Jump to content

Wiring US Dollars to the Philippines


Recommended Posts

MJones

I may wire $40 to $50 K USD to the HSBC in Cebu. Will the bank contact me and ask questions? I am not in the Philippines now and it might be hard for them to contact me. Anyone have experience doing this?

Link to post
Share on other sites
philuk

I have done bank to bank transfer from the uk to the Philippines, both through the branch, and through online banking, 

when i did it through he branch there were no issues because i had all the right credentials.

when i did through online banking, they rang me the next day to confirm it was me that made the request.

if you don't go into the bank there will be a good chance they will want to contact you, all banks are shitting themselves over fraud and money laundering.

  • Like 2
  • Thanks 1
Link to post
Share on other sites
SkyMan
1 hour ago, MJones said:

I may wire $40 to $50 K USD to the HSBC in Cebu. Will the bank contact me and ask questions? I am not in the Philippines now and it might be hard for them to contact me. Anyone have experience doing this?

I assume you have an account in the Philippine HSBC.  Do you have an HSBC account in the US?  It's probably easier and cheaper to transfer that way.

  • Like 1
Link to post
Share on other sites
MJones

Yes I have an account at the HSBC Cebu. I need to tranfer it through that bank. I will contact them prior just in the event they have trouble reaching me.  Very ironic as the HSBC and most other global banks have paid massive fines for being involved in money laundering etc. No one ever went to jail, yet I have to concern myself with this and I have done nothing wrong. Apprciate the above replies. Thanks

Link to post
Share on other sites
crazygolfer
2 hours ago, MJones said:

Yes I have an account at the HSBC Cebu. I need to tranfer it through that bank. I will contact them prior just in the event they have trouble reaching me.  Very ironic as the HSBC and most other global banks have paid massive fines for being involved in money laundering etc. No one ever went to jail, yet I have to concern myself with this and I have done nothing wrong. Apprciate the above replies. Thanks

Did SkyMan's comment come through to you? He said that if you have HSBC accounts both places, you might get cheaper money transfer options.

  • Like 1
Link to post
Share on other sites
philuk
5 hours ago, MJones said:

Yes I have an account at the HSBC Cebu. I need to tranfer it through that bank. I will contact them prior just in the event they have trouble reaching me.  Very ironic as the HSBC and most other global banks have paid massive fines for being involved in money laundering etc. No one ever went to jail, yet I have to concern myself with this and I have done nothing wrong. Apprciate the above replies. Thanks

I don't think calling the branch beforehand will make any difference. Money transfers are made through a central hub, it will be them that will call you if you don't go to the branch in person, 

I have no doubt you have done nothing wrong, but they don't know that,for all they know your a master criminal just trying to get rid of some dodgy cash.  

Link to post
Share on other sites
MJones
10 hours ago, crazygolfer said:

Did SkyMan's comment come through to you? He said that if you have HSBC accounts both places, you might get cheaper money transfer options.

His comment came through to me. But it is of no value. The money is not coming from my HSBC account in the US. Yet I appreciate his reply.

Link to post
Share on other sites
GwapoGuy

You might want to try Zelle. All the US banks are beginning to use it. All you need is a US bank account to transfer funds!

  • Like 1
Link to post
Share on other sites
GwapoGuy
10 hours ago, GwapoGuy said:

You might want to try Zelle. All the US banks are beginning to use it. All you need is a US bank account to transfer funds!

Sorry, I didn't check the fine print. Zelle only works between US banks. :unsure:

  • Like 2
Link to post
Share on other sites
GwapoGuy

But there is a Citi bank near Ayala. Wondering if you could transfer to that location. There are a few more American banks in Manila.

Link to post
Share on other sites
Paddy

@MJonesYou will be able to wire the funds easily enough but you are above the US$10k limit for Banko Sentral reporting. 

Here’s how it worked when I did this (without thinking about the limit) from Canada to Chinabank with about US$25k. The funds were wired to my account here in Masbate. Chinabank head office in Manila called the local bank manager and asked what it was for. Because I knew the bank manager and he knew I was buying a car, he answered head office and all was fine. He actually told me about it a couple of days later. 

If I was going to wire 40-50k in one go, I would for sure tell my branch manager beforehand. 

As you pointed out, you’re not in the Philippines and communicating with your branch manager may be problematic. 

Link to post
Share on other sites
Jester

Bank of America just jerked me around on a US to US wire transfer!   2 days and 6 calls to straighten it out!   Each call is 30 to 45 minutes.  Please press one for English.  Due to unusual call volume our one customer service rep in India is in the hospital having a baby and will be with you in the order your call was received.   Our menu has changed so please listen carefully.  On and on.  Anyway after 5 phone calls over a 2 day period.   Call number 5 was something is not right here I will route you too a customer representative supervisor.  Got disconnected, called back, please press 1 for English, due to unusualy high call volume, on and on adnausium.   Finally talked to someone who transferred me to the fraud dept.  Whoo,  let me have the number before you transfer me please!!!!   Call transferred successfully.  Turns out that because the transfer was not normal for me it was stopped by the fraud detection unit.  Only took 2 days and 5 excruciating calls to find out the left hand at the bank does not know what the right hand is doing.    Call somebody at the bank, security, fraud etc before you try and possibly save yourself some grief.  They also locked my account in the fiasco.  

  • Haha 1
Link to post
Share on other sites
MJones

Thanks. I wrote the bank a week prior to the transfer. They replied with a message saying they want documents showing where the money came from. In my case I sold some stocks. I asked if I can send by email to them. Waiting for a reply.

Link to post
Share on other sites
Davaoeno

I have sent large amounts of money from Canada to my BDO account several times. No one on either end has ever asked where the money came from nor what it was for.

I think the US government has got people terrified to move their money- even for legitimate reasons.

Recently I opened an additional USD account. I had to sign several docs swearing that I am not, nor have I ever been, nor will I ever be a US citizen!

( ok -  I exaggerated a bit about the " never will be" part) lol

Edited by Davaoeno
Link to post
Share on other sites
MJones
2 minutes ago, Davaoeno said:

I have sent large amounts of money from Canada to my BDO account several times. No one on either end has ever asked where the money came from nor what it was for.

I think the US government has got people terrified to move their money- even for legitimate reasons.

Recently I opened an additional USD account. I had to sign several swearing that I am not, nor have I ever been, nor will I ever be a US citizen!

( ok -  I exaggerated a bit about the " never will be" part) lol

Good point. The currency comes into play perhaps.

Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use, Privacy Policy and Guidelines. We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue..

Capture.JPG

I Understand...