Us Dollar Check Deposit Question

[Call me bubba]

With Electronic Banking a check can clear in 24 hours.

yes thats so true and appears to be the case, yet the bank needs to protect themselves and you need to be protected in case of FRAUD that now occurs with "faster clearing time"

 as I have said in the past, in the old days when the check had to PHYSICALLY be presented  to the bank yes that could take up to XX(30)days, now its mainly a safety/fraud issue..

 

At today's XE.com rates, doing a transfer of $2000 would cost me p 379.80 on the exchange rate at BPI ($9.34).

 

 

(appears that your XE.com transfer rate is lower than BPI)

 

Have you or others in a situation like this. Consider opening a "remittance account" with BPI.

 have your check deposited in the US and pay only the "fee" that they charge, yes it may take a few extra days

(at least the 1st time)..

then.... no need to wait .. wait.. for that $$ to clear

YES it seems you need to be in the US to do this. if one has done their homework and still has a VALID ID.checking account and other info they request, you can use it,

 

 only drawback is, that you must send your mail to the US and then have it remailed unless you can use APO/FPO mail which you can mail from here,, 

 

https://www.mybpimag.com/index.php?option=com_content&view=article&id=162&Itemid=192

 

  Direct Credit to Account   This is the fastest, most affordable, and safest way to send money to the Philippines. We have an online, real-time credit-to-account remittance with free text alerts to the remitter and beneficiary, available in all BPI Remittance Centers worldwide. You can also remit funds (in Philippine Pesos or USD) to any BPI, BPI Family Bank or BPI Direct* account and have it credited to your beneficiary's account within 24 hours. Your beneficiaries can immediately withdraw the remittance proceeds from any of more than 1,600 Express Teller ATMs nationwide!       * BPI Direct currently credits remittance only in Philippine Pesos.

 

 

  Fully accomplish the Call Remit Enrollment form with all the necessary information requested.     3. Mail or submit the accomplished Call Remit Enrollment form to the nearest BPI Express Remittance Corporation (BERC) in the U.S. together with one voided check and a copy of one (1) government issued ID.     4. Once enrolled, you can simply phone in your remittance transaction at any US BERC office.       Reminders:   • The total principal amount plus service fee will be debited from the account you enrolled via ACH.
  •

There is a 3-day clearing      time for ACH transactions. :th_noproblem:

 

Your remittance will only be sent to your beneficiary on the day the funds are cleared.
 

• Call Remit transactions received on Saturdays, Sundays and holidays will be processed for ACH clearing on next banking day.

 

  Check payments shall be subject to appropriate clearing period.
    • Remittance instructions shall only be processed after check payments have cleared.

 

 

 

USD to USD*   1.00 - 500 US$ 11.00 US$ 13.00       501 - 1,000 US$ 12.00 US$ 15.00   1,001 - 2,000 US$ 15.00 US$ 20.00   2,001 - 5,000 US$ 25.00 US$ 30.00   5,001 and up US$ 35.00

US$ 40.00

 

http://info.bpiexpressonline.com/bpiprod/prodserv.nsf/Pop-Ups/OverseasUS?OpenDocument

[Thomas]

BANKS ARE AS THIEVES. With Electronic Banking a check can clear in 24 hours. The Banking industry makes Billions of Dollars on freezing accounts for 21-30 days using Your Money to collect interest. This is plain and simple. The exchange rate they charge for is another way to sap you out of money. A Bank you are dealing with and have an  account with should do an  exchange at the market price without one penny  of charge. The Bankers are a greedy bunch that should be wear masks.I worked at a Bank so ALL I am telling you is from the knowledge of experience.

THANKS, RANDY

Well. 

/Yes some days (3 ?) depend of the BANK

/but don't it still run, the around 30 days delay forced by the US GOVERNMENT ?   (=The extra check triggered by 9-11, checking if (biger ?) transfers can be for finansing terrorism.)