Canadians Transfer Of Money To Canada?

[Art2ro]

A lot of guys have their income deposited into a checking account in their home country and then deposit a personal check in their account in the Philippines allowing 3 or 4 weeks for it to clear. Keeps the bulk of their money safe in their home country, just takes a little planning ahead for the budget.

We've been doing it this way with BPI for 13 years now since 1998 and I call it our "free banking system" because as long one keeps the minimum required balance, one will never pay any maintenance or service fees or extra charges when dealing only with BPI's bank branches or ATM machines in the Philippines and BPI is a reputable bank and they are all over the Philippines! JMHO! It's all about each to their own ways of doing things by trail and error and I'm eliminating the error factor of one's trial of trying it their way! Take it or leave it! I've been there and done all that!

[i am bob]

If I may make a siggestion. Set up a savings account that is linked to your CA checking account with online access. Next mearly transfer what you want to save to that account and transfer the rest to RP account. This way, no need to do foreign transfer 2x and still accomplishes your intended task.

This way there is a CDN $13.50 bank charge plus really bad exchange rate to send it over... The way I'm proposing is the Canadian government is going to deposit it into my account here for no charge and I am assuming (still need to confirm) at the current government exchange rate (which I hope is better than what I can get there) and I only have to do a foreign transfer on what I decide to send back - if any.

[Dave Hounddriver]

This way there is a CDN $13.50 bank charge plus really bad exchange rate to send it over

If that is all then your bank is pretty good. My bank was charging me a 'wire fee' of $45 to send my my money and the exchange rate they gave was poor. I use XE Trade to get the spot rates, pay for it with an instant online payment direct from my bank account and they only charge me $22 for the 'wire fee'. (I believe you can save that $22 if you want them to mail you a cheque and wait forever for it)You get spot rates and you can even lock in a rate for a small deposit or reserve a rate so when it hits your deal goes through. I really cannot see the Canadian government improving on that but I have been wrong before.

[i am bob]

Just got off the phone with my pension office. This is the info I got and it should be for all Canadian government pensions:Pensions will be direct deposited into a Philippines bank 3 business days before the end of the month. There is a list of banks that they work with but it looks like they are all the major banks. The exchange rate is what is current at the Bank of America on the 3rd last working day of the month (same as our deposit date then). No fees, no deductions - just straight conversion. It does take around 3 months to get it set up but could be sooner. As for changing it back if need be? For military pensions (can't say for the others like CPP, etc) as long as you call before the 10th of the month, it will be done for that month. Do remember to let them know before you go so they can set up an address in Canada and a temporary address for you in the Philippines - and you can let them know you aren't sure of the temp address yet but will notify them as soon as you have one. Oh, if you move permanent? Tax rate deducted goes to 25% (not sure what the % is now but it's Ontario single rate for retired Forces personnel no matter where in Canada you are)And the big thing I was looking at - the name of this post? Haven't got a clue yet other than mailing a cheque back to a family member and asking them to deposit it for you... Arrgghhhhh!!!!If anybody has PSHCP (our medical insurance plan), apparently we can now keep our dental insurance (I was quoted $39.36 but I think that was family plan) and have medical as well - but those rates will change too. I have the number to find out for sure but I haven't called yet... Will keep anyone interested informed.

[i am bob]

Just a quick update... Any Canadians who are retired and are with PSHCP (former government workers, military,etc) can bring it with you... It is a change from the basic to the comprehensive coverage (if required) and does not cover the hospital room but will cover drugs if you need them. I guess that is something we will all have to determine ourselves if we want it. And, yes, this is contrary to the book that says we can't get it. I was talking to the person who does the changes!Now if I can just figure out how to send money back to Canada still.... :hystery:

Edited January 25, 2012 by i am bob

[Dave Hounddriver]

Good job Bob.You have a flair for research. I suspect you are also familiar with Murphy's law but ole Murphy tends not to bother us when we have done our homework. As to sending money back to Canada, I have not figured it out but I bet it will have something to do with Paypal. I know of a few guys who have a paypal account in the Philippines and another in Canada. Somehow they manage to send themselves money but I don't use it so do not know. It may be something you want to look into.

[i am bob]

Good job Bob.You have a flair for research. I suspect you are also familiar with Murphy's law but ole Murphy tends not to bother us when we have done our homework. As to sending money back to Canada, I have not figured it out but I bet it will have something to do with Paypal. I know of a few guys who have a paypal account in the Philippines and another in Canada. Somehow they manage to send themselves money but I don't use it so do not know. It may be something you want to look into.

Thanks Dave! I learned in my semi-strange life that if I was going to do things that might get me hurt, I had to do the research and learn how to do things that would hurt me less... 'Cause the things that can go wrong will still go wrong somehow...... Research is always good....! Good old Murph!Hmmm... PayPal.... Not too sure about them.... Got this thing about a company that, if you use them for business, will freeze your account if a customer yells loud enough about being ripped off! Had this happen to a friend of mine - she was a single mother trying to scratch out a living and was selling jewellery online. Turns out it was her ex just trying to do all he could do to cause problems... Hmmm... PayPal...