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Send USD from PI bank to GBP bank account


dustybookend

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dustybookend

I want to transfer USD from a Philippine bank account to a UK bank account.
If the Philippine bank makes the exchange there is an exchange hit of about 4% compared to XE mid rate - they convert USD to Peso then Peso to GBP.

If I had the bank send the USD to a transfer agency who then sent GBP to the UK bank I could save three quarters of the exchange hit. I have looked at XE, Zoom, CurrencyFair, Transferwise,  Moneycorp, UKForex, World First,  but none of them accept a Philippine residential address. The address needs to be in the same country as the USD bank account.

Does anyone know of a transfer agent that will accept a Philippine address?

 

 

 

 

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Idea, ask the manager at BPI if they can open a GBP account for you (BPI has those) and if they can then wire GBP directly, of course if you can get your money converted to GBP in Cebu first.

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dustybookend

Thanks Lee, in general that would work and I would have done it although even exchanging cash USD to GBP at a money changer here still involves exchanging to PHP on the way to GBP, so a double hit. However in this particular case I need to use the particular USD account number otherwise it would become quite involved with the counter party.

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Thanks Lee, in general that would work and I would have done it although even exchanging cash USD to GBP at a money changer here still involves exchanging to PHP on the way to GBP, so a double hit. However in this particular case I need to use the particular USD account number otherwise it would become quite involved with the counter party.

If you are not in a rush, then ask members in a post on here if anyone needs to do exchanges, that has worked for others in the past and I had done it for some Americans in the past in small amounts as a favor involving dollars to pesos or pesos to dollars, everyone wins that way if someone needs the other. 

 

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Headshot
 

Thanks Lee, in general that would work and I would have done it although even exchanging cash USD to GBP at a money changer here still involves exchanging to PHP on the way to GBP, so a double hit. However in this particular case I need to use the particular USD account number otherwise it would become quite involved with the counter party.

BPI allows multiple accounts in different currencies, so open a GBP account and a USD account. Then you can transfer between accounts with no peso stop in between.

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dustybookend
 

BPI allows multiple accounts in different currencies, so open a GBP account and a USD account. Then you can transfer between accounts with no peso stop in between.

I'll check that out, it will be a first if correct.

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dustybookend
 

If you are not in a rush, then ask members in a post on here if anyone needs to do exchanges, that has worked for others in the past and I had done it for some Americans in the past in small amounts as a favor involving dollars to pesos or pesos to dollars, everyone wins that way if someone needs the other. 

 

As I said, "I need to use the particular USD account number" and I am in a bit of a rush. But your suggestion is welcome and I will take it up for AUD.

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I'll check that out, it will be a first if correct.

I have a USD account and a PhP account at BPI. I transfer money between them with no problems. BPI even gives a very good exchange rate between currencies. I know for a fact that BPI also offers GBP accounts.

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dustybookend
 

I have a USD account and a PhP account at BPI. I transfer money between them with no problems. BPI even gives a very good exchange rate between currencies. I know for a fact that BPI also offers GBP accounts.

Good call, it seems they will make a direct exchange, no Peso step,  between currency accounts held in the same name. There are 3 BPI branches in Cebu that offer currencies other than PHP and USD, intersection of Ramos and Mango is one. 

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