Transferring Funds From Uk

[stevewool]

well not in the phils but where you live then transferring it to the phils, because i live and work in england my bank account is here NATWEST i may add, so when i do retire what is the best way to sort this out, i shall still have a bank account here because money is going to be paid direct into it, but then what is the best to do, my thinking is just keep it that way and use a debit card , does that sound to silly, i no there are a few people that are on here that have dealings still in england so how do you do it , what mistakes have you made along the way and any tips for the best way to get your money near you

[i am bob]

The best and lowest cost way is if you can get a bank account in the Philippines is to have a bank account set up in your home denomination. I assume that it will take the 1 month to clear - just like it does for our American friends as well as us Canadians. After the first month's cheque has cleared, you now have funds for your second month. Then find a money exchange that will give you the best rates on exchange. Once the exchange is completed, deposit you money back into a Philippine Peso account for safe keeping. And, of course, when you withdraw you money for month 2, you are also depositing another cheque into your home denomination account for month 3 (and the month required for it to clear).

Another way to get your money is to use a money transfer such as WorldRemit or Orbit. I am not sure how they are set up in the UK but I can access my bank account in Canada through an Interact transaction (my bank debit card) online when using WorldRemit. So I would just go on to WorldRemit, make a transaction to myself in the Philippines (to a bank or for pickup) and then process it online with my Bank. To a bank takes up to 3 days but if sent for pickup, it is almost instantaneous. They do have a service charge and they use a lower exchange rate than book (as does everybody) but it was better for small amounts than using my bank.

Speaking of banks, that is another way. Most banks will transfer money overseas to you. I know UK banks and Canadian banks are different so I will just gloss over how the Canadian banks work. I simply have them send it to an account in a Philippine bank and it can be done online by accessing my bank account. There is presently a charge of $17 per transaction and there is also the reduced exchange rate - though I am going to compare again between using this or WorldRemit for larger amounts monthly to see which is cheaper.

My last option (that I can think of right now) is Direct Deposit of my monthly Military Pension into a bank in the Philippines already in Pesos and converted at the amount prescribed by the Bank of America. Many countries now allow Federal cheques to be done this way. The issue with doing this is that you don't have the guarantees on Philippine bank accounts like you do in your home country. Also, who will have access to this account? At least, in my case, all I have to do is contact the Canadian Consulate or even just call Canada and I can have it cancelled within a couple working days (Monday through Friday) before the next cheque is deposited.

[i am bob]

I forgot one other method you can try though I have not looked very closely yet. Some of the Remittance companies (ie: PNB Global) have a card that works like a debit card but you load it from you bank at home. You go to an ATM and withdraw the amount you want or (some) you can use as a regular debit card. I do not know what the charges or exchange rates are so it might be something to look into and then again maybe it isn't. It was originally designed for OFWs to send money home and have it a little more secure in a debit card scenario than having to pick up cash.

[Bundy]

Get yourself a bank account in the Philippines and transfer the money to it by any of the methods described by Bob. You can carry your debit card with you but i strongly advise you to only use it as a last resort or for an emergency as when you find out just how many charges you get hit with when you withdraw money on it in the Philippines you'll probably have a heart attack!

Get an account with an ATM card and linked to the net. That way you can get money anywhere in the country quickly and you can also check up on your accounts without the hassle of standing inline in a bank.

This is providing the local ATM (in the Philippines) has any money in it :hystery: :hystery: :hystery: ,not kidding, it DOES happen and quite regular so best to find several money sources just to be on the safe side.

Edited January 19, 2013 by Bundy

[Dave Hounddriver]

Then find a money exchange that will give you the best rates on exchange.

Doesn't work. Been there done that and posted about it before. The Philippine banks do NOT keep stock of foreign currencies except US dollars so if you open an account in any other currency and then want to withdraw your funds you will be subjected to whatever exchange rate that bank wants to give you and it WILL be low.

If anyone else has actually done it and can prove me wrong then please pass on the info. It works with US $ accounts only. (There is one exception. According to the banks - plural - that I have discussed this with, if Bob comes in that morning and deposits crisp new Canadian $100 bills to his Canadian dollar account then I can go in that afternoon and withdraw those same dollars from MY Canadian dollar account in that branch. They will not bring in fresh currency for me. Question is: Why would Bob deposit Canadian cash to his account when he could go to the money changer like I would do - answer is he wouldn't so once again it does not work.)

