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big RB

Bank accounts, deposits, & bill payments

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big RB

I have 2 accounts in 2 seperate banks in the US. One in California, and one in Wyoming. Online I can move money between them and do my bills through eithers bill pay. But living here in the Philippines we use the ATM mostly. Is it possible to get an account here in the Philippines that I could transfer money into as easily? My retirement check is now direct deposited into the Wyoming account, but I fear a more serious snafoo and I can not visit the bank in Cheyenne too easy from Negros Oriental. If I direct deposit a Philippine bank, can I pay bills in the USA, or transfer to the Wyoming bank. All that is needed there is a routing number and an account number?

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mpt1947

Welcome to our group

 

What snafu are you concerned about?

 

IMHO it is easier to clear up any problems with a US Depositor (Pension) to a US Bank, then to clear up the same problem with a Philippine Bank.

 

I have a small pension check, my VA Disability and my Social Security Direct Deposited to my US Credit Union. I transfer a sum of money from my US Credit Union to my wife's Bank here in the Philippines.

 

I try not to use my Debit Card at ATM's, instead I use it as a Credit Card - then I only pay a 1% fee.

 

I use Remit Home to transfer money from the US to the Philippines - they give about a $1 less then whatever the Exchange Rate is - for example todays rate is 42.95/1 Dollar - Remit Home is 41.95/1 Dollar. The also charge $10/1000 Transferred. There may be other services that are less expensive, but I find their Customer Service to be excellent and I am sticking with them.

 

I continue to pay my US Bills via my US Credit Union Accounts.

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RogerDuMond

I believe that HSBC is still the only bank that has branches in the US and Cebu that you can transfer money between accounts online with no charge. They have different types of accounts, but Premier is the best financially. Check out this old topic.

http://www.livingincebuforums.com/topic/18060-hsbc-premier/page__p__161863__hl__hsbc__fromsearch__1#entry161863

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Lordblacknail

Wells Fargo in the US allows you to transfer money from your account there to BPI for around $3. It takes a couple of hours. Obviously, you need an account in both banks. Also, the transfer must be made in person at the Wells Fargo Bank.

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mpt1947

I believe that HSBC is still the only bank that has branches in the US and Cebu that you can transfer money between accounts online with no charge. They have different types of accounts, but Premier is the best financially. Check out this old topic.

http://www.livinginc...__1#entry161863

 

 

 

 

Roger,

 

What does someone like me do? If I add all my accounts together and subtract out my debt, I have a negative balance - I won't see a positive balance of $100K ever - even going back in time - I never got close to that amount.

 

So to the OP if you are a small fry like myself, I would keep your US Accounts - if you are married or have a G/F who is a Philippine Resident - let them open an account in the Philippines - then find a service like Remithome (there are others), generate a transfer monthly or daily - the 3rd party vendor will transact a Debt to your checking account(s) and transfer for deposit to your partners Philippine bank account - takes about 24 - 36 hours - depending on time of day in the US that the transfer is generated -

 

You said you had an account in California as well as Wyoming - Remithome is based in CA - (San Francisco) if may be more convenient to have the transaction go through that bank - but it doesn't matter.

 

If on the other hand you have more resources than I - then Roger's suggestion may be more suitable to you

Edited by mpt1947

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gcurious

If you can manage and plan ahead........you can write a check from your US account.......deposit to your Philippine account.........NO FEES or CHARGES...........but it takes 21 days to clear.....so planning ahead can work very well.

 

 

 

This is dollar to dollar account....................then you can go to the best money changer in your area wth the highest exchange rate.......Banks have 1 of the lowest rates, so try to avoid.

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Athena

There is a PNB (Philippine National Bank) branch in California. You can open a remit/online account with themthen send money to yourself/beneficiary thru online remittance. The fee is graduated I think roughly lessthan $10.

 

It works just like remit home. Once you have the PNB (US) remit acct, youcan transfer money from any of your online US banks acct to your US-PNBaccount. Then from the PNB US youtransfer/remit money to the Philippineswhich you can either delivered door to door or deposited directly to yourdesignated PI bank account. There is noneed to open a PI-PNB account but obviously, using PI-PNB is better fortracking and cheaper. It would cost youa flat rate of $10 to do otherwise but if you have a PNB

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Turbota

If you can manage and plan ahead ... you can write a check from your US account ... deposit to your Philippine account ... NO FEES or CHARGES ... but it takes 21 days to clear, so planning ahead can work very well.

