Transfer money out of PI, what is the best way?

[Summer of 69]

I would like to transfer a 6 figure PHP amount out of the Philippines. PNB has a list of 134 banks that they can transfer to, but cannot transfer to any SWIFT code. They also said that their fee is "very low" - only 5-10%. No luck with BPI either.

Does anyone here have experience with this, is it possible to transfer to a bank with any SWIFT code for a fee of less than 2-3%?

 

[hk blues]

2 hours ago, Summer of 69 said:

I would like to transfer a 6 figure PHP amount out of the Philippines. PNB has a list of 134 banks that they can transfer to, but cannot transfer to any SWIFT code. They also said that their fee is "very low" - only 5-10%. No luck with BPI either.

Does anyone here have experience with this, is it possible to transfer to a bank with any SWIFT code for a fee of less than 2-3%?

 

I transferred to Hong Kong with Metrobank (I'm almost certain with SWIFT but not 100%) and the fee was not in the region of 5+ plus - it was less.  I did have to exchange PHP to USD first which was a pain but they did it all for me and the rate was fine.  

5%+ seems high but you will be limited as I'm pretty sure you'd need to be a customer of the bank I'm sure.  

Maybe you can ask them (PNB/BPI) about changing into USD 1st then transferring like I did?

[Summer of 69]

Thank you, we will try Metrobank and see if it is better. My Danish bank charges about 2% (including the currency conversion) for a SWIFT transfer to a Filipino bank, which is why I have that target for the fees.

[Gutenberg]

Create an account at https://coins.ph or another crypto exchange in the Phillipines, load up for free from any PH bank, buy ETH or a stable coin like USDT, create an exchange account in the EU or DK and add your DK bank account and withdraw it.

Would result in fees under 0,5%.

Only risk is fluctuation in crypto prices, but for that there are stable coins like USDT and so on.

[Gator]

16 hours ago, Summer of 69 said:

I would like to transfer a 6 figure PHP amount out of the Philippines. PNB has a list of 134 banks that they can transfer to, but cannot transfer to any SWIFT code. They also said that their fee is "very low" - only 5-10%. No luck with BPI either.

Does anyone here have experience with this, is it possible to transfer to a bank with any SWIFT code for a fee of less than 2-3%?

 

Have you looked into using one of the remittance services like Western Union?