Jump to content

tranfering funds from uk


Recommended Posts

lazydays

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.

 

Sorry i disagree.

 

Wire transfers are expensive, my UK bank would charge £20 (US$32) send transaction and around £10 (US$16) collection fee from the other end, if i were to pay all the fees. £30 (US$48) in total, and takes 4 clear working days (Sat/Sun not included).

If the OP was transferring his pension monthly, and his pension was say £625 (US$1000) per month, he would be forfeiting 5% of his pension each month in transaction fees.

With Orbit remit he would only be paying £5 (US$8) per month in transaction fees on any ammount up to £9995 (US$16000). He can also set up an automatic recurring monthly transaction at no extra cost, then more or less forget about it.

 

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$, same as it would be if you transfer 5000$

 

We are talking UK here, not Belgium, there is a much cheaper way from the UK.

Edited by lazydays
Link to post
Share on other sites
  • Replies 36
  • Created
  • Last Reply

Top Posters In This Topic

  • lazydays

    8

  • tonyb22

    4

  • Markham

    3

  • Athena

    3

lazydays

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.

 

Chas, yeah that is another option, but, relying on making payments via Debit card could be a problem later if you were resident in PI and had no plans to re-visit, they expire eventually, valid 2 or 3yrs.

UK banks will not send/courier new Debit cards to PI, so it would have to be couriered by a UK third party, not a big problem, but you are relient on the 3rd party, and incur Courier costs. If one was making visits back to UK every 2 or 3 yrs, then not so much of a problem, unless one was ill or hospitalized.

 

With Orbit Remit any transfer comes directly from your UK bank, not via Debit card, you can also set up a Direct debit for monthly transfer via Orbit remit.

 

We are limited in the UK as we can not use the likes of Xoom,Remithome etc, and Western Union is expensive.

Edited by lazydays
Link to post
Share on other sites

Hi Tony

 

 

For my pennys worth what i have been doing over the last two years is letting my pension go in to my HSBC advance account and with that account you do not have to pay anything when you use your ATM card. You can pull out up to 20,000 peso a day. Or if you have a war or army pension the pension department will wire the money into any account around the world for you.

Link to post
Share on other sites

I have a Nationwide Flex Account. Their are local ATM's where I can withdraw without local charges. This means I pay 2% on purchases using my Visa debit card, which I use for the main grocery shopping. For cash from ATM, they change a further 1%. So for moving largish amounts, there are better more cost effective ways but for a monthly pension I doubt it.

 

Let's say

 

GBP 400 shopping per month - that would cost GBP 8

 

GBP 200 cash - would be GBP6

 

So a GBP 600 pension with easy access & held in UK would cost GBP12 to transfer.

 

I have a BPI account here with enough funds to cover rainy day / emergency needs ie ATM links down. Fluctuating Forex can cost more per month than that.

 

Hi Tony

 

 

For my pennys worth what i have been doing over the last two years is letting my pension go in to my HSBC advance account and with that account you do not have to pay anything when you use your ATM card. You can pull out up to 20,000 peso a day. Or if you have a war or army pension the pension department will wire the money into any account around the world for you.

 

That's OK if you have enough in savings to maintain a HSBC Advance account. Most pensioners cannot.

Link to post
Share on other sites
Athena

Chas, yeah that is another option, but, relying on making payments via Debit card could be a problem later if you were resident in PI and had no plans to re-visit, they expire eventually, valid 2 or 3yrs.

UK banks will not send/courier new Debit cards to PI, so it would have to be couriered by a UK third party, not a big problem, but you are relient on the 3rd party, and incur Courier costs. If one was making visits back to UK every 2 or 3 yrs, then not so much of a problem, unless one was ill or hospitalized.

 

With Orbit Remit any transfer comes directly from your UK bank, not via Debit card, you can also set up a Direct debit for monthly transfer via Orbit remit.

 

We are limited in the UK as we can not use the likes of Xoom,Remithome etc, and Western Union is expensive.

