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Best way to make regular transfers from US bank to my Cebu peso bank


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Fresh
2 minutes ago, KMonde said:

Time is money

Indeed, and you'd spend all your time visiting ATMs and crowded banks :lol:

6 hours ago, KMonde said:

open a dollar account and make regular dollar check deposits to build up a pile. Local banks love dollar accts.

 

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I've been doing cash deals here nearly everyday for well over twenty years. Nobody in the deep province wants to know about a check and has likely never even heard of one. If someone needs to offload

Buying something like a jeepney or a big generator in a private sale. Doing a quick prenda deal on some copra land. Financing seed and fertilizer for the next rice harvest. Buying a hundred cases of P

Stand by guys...gotta hit the ATM!

KMonde

If you're smart, you'll send your messenger or driver to do bank things. 

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Dafey

So what's the right way for one is not the right way for all. Thanks for your advice everyone.

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Dafey

closing this thread because we can't seem to play nice

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RogerDuMond
14 hours ago, KMonde said:

Still trying to understand, and this may be what's right for you but not for others.

STEP ONE -- You maintain $75k in HSBC in the US or wherever.

STEP TWO -- You transfer money (free) to your HSBC in the Phils

STEP THREE -- You go to the Phil HSBC branch to withdraw from their ATM (free).

From what I understand with the Schwab folks, they skip Step Two above and go straight to Step Three. 

They keep money in their Schwab accts in the US (same as you have with HSBC), except there's no minimum. Then they just go to any atm of any local bank (BPI, BDO, etc) and get the money, no foreign transaction fees, and atm fees are refunded automatically. Seems to me that's more convenient.

I have an IRA in the US to hold my investments and a bank for the direct deposit of my SS. It made sense to me to have it at HSBC where I can transfer what I need instantaneously to the Philippines without a charge.

I can withdraw the funds at any major Philippine bank's ATM without a fee.

14 hours ago, KMonde said:

I understand not everybody does online trading, but this image of a phone broker just made me smile. So quaint.

I did everything online when I lived in the U.S. and still would, but it is required for expats to do their trading through the wealth management desk at no charge.

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