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Sending Money FROM the Philippines?


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Maybe this is the wrong forum for this topic. Moddies, please move if desired.

 

As some may know, I live in Cebu but work overseas. Much of my assets are help in the Philippines in PHP. There are times in business when I need to remit funds FROM the Philippines to an overseas country. I have my current way, but thought I would ask here how others may do the same. The countries I normally remit to are Australia and Singapore where I have bank accounts.

 

What do you find to be the best way to remit funds out of the Philippines, say:

  1. Small = <PHP5,000
  2. Medium = about PHP20,000
  3. Large = about PHP100,000
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Maybe this is the wrong forum for this topic. Moddies, please move if desired.

 

As some may know, I live in Cebu but work overseas. Much of my assets are help in the Philippines in PHP. There are times in business when I need to remit funds FROM the Philippines to an overseas country. I have my current way, but thought I would ask here how others may do the same. The countries I normally remit to are Australia and Singapore where I have bank accounts.

 

What do you find to be the best way to remit funds out of the Philippines, say:

  1. Small = <PHP5,000
  2. Medium = about PHP20,000
  3. Large = about PHP100,000

 

Paypal.

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Pman

Usaa transfers funds from free. Just link the two accounts. It looks like a debit on your bank and a deposit in usaa. No fees.

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miles-high

Usaa transfers funds from free. Just link the two accounts. It looks like a debit on your bank and a deposit in usaa. No fees.

Does it go both ways? My experience is that it easy to send money to the Philippines but it is not so easy to send money from a Philippine bank to a foreign bank… So, these days I just get the US dollars from a money exchanger (quite often the exchange rate is the same or better than that of my bank anyway) and carry cash with me….

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lance.schukies

didn't some one post about bitcoins , ask them if it can be used for sending money out

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didn't some one post about bitcoins , ask them if it can be used for sending money out

Yes, it was I who posted recently about bitcoin. I have used it to send money out. The reason for my OP in this topic was because bitcoin has been the only recent method I have used to send money out. I want to hear from others about their alternative methods of sending money out.

 

An example of what I would like to do is:

 

I have PHP in a Philippines bank (with internet banking) and I wish to transfer about PHP25,000 (SGD750) into a Singapore bank account (not in my name) to pay one of my bills in Singapore.

Edited by PIM
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lance.schukies

Yes, it was I who posted recently about bitcoin. I have used it to send money out. The reason for my OP in this topic was because bitcoin has been the only recent method I have used to send money out. I want to hear from others about their alternative methods of sending money out.

 

An example of what I would like to do is:

 

I have PHP in a Philippines bank (with internet banking) and I wish to transfer about PHP25,000 (SGD750) into a Singapore bank account (not in my name) to pay one of my bills in Singapore.

I use this great invention ... it's called a credit card and you pay the bank fees.

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TDCNINJA

I send money from mlhuhillier to the states (moneygram) and they accept both dollars or pesos.

 

Naturally, they pay out in dollars despite what currency you use to complete the transaction.

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Canuck Joe

Western Union is another

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arentol

I have multiple currency accounts with HSBC and use SWIFT wire transfers for both incoming and outgoing. For example, my e-mail is hosted using Microsoft Exchange via a company in Switzerland -- I pay the bill directly from my CHF account.

 

Aren

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InternetTough

Western Union I found to be the most convenient recently when I had to move some money to New Jersey. Not all its offices are the same. You will need to find one that deals in larger sums if you want to move up to $5000 US. They will take pesos and transfer it to the dollar equivalent.

 

HSBC required that I keep about $12,000 in a bank account here in order to avail of their money transfer service.

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  • 4 weeks later...
Bill H

Sending large amounts via bank transfer is clearly the solution for large amounts (hundreds of thousands of pesos) however for smaller amounts, it's not at all cost effective.  Am trying to get the cost on Money Gram, but haven't been able to crack that nut yet.

 

How do you get the money into PayPal in the first place?  I used them once and it was such a bad experience I never went back.

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MIDNITERIDER

Sending large amounts via bank transfer is clearly the solution for large amounts (hundreds of thousands of pesos) however for smaller amounts, it's not at all cost effective.  Am trying to get the cost on Money Gram, but haven't been able to crack that nut yet.

 

How do you get the money into PayPal in the first place?  I used them once and it was such a bad experience I never went back.

Moneygram told me despite being a military retiree I couldn't physically be in the RP and send money anywhere using their service. Now if I was in the US or the UK that was a different story they told me. PayPal verifies your US bank account but now there's a separate PayPal for the Philippines just as there is for Western Union. I'm very wary about using anything that says I'm a permanent resident here but that's just me, especially about some RP banks which don't even know how to use the US Treasury system to get my DOD pension to me here although they think they do but failed. It's not all about the Swift code either in that regard. Western Union is good to go though.

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