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papimafioso69

Moving $$ from USA To the PI

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Woolf
3 minutes ago, SkyMan said:

She would need $500 cash to open a dollar account.

Why would you need a dollar account to send money to a philippine account ????

I have my bank swift transfer money to my BPI savings account all the time 

I do all my danish account transactions online

Edited by Woolf
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Flakes
7 minutes ago, SkyMan said:

She would need $500 cash to open a dollar account.

Why not send in Dollars and ur niece receive it in pesos. 

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Woolf

When I do a SWIFT transfer I am asked what currency to send

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Davaoeno
4 minutes ago, Woolf said:

When I do a SWIFT transfer I am asked what currency to send

If the  receiving account is in a different currency then the receiving bank will automatically convert it.

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SkyMan

The question was how to send dollars.  If doing a transfer with conversion to pesos and accepting a not great exchange rate and paying the wire fee is ok then that is an option.

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Woolf

I cost me the equivalent off about 6 usd to swift transfer 80,000 php to my bpi savings account

exchange rate not too bad

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Thalcoozyo

Interesting feedback.  Maybe this will help.   

1) can someone expand on "SWIFT"... is this a traditional bank to bank money transfer as "I'll wire you the money"?   

2) The recipient in the Phils will, of course, want pesos.  Now, whether it is exchanged by the bank during the transfer process, or whether the recipient receives dollars and self-exchanges to pesos, that is all part of what I'm trying to learn.

3) And whoever suggested I carry it on an airplane... well, duh, just how stupid do you think I am? If I could do that, do you think I'd be here asking for advice on how to send money? Sigh.

I'm not the first person to cross this bridge; what have others done in the past?  Or is the solution (easy or not) to have an account in the Phils to which one sends the money from the U.S., then pays the seller from that account?

Edited by Thalcoozyo
clarity

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tonny

OK listen not that easy sometimes to open a bank account here with a tourist status OK believe me you just asking for trouble. BDO will transfer your money here for direct deposit of SS and they will even open you a account dollar one called some Filipino name that i can't say but no deposit required and no minimum balance to keep open or be charge a fee OK and as a tourist the one in Ayala mall Cebu will open for you just see one of the ladies in the yellow.shirts have plenty of ID , OK.Smile a lot be sweet,But for sure once you get  your ACR card for a tourist they will open ok good luck .Just be sure you have more than one way to get money from  overseas OK and use the ATM machine at HSBC bank across from the AYALA Mall in Cebu the best and the cheapest i have found in 12years here good luck ok

Edited by tonny
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bigpearl

Interesting how we all do things differently and whether right or wrong seem to suit at the time.

Thalcoozyo:

A SWIFT code is an international bank code that identifies particular banks worldwide. It's also known as a Bank Identifier Code (BIC). CommBank uses SWIFT codes to send money to overseas banks. A SWIFT code consists of 8 or 11 characters. ... You'll need to give this code to anyone sending money to you from overseas.

A SWIFT code is part of an address.

We have a couple of accounts with BDO and never have trouble or costs transferring to or from those accounts, no fees, having said that our bank in Oz charge between AU5 to 20 bucks for the privilege of moving our money depending on the amount and also offer poor exchange rates.

Some years ago we got onto online international exchangers and haven't looked back, 2 to 3 pesos better than the bank and no fees. (we did set up an account) Transfer funds from our account to them and they send it to who ever you want, buying property a car or simply to your or others bank account in PH. This usually takes 1 to 3 business days.

From our accounts with BDO we do online banking (from Oz) and can transfer funds to recipients within PH. with no cost to us but occasionally a complaint from the receiver that not all the funds were remitted, go talk to your bank, they skimmed their margin I tell them, we sent you the correct amount, here is a copy of receipt to your account.

In early years we would use our Oz debit card and could only draw PHP 10k and got slugged 200 pesos for the privilege, HSBC we could draw PHP 40K with a 200 peso charge. BDO debit card, no charge.

Hope you find your answers, good luck.

Cheers, Steve.

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bigpearl

Tonny is correct from my experience with opening a bank account in PH.

5 or 6 years ago we tried to open accounts with BDO, frustration, miscommunication and bank policy led us through 4 branches before we finally asked to speak with the manageress, half an hour later we had 2 accounts open. I had an ACR1, valid tourist visa and plenty of I.D. A 12 month lease on a condo, power and water bills etc. Manageress tells us that most banks are worried about money laundering with foreigners and that's why it's difficult to open accounts.

Minimum balance is PHP 2K for each account to not incur fees, easy.

Certainly a trying time to secure operating bank accounts but worth the effort if you can secure.

Cheers, Steve.

 

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lopburi3

Here in Thailand you would never want to have a US bank send in Baht as their conversion rate is always lower than the incountry rate.  I suspect it would be the same in PI.  But you have to be careful with SWIFT as US banks will try to take advantage if you do not specify how you want it done.

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smokey

Easiest way I found open dollar acct write check wait one month take money replace with another check cost 5 dollars.  Or have bank convert your us dollar to peso charge if you have acct .45 to the dollar

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SkyMan
12 hours ago, Thalcoozyo said:

well, duh, just how stupid do you think I am?

You'll want to start  a new thread for that discussion.

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smokey
16 hours ago, Woolf said:

Why would you need a dollar account to send money to a philippine account ????

I have my bank swift transfer money to my BPI savings account all the time 

I do all my danish account transactions online

Well if you send in us funds when it get converted to peso there is a fee up to one peso per dollar by the bank 

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lopburi3
1 hour ago, smokey said:

Well if you send in us funds when it get converted to peso there is a fee up to one peso per dollar by the bank 

Are you sure of that amount?  That would be almost 2% which is as much as most Debit Cards would charge.  Here in Thailand the fee for any deposit is 1/4% with about a $13 max amount regardless of any amount transferred that would be in excess of that. 

So you would need to know the exchange rates used by both ends and the fees to be sure.

Many people here have started to talk up transferwise here in Thailand as a good method (bypassing international banking).   Currently the exchange rate for Philippine paso is 51.95950 and total fee for $1,000 transfer would be $12.41 with 51,314.68 paso deposited into Philippine account.

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