Banks

[virginprune]

Okay thanks Scott.

 

You can open a sterling acc with them in UK and transfer money into that, they will then open a peso acc for you in PI you then transfer how much and whenever using internet banking into that acc which eradicates charges at the atm. Their ex rate is very good too

 

 

Just out of interest VirginPrune, is it a remittance transaction you make from your BPI Europe STAR account into your BPI Peso account?

 

No, I do not use the remittance method. I use the method described in the piece you have highlighted above. As in, Standing Order from HSBC to BPI Europe then BPI Europe to BPI Peso acc in Philippines using internet banking. In the same way that you would move money between HSBC accounts you may hold in the UK.

[Thomas]

ATM withdrawals of 15,000 pesos cost me about 300 pesos (all in) in transaction fees while a bank transfer by wire would cost me about 1000 pesos.

Is that faster than a common bank acount to bank acount between different countries? 

Last I asked the fee for the common was 70 SEK.  (=370 pesos back then, more in pesos now, because the peso is stronger now.)

[scott h]

ATM withdrawals of 15,000 pesos cost me about 300 pesos

 

Dave, just out of curiosity. Do you withdrawal from your home country bank at ATM's? Which is converted into pesos at the bank rate? Or do you mean you withdrawal pesos from a peso account.

 

Reason I ask it seems your gonna get hit either way. Pay a transfer fee to get money into the country, or take the hit at the ATM.

 

There are many different methods and I just use the one the wife is comfortable with. Just plain makes my life easier, if you know what I mean lolol.

[Dave Hounddriver]

Dave, just out of curiosity. Do you withdrawal from your home country bank at ATM's? Which is converted into pesos at the bank rate? Or do you mean you withdrawal pesos from a peso account.

 

Most of my money transfers are currency conversion and wire transfer.  Bank to bank or using a 3rd party do not seem significantly different to me as the currency exchange rate is similar as is the cost of the transfer.

 

When I withdraw from my home country bank via a Philippine ATM I find the currency conversion they use to be the same as the aforementioned method.  The cost is 200 pesos at the Philippine end and $5 at my Canadian bank. so the total fee is about 400 pesos for the transaction (I underestimated in a previous post when I said 300 pesos).

 

Hope that answers your question.

Edited May 2, 2015 by Dave Hounddriver

[Adam Lee]

Hmmm... interesting.

 

I do like the idea of having a peso checking account though for various reasons.

 

I actually called the HSBCs International Banking Centre today to see what options they had available as they do have a "presence" in PI. Most basic account they can offer is an advance account but you must maintain a 100,000 PHP balance. They would have to set up a PI sterling account for you also as like Scott commented earlier, you can only transfer from dollar to dollar, pound to pound etc. Same thing as a BPI Europe sterling account then as an intermediary. Oh and it will cost you £50 if you already have a UK advance account with them to setup but if you only have a regular account it will cost you £100. The transfer from the PI sterling to the peso account seems a mess also. Think you can only do it by telephone and a secure key or something. The BPI option seems much better as you can do it online.

 

Anyway, the options are a lot clearer now so thanks once again guys.