Reversed Foreign Exchange

[JJReyes]

It is very easy to exchange your foreign currency, for example, US dollars to Philippine pesos.  What about the reverse?  If you had a substantial quantity of pesos, can you just as easily convert it to US dollar and send it overseas?  Just curious.

[Mike J]

The process should be fairly strait forward with a dollar and peso accounts at the same Philippine bank.  Move currency from the peso account to the dollar account, then use a bank transfer to move the dollars to an overseas account.  Possibly an issue/questions/explanation for amounts over 10K US dollars because of concerns of money laundering?

[Clermont]

Yes but mainly banks will exchange hard cash but that is why I do my banking electronically, you can transfer each way and at your exchange rate.

[Mike J]

7 minutes ago, Clermont said:

Yes but mainly banks will exchange hard cash but that is why I do my banking electronically, you can transfer each way and at your exchange rate.

We also do the exchange via computer when we change US dollar to peso.  They will always show the exchange rate as well as the total dollars to total peso result prior to the final step in the transfer.   

[hk blues]

My only experience was farcical (Metrobank).  

Step 1 withdraw pesos

Step 2 bank arranged money exchanger to convert to USD

Step 3 Send dollars abroad (Hong Kong) 

Basically, no way to send pesos abroad nor to electronically convert to USD through internal system. Of course, I do not have USD account here.

Edited yesterday at 08:16 AM by hk blues

[OnMyWay]

8 hours ago, Mike J said:

The process should be fairly strait forward with a dollar and peso accounts at the same Philippine bank.  Move currency from the peso account to the dollar account, then use a bank transfer to move the dollars to an overseas account.  Possibly an issue/questions/explanation for amounts over 10K US dollars because of concerns of money laundering?

This is what I planned when we were considering moving to the U.S.  Probably a given that the exchange rate will sting a bit, and then wire transfer fees.

8 hours ago, Clermont said:

Yes but mainly banks will exchange hard cash but that is why I do my banking electronically, you can transfer each way and at your exchange rate.

HSBC?