 

 

 

That’s one of the reasons I suggested to open a First Direct bank account. FD is primarily a telephone banking business and just recently extended it to be automatically online banking. It is also part of the HSBC group. They do not have an office to visit to transact business. All business transactions are done by phone. All you have to do is pick up the phone call them up and transfer money anywhere in the UK for free. And therefore makes one mobile. Obviously, they will do international transfers but they will charge you. Mind you FD exchange rate is not bad but not as good as PNB.

 

FD will give you a cash card to be able to withdraw cash at any ATMs. But as the OP is moving to PI, I don’t think UK cash withdrawal is a pressing problem. As to the question of the renewal of the ATM card, perhaps if he could phone FD and explain to them that he will be living in PI for while but would like his pension money credited to his FD account they might be able to help on a mutually convenient arrangement. Not that I have done this, but my experience with FD, they are very helpful and have the American “can do” attitude.

 

If you open a PNB-online International transfer account, you do not need to make a direct debit from FD. PNB online works the same as orbit remit but have a better exchange rate. Once you have set up your online account, you just log in and instruct PNB to make a withdrawal from your FD account to send it to any bank or personally to you in PI. However, please note the fee for bank to person is higher than bank to bank.

 

The problem in UK is not only the choice of banks but also the volatile exchange rate. And as I am a stingy git, every penny counts ............ I would suggest to the OP to have a look at the charges and limitations of both PNB-online and Orbit remit and compare where he is better off in terms of money save and convenience.

 

Good luck!

 

 

 

Athena

Link to post
Share on other sites

Uzi i can confirm that i do not have any savings at all, you pay 11 pound 95 pence for an advance account with HSBC each month which lets you draw out any amount up to 20,000 pesos a day from anywhere in the world.

Link to post
Share on other sites
lazydays

Uzi i can confirm that i do not have any savings at all, you pay 11 pound 95 pence for an advance account with HSBC each month which lets you draw out any amount up to 20,000 pesos a day from anywhere in the world.

 

Well that sounds like another option for Tony to investigate.

I am also led to believe that if you have a HSBC account in your home country, it is easy to open another HSBC account in PI, but i believe you need to keep £1000 on deposit in the PI HSBC account to avoid their PI bank charges. Something that can be checked out easy enough.

 

Just be aware that HSBC so far, only has branches in Manila, Cebu and Davao City.

Link to post
Share on other sites

Uzi i can confirm that i do not have any savings at all, you pay 11 pound 95 pence for an advance account with HSBC each month which lets you draw out any amount up to 20,000 pesos a day from anywhere in the world.

 

Thanks for clarifying this. Not the account I thought it was but on closer inspection NOT a good deal at all. This from the HSBC website

 

No HSBC transaction fees on worldwide ATM withdrawals

As an HSBC Advance customer, you won't have to pay a transaction fee to HSBC if you withdraw cash from an ATM abroad or if you use your Visa debit card to pay for goods and services.

 

However, please note that all foreign currency exchange rates shown on your statement against each transaction are inclusive of an exchange rate adjustment charge, which is currently 2.75%. And even though we won't charge you, some cash machine operators may apply a direct charge for withdrawals from their cash machines. This will be advised on the screen at the time.

 

So you have to pay

 

the full monthly price, currently £12.95.

 

Plus 2,75% commission & if you use other than a HSBC ATM (not many of them) you will end up being charged P200 per P5-10,000 transaction too.

 

Nationwide is still the best I have found for monthly transactions like Pensions.

 

HSBC

Link to post
Share on other sites
lazydays

Personally, when i am finally living there permanently, i will probably go the Orbit remit option, transferring funds over to my main PI account every 3 months or so, dependant on the good day exchange rates. Just execute it online at my leisure. 4 transactions a year £20 Total cost.

No need to worry about when my UK Debit/ATM/Credit card expires, as the transactions will be done direct from UK Bank account.

I will use my PI Bank Debit/ATM/Credit card to aquire cash, no P200 ATM charge.

When i re-visit the UK every 3 or 4yrs or so, i will just pick up any renewed UK Debit/ATM/Credit cards from my sister, to save the hassle of having them couriered out to me.

