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Jimone

Sending money to Australia

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Jimone

This question has been asked before I am sure,,,, but can not find it ATM,,, it looks like we have sold our house in Cebu and when the transaction is complete we want to repatriate the money ,,, around 100 K AUD back to Australia. Any tips and traps to look out for??

 

Cheers in Advance ,,, and happy Australia day to all the other Ozzies out there... 

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SkyMan

Managers check? I assume it's in pesos and you are here in Cebu now?  Not sure if you'd get a better rate here or there.  If you're not in a hurry, maybe you can get a better rate trading with Aussies here or go back and trade with those coming here.

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oztony
2 hours ago, Jimone said:

This question has been asked before I am sure,,,, but can not find it ATM,,, it looks like we have sold our house in Cebu and when the transaction is complete we want to repatriate the money ,,, around 100 K AUD back to Australia. Any tips and traps to look out for??

 

Cheers in Advance ,,, and happy Australia day to all the other Ozzies out there... 

Just do a bank to bank transfer as long as you get the swift code for the bank and you have a Philippine bank account...

Quote

A SWIFT code is an international bank code that identifies particular banks worldwide. It’s also known as a Bank Identifier Code (BIC). 

And get the Guinness book of records involved to record money moving in the opposite direction of the Philippines....

Edited by oztony
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maximian

We have sent a similar amount to Australia over the last 6 months and found that bank to bank was the easiest option. At BDO they require you to have a TIN number (tax identification number) here in the Philippines. 

I originally thought we could save a fair whack by carrying it cash, but trying to find the dollars and a good rate proved to be a lot more difficult than i thought. 

There was a thread on here about a company called pinoyfirst for sending money, however after filling out their forms i found out you can only send to the Philippines. 

Happy Australian day from a Scot. 

 

 

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Jimone

Thanks for the reply's thus far,  we do have a Philippine bank account,, BPI, but we do not have a TIN number,, you would think my wife would have one but there you go.... I best look into that some more.. 

Cheers... 

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bert
32 minutes ago, Jimone said:

Thanks for the reply's thus far,  we do have a Philippine bank account,, BPI, but we do not have a TIN number,, you would think my wife would have one but there you go.... I best look into that some more.. 

Cheers... 

 have you looked into iremit i had money sert to in oz through wu from so leyte

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GBT62

Won't the issue be whether you get the funds in PHP or in another currency ?

If PHP - that's a large sum to convert. Putting PHP into your PI account (PHP) is usually a dead end. The government makes it near to impossible to transfer PHP out to a foreign currency.  There may be exemptions given where your funds originate but that's a discussion with your bank and/or solicitor perhaps,

I got caught with PHP only in my local accounts and needed to send many AU$ to my daughter for her wedding - it was a PITA to organise.

I also tried that PinoyFirst - it was a dead-end also. I now have a HSBC AU$ account to do these transfers.

Will they pay you in US$ ? If so - no issues.

Oh - and getting a TIN isn't too much work from memory - and some govt agencies require it to deal with them - or make it very slow and difficult if you don't have one.

 

Happy OzDay guys :thumbsup:

Edited by GBT62

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Jimone
2 hours ago, GBT62 said:

Won't the issue be whether you get the funds in PHP or in another currency ?

If PHP - that's a large sum to convert. Putting PHP into your PI account (PHP) is usually a dead end. The government makes it near to impossible to transfer PHP out to a foreign currency.  There may be exemptions given where your funds originate but that's a discussion with your bank and/or solicitor perhaps,

I got caught with PHP only in my local accounts and needed to send many AU$ to my daughter for her wedding - it was a PITA to organise.

I also tried that PinoyFirst - it was a dead-end also. I now have a HSBC AU$ account to do these transfers.

Will they pay you in US$ ? If so - no issues.

Oh - and getting a TIN isn't too much work from memory - and some govt agencies require it to deal with them - or make it very slow and difficult if you don't have one.

 

Happy OzDay guys :thumbsup:

I will enquire about opening a AUD account with the BPI, as the BPI is funding the purchase and also holds our mortgage we might be able to organise payment in AUD... thanks...  some great advice..   

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Davaoeno
7 hours ago, maximian said:

At BDO they require you to have a TIN number (tax identification number) here in the Philippines. 

I have used BDO several times to send money to Canada and never been asked for a TIN number

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