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BPI Online Transfer Funds Option


Fish Sandwich

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No joint account =s no control. YOur money goes in...but where does it go? At least with Joint account you can see transactions made and she can't lock you out in fit of tampo. Good luck. BPIonline works great and we used it from the US All the time. great for xfering cash to the province.

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Yes I am referring to a joint account similar to what we have in the west but not exactly the same since we are talking about the Philippines. Recently my wife opened a joint account with a nephew in

Thanks a million, including the balance locking tip! That's perfect.

I am with BDO and have a cash card without any name written on it which I gave to my girlfriend and I also have it linked to my BDO online banking so can transfer funds instantly.   Best thing about

A_Simple_Man
No joint account =s no control. YOur money goes in...but where does it go?

 

Here is where I have an opposing point of view. Joint account means less control because either both must sign, which is a major inconvenience and you may as well hand her the cash and forget banks, or only one needs to sign and you could get wiped out any time. By having separate accounts you need only transfer over the money you would have given her in cash if she was standing next to you and you had cash in your pocket. Total control of you finances that way.

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Fish Sandwich

Glad it worked for you. Yes my nieces account is in Davao and our accounts are in Cebu and Cagayan de Oro, so from either it took until after noon the next day for it to be available to her and a few others we did it with. Maybe it has more to do with the BPI branch they do business with rather than our branch sending it, or maybe it is because yours is in the same branch.

 

Did you check to see if the money shows in her account as available and not just in the account. In BPI I have even made dollar deposits that were not available for a week but showed in the account and while my niece told me the banks said the money was there, they told her it would not be available to after noon the next day.

 

It appears the money is available. How would I know if it's not? I just noticed the funds transfer hasn't shown up (or maybe doesn't show up) in the transaction log despite the money being there.

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It appears the money is available. How would I know if it's not? I just noticed the funds transfer hasn't shown up (or maybe doesn't show up) in the transaction log despite the money being there.

 

If it does not show as coming in in the transactions, then it might not be available. Normally the money available would be in the right column, so if the left column is larger than the right. then it is definitely not available. Other than that I have never seen any of my nieces accounts to know why they could not have the money the same day I transferred it to them. Maybe they have a different type of account than we do and possibly that might delay it. I really do not know but if yours shows in the right column then I am going to guess there is a pretty good chance it is available right away.

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Fish Sandwich

No joint account =s no control. YOur money goes in...but where does it go? At least with Joint account you can see transactions made and she can't lock you out in fit of tampo. Good luck. BPIonline works great and we used it from the US All the time. great for xfering cash to the province.

Here is where I have an opposing point of view. Joint account means less control because either both must sign, which is a major inconvenience and you may as well hand her the cash and forget banks, or only one needs to sign and you could get wiped out any time. By having separate accounts you need only transfer over the money you would have given her in cash if she was standing next to you and you had cash in your pocket. Total control of you finances that way.

 

I definitely get your point, but I'm with A_Simple_Man on this one. Once the money goes into her account, it's no longer my money and so, I don't need control.

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Fish Sandwich

If it does not show as coming in in the transactions, then it might not be available. Normally the money available would be in the right column, so if the left column is larger than the right. then it is definitely not available. Other than that I have never seen any of my nieces accounts to know why they could not have the money the same day I transferred it to them. Maybe they have a different type of account than we do and possibly that might delay it. I really do not know but if yours shows in the right column then I am going to guess there is a pretty good chance it is available right away.

 

Doh, I see it now. "Total Balance" and "Available Balance"...so the money is there and available. I'll keep that in mind for dollar deposits which brings another couple questions to mind. You're able to just deposit dollars right into your peso account? If yes, do you get a good exchange rate for that?

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Doh, I see it now. "Total Balance" and "Available Balance"...so the money is there and available. I'll keep that in mind for dollar deposits which brings another couple questions to mind. You're able to just deposit dollars right into your peso account? If yes, do you get a good exchange rate for that?

 

No you have to deposit the dollars into a dollar account or they will exchange them for you but probably a better rate at a money changer. You can also go online and do an exchange during banking hours but I believe it is 10 AM to 2 PM and the rate is okay but a money changer is better.

 

Also I forgot, if you deposit dollars and ask the manager to make them available right away, they may do it for you if they know you.

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Buko Beach

No you have to deposit the dollars into a dollar account or they will exchange them for you but probably a better rate at a money changer. You can also go online and do an exchange during banking hours but I believe it is 10 AM to 2 PM and the rate is okay but a money changer is better.

 

Also I forgot, if you deposit dollars and ask the manager to make them available right away, they may do it for you if they know you.

 

Mr.Lee,

 

I need advice and clarification on your post. So, I opened a BPI third currency savings account (Can$) and a BPI pesos account. I have been watching the peso-Can$ exchange rate and it's stuck in the 40.2 to 40.9 level the past few weeks. (I only checked online forex and asked various money changers around Cebu).

 

I just checked the BPI forex exchange rate they offer online and it's an incredible 42.710php-1$Can! That was the closing rate on friday November 16. I have been waiting for the rate to get back in the 42+ range to do an online exchange of some Can$-php with BPI .

