do account too account think BDO charges $5.00 US it takes 3 or 4 days
Glen Adkins
#22
BDO has much better service than PNB.聽 I was forced to open an account at PNB and I have regretted it ever since. Beware of long waits and the unnecessary holding of funds.
Glen Adkins
#23
I have had very good experience with Rimitly.
zincity
#24

ducecoop wrote:

I use xoom I have the money transferred from my us account to my BDO account here in the Philippines with no fees if you do account too account think BDO charges $5.00 US it takes 3 or 4 days


Send a$1000.00 with Transferwise. Receive, 51229.91p after transaction fee.
Send a $1004.99 with Xoom. Receive 50.366.80 p
51279.91-50.366.80= 913.11 Convert that to US$= 17.64+$4.99 Transfer fee from Xoom=$22.63.
You can use Xoom, but it cost you $22.63 more for the privilege.
All these rates were current 10 minutes ago. Even if Xoom doesn't charge a transaction fee it still cost you $17.64 more.

I used to use Xoom and Remitly years ago until I聽 did a lot of research to find a better alternative.

M
#25
Hi,
Today I was informed by the manager of BPI main branch in Dumaguete that because my ACR card shows TOURIST, I cannot open a US$ account at BPI (even though I have been banking there since 2001).聽 I had a joint US$ account with my ex-wife (whom I divorced this past June).聽 I thought I could open a new account in my name only.聽 The account became dormant due to no transactions during the past 2 years.聽 The manager said the banking rules for $ accounts have changed, so only foreigners with permanent resident visas can open a $ account.
BDO in Dumaguete would not let me open any account until I could show that I have been in PI at least 6 months, and even then, they would not issue an ATM card (I would have to withdraw money inside the bank).
Your experience at these same bank branches may be completely different than mine.
I opened a Charles Schawb checking account in the US, and brought the ATM card to the PI.聽 I can verify that ATM fees are refunded, and the exchange rate seems to the same as at the big banks.聽 For those that do not know, BPI ATMs will allow 20k PhP in a single transaction with US ATM cards.
I am also happy with using Transferwise for the past several years to deposit money in family, friends, and landlord's peso accounts.聽 The fees are low and the exchange rate is better than the big banks.聽 Transferwise offers an ATM card, but mine did not arrive before I departed the US.
T
#26
The rate changes every day just as the rates change with banks. Today鈥檚 rate as of right now, is 51.8 ph to 1 usd @ TransferWise.聽 It鈥檚 best to check rates daily and when it鈥檚 at a place good enough for you, transfer it.
I鈥檝e never done a bank to bank with Xoom but, they sure break it off in your a$$ on sending money to people. As of right now, 50.3858 ph to 1 usd and as always, a $4.99 transaction fee on top.
Traveler3757
#27
Hi,

I understand your concern regarding the banks' speed (or lack thereof) in the Philippines. As for me, I was able to open a BPI account with the recommendation of a friend who was already their customer. (I can't speak for someone without a recommendation. Perhaps it requires more time.)

My method of transferring money from the U.S. to BPI is simply to present a personal check to a BPI clerk - once my account is approved - and to wait patiently for 20 calendar days, at which time my money is sitting in my聽 DOLLAR account, having arrived from my U.S. bank. (Forgot to mention that BPI allows聽 PESO and well as Dollar accounts to be opened at the same time.) Also, once you withdraw Dollars do not convert them to Pesos in the bank, because their exchange rate is not as good as that of a Money Changer on the street.

The above information is obviously worthless if one is a short time visitor to the Philippines. As for me, I always spend several months there during each visit. I should also mention that I have made at least 20 or more check deposits over the years without a single problem. The money arrived from the U.S. as promised and on time.

In case you find the waiting time for the transaction to complete. excruciatingly long, I should point out that a few years ago聽 I had to wait 30 days to receive the money from the States. So we are looking at progress by the banking system!

Try it, you'll like it!
Glen Adkins
#28
I had no other choice but to open a BPI account for future electronic transfers.聽 The first check arrived.聽 BPI held the U.S. Government check for 30 days just to make sure the check was good.聽 Then, they held if for another 30 days waiting The the check to clear.聽 In both cases real time had nothing to d with withholding funds.聽 It was 30 days plus 30 day bank policy.聽 I highly recommend using a different bank if at all possible.
1 member reacted to this post
LemSaDipolog
#29
US聽 SS will deposit directly into some PI Bank Dollar accounts.
Metrobank is the one i use.聽 Passbook only, No fees :).
Transfer of $ to my Peso debit card account is easily accomplished and again no fees :).聽 Since that requires a branch visit monthly budgeting is encouraged聽 :).
MetroBank has US branches, so US bank to Metro bank transfers are electronically convenient and very cheap, as in my US investment account no charge聽 :).

BDO and Metrobank both required 1 month for any paper checks to clear so that was a definite no go for me.聽 I have no idea how BPI stays in business.

Cheers

Lem
BeachBlueWaves
#30
I also would like any information on banking in cebu city and palawan my ultimate place to finally live in retirement.聽

I want to keep my money in USA bank, but need to know how logistically to do that and what banks I should consider in Philippines as im aware should put some on Philippine bank, but no more than I have to.

Does anyone know if I can just ATM from USA bank if my card is used at a VISA atm聽 I would thinking I would keep drawing on American bank with ATM to pay my bills by drawing out daily.聽 Does anyone have thoughts on this?聽 Has anyone moved and left money in USA and put small amount in Philippines bank for emergencies?聽

Any bank Ideas would be most appreciate and any suggestions to consider.

Thanks everyone youve always been so helpful here and when I saw this post I thought a good time to ask this question as I am preparing to live there in Spring 2020 I hope.
zincity
#31
I think if you would read all the way through the thread you would have some pretty good options.
1 member reacted to this post
Jamesjoseph834
#32
You can withdraw funds with your foreign bank card but on every single transaction you鈥檒l be charged 250peso also you can easily transfer money from your foreign account to Philippines bank easily no hassle I鈥檝e been here for 4years and I鈥檝e used these same procedure for years
voyager39
#33
James,
For exactly the reason you mention, I have signed up for TransferWise and expect to use that instead of direct bank transfers once I'm in the PI.
Glen Adkins
#34
Please let us know your experience with TransferWise.聽 I am told that Remitly offers the best service.聽 The money does take 5 days to clear the account transferred into.
zincity
#35

Glen Adkins wrote:

Please let us know your experience with TransferWise.聽 I am told that Remitly offers the best service.聽 The money does take 5 days to clear the account transferred into.


I wrote this in a previous post.



[Send a$1000.00 with Transferwise. Receive, 51229.91p after transaction fee.
Send a $1004.99 with Xoom. Receive 50.366.80 p
51279.91-50.366.80= 913.11 Convert that to US$= 17.64+$4.99 Transfer fee from Xoom=$22.63.
You can use Xoom, but it cost you $22.63 more for the privilege.
All these rates were current 10 minutes ago. Even if Xoom doesn't charge a transaction fee it still cost you $17.64 more.

I used to use Xoom and Remitly years ago until I聽 did a lot of research to find a better alternative.]

If you are going to use any service for transferring money, I haven't found anything cheaper and more efficient than Transferwise. Once you are set up with them it usually only takes a few hours for the money to be in your account. I even have a debit card through them that I can preload online with many different currencies to use as I travel.
Please go to their website and I am sure most of聽 your questions will be answered.

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