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papimafioso69

Moving $$ from USA To the PI

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papimafioso69

I've been reading this forum and many of the post are older . I'm banking with Citibank now and there fee between accounts is 35.00 up to 50 thousand dollars a day . I don't think I can do better than that . Any thoughts .

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Kreole
12 minutes ago, papimafioso69 said:

I've been reading this forum and many of the post are older . I'm banking with Citibank now and there fee between accounts is 35.00 up to 50 thousand dollars a day . I don't think I can do better than that . Any thoughts .

Are you referring transferring money from your US Citibank account to your Citibank account in the RP?  $35 for transferring up to $50K?

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Lee

If you maintain your Citibank account in the U.S. and open a Citibank account in the Philippines (there is one next to Ayala Cebu City), then you can use Citibank® Global Transfers and I believe it is free depending on the type of account you have in both countries, otherwise writing a check and depositing it into any Philippine bank dollar account and waiting for it to clear 21 business days is either free or cost $5 at BPI.

You should also be able to use your Citibank ATM card at a Citibank in the Philippines and supposedly there is no charge.

Quote

 

https://online.citi.com/US/JRS/pands/detail.do?ID=TravelingAbroad

More than 45,000 Citibank ATMs in over 30 countries. No foreign transaction fees for purchases or withdrawals when you use your Citigold Debit Card in participating countries


 

Other way to get cash for free, use a Fidelity or Charles Schwab ATM card and they reimburse fees, if any are charged.  

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papimafioso69
8 hours ago, Lee said:

If you maintain your Citibank account in the U.S. and open a Citibank account in the Philippines (there is one next to Ayala Cebu City), then you can use Citibank® Global Transfers and I believe it is free depending on the type of account you have in both countries, otherwise writing a check and depositing it into any Philippine bank dollar account and waiting for it to clear 21 business days is either free or cost $5 at BPI.

You should also be able to use your Citibank ATM card at a Citibank in the Philippines and supposedly there is no charge.

Other way to get cash for free, use a Fidelity or Charles Schwab ATM card and they reimburse fees, if any are charged.  

Thanks Lee . I have to talk to my Citi banker again . Charles Schwab is a option too. 

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Jawny

I've used personal checks for deposits into my Metrobank account.  There is a fee of $2.50 per check.  Processing takes 30 days (a hold of the funds). Once the hold is finished the funds are available as cash, dollars or pesos (converted at the rate the day I get them). 

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SkyMan
1 hour ago, Jawny said:

I've used personal checks for deposits into my Metrobank account.  There is a fee of $2.50 per check.

They charge you $2.50 for the pleasure of them holding your money for a month?  Seriously?  Another reason to avoid Metrobank.

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Captainmike

I have HSBC accounts in the USA and in the Philippines.  I can transfer USD from my HSBC savings account in the USA to my Philippine USD account at HSBC with no fees.  I then transfer the USD from my HSBC USD account in to one of my HSBC peso accounts... again no fee.  Then I can use any banks ATM here (I'm in Mindanao)to access my funds... again without any fees.  I do all these transfers online.

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Dafey
14 hours ago, Lee said:

Charles Schwab ATM card and they reimburse fees

I've had Schwab for quite a while and very happy with them. However, today I received an email that says I've been using it in Asia a lot and I have 30 days to confirm my address in the states or they will close the account. 

I'll keep you posted on how it pans out...

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billy
27 minutes ago, Dafey said:

I've had Schwab for quite a while and very happy with them. However, today I received an email that says I've been using it in Asia a lot and I have 30 days to confirm my address in the states or they will close the account. 

I'll keep you posted on how it pans out...

Wow. That sucks.

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Lee
4 hours ago, Dafey said:

I've had Schwab for quite a while and very happy with them. However, today I received an email that says I've been using it in Asia a lot and I have 30 days to confirm my address in the states or they will close the account. 

I'll keep you posted on how it pans out...

