Jump to content

Selling Pesos for British Pounds


Recommended Posts

Hi all,

 

I'm a Manila resident and British expat... sorry for crashing your forum but it's better than any Manila counterparts!

 

I'm really struggling to get my Pesos transferred back to the UK and into pounds. I bank with both BDO and Metrobank and they've said they can't (or won't) do it : (

 

There are banks that can do the wire transfer, just not the conversion. They just tell me to go to the money changer, but the prospect of walking around with so much cash in Manila scares me, not to mention the possibility of getting counterfeit currency.

 

Anyway, thought I'd check and see if anyone's looking to buy some Pesos in British Pounds? I have about 500,000 PHP to exchange, which I could split up in relatively big chunks. I'm looking for a direct UK bank -> UK bank transfer for the £s (with faster payments). And on my part I can do direct BDO->BDO or Metrobank->Metrobank transfer or we could figure something out using cash, a managers cheque or something else.

 

I'm leaving PH in a few weeks so if anyone's interested, I'll give a good rate over XE's.

 

Cheers!

Link to post
Share on other sites
  • Replies 42
  • Created
  • Last Reply

Top Posters In This Topic

  • kevb

    12

  • spooks

    6

  • Skywalker

    6

  • pinipig

    4

Top Posters In This Topic

Popular Posts

Anyway, in case anyone is interested.   KevB dropped the cash into my BPI account which I was able to confirm using online banking.     On receipt, I transferred the cash from my UK account to his

pls try  czarinaforex - money exchange,    on the spot and good rates

 

they have more branches but here always big cash available

 

Unit 1412, Tower One & Exchange Plaza, Ayala Ave. 1226

 

google it

Link to post
Share on other sites

Thanks - I'll send them an email now and see what they can do. I was just in that building this morning talking to HSBC.

 

Do you know if they can actually do an international wire transfer to the UK, once they've converted it, or do I still need to physically take it to a bank? That's my biggest worry right now : )

Link to post
Share on other sites
udonthani

the prospect of walking around with so much cash in Manila scares me, not to mention the possibility of getting counterfeit currency.

 

that does, of course, work both ways. A pretty good way to pass off 500 fake, or 450 fake and 50 good thousand peso bills, would be to get some idiot tourist arrival to buy them off you in Manila for pounds, get on a plane and then piss off back to London. That would be a job well done.

Link to post
Share on other sites

that does, of course, work both ways. A pretty good way to pass off 500 fake, or 450 fake and 50 good thousand peso bills, would be to get some idiot tourist arrival to buy them off you in Manila for pounds, get on a plane and then piss off back to London. That would be a job well done.

 

True, although this is an expat forum (not for tourists) and I'm offering bank->bank transfer as the preferred method both in PH and UK.

 

I'm happy to do whatever it takes to make a potential buyer comfortable - the whole point of this is to avoid cash on either side!

 

Thanks for the input though!

Link to post
Share on other sites

Did you ask Metrobank if you could use their remittance service to send money the other way? In any case what's wrong with Swift. I have used it many times. I also wired a lot of peso to the DWP on many occasions. Why would you want pounds? Do Brit banks give you 10.5%?

Link to post
Share on other sites

I know Metrobank will issue a variety of checks (cashier's check, manager's check) which can be made out in your name. Not sure which choice you may have available, but with a check, you can leave the country and then use the check in your destination country. For that matter, Metrobank has some branches overseas, and perhaps that is a way to make the transfer.

 

Not sure if this sort of procedure will create a different follow on problem for you. That is, what do you declare to customs concerning the check?

Link to post
Share on other sites

you better call czarina , dont expect a reply of email

 

Phone: 8486112 ,  8486113 , 8111859

 

7,5 K  GBP   is not much to carry in relation to  500 K  PHP

Link to post
Share on other sites
spooks

you can always convert to $USA Dollars in the bank if you have an account there without too much hassle then transfer the dollars to Uk and convet from there.

Link to post
Share on other sites

Did you ask Metrobank if you could use their remittance service to send money the other way? In any case what's wrong with Swift. I have used it many times. I also wired a lot of peso to the DWP on many occasions. Why would you want pounds? Do Brit banks give you 10.5%?

 

I believe I can do remittance the other way GBP -> PHP but that doesn't really help in my situation. I'm leaving the Philippines, for at least a year. I need that money in GBP really, it's going to be hard to deal with the Philippines banks remotely if anything goes wrong and I can't access my PHP funds internationally, not to mention the huge transaction fees they'll charge.

 

you can always convert to $USA Dollars in the bank if you have an account there without too much hassle then transfer the dollars to Uk and convet from there.

 

That's what I thought, but BDO, Metrobank and HSBC all said that they cannot convert my pesos to dollars, even if I have both the PHP and USD account. I'll still need to involve a moneychanger, and that just seems crazy! (The girl at HSBC said it's a legal thing, they aren't allowed to do it).

Link to post
Share on other sites

The metro remittance fee is around 400 peso regardless of amount transferred. They won't hold money. Simply transfer it. I really don't know if they will transact out of a metro bank account to one of your choice. I signed up thinking it the only way to get Pension and funds. At that time I didn't know DPW did direct payments abroad.

Link to post
Share on other sites

The metro remittance fee is around 400 peso regardless of amount transferred. They won't hold money. Simply transfer it. I really don't know if they will transact out of a metro bank account to one of your choice. I signed up thinking it the only way to get Pension and funds. At that time I didn't know DPW did direct payments abroad.

Yeah, I think this is all into the Philippines though.

 

When I talked to Metrobank, the fee to send money overseas was something like $30, but they would only accept dollars. They just wont send Pesos, nor convert the Pesos for me : ( 

Link to post
Share on other sites
spooks

I believe I can do remittance the other way GBP -> PHP but that doesn't really help in my situation. I'm leaving the Philippines, for at least a year. I need that money in GBP really, it's going to be hard to deal with the Philippines banks remotely if anything goes wrong and I can't access my PHP funds internationally, not to mention the huge transaction fees they'll charge.

 

 

That's what I thought, but BDO, Metrobank and HSBC all said that they cannot convert my pesos to dollars, even if I have both the PHP and USD account. I'll still need to involve a moneychanger, and that just seems crazy! (The girl at HSBC said it's a legal thing, they aren't allowed to do it).

They are legally allowed to convert up to 30,000 dollar equivalent per qtr at HSBCand BDO, I know because I have done it i. I had to produce my flight tickets to confirm the trip was travel related, They have a clearance form for this and I complied by placing my paw print to it as it covered travel for business purposes.  Banko Sentral rules can change. I suggest you try HSBC again and time approach it as a conversion for business purposes overseas and have a flight ticket to show it, a cheap throw away will do etc

Edited by spooks
Link to post
Share on other sites
fred42

Forget XE rates!! XE yesterday were showing 67.50.. BPI offered me 63.60!!

 

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..