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Enuff

EastWest Bank surpised me!

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Enuff

over Christmas holiday I opened an account at EastWest Bank, mainly because they were quick, easy and hassle free. 

 

Now I'm back home I decided to send a test $100 transfer from my bank to EWB via Western Union.

 

On the day I set this up the rate was published rate 44.70 and WU rate was 43.74. Since it was coming from my account, no fees.

 

About a week later EastWest deposited the p4374 ................ with no fees!!!

 

I was just checking to see if it was easy and how much it cost. Now that I see how easy it is, when I move there permanently I will have no problem transferring funds from my US Bank to EastWest Bank.

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Brucewayne

You aren't here yet, more to come.

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Lordblacknail

and no fee? How much did you pay WU?

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NOSOCALPINOY

The only surprise is, loosing that much money per every one hundred dollars and what more if in the thousands of dollars! :idontknow:  

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Salty Dog

Are you saying that Western Union did it for free with no fee other than the exchange rate. That's news to me.

 

That's pretty much how much Xoom charges in exchange rate, close to 1 peso per dollar, plus the transfer fee of $4.99. With Xoom the deposit is in BDO within a few minutes and BPI within an hour. Funny thing about Xoom is they never take the money out of my USAA Bank account until 2-3 days after I've already got it and spent it. Using BPI you can send it to a dollar account with no exchange rate and then exchange it online usually for closer to 25-30 centavos per dollar., but the transfer fee is higher since Xoom isn't making money on the exchange rate.

 

If your rich like NOSOCALPINOY you can do like he does. Deposit a check and wait for a month till it clears. After the first time it will just seem like your getting it each month without waiting. Of course you always have several thousand dollars floating in a Philippines bank for a month. You still have to exchange it to Pesos, so it's not free. But hey you save at least half a peso per dollar on the exchange rate, so that's an easy P1,000 a month you can save on a $2,000 check deposit just by waiting.

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Paul

 

 

If your rich like NOSOCALPINOY you can do like he does. Deposit a check and wait for a month till it clears.

 

This is how I, and many others have done it over the years, while living in the Philippines. For me, it is one of the more convenient ways to deposit funds into your USD Savings bank account. 

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Salty Dog

This is how I, and many others have done it over the years, while living in the Philippines. For me, it is one of the more convenient ways to deposit funds into your USD Savings bank account. 

 

Some people who are living pay check to pay check just can't afford to do this. Obviously it's the most cost effective in terms of keeping as much of your money as possible.

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Paul

Some people who are living pay check to pay check just can't afford to do this. Obviously it's the most cost effective in terms of keeping as much of your money as possible.

 

I live paycheck to paycheck. Just set some cash, a bit, every month. Open the account with the minimum balance required. (Some banks have $100 USD minimum opening / monthly balance.) Then, just continue to set some aside each month until you are one month ahead. Most banks float the funds for about 15 business days. Once you start, you are good to go each month after. 

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NOSOCALPINOY

Salty Dog, on 20 Jan 2014 - 09:12 AM, said: If your rich like NOSOCALPINOY you can do like he does. Deposit a check and wait for a month till it clears.   This is how I, and many others have done it over the years, while living in the Philippines. For me, it is one of the more convenient ways to deposit funds into your USD Savings bank account. 

Salty Dog, 

Don't worry yourself living pay check to pay check! Aren't you getting your first Social Security check this coming February? So, there you have it, extra money in your pocket every month! 

Now you can also do it our way as Paul just described it here!
I'm not rich by any means as you say or think I am, I just have an adequate pension even though I only worked for the U.S. government for 30 years and retired at age 49 with a small initial pension from Civil Service and years later, my USAF Military Reserves pay kicked in at age 60 and SSA pension at age 62, which helped a great deal in increasing my net worth every month, let alone all of the U.S. COLAs over the span of 16 years while living here in the Philippines!     
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Enuff

and no fee? How much did you pay WU?