Thanks for the heads up, if that is the case, :( then one way to solve that issue might be to have a relative use it once in a while in the U.S. and deposit the money back into another account. This and other issues which might come up, is why I have told people on forums and friends who asked, to have more than one way to get cash, Fidelity has worked well for me and especially at Visa machines such as HSBC but of course we do not live there full time, so if we did, then the same thing might happen. :unsure:  Hope you get it worked out, my way in the past had always been depositing my U.S. check into my Philippine dollar accounts in one of the three bank accounts we had in Cebu

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SkyMan
6 hours ago, Captainmike said:

I have HSBC accounts in the USA and in the Philippines.  I can transfer USD from my HSBC savings account in the USA to my Philippine USD account at HSBC with no fees.  I then transfer the USD from my HSBC USD account in to one of my HSBC peso accounts... again no fee.  Then I can use any banks ATM here (I'm in Mindanao)to access my funds... again without any fees.  I do all these transfers online.

I don't have an HSBC account here but I do have one in the US and use the HSBC ATM at Ayala to withdraw pesos directly with no fee and a decent exchange rate.  I realize in Mindanao there is no HSBC ATM though so glad your method works.  I may look into opening HSBC dollar/peso accounts here so thanks for that info.

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Headshot
8 hours ago, Lee said:

Thanks for the heads up, if that is the case, :( then one way to solve that issue might be to have a relative use it once in a while in the U.S. and deposit the money back into another account. This and other issues which might come up, is why I have told people on forums and friends who asked, to have more than one way to get cash, Fidelity has worked well for me and especially at Visa machines such as HSBC but of course we do not live there full time, so if we did, then the same thing might happen. :unsure:  Hope you get it worked out, my way in the past had always been depositing my U.S. check into my Philippine dollar accounts in one of the three bank accounts we had in Cebu

Fidelity has the same policy. If you live in the Philippines permanently, the rules change. They closed my account because I was living in Cebu. I'm guessing that it's actually a government regulation that makes them do that. It didn't sound like they had any choice when they closed my main account. I still have an IRA account with them, but it doesn't had any card accessibility. Your situation is different because you are basically just visiting the Philippines once a year.

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cebubird
9 hours ago, Lee said:

Thanks for the heads up, if that is the case, :( then one way to solve that issue might be to have a relative use it once in a while in the U.S. and deposit the money back into another account. This and other issues which might come up, is why I have told people on forums and friends who asked, to have more than one way to get cash, Fidelity has worked well for me and especially at Visa machines such as HSBC but of course we do not live there full time, so if we did, then the same thing might happen. :unsure:  Hope you get it worked out, my way in the past had always been depositing my U.S. check into my Philippine dollar accounts in one of the three bank accounts we had in Cebu

Hmm-Have had same bank acct for years, and they, of course knew I was living in Philippines full time, and never had a problem. 

did same thing about writing check every month and depositing it into our bank there-used our atm card over there/debit card/visa-never an issue.

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Lee
27 minutes ago, Headshot said:

Fidelity has the same policy. If you live in the Philippines permanently, the rules change. They closed my account because I was living in Cebu. I'm guessing that it's actually a government regulation that makes them do that. It didn't sound like they had any choice when they closed my main account. I still have an IRA account with them, but it doesn't had any card accessibility. Your situation is different because you are basically just visiting the Philippines once a year.

No reason for them to ever know a person is living in the Philippines as long as someone uses the ATM card once in a while within the U.S. such as when on vacation or family, we are allowed to be on extended vacations out of the U.S. but of course if you file your income tax as living outside the U.S. or tell them, then that could/would give it away. Of course using an ATM card every month might also give it away, thus yet another reason to have more than one way to get cash while living in the Philippines such as a Philippine bank account to deposit U.S. checks into and a few different U.S. banks to use their atm cards on a rotating basis.  

I asked Fidelity about spending a lot of time in the Philippines and they said as long as we live in the U.S. then it does not matter how much time we spend outside the U.S., so no need to tell them as long as we maintain a U.S. address and phone number would likely be a way around it but they also said that if they know we live outside the U.S., then they would be forced to close all our accounts, meaning investments and bank account. 

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Lee
13 minutes ago, cebubird said:

Hmm-Have had same bank acct for years, and they, of course knew I was living in Philippines full time, and never had a problem. 

did same thing about writing check every month and depositing it into our bank there-used our atm card over there/debit card/visa-never an issue.

May I ask what U.S. bank, I had been told some U.S. banks will close accounts when living outside the U.S. unless you maintain a U.S. address, then they would really have no way of knowing as long as you do not use your ATM card every month or more often than that.

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