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Withdrawing money while in the Philippines


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wells fargo has a special acct to transfer money overseas to be picked up at the pawn shop or BPI no fee for you from wells  less then one peso per dollar on the bank side must do at the branch in per

Kabisay-an gid

 

I have Wells Fargo online banking. When we opened accounts with them, the banker actually signed me up for their money transfer service upon learning that I'm from the Philippines, lol. But I haven't tried it.

 

It sounds like you're already signed up for Wells Fargo ExpressSend service, so problem solved. Go to the following link for more info, and they have a 24-hour toll-free customer service number, if you have any questions that the website doesn't answer.

 

https://www.wellsfargo.com/per/intl_remittance/asia

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Headed that way

One thing that I learned on this last trip to the Philippines, take twenties, not fifties or hundred dollar bills. That way you don't have to write down the serial numbers of the bills when exchanging them.

 

My bank hits me for one dollar atm fee for overseas in addition to the 200 pesos local bank fee. So around 250 pesos to pick up 10,000 pesos or $250, cheap enough. Better than walking around with a large amount of cash though.

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Scruffydog

Sorry if this has been asked before or if I posted it under the wrong section. I'm 2 days away from flying and haven't really put much thought about how to take out money from my US bank account once I'm in PI without paying a lot in charges. I called Wells Fargo and they unlocked my debit card for international use, but was informed that everytime I use it overseas there would be a charge of $5 something for every transaction including ATM withdrawal. Are there other ways besides traveller's check and using my debit card? The only other way I could think of is have my husband send money to my name with Xoom before we leave and we'll withdraw the money over there. This will work for as long as my husband is in the US, but he'll also be with me in the Philippines and from what I know, if you're sending money to the Philippines, you have to be outside the country, otherwise Xoom won't allow it.

 

Hmm I sent my wife who was with me Money thru Zoom several times while in  Cebu recently. Worked fine

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I have Wells Fargo online banking. When we opened accounts with them, the banker actually signed me up for their money transfer service upon learning that I'm from the Philippines, lol. But I haven't tried it.

well you have to go to the bank and give them a list of WHO can pick up the money ...put your name on the list and who ever

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Monsoon

Lauie- if you have a trusted friend/relative in the Philippines who has a bank account with any of the majors (BPI, Metrobank, BDO and perhaps others) just visit your wells fargo branch and set up their account as an express send account on your online banking. I think I pay $5 or maybe its free for me to send money under that arrangement. It takes a couple days max to arrive to my account there. Probably 24 hours depending on what time I make the transfer.

 

Your friend/relative will be able to withdraw at the branch or via ATM once it clears.

 

It has been very reliable for me. Just make sure you get their account number right. They will verify it and that takes a couple days but once completed you can initiate the transfers from your online banking.

 

Keep in mind that Philippine banks charge $5 for foreign cards in addition to what your bank charges - so your looking at $10 a pull and depending on where you pull you can only get about $200 (10000 php) per transaction.

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Lauie- if you have a trusted friend/relative in the Philippines who has a bank account with any of the majors (BPI, Metrobank, BDO and perhaps others) just visit your wells fargo branch and set up their account as an express send account on your online banking. I think I pay $5 or maybe its free for me to send money under that arrangement. It takes a couple days max to arrive to my account there. Probably 24 hours depending on what time I make the transfer.

 

Your friend/relative will be able to withdraw at the branch or via ATM once it clears.

 

It has been very reliable for me. Just make sure you get their account number right. They will verify it and that takes a couple days but once completed you can initiate the transfers from your online banking.

 

Keep in mind that Philippine banks charge $5 for foreign cards in addition to what your bank charges - so your looking at $10 a pull and depending on where you pull you can only get about $200 (10000 php) per transaction.

 

I thought you could express send with wells fargo to BPI or metrobank and can pick up the money without having to have an account with either of those banks?

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Kabisay-an gid

 

I thought you could express send with wells fargo to BPI or metrobank and can pick up the money without having to have an account with either of those banks?

 

Yes, you're correct. BPI, Metrobank, and BDO Unibank.

 

You can send up to $3000 for only an $8 fee.

 

https://www.wellsfargo.com/per/intl_remittance/asia

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Monsoon

 

I thought you could express send with wells fargo to BPI or metrobank and can pick up the money without having to have an account with either of those banks?

