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question about bank to bank wire transfers


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hi all,

thanks for the valuable insight on my previous questions on keeping my savings in philippine banks. what i plan to do soon is purchase some property with my wife in cebu. i need to move a chunk of my savings from the USA to the philippines. to do this i want to either wire the money from my bank in the USA to our bank in the philippines, or physically bring a bank check with me to the philippines and then deposit it into my philippine bank. i am far from a financial expert so which method seems safest as far as the money actually being available in my philippine bank acount? i am talking about probably in the amount of at least $60,000 USA. will a philippine bank eventually clear a bank check of that type of amount? if i choose to do a bank to bank wire transfer will that amount pose any problems? does anyone here have recent experience doing a transaction with an amount such as this? from what i gather, a wire transfer is the safest method and larger philippine banks wont screw it up ?:huh:

i gotta be careful as this is my savings and i cant risk any mistakes hehehe. thanks for any suggestions...fred

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CaptainJackson
I am far from a financial expert.

 

I am no financial wizard either.

I would just go to an HSBC office (such as in New York) and open an account.

Keep most of your nest egg in your current bank.

Transfer money to HSBC shortly before you need it, and go to HSBC in Cebu to withdraw funds, or go to ATM's in Cebu for smaller amounts.

 

This appears to be among the safest ways to handle large amounts of money.

 

This is just my opinion and it's what I plan to do in the future.

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The big difference between wire transfers and depositing a check is that a US check will take about 3-4 weeks to clear. I have no idea why. A wire transfer will take a day or two. it'll probably cost you about 5-10 dollars. check with both the sending or receiving banks.

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  • 2 weeks later...

You may open an internet savings account with HSBC and link it to your checking, savings, or credit union accounts(or all of them).No fee for this account. Request an ATM card and use it whenever you are in the PI. I did this recently, and paid no ATM fees. Of course they make a percentage on the currency conversion, but this is to be expected. Any way this seems to be the best answer for me, hope it helps. :)

Edited by lolo778
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You may open an internet savings account with HSBC and link it to your checking, savings, or credit union accounts(or all of them).No fee for this account. Request an ATM card and use it whenever you are in the PI. I did this recently, and paid no ATM fees. Of course they make a percentage on the currency conversion, but this is to be expected. Any way this seems to be the best answer for me, hope it helps. :)

 

Me too, I opened an online checking account with HSBC and linked it to my hometown checking account, I got an ATMcard from HSBC also, I transfer some money to HSBC before I go to Cebu and withdraw money when I get to Cebu, if I need more money while I am in Cebu, I find an internet cafe and transfer some more into HSBC. That way if I lose my ATM card I only lose a small amount.

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You already have a bank at each end so there's no need to open any new account. A wire transfer is no big deal and perfectly safe. After you ask the U.S. bank to do it you ask the bank in the Philippines a day later if they received the money. If not, you go to your U.S. bank and ask them why they didn't carry out your order. Money doesn't get lost. If the Philippine bank doesn't have it the U.S. bank still has it.

 

If you take a physical check you will lose interest on the time it takes to clear. You may be violating laws in both countries about bringing in or taking out checks or negotiable instruments, and you will still be worried about the check clearing after you deposit it. Better to leave knowing everything is cool by using the first method.

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Jim Sibbick
hi all,

thanks for the valuable insight on my previous questions on keeping my savings in philippine banks. what i plan to do soon is purchase some property with my wife in cebu. i need to move a chunk of my savings from the USA to the philippines. to do this i want to either wire the money from my bank in the USA to our bank in the philippines, or physically bring a bank check with me to the philippines and then deposit it into my philippine bank. i am far from a financial expert so which method seems safest as far as the money actually being available in my philippine bank acount? i am talking about probably in the amount of at least $60,000 USA. will a philippine bank eventually clear a bank check of that type of amount? if i choose to do a bank to bank wire transfer will that amount pose any problems? does anyone here have recent experience doing a transaction with an amount such as this? from what i gather, a wire transfer is the safest method and larger philippine banks wont screw it up ?:)

i gotta be careful as this is my savings and i cant risk any mistakes hehehe. thanks for any suggestions...fred

Hello Fred

 

You don't need a Philippines bank account for a wire transfer. You can send the money "pay on application and identification" to yousrelf and you can specify what the identification will be. The process might take less time but funds should be available in 48 hours.

 

Another member posted that he can't understand why it takes 5 weeks to clear a cheque from the USA. The cheque has to be sent physically in the mail from Philippines to USA, checked out by the bank in the usa and funds sent back or cheque sent back dishonoured by the usa bank. And, unless you are paying extra, the funds will be sent back by paper, not electronically. When you are using paper cheques, you have disengaged yourself from the 21st century and are relying on 19th century solutions to solve your problems. 5 weeks is just to make sure enough time is allowed for the process. The actual process may be quicker.

 

If you want to take a cheque to the Philippines and have it clear quickly, take a draft drawn on a Philippines bank, in pisos.

 

This is my experience fom 24 years working in a bank. I use to transact telegrapghic transfers (wire transfers) in millions so usd $60,000 isn't something I would be worried about!

 

I hope it helps!

 

 

Regards: Jim Sibbick

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