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hi everyone hope you can help can anyone advise best way of transfering my pension each month from uk to cebu

 

thanks in advance

Tony

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broden

keep your money in an account in the uk and write yourself a check each month to deposit in a local (RP) account

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Can't use ask the pensions people to pay directly by SWIFT to a foreign bank account?

 

I have no real idea myself, but why not look at paypal?

 

Internet banking which should be much much cheaper than setting up a manual payment. Remember a SWIFT transfer only costs your bank a few eurocents so it may be cheaper to shop around. I would be tempted to look at HSBC as well?

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The easiest way is to put your money on a UK bank account and SWIFT it over to one of the popular Philippine banks. SWIFT transfer takes about 3-4 days.

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Athena

The easiest way, though fiddly to start with is open (if you have not one) a telephone banking/online account in UK ie. First Direct. Have your pension credited to that account. Then open a PNB-UK (Philippines National Bank) on line account. Once in PI, open a PI bank account. When you have all 3x accounts set up, you can easily move the money yourself.

 

You can make a standing order in your FD acct to your PNB account. In your PNB account – you can transfer the money to your PI bank account on line. Using PNB online international transfer is much cheaper than using swift service. Of course the PNB transfer fee rate varies depending on the amount of transfer. PNB-UK also gives much higher rate of exchange that any UK banks.

 

You could probably have your pension paid direct to a PNB-UK account though im not sure of that as I am not a pensioner (yet). Just remember, to open a PNB-UK on line account, you have to have a UK address. So if you go in that route make sure you set up your UK bank account first before leaving for PI.

 

Good luck!

 

 

Athena

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lazydays

Tony, there are a few ways to transfer your pension from your UK bank account, the important thing is the most cost effective way.

Firstly you will need a Philippine Bank Account to send it too.

 

1) You can use your bank wire service (Swift), which you set up online with your bank, but this is the most costly, unless you are sending very large ammounts.

Around £20 per transaction send, plus a received fee.

 

2) UK Post Office International Transfer,(also wired via Swift), they advertise "Free Transfer", but its not actually free, you get a lousy exchange rate like P5 less than the days ex - rate to the UK£. No such thing as a free lunch eh.

Example - tranfer £500 and the lousy exchange rate would result in a cost of around £35 or £70 per £1000. (no receiving fee as such).

 

3) Orbitremit.com, £5 per transaction,(no receiving fee), good exchange rate, normally 48hr transfer.

You can also set up recurring payments (monthly) by setting up a monthly direct debit from your bank to Orbit. (Alternatively you could reduce this fee by doing individual transactions every 3 months or so if you prefered).

I have used this service a few times in the past to transfer funds, always found them fast and efficient. I know a couple of other LinC members who have also used this service with satisfactory results.

 

4) HSBC Premier Bank Account (UK),(if you have the neccessary qualifying funds), Ask and they will also set up a Cebu HSBC account for you, then you can transfer funds between accounts free.

 

Hope this helps in your decision.

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lazydays

Can't use ask the pensions people to pay directly by SWIFT to a foreign bank account?

 

I have no real idea myself, but why not look at paypal?

 

Internet banking which should be much much cheaper than setting up a manual payment. Remember a SWIFT transfer only costs your bank a few eurocents so it may be cheaper to shop around. I would be tempted to look at HSBC as well?

 

Unfortunately the UK Pensions service will not send/wire to the Philippines.

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lazydays

keep your money in an account in the uk and write yourself a check each month to deposit in a local (RP) account

 

That may be ok until you start to run out of checks (cheques). UK banks will not send/courier new check books to the Philippines, it would have to be sent to a UK 3rd party address, who will then have to courier forward.

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Unfortunately the UK Pensions service will not send/wire to the Philippines.

 

This is true but is likely to change from April 2012, many expats have complained to the UK pension service about this issue and now its very likely they will wire directly to a Philippine bank a/c hopefully starting 2012.

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Forget sending your pension to a foreign bank electronically.The pension system probably wont do it any way BUT,dont even think about it.Have your funds electronically deposited in the country that is isuing the funds then set up INTERNATIONAL WIRE TRANSFERS FROM YOUR BANK TO A BANK ACCOUNT(IN YOUR NAME)IN THE PHILIPPINES.Deposit the funds in the currency it is paid to you in(pounds sterling?)to aviod the 3% conversion fee ur bank will charge(at least).if you cant get a BG lb.account maybe exchange it b4 u send it over the wire.a wire will cost $50 tops......ATM's?4getta bout it.Xoom,NO WAY! Western Union is OK if you dont mind the fees.

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ok thanks to all for your suggestions unfortunately pnb are no longer opening accounts in europe

but i have had another suggestion that citibank may be an option with account in uk and account in philippines

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thanks guys for all your suggestions...will work on it and let you all know the outcome when it happens....have a nice day in Cebu

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Athena

ok thanks to all for your suggestions unfortunately pnb are no longer opening accounts in europe

but i have had another suggestion that citibank may be an option with account in uk and account in philippines

 

 

Hmmmmm ……… do you mean they stop the accepting new customers for the savings account or they stop accepting new online account custormers.

 

I doubt if they stop the online account – as that is one of their big earners. Lots of Filipinos sent money to PI thru PNB.

 

Whats the exchange rate like at Citibank????? Is it as good as PNB????

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I agree with Athena. PNB is best. Just open a PNB bank account in the Philippines and then use the PNB Europe website to transfer money using the debit card from your existing UK bank. Free transfer to PNB Europe system and then PNB transfer rates to the PNB Philippines account. No need for a Philippines Europe account (as in the sense of an A/c that stores money, you do need a login ID etc). Warn your UK bank these transfers will be happening just so they do not stop the transaction as 'unusual'. I do not know the upper limit transferring money like this, but it must be high and I have never hit it.

 

Look at the PNB Europe website, they have all their charges and latest exchange rates there. You can set up the transfer arrangements either on the phone or at their London branch (Earls Court). It is only a bit of a faff setting up the transfer arrangements because of all the proof you have to provide because of the anti-money laundering regulations.

 

Once set up it is so easy and cheap.

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Swift transfers are cheap and fast.

 

Takes not more than 5 workings days to be on your bank account in Philippines.

 

I guess the cost for a single swift transfer is about 25$

 

so it would cost you 25$ to transfer 500$, same as it would be if you transfer 5000$

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