 

You posted the rates offered at BPI are not that good and you get a better rate at some money changers. So my question is do you think the rate quoted online is the rate I will get if I transfered money online from my Can$ third currency account to my peso account?

 

The BPI rate they currently offer online is the best I have seen since late August early September, but you know what they say about things that seem too good to be true so I need some advice.

 

Thanks.

 

http://info.bpiexpressonline.com/bpiprod/produpd.nsf/Foreign+Exchange+Rates/ForeignExchangeRates

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Mr.Lee,

 

I need advice and clarification on your post. So, I opened a BPI third currency savings account (Can$) and a BPI pesos account. I have been watching the peso-Can$ exchange rate and it's stuck in the 40.2 to 40.9 level the past few weeks. (I only checked online forex and asked various money changers around Cebu).

 

I just checked the BPI forex exchange rate they offer online and it's an incredible 42.710php-1$Can! That was the closing rate on friday November 16. I have been waiting for the rate to get back in the 42+ range to do an online exchange of some Can$-php with BPI .

 

You posted the rates offered at BPI are not that good and you get a better rate at some money changers. So my question is do you think the rate quoted online is the rate I will get if I transfered money online from my Can$ third currency account to my peso account?

 

The BPI rate they currently offer online is the best I have seen since late August early September, but you know what they say about things that seem too good to be true so I need some advice.

 

Thanks.

 

http://info.bpiexpre...gnExchangeRates

 

From that link buying is 38.36, selling is 42.71

 

so if you want peso for your canadian $ they will give you 38.36 for each can$, the bank is buying your can$

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Mr.Lee,

 

I need advice and clarification on your post. So, I opened a BPI third currency savings account (Can$) and a BPI pesos account. I have been watching the peso-Can$ exchange rate and it's stuck in the 40.2 to 40.9 level the past few weeks. (I only checked online forex and asked various money changers around Cebu).

 

I just checked the BPI forex exchange rate they offer online and it's an incredible 42.710php-1$Can! That was the closing rate on friday November 16. I have been waiting for the rate to get back in the 42+ range to do an online exchange of some Can$-php with BPI .

 

You posted the rates offered at BPI are not that good and you get a better rate at some money changers. So my question is do you think the rate quoted online is the rate I will get if I transfered money online from my Can$ third currency account to my peso account?

 

The BPI rate they currently offer online is the best I have seen since late August early September, but you know what they say about things that seem too good to be true so I need some advice.

 

Thanks.

 

http://info.bpiexpre...gnExchangeRates

 

First the best person to ask that question to would be an officer of the branch where you do business since the answer might change from branch to branch.

 

I have found that the rates offered at BPI online are usually not as good as you can get at a money changer but still within range of a money changer by maybe .2 to .4 with US dollars, I never checked with Canadian dollars but I am going to guess it will be the same. If you exchange over $1000 then the rate is better than under and if over $5000 even better by a little with each increase.

 

As for an online transfer dollars into pesos the rate will probably not be as good and the weekend rate will not matter, the bank only does exchanges during business hours, so whatever the rate opens at and at the time your money hits the bank is when they will figure the rate and IMO it will not be as high as the online rate since that rate is based on no human interaction whereas an online transfer to the bank from another bank will require human interaction. My advice would be to transfer your money into your BPI Canadian $ account and then wait for the rate you seek and then do an online transfer at that time from your $ account to your peso account. Also there will be a fee charged by the bank for receiving the dollars, and I think if I remember the last time I did it that was about $10 but it has been a while since I now mail $ checks made out to me and signed by me with FOR DEPOSIT ONLY and my account number on the back below that, to someone either at the bank I have already arrange with via email or to a family member and have them deposit them into my Philippine $ account and I do an online transfer when I am ready to, that way no fees at all.

 

My advice for someone in the Philippines would be to have the money available in your $ account and keep checking online for the best rates at say Yahoo HERE or Forex and then when it hits a high and you are happy with that number, then call the money changer in your area and see how close they are to it. Of course the numbers will have to be current, not a Friday close because you cannot expect to get close to that number after the close over the weekend.

 

When exchanging a large amount of money while in the Philippines develop a relationship with a few money changers in your area and ask them if they would come to the bank for a large exchange of XXXX and most will. Then next ask your bank people if they have a money changer they do business with who beats the bank rate and I have found most will. Then call your money changer and have the bank call theirs and if it is close then just use the banks money changer but if there is a big difference then tell the bank so and they will usually get their money changer to meet the higher rate because it seems all money changers want as much $ as possible, I do not know if it is the same with Canadian $ but I am sure you will find out with a few phone calls and it probably is. After an exchange or two and the bank money changer and workers already know you will check your own money changer then they will be pretty close without even asking but I still call around when doing a large exchange and then have whichever money changer meet me at the bank.

 

When smaller amounts or when out of the country I do an online exchange when I find the rate close enough to the rates I see online from other sources such as Yahoo or Forex.

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Buko Beach

From that link buying is 38.36, selling is 42.71

 

so if you want peso for your canadian $ they will give you 38.36 for each can$, the bank is buying your can$

 

Woolf,

 

Ugggg you're right and thanks for clearing things up for me. I knew it was too good to be true.

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Buko Beach

Mr. Lee,

 

Thanks for taking the time to share some of your knowledge with a novice to the PI banking experience.

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