[Mike S]

Then find a money exchange that will give you the best rates on exchange.

Doesn't work. Been there done that and posted about it before. The Philippine banks do NOT keep stock of foreign currencies except US dollars so if you open an account in any other currency and then want to withdraw your funds you will be subjected to whatever exchange rate that bank wants to give you and it WILL be low.

If anyone else has actually done it and can prove me wrong then please pass on the info. It works with US $ accounts only. (There is one exception. According to the banks - plural - that I have discussed this with, if Bob comes in that morning and deposits crisp new Canadian $100 bills to his Canadian dollar account then I can go in that afternoon and withdraw those same dollars from MY Canadian dollar account in that branch. They will not bring in fresh currency for me. Question is: Why would Bob deposit Canadian cash to his account when he could go to the money changer like I would do - answer is he wouldn't so once again it does not work.)

I agree Dave ..... most banks here only deal in pesos or US$ ..... and even in US$ if you need to withdraw any dollars in a large amount the banks want you to give them several days in advance to get it ready ..... exchanging it from dollars to pesos is generally not a problem at any of the banks ...... for other currencies go to a money changer ..... or use your debit card ..... :thumbsup:

[Call me bubba]

Inquire on this service, by BPI

as it seems they are the ONLY Rp bank that offers such "full service"

(not as in happy :hystery: endings full service )

this might SAVE you some money in the long run if You can understand the process they use.

as for me I have read&reread this 2x and still dont fully understand

how this works exactly and what if any risks are.

https://www.bpieuropeplc.com/

https://www.bpieuropeplc.com/page/view/23 service fees and costs

https://www.bpieuropeplc.com/page/view/26 how to send your money

https://www.bpieuropeplc.com/page/view/18

You may come to our counters to open the STAR account. We will also be able to assist you to open your Philippine Peso and other currency account in the Philippines.

You may also open a BPI Europe account by sending us the following requirements via post:

* yes i am a BPI customer and have used their overseas remitance services before.

I have no Commercial interest in this product that i have posted. :541:

[stevewool]

we was looking at opening a BPI bank account next time we are in london, thanks for the advice

[Dave Hounddriver]

We will also be able to assist you to open your Philippine Peso and other currency account in the Philippines.

Of course they can. But how do you get that currency out of the bank and into spendable cash?

[i am bob]

Then find a money exchange that will give you the best rates on exchange.

Doesn't work. Been there done that and posted about it before. The Philippine banks do NOT keep stock of foreign currencies except US dollars so if you open an account in any other currency and then want to withdraw your funds you will be subjected to whatever exchange rate that bank wants to give you and it WILL be low.

If anyone else has actually done it and can prove me wrong then please pass on the info. It works with US $ accounts only. (There is one exception. According to the banks - plural - that I have discussed this with, if Bob comes in that morning and deposits crisp new Canadian $100 bills to his Canadian dollar account then I can go in that afternoon and withdraw those same dollars from MY Canadian dollar account in that branch. They will not bring in fresh currency for me. Question is: Why would Bob deposit Canadian cash to his account when he could go to the money changer like I would do - answer is he wouldn't so once again it does not work.)

Many of the banks offer this service but the one I talked to was PNB so I will use them as my example. If you use PNB as your bank, they will obviously know what the amount you will be receiving once the cheque clears. One of their services is that they will order in the funds in what ever currencies you wish - other than US $ (or so they say), there is a minimum one day turn-around but if you order it before the cheque has cleared and sufficient time to get that currency to the bank, you can be paid in that currency.

In reality, there may be issues with some branches refusing to order in the currency until the cheque has cleared even though PNB has stated that they will do so. Also you have to ensure that you have ordered your currency in sufficient time for it to arrive at that branch - remember - schedules really don't have a reality to them sometimes in the Philippines. The next question is what will the local money exchangers give you for that currency - is it worth the hastle? This is something each person will have to investigate and decide for themselves. Times and exchange rates will probably vary depending on where you live.