:shocked:

Link to post
Share on other sites

Personally, when i am finally living there permanently, i will probably go the Orbit remit option, transferring funds over to my main PI account every 3 months or so, dependant on the good day exchange rates. Just execute it online at my leisure. 4 transactions a year £20 Total cost.

No need to worry about when my UK Debit/ATM/Credit card expires, as the transactions will be done direct from UK Bank account.

I will use my PI Bank Debit/ATM/Credit card to aquire cash, no P200 ATM charge.

When i re-visit the UK every 3 or 4yrs or so, i will just pick up any renewed UK Debit/ATM/Credit cards from my sister, to save the hassle of having them couriered out to me.

:shocked:

 

Just as an aside on getting the new Debit / ATM card sent. I have a joint account with my Asawa & therefore two cards. They expire at different times, so I just have my Sister post the card to me. If it gets lost (and so far every letter in 5 years has arrived here in Cebu & Luzon) I can use the other until a replacement is sent.

Link to post
Share on other sites
trthebees

I see there's been a mention of the Nationwide, which is my UK "bank". My debit card has just expired....July. There is a new card waiting at my UK address for these things, and I hope to visit for a few weeks in September/October.

I'll be interested to see if I can validate it. Previously, I found that if it's not used within about a month, then it is cancelled, and it's necessary to get another one sent.

Link to post
Share on other sites

At the moment when i go to pnb europe it states not acceting new customers they are chaning the way the operate

in europe as for exchange rates at citibank not sure, seems you have to send via bacs?

to get that days rate i beleive it reasonable but till i transfer i will not know but if it goes to another citibank branch anywhere in the world there are no charges

 

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????

Link to post
Share on other sites

hi to everyone seems i opened a topic with lots of options

at the moment im still in uk so will keep investigating but thanks to all for your suggestions

they are much appreciated i look forward to being there again and meeting some of you before the end of the year

thanks to all

Tony

Link to post
Share on other sites

I use my NatWest cash card in PI. On all my O/Seas withdrawal's.

It is safe and easy for providing the "reddies".

 

I use SureMoney for larger transfer's - Fee £6.50 ? Ask them for current charge..

 

Over £10,000 requires "money Laundering" security paperwork but once set-up is continuous. I believe.

 

Extremely reliable. Though sometimes need a "KickStart" delivered to the PI Branch from their UK Branch..

 

Suremoney Remittance <[email protected]>

 

<http://www.suremoney.swift-cash.com>

 

Hope this helps you.

 

EAGLE

Edited by EAGLE
Link to post
Share on other sites

Chas, yeah that is another option, but, relying on making payments via Debit card could be a problem later if you were resident in PI and had no plans to re-visit, they expire eventually, valid 2 or 3yrs.

UK banks will not send/courier new Debit cards to PI, so it would have to be couriered by a UK third party, not a big problem, but you are relient on the 3rd party, and incur Courier costs. If one was making visits back to UK every 2 or 3 yrs, then not so much of a problem, unless one was ill or hospitalized.

 

With Orbit Remit any transfer comes directly from your UK bank, not via Debit card, you can also set up a Direct debit for monthly transfer via Orbit remit.

 

We are limited in the UK as we can not use the likes of Xoom,Remithome etc, and Western Union is expensive.

Oh yes they will - if you bank with HSBC. HSBC recently sent my new UK Debit and Credit cards to the Davao branch. They took less than a week to arrive here.

 

I had been a loyal Lloyds customer for almost 52 years but when they told me that they would charge £75 + 5% to transfer money to the Philippines and it would take ten working days, I looked for another bank. I went into my local (small town) branch of HSBC and spoke with the manager. Within one hour all my accounts from Lloyds were closed and transferred and he spoke with HSBC International Banking and arranged for both Sterling and Peso accounts to be opened. I arrived in Cebu ten days later and collected my ATM cards which were waiting for me. I pay absolutely nothing to transfer funds to and from the Philippines, provided I do it all online. And it's immediate.

 

 

 

 

Mark

Link to post
Share on other sites
Guest
This topic is now closed to further replies.

×
×
  • 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...