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Selling Pesos for British Pounds


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spooks

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 ?

The manager told you wrong. I have used both BDO and HSBC for this service, then again perhaps I am a Pinoy, then again perhaps  I am not

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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

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.

 

No help so far : )

 

Rather than post my email address, here's a temporary address [email protected] - can you email it and I'll get back to you from my normal email address.

 

Hopefully we can do this tomorrow.

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Skywalker

Message sent.

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Message sent.

 

Good stuff : )

 

I've replied, so check your spam folder if you don't see anything.

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fred42

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

 

We do something similar with a local Indian money changer.. I assume he(or his network) have a UK sterling account at BPI in cebu where they havew a good stock of Pounds cash?

Anyway..He comes down with us to BPI and sends the cash into our Peso account..Then the teller sends over the sterling to them..

Best rate yesterday from him was 66.80..

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fred42

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

 

We dont have a UK ATM card.. I dont think they issue them with the type of savings account that we have.

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samatm

I just got an Email from  Prince  Njambdualla in Nigeria offering his services to take in my foreign currency and  forward Pounds  ( and he will give me a 50%  finders fee for the transaction. )      !!

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As I recall, there are some strict rules established by the Bangko Sentral ng Pilipinas (BSP) which in-country banks must follow which have restrictions on this sort of transaction. Well known is the issue of money laundering. That is, the banks are required to support systems which help to prevent money laundering.

 

There is also an issue about OFW having been paid in foreign currencies and wanting to exchange them for pesos. A couple or years ago, if my memory is correct, some tighter restrictions were place on Filipinos who wanted to bring in their foreign currency. I think it amounted to being limited in the cash amont which could be exchanged for pesos.

 

I am not trying to come across as knowledgeable about banking matters. However, I did want to point out that some of the so-called "ignorance" on the part of the banks is not that at all. They may just be trying to comply with the rules of the BSP whole at the same time assist their customers.

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  • 3 weeks later...
Skywalker

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 UK account using online banking.

 

We did this twice.

 

No fee's.  Everybody wins.

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  • 3 months later...

Hi Skywalker, just wondering if you would you be in a position where you might need to exchange pesos for UK sterling next year? We have a condo we are putting on the market in January and will need to get Pesos sales proceeds into £s in our UK bank account at some stage (I hope).

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Monsoon

I have the money changer come.to the house or office. They can also meet you at the bank.

 

Sent from my GT-I9505 using Tapatalk

 

 

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Skywalker

I don't see why not; just get back to me.  

 

I will be very surprised if you can sell a condo in any sort of reasonable time, unless you have a buyer already.

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Thanks Skywalker. Yes, the condo flooded market would have been difficult enough without the recent disasters.

 

Hopefully I will come back to you at some stage.

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