 

I think that is an option , but I think they charge more or it takes longer? I only send to myself, my own account from US to PI - but the procedure is the same. So thats the only method I can speak about based on experience. Its the same transfer time as a wire transfer but costs nothing or $5 depending on your banking arrangement with WF.

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I think that is an option , but I think they charge more or it takes longer? I only send to myself, my own account from US to PI - but the procedure is the same. So thats the only method I can speak about based on experience. Its the same transfer time as a wire transfer but costs nothing or $5 depending on your banking arrangement with WF.

 

That's good to know that I could send money to PI to my name even if I'm in PI. It says on the WF website that customers who have a complete advantage checking account get a $4 discount on transfer fee. So if I were to send $100 to myself, it would be free of charge after the discount. Sweet! And they have better rates than Xoom, I just checked. :)

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Monsoon

 

That's good to know that I could send money to PI to my name even if I'm in PI. It says on the WF website that customers who have a complete advantage checking account get a $4 discount on transfer fee. So if I were to send $100 to myself, it would be free of charge after the discount. Sweet! And they have better rates than Xoom, I just checked. :)

 

Don't use XOOM whatever you do...

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I thought you could express send with wells fargo to BPI or metrobank and can pick up the money without having to have an account with either of those banks?

i express send all the time to my wifes daughter and she picks it up at the pawn shop when you send they ask for the name of the person and to who its sent .. bank pawn shop etc.. but YOU have to go in person to add the names of people who can pick it up

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Jim in Cebu

Wells Fargo note:  In other threads on this forum, members have commented that if they send USD to the Philippines via WF and received it as PHP, they get a *very* poor exchange rate.  

 

It is generally accepted that it is best to wire USD funds to one's USD savings here, and then withdraw the USD and exchange it outside of the bank in order to get a better exchange rate.  (Even a Filipino banker that we know has advised us to do this.)

 

This assumes that you have a USD account at one of the major banks here of course.

--

 

If you plan on making frequent trips to RP, setting up USD and probably PHP accounts would be a good idea for future trips.  However, as pointed out by others, some banks, including Wells Fargo, require that the first transfer to an international location be initiated in person at a local US bank -- which means that this won't help you on your immediate trip.  Whether there are some Stateside banks that will allow you to do the initial transfer without being personally Stateside, I don't know.

--

 

 

If you plan to open a USD and/or PHP account at an RP bank, you may want to consider just bringing USD and then going to a bank and setup your account(s) when you arrive -- so that you don't have to carry excess cash with you during your stay here and so that you have easy access to your funds via ATMs while here.  However, depending on the bank, it may take up to two weeks for them to process your ATM card -- so you would either need to keep out enough cash for that period or make withdrawals from the bank as needed.

 

Also, be aware that outside of major cities, ATM machines may be very few and far between.

--
 

If you bring USD cash on your trip, remember that if you bring more than USD10,000,  you will need to declare it and file forms both with the US Customs and RP Customs.

--

 

HSBC (US) online banking's debit cards have worked well for us when used at the HSBC ATM (located at Cebu Business Park, across from Ayala Mall).  There's no bank ATM fee at this end or at the HSBC (US) end, and the conversion rate (from USD to PHP) has been often better than other US ATM cards I've tested in the past.  However, HSBC (US) limits daily withdrawals to USD500 -- which is about PHP20,000.  A potential problem with HSBC is that they have only the one ATM location -- which may or may not be convenient to use.

--

 

Also, depending on how long you will be in the Philippines, be sure to check the expiration dates on your credit, debit, and ATM cards.  

--

 

Hope this helps and that you have a good trip here to the Philippines.

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I bring 2 cards with me.Charles Scwab reinburses ALL atm fees. And Capitol One card charges no forieghn transaction fees whatsoever! Plus 2k or 3k nice $100 bills and im all set moneywise.

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Salty Dog

wells fargo has a special acct to transfer money overseas to be picked up at the pawn shop or BPI no fee for you from wells  less then one peso per dollar on the bank side must do at the branch in person ...

 

They told me only the first transfer had to be in person and after that I could do it on the internet. May be different though because as I remember there was a small fee around $3 regardless of the amount transferred. I had set the account up online and even did the initial deposit from my bank via the internet. Thought I had it all worked out then they said not only did the first transfer have to be in person, but only I could do it, no family member could do it for me. That was 3 years ago.

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