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GBT62

Peso Account Electronic Transfer To AU$ Account (Or US$)

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GBT62

Folks,

it seems easy enough to transfer funds into a Peso account - but what options are there to go the other way ?  (other than ATM's and trips to money changers)....

I have a Citibank PH Peso account - and Citibank PH US$ account. Of course I have had no issues transferring funds from the US$ account to PHP account - but now I need to send it the other way (as I have bills to pay in AU).   When I signed up with Citibank PH I wasn't made aware of the PH restrictions - we can easily send from AU Citibank accounts to Citibank PH accounts - but it is now apparent the other way is restricted by PH law.

I am therefore about to open HSBC PH and HSBC AU accounts - I really don't need/want a US$ account (Citibank PH just opened that when I signed up). The issue is to be able to send funds back to AU - I need funds in the HSBC PH AU$ account.  I have a large-ish amount of PHP in Citibank I want to get into the HSBC PH AU$ account. 

The best either Citibank PH or HSBC PH can suggest is to do MANY ATM Peso withdrawals and take the cash to Money Changers - kinda dangerous, definitely time consuming, definitely crappy rates.... (specially as it will be Peso to US$ and money changer - then to AU$ in the branch)

I have looked at a few online remittance options etc here - but all are aimed at gettting foreign currency into Peso ... I am yet to see the other way around.

Any thoughts or experience in electronic transfers OUT of PHP to foreign currency ?

TIA

 

 

 

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Davaoeno

Earlier in the year I transferred  pesos to Canada . First i went to my favorite currency exchange place and changed them pesos into usd- which they put into my BDO usd account . [ this was all done by telephone].

I then had BDO SWIFT the usd to my Canadian usd account .   I wasnt aware that there was a law against doing this and nobody mentioned it to me .

Edited by Davaoeno
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GBT62
36 minutes ago, Davaoeno said:

Earlier in the year I transferred  pesos to Canada . First i went to my favorite currency exchange place and changed them pesos into usd- which they put into my BDO usd account . [ this was all done by telephone].

I then had BDO SWIFT the usd to my Canadian usd account .   I wasnt aware that there was a law against doing this and nobody mentioned it to me .

Yeah it's the electronic way they have restricted. The old manual way is always there.

I had to resort to it in Australia last month - doing 5 visits to a "foreign" ATM over 5 days - then handing the cash over the counter to the same foreign branch.  It was an emergency situation - and cost me around AU$200 in fees to transfer AU$5K from my Citibank PH account to my Citibank AU account ...... to do it the other way around is immediate and FREE :(

If I use ATM's here it'd take a few weeks based on the daily ATM limits - so I will need to go into the Citibank branch for a largepeso cash withdrawal - and make prior arrangements at a Money Exchange for a lot of foreign cash .... my non-prefered option ...  

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Cgu
1 hour ago, GBT62 said:

Any thoughts or experience in electronic transfers OUT of PHP to foreign currency ?

As far as I know you cannot do that. As a foreigner you are restricted to change from a peso account to a foreign denominated account. However, a Phil citizen can do that (no restrictions there). Any chance you can do that?

I would be interested if you are able to do that (meaning getting a bank which you can transfer from peso to foreign - this would be something new?)

Also, the fees seems excessive!!! Normally a transfer from to/from foreign to foreign account is around 20 bucks.

(btw: HSBC is sure one bank which you cannot do that)

Edited by Cgu

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aussiekangaroo

You can use Pinoy First money remittance company they are the only one I know of that transfers both ways..

www.pinoyfirst.com.au

They sent me this email a few weeks ago.

 

"Do you or does any of your friends send money from the Philippines to Australia? Our reverse remittance service allows you to save 70% on remittance fees.

We have recently tied up with a remittance partner to bring you a service no lesser that your bank in the Philippines or remittance office, but with much much higher exchange rate and lower flat fees.

At Pinoy First, we value every cent you send through and we make sure that your every transaction with us is worry-free.

To check the exchange rate of our #ReverseRemitToAustralia, click the website www.pinoyfirst.com.au and change the sending and receiving currencies respectively. It will automatically change figures. Our fee is the flat amount of P400 up to 10,000AUD per day. For more details, please email us: [email protected]

Refer and get your next remittance to the Philippines free of charge!

Best Regards,
Pinoy First Team"
 

Edited by aussiekangaroo
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aussiekangaroo

The other way is buying crypto with php through coins.ph or localbitcoins.com and sending it to an aussie exchange but it can be extremely volatile..

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GBT62
4 hours ago, aussiekangaroo said:

You can use Pinoy First money remittance company they are the only one I know of that transfers both ways..

www.pinoyfirst.com.au
 

cheers :thumbs_up:

Have sent them email to see if they can assist 

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