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hypoman

aussie $ transfer to CITIBANK cebu, some questions...

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hypoman

has anyone used citibank to transfer aussie dollars to the philippines?

last week i opened a citibank account in sydney for this purpose.

We need to pay for a house deposit and thought this may be the best way to go

they offer no fees for withdrawls through other banks (good for us being in Bohol and the closest citibank is in cebu).

 

the plan was to have the mrs open a citibank account in cebu.

then i can deposit to her account with no fees and she can withdraw it it cebu

 

the thing is how much can she withdraw over the counter in one hit?

theyve only authorized me for $1000 AU a day on my debit card via ATM.

the deposit is 500k so I would need to spend 12 days or so in cebu hitting the ATM once a day

HSBC do 40k withdrawls so maybe i could get my limit increased, but maybe its better just to transer to the mrs account and take it out all in one hit.

 

any advice greatly needed and appreciated! Ive been using LBC so far but theyre a hassle with big amounts...

thanks guys!

 

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KennyF

The thing to watch out for is the banks exchange rate.

My two Aussie banks often give more than a peso under Orbitremit type business.

For instance, the ANZ this morning will give you 34.05 pesos for your $AU.

At the same date and time, Orbitremit will give you 35.5 pesos.

 

KonC

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KennyF

Why not do a direct transfer to the person needing the deposit paid?

 

KonC

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Monsoon

 

 

the plan was to have the mrs open a citibank account in cebu. then i can deposit to her account with no fees and she can withdraw it it cebu

 

I don't think Citibank Philippines offers Aus dollar accounts. In which case if you send it to a PHP account it will get converted to pesos. She can withdraw as much as she wants at the counter. If taking out USD they typically want you want to call ahead and reserve if a large amount. 

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RogerDat

a bank to bank transfer is also a good choice for tat much.

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hypoman

thanks for the info guys. looks like orbit remit is good (and probably better than LBC with its $10 fee and I cant find their current rate online). citibank has an $8 fee and gives 35.62 where as citibank gives 35.52 with no fees. (orbit remit does first transaction for free). I did read somewhere that citibank dont charge fees for any daily withdrawls via other ATM's in Bohol so this would be a good account for the odd withdrawl in Bohol. (also the other ATM'sbank dont charge). I was worried about my banks exchange rate and fees here in aus for doing a large bank transfer to the house owners account, and we need to do a contract anyway (as were paying the place off over 3 years0, and was hoping to exchange cash.   I was just curious about citibanks take on it from Cebu but cant get much sense out of them when i call. maybe ill just go there when i get back..

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Buko Beach

If I were in your place I would hit up BPI and open two accounts, an AUD and a PHP account. Send a wire transfer from your bank in Oz to your BPI AUD account. The amount will be transferred 1=1 with no currency loss, the only fee is the wire transfer fee (swift code). Not every BPI branch is able to a open third currency account.

 

I would talk with the BPI bank manager about getting the best possible exchange rate, usually they have an outside money exchanger or you can shop around Cebu to find one that offers the best rate and get them to come to the bank to do the exchange. These days it's all done cashless with a simple exchange from one account to another.

 

Once the AUD is exchanged into Pesos get a managers cheque for the down payment.

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Oz Jon

The thing to watch out for is the banks exchange rate.

My two Aussie banks often give more than a peso under Orbitremit type business.

For instance, the ANZ this morning will give you 34.05 pesos for your $AU.

At the same date and time, Orbitremit will give you 35.5 pesos.

 

KonC

As matter of interest:-

According to Yahoo Finance, yesterdays AU$-PHP exchange rate ranged from 35.9 to 36.3 and closed at 36.0

So banks (and some other exchange providers?) are charging "like wounded bulls!"

Edited by Oz Jon

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KennyF

As matter of interest:-

According to Yahoo Finance, yesterdays AU$-PHP exchange rate ranged from 35.9 to 36.3 and closed at 36.0

So banks (and some other exchange providers?) are charging "like wounded bulls!"

But maybe Yahoo don't actually do any real exchanging.

I mean, I could say that brand new Jaguar cars are $4.50 because I don't actually have any to sell

 

Orbitremit are at 35.75 3 pm today.

 

Let's hope it keeps up heading up.

 

40 would make me a happy camper.

 

KonC

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KennyF

As matter of interest:-

According to Yahoo Finance, yesterdays AU$-PHP exchange rate ranged from 35.9 to 36.3 and closed at 36.0

So banks (and some other exchange providers?) are charging "like wounded bulls!"

 

I just now made a payment to Mandaue Foam via PayPal who used 34.59.

So I guess we know whose making a bundle.

 

KonC

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Oz Jon

But maybe Yahoo don't actually do any real exchanging.

I mean, I could say that brand new Jaguar cars are $4.50 because I don't actually have any to sell

 

Orbitremit are at 35.75 3 pm today.

 

Let's hope it keeps up heading up.

 

40 would make me a happy camper.

 

KonC

Yahoo is simply reporting the market.

Those were the rates that currency buyers & sellers (including the banks) were achieving.

 

It looks like Orbitremit offers a much better deal than the banks.

Edited by Oz Jon

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