Large sums of money transactions from the UK

[jpbago]

I get a better rate when transferring $C bank to bank by converting to pesos in Canada bank than by transferring $C to PI then converting to pesos at BDO. Have you asked at HSBC in England as to the peso rate?

Not sure about bringing more than $10,000 in to PI but you can bring much more in to other countries as long as you declare it on the customs form. They will ask where you got it and what it is for. (Don't tell them that you are hiding it from your ex.)

[Snowy79]

1 minute ago, Dave Hounddriver said:

She may have mentioned the large number of British expats who prefer to keep their money in Singapore.  Not sure why, just know they do.

Hong Kong is another area. I'm limiting how much information she has obviously.

[Snowy79]

Final reply from my bank.

Hi Sir,

 

The convenience of linking your UK and PH account is lesser transfer fees and the real time transfer. If you will transfer to the PH using the normal wire transfer process, you will be debited the normal fees which I believe as advised by the UK is GBP20? Also, the transfer will take more or less 3-5 banking days.

 

You actually have the option to credit your PHP directly but you will not have control on the rate that will be used, it will just be converted using the board rate.

Unlike if you credit your HSBC PH Sterling account first, you will have an idea on the preferential rate and how much you will transfer to your HSBC PH Peso account.

 

Once the funds are in your PHP account, you may either withdraw, issue managers cheque or wire transfer to any local bank. There is no limit on Peso withdrawals but of course for large transactions, it is better to reserve the amount at least 3 days before so we can assure that there are enough notes in our vault.

 

Thanks & Regards,

[Snowy79]

53 minutes ago, jpbago said:

I get a better rate when transferring $C bank to bank by converting to pesos in Canada bank than by transferring $C to PI then converting to pesos at BDO. Have you asked at HSBC in England as to the peso rate?

Not sure about bringing more than $10,000 in to PI but you can bring much more in to other countries as long as you declare it on the customs form. They will ask where you got it and what it is for. (Don't tell them that you are hiding it from your ex.)

Yes the HSBC rate is poor. Something like 2.5% below the day rate.

[Steve GCC]

Not sure if you are now sorted Snowy or not.........

Below are the Devere Acumen details, may be worth a call or an email.

As i Said my pension and savings are with them last 5 years and doing well.  This is a service they offer for currency exchange and are pushing, it looks good to me but have never tried.  Devere them selves are well known and respected in the market place.

Kevin West

 

Good luck with what ever way you transfer

Edited April 4, 2017 by Jollygoodfellow
Please do not put peoples personal details without their permission such as Email or phone numbers. Use PM system

[sonjack2847]

18 hours ago, Snowy79 said:

Final reply from my bank.

Hi Sir,

 

The convenience of linking your UK and PH account is lesser transfer fees and the real time transfer. If you will transfer to the PH using the normal wire transfer process, you will be debited the normal fees which I believe as advised by the UK is GBP20? Also, the transfer will take more or less 3-5 banking days.

 

You actually have the option to credit your PHP directly but you will not have control on the rate that will be used, it will just be converted using the board rate.

Unlike if you credit your HSBC PH Sterling account first, you will have an idea on the preferential rate and how much you will transfer to your HSBC PH Peso account.

 

Once the funds are in your PHP account, you may either withdraw, issue managers cheque or wire transfer to any local bank. There is no limit on Peso withdrawals but of course for large transactions, it is better to reserve the amount at least 3 days before so we can assure that there are enough notes in our vault.

 

Thanks & Regards,

I transferred using Nat west to PNB,Nat west charged me GBP22 and I am almost certain that PNB charged me nothing and gave me the current days exchange rate. 

[OnMyWay]

19 hours ago, Snowy79 said:

you will be debited the normal fees which I believe as advised by the UK is GBP20

GBP20 is very reasonable for a wire transfer.  Even though they quote 3-5 days, I would guess you will have it in 2-3.  Chase bank charges me USD40 per USD 25,000 (max per day), so if I needed 100,000 I would have to do 4 transfers over 4 days, for a total charge of $160.

So if you then use a money changer to get the best street rate, your total fees and exchange loss will be low.

Edited April 5, 2017 by OnMyWay

[Gary D]

I wired some money to the Philippines some years ago via my bank HSBC, paid the HSBC fee ok then got hit for a second hidden charge by Chase on the way.

[Snowy79]

It's the story that keeps on giving. I opted to just transfer the money direct from HSBC to HSBC and pay the £20 fee with the plan of waiting until the exchange rate hits a figure I've aimed for (hopefully). Now the UK are saying I can only transfer £50,000 per day or £10,000 via a broker. 

Left hand not knowing what the right hand is doing springs to mind.

[jpbago]

After seeing the difficulties in transferring money in to the Philippines, I wonder if it is possible to transfer money out of the Philippines. Maybe it will be like trying to get a refund on something, impossible.

Has anyone transferred a large amount out of the Philippines and how was it done?