Bank Deposit Fee

[Dave Hounddriver]

Just a note on that US dollar idea.  I was getting a friend to send me US dollars from the US through Moneygram.  It costs US$10 for him to send it from the US but I could pick up the US dollars at L'Huillier anywhere they have enough US cash on hand.  Interesting that at times the exchange rate they would give me (at L'Huillier) was a fraction of a peso BETTER than the exchange rate the money changers were offering.  They have realized they are losing out by giving you US currency and then having you sell it to someone else and they have become more competitive (but its not always better so if a fraction of a peso matters to you then shop around.)

[jpbago]

On 6/21/2017 at 6:43 PM, intrepid said:

I got charged $5.00 usd today for depositing a check into my dollar account at BDO

It says that on the front page, bottom left of their website starting May 1/17. The only way around bank fees is to invest in bank shares. I would not do that here with BDO, tho, but you could with your US bank. There was something on last night news about skimming at BDO. The promise was that chip cards (EMV) are coming out July 1 for new applications and by the end of the year for replacements.

[intrepid]

6 hours ago, OnMyWay said:

 

I guess the only thing to do is write bigger checks, less frequently, to keep the % down.  Still a better deal than other methods, but not good for those who like to write 1 check a month for smaller amounts.

That was one of the options I was considering.  Like making two or three deposits a year.  But seeing how we always withdrawal the dollars and then go the changer for a much better rate, then back to the bank to deposit the pesos, I can now go to the changer, and make one less step.  Plus the big advantage is not waiting several weeks for clearing.    That is usually not an issue because we always keep extra, but you never know.  By the way, our bank requires notification of dollar withdrawals at least 2-3 advance.

[Happyhorn52]

 I funded my BDO US Dollar account with a check for $8,000 in hopes of cutting down on the transaction costs. I will replenish it with larger deposits two are three times a year. It helps that I have a largish amount of cash in my Bank of America account earning practically zero interest.

[DavidK]

If all they charge you for collecting cheques drawn on US banks is $5 then you're getting a good deal. We used to charge many times that for collecting foreign cheques about 30 years ago.

[intrepid]

I know the check clearing fee is only $5.00  but you know, five dollars is five dollars.  Every time I say or read this it reminds me of an old joke.  Although it should go in with the  Clean Jokes but it fits here too.

Morris and his wife Esther went to the state fair every year, and every year Morris would say, "Esther, I'd like to ride in that helicopter".
Esther always replied, "I know Morris, but that helicopter ride is 50 dollars -- and 50 dollars is 50 dollars".
One year Esther and Morris went to the fair, and Morris said, "Esther, I'm 85 years old. If I don't ride that helicopter, I might never get another chance."
Esther replied, "Morris that helicopter is 50 dollars -- and 50 dollars is 50 dollars".
The pilot overheard the couple and said, "Folks I'll make you a deal. I'll take the both of you for a ride. If you can stay quiet for the entire ride and not say a word I won't charge you! But if you say one word, it's 50 dollars."
Morris and Esther agreed and up they went. The pilot did all kinds of fancy maneuvers, but not a word was heard. He did his daredevil tricks over and over again, but still not a word. When they landed, the pilot turned to Morris and said, "By golly, I did everything I could to get you to yell out, but you didn't. I'm impressed!"
Morris replied, "Well, to tell you the truth, I almost said something when Esther fell out, but you know -- 50 dollars is 50 dollars."

Edited June 23, 2017 by intrepid
spelling

[robert k]

I don't mind the idea of a bank fee for service. I just wonder when the service is going to start?

[OnMyWay]

On 6/23/2017 at 9:03 AM, intrepid said:

Don, My wife still has an account at BPI and while there yesterday I asked the manager and she advised me that BPI started the $5.00 foreign check clearing fee this April 2017.

Unfortunately I confirmed this today.  I was charged $5.00, which was .05%.  I'm not happy about it but it is still the cheapest method.

Also, at my BPI branch, deposits over $10,000 must be approved by the regional VP.  Not a big deal but it takes a few days extra to clear.

[bigpearl]

Wow, as we know banks like to make money, personally I like to save money. For years we have transferred monies from our Australian accounts to our BDO accounts in the Philippines, direct from our Aussie accounts or through a broker (better deals big time for large amounts) and never have we been charged a fee to deposit not only into our account but also the outlaws account by these banks, recently purchased property, funds to trust account, no fees. All done on the internet and the 10K question has never been asked.

The 200 Peso fee for withdrawing on a foreign debit card went out the window years ago for us. If you can establish a bank account in this country and get your BDO or another banks debit card there are no fees, with BDO that is our experience. Electronic banking is a winner in Australia and appears to work in PH. Why write a cheque? (sorry, Aussie spelling)

OMO.

Cheers, Steve.

[OnMyWay]

53 minutes ago, bigpearl said:

If you can establish a bank account in this country and get your BDO or another banks debit card there are no fees, with BDO that is our experience.

This topic was started because BDO charged a member $5.00 to deposit a foreign currency (USD) check.  Today I confirmed that BPI is doing the same to me.  I would assume that they are doing that for other currencies like AUD.

58 minutes ago, bigpearl said:

Why write a cheque?

Writing a check and waiting for it to clear (20-30 days) has been the only absolutely fee free way to transfer dollars, until these recent fees came in.  Keep in mind that we are transferring dollars to dollars, with no exchange rate applied.  We can later choose when to exchange at a favorable rate or take the dollars to an outside money changer.

1 hour ago, bigpearl said:

For years we have transferred monies from our Australian accounts to our BDO accounts in the Philippines, direct from our Aussie accounts or through a broker (better deals big time for large amounts) and never have we been charged a fee to deposit not only into our account but also the outlaws account by these banks, recently purchased property, funds to trust account, no fees.

You may not be getting charged a "fee", but somebody is getting paid.  Usually it is on the exchange rate where they will give you a rate that is 1 or more pesos less than the market rate.

If you can explain in detail how to make a completely free currency transfer to the Philippines, we would all love to hear it!