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Selling Pesos for British Pounds


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spooks

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

if u have funds in the Uk just use ur atm card the rate is far more competetive. I use HSBC atm card here no fees etc

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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

I had the same issues when buying containers of Beer from UK. The money changer was the only way that worked for us. HSBC allows you to use their private room to meet the money changer on premise, then the bank will count your money GBP and transfer to a UK account if that is what you are looking to do. So the bank checks its not fake and you do not have to walk the streets with cash

Hassle free service that I was shocked the bank would do. Kind of promotes black market trading but the system works.

 

Maybe other banks do the same

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I had a similar experience with a Metrobank near my city. I bought a house and had Metrobank process my foreign currency to pesos. The family selling they house had an account in the bank, so as a service to them a conference room was provided. We did our deed signing and such and handed the money to them. Then I left the siblings to figure out their distribution.

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Skywalker

This is hardly big money.  You want me to transfer the money from my UK account to your UK account, and you will transfer the pesos from your RP account to my BPI account.

 

The only question really is what rate will you give me?

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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

Thanks for this. I called HSBC and they said this was true... but gave me another bloody problem - apparently the maximum peso deposit amount per month will be equivalent to my monthly salary (the amount on my certificate of employment). This means I can't move my current balance into HSBC in any reasonable amount of time... I've never facepalmed so hard in my life!

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This is hardly big money.  You want me to transfer the money from my UK account to your UK account, and you will transfer the pesos from your RP account to my BPI account.

 

The only question really is what rate will you give me?

Yes, that would be awesome, thank you!

 

You seem to have enough of a reputation on the board that I'd be willing to make the transfer to your BPI account first.

 

Do you know of a way to transfer Metrobank or BDO -> BPI or is it best just to deposit a cheque or cash?

 

I think 69.0 PHP for 1 GBP is pretty reasonable? Shall we do 200k first and make sure it all goes smoothly?

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Skywalker

Can a moderator help to facilitate this as the poster doesn't have enough posts for me to pvt message him.

 

Kevb,  I guess the best method would be for you to put the cash into my BPI account in a branch in Manila, and that will show up on my online banking.  If you deposit a cheque it will have to clear, which might take 5 days.

 

I can transfer the funds to your UK account from my Barclays UK account as soon as you have completed the transfer.

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Can a moderator help to facilitate this as the poster doesn't have enough posts for me to pvt message him.

 

Kevb,  I guess the best method would be for you to put the cash into my BPI account in a branch in Manila, and that will show up on my online banking.  If you deposit a cheque it will have to clear, which might take 5 days.

 

I can transfer the funds to your UK account from my Barclays UK account as soon as you have completed the transfer.

 

Ok cool, I'll try to find a BPI near a BDO (maybe someone on the board can help) so that it's just a short walk with the cash.

 

Meanwhile, let's wait and see if a mod can give me PM privileges so we can exchange details : )

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spooks

Thanks for this. I called HSBC and they said this was true... but gave me another bloody problem - apparently the maximum peso deposit amount per month will be equivalent to my monthly salary (the amount on my certificate of employment). This means I can't move my current balance into HSBC in any reasonable amount of time... I've never facepalmed so hard in my life!

If It helps BDO can do this as well and require a lot less, in fact all the main banks can

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If It helps BDO can do this as well and require a lot less, in fact all the main banks can

 

Thanks man, hopefully I'll work something out with Skywalker. If not, I'll bare this in mind.

 

I think the biggest problem has been that the staff in my BDO branch are just so unused to foreigners and to these types of enquiry, they give me zero help... I get the feeling they're uncomfortable and just want me to leave!

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spooks

Thanks man, hopefully I'll work something out with Skywalker. If not, I'll bare this in mind.

 

I think the biggest problem has been that the staff in my BDO branch are just so unused to foreigners and to these types of enquiry, they give me zero help... I get the feeling they're uncomfortable and just want me to leave!

Go to their foreign desk section tell them you want to convert to dollars for travel and can you have the application form

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Go to their foreign desk section tell them you want to convert to dollars for travel and can you have the application form

 

sorry spooks, my experience was different. 

 

i wanted to do so but was told by the bank manager only Filipinos can avail of this service.

 

whats the problem to bring 500 K  PHP  to a money changer  and then 7,5 K  GBP  to the UK ?

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Skywalker

 

whats the problem to bring 500 K  PHP  to a money changer  and then 7,5 K  GBP  to the UK ?

 

The problem, very often, is counterfeit pesos.  

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The problem, very often, is counterfeit pesos.  

 

And also I'm not going to the UK next... but if the money's in my UK account I can spend with very low fees internationally.

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as kevb  wrote ,  he will get the pesos in his bank, how can they be counterfied  ?

 

but much better you help ,  69 is good rate.    i would buy also but dont need GBP

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