 

This is dollar to dollar account ... then you can go to the best money changer in your area wth the highest exchange rate ... Banks have 1 of the lowest rates, so try to avoid.

 

Here is someone giving you good advice.

 

The only thing I disagree on is the banks having the lowest exchange rates when exchanging the USD you take out of your dollar account at the Filipino bank and convert it into pesos.

 

I have tried both ways ... exchanging the dollars for pesos right at the bank and at the downtown money exchange ... In my case, almost exactly the same rate. Not worth the trouble of hauling a bunch of dollars downtown and going to one of the money exchangers while beady little eyes are staring at you the whole time your standing downtown with a big wad of US 100 dollar bills!

 

Ron,

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Ozepete

We have a Cebu bank account and can transfer funds online from our Australian bank to the Cebu bank using 'Exchange4free'.

All we do is log into the Exchange4free' web site and request the transfer. They ask for the recipient details, (Bank name, address, account number etc.) They then immediately email details of their account for us to transfer the amount to them. Once they have received our money they transfer the funds to our recipient. (Our Cebu bank account).

This is a great service with the only downside being that it takes three to four days. The benefits are many including:

A/ We get to do this transfer totally online without leaving the computer.

B/ If the amount is over Au$400.00 then there are no costs or fees. (A $7.00 total cost if under $400.00)

C/ The exchange rate is among the best, usually within 2peso of the XE rate.

D/ There are no bank fees or penalties.

For example: if I transfer $1000.00 to my Cebu bank and the XE rate is say Au$1.00 = 46p, I will have at least 44,000p net in that account. I lose up to 2p per dollar but save as there are no other costs, fees, etc.

This is a great service. I am just a happy Exchange4free customer who got tired of the WU, bank and CC rip offs.

 

I hope others can benefit by using this mob too.

 

Cheers...

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stef37

not sure on the usa side of banking but for me being from the uk i can transfer money to the remittance company i use in the uk which is instant to them and they transfer into my bpi account here next day

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David Spicer

As mentioned above, I deposit a personal check into my BPI Dollar account each month to cover the following months expenses. I tranfer Dollars online to my Peso account as needed, and use my Peso account ATM card at any BPI ATM free of charge. No fees involved at all, and I normally get within 15-20 centavos of what's being shown online.

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RogerDuMond

Roger,

 

What does someone like me do? If I add all my accounts together and subtract out my debt, I have a negative balance - I won't see a positive balance of $100K ever - even going back in time - I never got close to that amount.

Mike

 

1. This is not just cash, it includes things like investment portfolios, IRAs, and CDs and any debt is not subtracted. The perks for Premier account are great, and they will wave any fees for being under the $100,000 amount for up to 2 years while you consolidate your holdings into HSBC, but....

 

2. There are other types of accounts available through HSBC that will allow you to transfer funds between HSBC accounts in other countries.

https://www.us.hsbc.com/1/2/3/personal/checking

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Rocketman

I opened an account with Citi Bank in the U.S. and will be opening an account with Citi when I arrive in Cebu to live. I'd prefer to have the account in Cebu already open with a balance when I arrive, but the requirements are to have a permanent address, etc. here before they will allow me to open it. I'm satisfied with the costs of doing business between the 2 accounts.

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RogerDuMond

I opened an account with Citi Bank in the U.S. and will be opening an account with Citi when I arrive in Cebu to live. I'd prefer to have the account in Cebu already open with a balance when I arrive, but the requirements are to have a permanent address, etc. here before they will allow me to open it. I'm satisfied with the costs of doing business between the 2 accounts.

Unless they have recently changed, Citibank US and Citibank Philippines aren't linked. That means that you have to do a wire transfer or bank to bank transfer for which there is a fee to transfer money between banks. That and the foreign exchange fees are the main reason that we switched from Citibank to HSBC where there are no fees. You can open HSBC accounts in the Philippines from your bank in the US before going to the Philippines. We have done this. Also HSBC gives a better exchange rate and has a higher ATM withdrawal limit per day.

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