If you need a US Bank Account, check out SDFCU

[OnMyWay]

31 minutes ago, JeSsDaDdY said:

I think receiving them via wire transfer is another reason for the flags. I am not sure though.

What are the amounts they consider "large"?  They had you fill out a W-9, correct?

When you make a transfer, is there a space to fill in for "reason"?  When I exchange money at BPI, they have a "reason" box and I fill in "living expenses"

Their FATCA agreement with the IRS requires them to report on the "US person" accounts or they risk 30% withholding on huge amounts of money they may be due from U.S. banks and business'.  They are probably just being overzealous in making sure you are on their "US Person" list when they see a large amount.

FATCA requirements on the foreign financial institution is basically a cross-check to see if you have filled out the proper forms on your tax return.  If you are married, the threshold is $100,000 on Dec. 31 or $150,000 anytime during the year.   Not many of us reach that unless buying a nice house, etc.

[StayAtHomeDad]

I am not sure what the threshold is for flags, but amounts over 350k seem to do the trick for them requiring more info. The payers send the wires to me directly (I dont sent them to myself.) So, I don't know if they are filling in any "reason" boxes or fields when they send the transfers. But, that's hopefully in the past now, as those transfers will now become direct ACH deposits to the SDFCU account. So far, seems to be okay. But, only time will tell I guess.

 

[roddavis]

I use USAA from the States and transferwise to do an ACH transfer to the wife's account at RCBC. No problems so far after a year doing this monthly. I do know there are issues if trying to send $10000 as per banking regulations. I always use personal living transactions in the reason box. USAA is great if you were in the military or have a brother/sister/parents that served!

[OnMyWay]

Using Transferwise, is it possible to transfer USD from a USD US account to USD PH account?  No exchange?

[StayAtHomeDad]

6 minutes ago, OnMyWay said:

Using Transferwise, is it possible to transfer USD from a USD US account to USD PH account?  No exchange?

Good questions. I don't know. I guess you could see if you could set up a US dollar receiver account from a Phils bank. If you can do that, I would think you could send the US$ to that account. Of course, I am just guessing.

[OnMyWay]

4 minutes ago, JeSsDaDdY said:

Good questions. I don't know. I guess you could see if you could set up a US dollar receiver account from a Phils bank. If you can do that, I would think you could send the US$ to that account. Of course, I am just guessing.

The reason I asked is because I have always been a dollar check writing fan, and it WAS completely free.  However now, BPI and most other banks charge a fee to deposit a check.  In the case of BPI, it is $5.00.

That makes Transferwise a possibility, but for larger amounts it is probably still better to write a check.

[OnMyWay]

8 minutes ago, JeSsDaDdY said:

Good questions. I don't know. I guess you could see if you could set up a US dollar receiver account from a Phils bank. If you can do that, I would think you could send the US$ to that account. Of course, I am just guessing.

When you choose currencies, there is no option to transfer the same currency, so I guess that idea is a no go.

[StayAtHomeDad]

4 minutes ago, OnMyWay said:

When you choose currencies, there is no option to transfer the same currency, so I guess that idea is a no go.

Yeah, you're probably right. Transferwise is turning out to be very convenient, though. And, the pricing seems very reasonable. Much cheaper than wire fees anyway. Dollar has been taking a pounding last couple of weeks. Hope it recovers some. I don't really care for it to climb much above 54, but if would stay around 53, that would be okay for me. 52 is pushing the low end of where I would like it to remain.  But you never know, could be 40 in a few months or 60. Who knows?

Edited November 22, 2018 by JeSsDaDdY

[roddavis]

3 minutes ago, OnMyWay said:

The reason I asked is because I have always been a dollar check writing fan, and it WAS completely free.  However now, BPI and most other banks charge a fee to deposit a check.  In the case of BPI, it is $5.00.

That makes Transferwise a possibility, but for larger amounts it is probably still better to write a check.

Transferwise ACH transfer from US bank to PI bank cost involve echange rate fee of about 1 Piso less than current exchange rate, then transferwise fee of $7.99 per transaction. Example, if the current exchange rate is $52.31 then transferwise would give you $51.31 rate per dollar then take out $7.99 for the ACH transfer fee. The PI account would get the the Piso  51.31 per dollar amount deposited. So $7.99 plus 1 piso per dollar. If transfer $1000, cost would be $7.99 plus P1000 for a cost of $26.00 total.

[earthdome]

15 hours ago, JeSsDaDdY said:

Dollar has been taking a pounding last couple of weeks. Hope it recovers some

This happens every year towards the end of the year as OFW send alot of money home for the holidays. The FX rate should improve after the first of the year.