Cheap And Easy Way To Get Funds Here

[4thDan]

In trying to discover a means of getting funds from my bank in the US to my account here at BDO, I nimbly stumbled across this one and it works. Using Xoom, I have the money sent from the US account directly to the BDO account, but use the bank transfer method NOT the credit card method. You can move up to $2,999.00 for a fee of $7.99 PERIOD. Using the bank payment method means that there will be a delay of up to 7 banking days from the day you authorize til the arrival...however the funds are immediately available upon deposit at BDO. Just thought I'd share the info....

[Call me bubba]

i use my US bank DEBT card, the rate i get is pretty good, i observe the YAHOO Financial currency rate, i get about 10-20 c less on what is posted, I dont get charged a OUT of Area transaction fee as my bank reimburse any fees i am charged. i have inquired on XOOM but i found their rates are slightly lower than what i get, . would others tell me how they transfer funds here. maybe i will find a new way to transfer.

[intrepid]

Xoom has worked for me well also. However,usually for smaller amounts. Check the exchange rate they quote. It is most always lower thanother transfer options. Art has seemed to find the cheapest way if your not in too big a hurry. Just deposit a personal check into your account from a US bankand wait for it to clear.danny

[Art2ro]

If one is already in the Philippines and one must send money to your wife's family on a regular basis, the cheapest and safest way is, give them a Savings ATM card in your name! Why in your name? So you have full control of the account via on-line as your accounts are linked together to your on-line Philippine banking system! Just make sure the ATM account they will be using is never totally empty (zero balance) because if it is, the account will be automatically closed out via your bank's computer system! The only time one is charged the P150 or P200 monthly maintenance fee is when the account is below P3,000. You can't get any cheaper than that and it's already in pesos! And with ZOOM, one can not send money to one's self, due to the Anti-laundering Money Act! It you ever had, it's illegal! Usually XOOM won't allow it! Been there, done that! I no longer use XOOM! Free or cheap transferring of one's U.S. bank account to your bank account in the Philippines is highly unlikely! It can be done, but at a cost! It's your dime! Me, I prefer my old method, just write out U.S. personal checks (25 days to clear & post) into your Philippine bank's dollar savings ATM account with internet access! Works for us and it doesn't cost us anything doing it that way! Our free banking system!Last resort, U.S. direct deposit of one's pension to a Philippine bank listed under the U.S. Direct Deposit system (there's a $3 to $5 monthly service charge for each account), but the only draw back is that one can only avail their non-joint dollar passbook account without ATM or internet access, which means one has to go to one's Philippine local bank in person to withdraw one's money! Your choice! Been there, done that and I didn't like it, because you have no control or access to your dollar passbook account on-line and with no ATM card!

Edited March 3, 2011 by Art2ro

[Mr Lee]

If one is already in the Philippines and one must send money to your wife's family on a regular basis, the cheapest and safest way is, give them a Savings ATM card in your name! Why in your name? So you have full control of the account via on-line as your accounts are linked together to your on-line Philippine banking system! Just make sure the ATM account they will be using is never totally empty (zero balance) because if it is, the account will be automatically closed out via your bank's computer system! The only time one is charged the P150 or P200 monthly maintenance fee is when the account is below P3,000. You can't get any cheaper than that and it's already in pesos! And with ZOOM, one can not send money to one's self, due to the Anti-laundering Money Act! It you ever had, it's illegal! Free or cheap transferring of one's U.S. bank account to your bank account in the Philippines is highly unlikely! It can be done, but at a cost! It's your dime! Me, I prefer my old method, just write out U.S. personal checks (25 days to clear & post) into your Philippine bank's dollar savings ATM account with internet access! Works for us and it doesn't cost us anything doing it that way! Last resort, U.S. direct deposit of one's pension to a Philippine bank of your choice, but the only draw back is that one can only avail the non-joint dollar passbook account without ATM or internet access, which means one's has to go to one's Philippine local bank in person to withdraw one's money! Your choice! Been there, done that and I didn't like it, because you have no control or access to your account on-line and with no ATM card!

