Post Dated Checks

[baronapart]

6 hours ago, GeoffH said:

The second time we bought a car I got around that by doing several transfers near my max transfer limit (the first time I had a backpack full of cash wrapped as a christmas present which made me uncomfortable carrying it).

It wouldn't be as easy if it was a multi-million peso house transaction though.

Reminds me of the time I entered Ukraine in 2008 with $3000 stuffed down the front of my breeches))))

[Dave Hounddriver]

3 hours ago, baronapart said:

Reminds me of the time I entered Ukraine in 2008 with $3000 stuffed down the front of my breeches

Well there's a co-incidence.  I tried the exact same thing in 2008 going to the Philippines.  But I got caught when they waved the wand over my crotch and made me drop my drawers right there in line to see what I was hiding.  Embarrassing as feck but legal so I got through the line and onto the plane.

[baronapart]

8 minutes ago, Dave Hounddriver said:

Well there's a co-incidence.  I tried the exact same thing in 2008 going to the Philippines.  But I got caught when they waved the wand over my crotch and made me drop my drawers right there in line to see what I was hiding.  Embarrassing as feck but legal so I got through the line and onto the plane.

No such hi-tech procedures in Odessa in 2008. Guys with machine guns on the tarmac and grass growing up through the cracks of the Soviet era runway. I just didn't want them to find the money in my bag and have to pay a vodka tax (bribe) to get it back. Things changed so much there from my first trip in 2008 and my last trip in 2017. At least technology wise.  Having the Euro Cup in Ukraine in 2012 resulted in a lot of upgrades.

[Jollygoodfellow]

14 hours ago, Tommy T. said:

Here we are off the topic again... my bad!!!

The idea is to be able to online transfer between banks so I don't have to physically go to either one to make payments...

 

The systems here are usually between 50k and 100k per transfer through banking gateways plus a fee of around 25 pesos.

[Jollygoodfellow]

14 hours ago, hk blues said:

I can only pay about 30% of my bills online - Globe and Cignal are fine but Philhealth/Water Company/Electric Company/My HOA do not offer such a facility.  So, online banking here is not the fix-all it might be in our respective countries. 

Depends, I pay everything through online banking including transfer to one bank to another but obviously your service providers are different than mine. I dont pay HOA but pay my water bill for the condo into the Ayala banking account and this is only since covid to try to stop admin office crowding but no big deal to me.

Have you ever thought to ask your HOA about going online as for example Unionbank I see have heaps of these sort of billers to pay to. 

[Mike J]

9 hours ago, baronapart said:

So what is the best way to transfer money for a land or home purchase?

I wrote a check on my USA account, deposit it into my Philippine dollar account.  I did contact the bank and let them know I would be writing a check for X dollars so it would not arouse suspicion and cause a delay on their end.  Wait about 30 days for the funds to "become available" here in the Philippines.  Transfer the money from the dollar account to the peso account.  Pay for the house with a check drawn on the peso account.   

[hk blues]

18 hours ago, baronapart said:

So what is the best way to transfer money for a land or home purchase?

Cheque from the bank - that's what we did when we bought our house here.  

[hk blues]

14 hours ago, Jollygoodfellow said:

Depends, I pay everything through online banking including transfer to one bank to another but obviously your service providers are different than mine. I dont pay HOA but pay my water bill for the condo into the Ayala banking account and this is only since covid to try to stop admin office crowding but no big deal to me.

Have you ever thought to ask your HOA about going online as for example Unionbank I see have heaps of these sort of billers to pay to. 

I suppose I could ask them, but I don't have the energy to try to have the discussion as i know the end result is nope!  It's not a big deal as I have to pay my electricity at the same time more or less.  The one that gets me is Philhealth seeing as it's a major organisation with millions of members.  

[Gandang Smile]

On 12/3/2020 at 5:46 AM, Shady said:

What's the reason for using payment gateways instead of direct bank-to-bank transfers?

PesoNet and Instapay are private payment gateways but they are, effectively, the only conduits for bank-to-bank transfers in the Philippines right now. 

The Philippines entered the interbank electronic payment game really, really late. You can read something about it here: https://medium.com/launchgarage/bangko-sentral-ng-pilipinas-bsp-national-retail-payment-system-nrps-framework-the-rising-c53b0fba4905

The National Retail Payment System was officially launched in 2015 but the two main payment gateways were only launched for public use in 2018. 

PesoNet is free. From my banking app instructions:

• send to other local banks and wallets. Receive by end of day
• transactions before 3 PM of a banking day (= non-holiday weekday) are processed on the same banking day
• transactions after 3 PM of a banking day, on a weekend or national holidays, are processed on the next banking day

Instapay used to have a small fee of 25 pesos but, as I now read, has become free. Instapay has no cut-off time and allows to receive funds instantly. The only limitation is a transaction limit of P50,000 per transaction. 

The "new kid on the block" is the Philippine Domestic Dollar Transfer Service System (PDDTS), which allows transfer between USD accounts opened at local banks. Same cut-off times as PesoNet and

• a service feee of USD 1
• a USD 10,000 transaction limit

PDDTS is pretty convenient, given how common is for Filipinos, especially OFWs or those with OFW family members, to have USD accounts.

I have been using PesoNet and Instapay since 2018 and they are really spotless. Never had a problem. My UnionBank app, but probably other bank apps as well, has the ability to store payees and record every payment in a log.

Hazard to say, bank to bank transfer is now just as fast, than a comparable first-world service, like Faster Payment in the UK.

International payments, like elsewhere in the world, are all going via the SWIFT network.

 

 

 

[Gandang Smile]

7 hours ago, hk blues said:

Cheque from the bank - that's what we did when we bought our house here.  

Manager's cheque, I suppose?