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veenjac

International Money Transfer and Good Bank That Can Do It

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veenjac

I am in over my head on this one. I always sent money by xoom monthly to the Philippines and never over the monthly max of $2,995. my g/f sold some property and will deposit a huge amount of money into her east/west bank. then do an international wire transfer into my u.s. bank. she does not trust banks here and wants the money in my bank.
my question is there a better bank than east/west bank that does wire transfers? I mentioned metrobank and she said she did not like them.
we do also have a Citibank account in Cebu but not one in the u.s. all i'm trying to do is educate myself so I can pass it on to her as she always says if I show up with my long nose everything will cost more. she is willing to listen to my game plan but right now don't have one.

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Paul

If not MetroBank, there is China Bank and RCBC.

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Salty Dog

A little off subject, but I stopped using Xoom. With their low exchange rate (about 1 peso lower per dollar) plus their fee. It cost over $70 a month to transfer $2,995.

 

I can withdraw it from HSBC with my USAA ATM for free at the current exchange rate plus a 1% foreign transaction fee. Total cost less than $30.

 

Granted there might be a limit on how much you can withdraw from your ATM per day, but you can always have it raised. You can withdraw P40,000 ($900) per transaction at HSBC.

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CebuKano

I don't know a lot but I know that she/you will earn more interest on the money here in the RP (in Pesos, not Dollars) compared with a US bank. As long as it's a major bank like BDO, Metro, etc. the deposit will be as safe as any in the US. Just a suggestion.

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Monsoon

EastWest can handle SWIFT transactions (wire transfers) just the same as BPI, BDO etc.  No problem. I don'[t know what all the fuss is about really. You (or she) will need an account at whichever bank you want to do the wire from. So if your going to send it from another bank after its deposited into EastWest you will have to transfer it to whatever other bank after first opening an account there. Seems like a lot of BS over something that isn't a problem. 

 

Philippine banks do however like to be a pain in the ass when sending outgoing wires (internationally). They will ask you what its for etc. One of the banks I don't use very often gave me a headache over a measly $5000 transfer outbound. But if you have an established relationship with them it won't be a big deal. 

Edited by Monsoon
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tim

Just a question on the wiring of monies from the Philippines to a bank (using as an example) in the USA..is there a limit on "how much" U can send a month, from the Philippines to somewhere outside the Philippines ? A yearly limit ?

 

(If this is considered off topic Mods please delete..thanks)

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Monsoon

Just a question on the wiring of monies from the Philippines to a bank (using as an example) in the USA..is there a limit on "how much" U can send a month, from the Philippines to somewhere outside the Philippines ? A yearly limit ?

 

(If this is considered off topic Mods please delete..thanks)

 

No. They do however have some anti-money laundering laws and there are some reporting requirements (much like there are in the US) with certain size transactions. 

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veenjac

she said she likes china bank. I think it will depend on the land company where they bank. I've got a feeling it will go from their account to her new account in the same bank (whatever bank it is). my gut tells me this is the safest way.

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Monsoon

she said she likes china bank. I think it will depend on the land company where they bank. I've got a feeling it will go from their account to her new account in the same bank (whatever bank it is). my gut tells me this is the safest way.

 

Hopefully you are in good graces with the IRS and aren't going to be audited any time soon. Surely they will want to know why you didn't report that money as income and they will want their 30%... 

 

And if you tell them the truth, the agent will likely list your story as one of the best he's ever heard. 'My Filipino girlfriend sent me that money." 

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cebulover2000

If you deposit money into the banks you need proof where it came from. Most banks do international money transfers, the fees are usually reasonable compared to banks in the US. If you have to convert pesos into US dollar, the money changers will give you the best rates but not all do it, just ask them and they will direct you. For bigger amounts they will meet you up at your bank.

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NOSOCALPINOY

The best way to avoid wire transfer charges, just write out USD personal checks for deposit which there are no charges for deposit, a USD personal check from the Philippines deposited into a U.S. dollar checking account vice versa here in the Philippines! I write out U.S. personal checks monthly for deposit into my BPI USD savings account, wait exactly 25 days for the check to clear and post to my account and then go on-line to convert dollars to pesos and then transfer from one account to the other or go to the nearest BPI bank, which there at plenty around to get cash in pesos via the teller or ATM!

The question is, does your Philippine local bank provide USD personal checking accounts? If so, just take your Philippines blank USD personal checks when to go to the U.S.! Will your Philippine local bank mail blank USD personal checks to the U.S.? 

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Headshot

I have both a dollar account and a peso account at BPI. I email my credit union in the US to wire money to my dollar account at BPI. I set this arrangement up with the people at my credit union before I moved to Cebu. Then, if I want to move the money into my peso account, I just go to any BPI branch office and do so. I know the exchange rate when I exchange the currency. The transfer fee from the US to the Philippines is $25 regardless of the amount I transfer. It is certainly not worthwhile for me to write a personal check and then wait 25 calendar days (which is pretty standard here in the Philippines) before I can access the money. Accessing my money immediately is worth more than $25 to me.

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Contango

I am in over my head on this one. I always sent money by xoom monthly to the Philippines and never over the monthly max of $2,995. my g/f sold some property and will deposit a huge amount of money into her east/west bank. then do an international wire transfer into my u.s. bank. she does not trust banks here and wants the money in my bank.

my question is there a better bank than east/west bank that does wire transfers?

 

Vee, the Philippines a multi billion dollar economy that handles maybe 100+ million a week in currency transfers...your large amount of money is just another large amount of money, a non event..one universal or Foreign bank is as good as another...the only issue that may kick in is at the deposit branch level.

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NOSOCALPINOY

I have both a dollar account and a peso account at BPI. I email my credit union in the US to wire money to my dollar account at BPI. I set this arrangement up with the people at my credit union before I moved to Cebu. Then, if I want to move the money into my peso account, I just go to any BPI branch office and do so. I know the exchange rate when I exchange the currency. The transfer fee from the US to the Philippines is $25 regardless of the amount I transfer. It is certainly not worthwhile for me to write a personal check and then wait 25 calendar days (which is pretty standard here in the Philippines) before I can access the money. Accessing my money immediately is worth more than $25 to me.

In a year's time that $25 a month in wire transfer fees is P13,500 a year! That pays for my annual property tax or HOA dues!

Besides, I just write out my U.S. personal checks into my BPI USD savings account just once every 2 months. I don't like throwing away money at any amount as long as I can void it!   

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Headshot

In a year's time that $25 a month in wire transfer fees is P13,500 a year! That pays for my annual property tax or HOA dues!

Besides, I just write out my U.S. personal checks into my BPI USD savings account just once every 2 months. I don't like throwing away money at any amount as long as I can void it!   

 

The OP wasn't asking for alternatives to wiring money from the US to a bank here. He was asking details on how to do it. If you want to do it a different way, that is fine...but it doesn't answer his question. I would much rather be able to quickly access my money when I need it than to try to anticipate when I will need money in the future. Besides, I can transfer up to $10,000 at a time (which will last over four months, so tell me again how that works out on fees...

Edited by Headshot

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