 

I pay WU nothing. They make their money giving me p43.76 when the actual rate is p44.70 (p0.94) they do charge $5 if you use a credit card, but free from bank transfer

 

I have always brought cash and went to money changer, I really hate that. everyone sees you knpows you have a ton of pesos. I have never had a problem but sometimes walking around with that much money or keeping it in a safe isn't the safest for me. now I have the opportunity to use EWB atms, if they have funds available.

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A_Simple_Man

 

 

I pay WU nothing. They make their money giving me p43.76 when the actual rate is p44.70

 

People are trying to tell you that you can deposit a US$ check into your US$ account in Philippines and then withdraw US$ in cash which you can then exchange for the full value . . thus saving a peso or so for every dollar you cash.  It adds up to enough that it is worth depositing a check and waiting for it to clear.  Or you can continue to believe that WU charges you nothing.

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John B

   not there now but returning soon to cebu.   I am damn sure not rich either, but suck it in and save enough money to do it.   I write a check on my American bank account, deposit it at BPI and wait the 2 weeks.   then take out what I wanty, go to robinsons, exchange it and put it in my BPI peso account with atm card.   Only time I carry much is from bank to exchange & return to bank.   If you get SS you can have it direct deposited to many Philippine banks.   Takes 3 working days, about 3 - 4 dollar service charge and money available 3 days later.   BUT SS does not5 allow an ATM card on this type account and only your name on the account - you must go to bank to withdraw.   I use chaecking account in the U.S. with no monthly fee as it is a direct deposit retirement.    Personally I write a check every 3 - 4 months so have blank checks till I am like 120 yrs old.  hehehehe.  this way I pay zero bank fees except for the float of 6 weeks with interests rates as they are that is maybe 100 pesos a year.

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NOSOCALPINOY

Not there now but returning soon to Cebu.   I am damn sure not rich either, but suck it in and save enough money to do it.   I write a check on my American bank account, deposit it at BPI and wait the 2 weeks.   then take out what I wanty, go to robinsons, exchange it and put it in my BPI peso account with atm card.   Only time I carry much is from bank to exchange & return to bank.   If you get SS you can have it direct deposited to many Philippine banks.   Takes 3 working days, about 3 - 4 dollar service charge and money available 3 days later.   BUT SS does not5 allow an ATM card on this type account and only your name on the account - you must go to bank to withdraw.   I use chaecking account in the U.S. with no monthly fee as it is a direct deposit retirement.    Personally I write a check every 3 - 4 months so have blank checks till I am like 120 yrs old.  hehehehe.  this way I pay zero bank fees except for the float of 6 weeks with interests rates as they are that is maybe 100 pesos a year.

Yup! You are ok in doing it that way, which I've been doing for the past 12 years living here in the Philippines! No, I don't do direct deposits into any of my BPI accounts here, because you do not have ATM or on-line access with those type of USD "passbook only" accounts!    

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Salty Dog

People are trying to tell you that you can deposit a US$ check into your US$ account in Philippines and then withdraw US$ in cash which you can then exchange for the full value . . thus saving a peso or so for every dollar you cash. It adds up to enough that it is worth depositing a check and waiting for it to clear. Or you can continue to believe that WU charges you nothing.

I didn't know anyone gave you full value exchange rate here. I thought even the lowest was at least 10-20 centavos to the dollar.

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Salty Dog

Salty Dog,

Don't worry yourself living pay check to pay check! Aren't you getting your first Social Security check this coming February? So, there you have it, extra money in your pocket every month!

Now you can also do it our way as Paul just described it here!

I'm not rich by any means as you say or think I am, I just have an adequate pension even though I only worked for the U.S. government for 30 years and retired at age 49 with a small initial pension from Civil Service and years later, my USAF Military Reserves pay kicked in at age 60 and SSA pension at age 62, which helped a great deal in increasing my net worth every month, let alone all of the U.S. COLAs over the span of 16 years while living here in the Philippines!

I wasn't talking about me. I just knew more than a few members live on SS only. Even though they spend more by not depositing a check monthly, some just don't have a choice.

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