Just to add, some banks such as BPI will lock in the minimum balance if you ask them to. I had to do that with some of our relatives because the kids sucked the account dry, even after I told them time and time again that if the account ended up closed, then there would be NO MORE MONEY for them. Actually the kids did me a big favor. :yes:

[4thDan]

Don't mean to be argumentative...however, having called and talked and having also checked their web site...they assured me that i can transfer funds between banks even if both accounts are mine and it is NOT a violation of anti laundering laws. Further...my account here is a Dollar account so I can control when I change the dollars for pesos....just a little watching and planning ahead....soo in review....xoom for $7.99 per transaction to a total amount of $2,999, will send the $ from my bank in the US to BDO. takes up to 7 banking days..but when funds are received in BDO they are immediately available...it is all a dollar to dollar transaction there are no other fees or exchange rates involved. This is a new service which came on when Xoom and BDO partnered up....sorry Art...but that is the information I have at this time. Don't mean to rattle your feathers....

If one is already in the Philippines and one must send money to your wife's family on a regular basis, the cheapest and safest way is, give them a Savings ATM card in your name! Why in your name? So you have full control of the account via on-line as your accounts are linked together to your on-line Philippine banking system! Just make sure the ATM account they will be using is never totally empty (zero balance) because if it is, the account will be automatically closed out via your bank's computer system! The only time one is charged the P150 or P200 monthly maintenance fee is when the account is below P3,000. You can't get any cheaper than that and it's already in pesos! And with ZOOM, one can not send money to one's self, due to the Anti-laundering Money Act! It you ever had, it's illegal! Usually XOOM won't allow it! Been there, done that! I no longer use XOOM! Free or cheap transferring of one's U.S. bank account to your bank account in the Philippines is highly unlikely! It can be done, but at a cost! It's your dime! Me, I prefer my old method, just write out U.S. personal checks (25 days to clear & post) into your Philippine bank's dollar savings ATM account with internet access! Works for us and it doesn't cost us anything doing it that way! Our free banking system!Last resort, U.S. direct deposit of one's pension to a Philippine bank listed under the U.S. Direct Deposit system (there's a $3 to $5 monthly service charge for each account), but the only draw back is that one can only avail their non-joint dollar passbook account without ATM or internet access, which means one has to go to one's Philippine local bank in person to withdraw one's money! Your choice! Been there, done that and I didn't like it, because you have no control or access to your dollar passbook account on-line and with no ATM card!

Edited March 4, 2011 by Mr. Lee
repair quote box

[Art2ro]

Don't mean to be argumentative...however, having called and talked and having also checked their web site...they assured me that i can transfer funds between banks even if both accounts are mine and it is NOT a violation of anti laundering laws.Further...my account here is a Dollar account so I can control when I change the dollars for pesos....just a little watching and planning ahead....soo in review....xoom for $7.99 per transaction to a total amount of $2,999, will send the $ from my bank in the US to BDO. takes up to 7 banking days..but when funds are received in BDO they are immediately available...it is all a dollar to dollar transaction there are no other fees or exchange rates involved.This is a new service which came on when Xoom and BDO partnered up....sorry Art...but that is the information I have at this time. Don't mean to rattle your feathers....

No feathers ruffled here, I don't have any problems with it! As you well know that policies change over time as you mentioned above I high lighted in red and at that time when I used their services when XOOM first came to be, such transactions weren't permitted or since they were new, their reps weren't all that knowledgeable of their own policies and procedures! The main thing is that you don't mind paying fees for transferring funds! XOOM has limits initially and takes awhile for them to increase one's limit of transfer after the 1st or 2nd attempt! Is that still the case with ZOOM? Can one transfer $5,000 to $10,000 from the beginning? My method of personal banking works for us and doesn't cost anything! Different strokes for different folks as I always say!

[Dave Hounddriver]

. . .they assured me that i can transfer funds between banks even if both accounts are mine and it is NOT a violation of anti laundering laws.

International money transfer is a minefield of things waiting to blow up on you. I think I have had more than my share of problems, one of them being with Xoom. They used to love us Canadians and then they stopped dealing with us. I have had a couple of US buddies have problems with them too, but when it works, it works well.I don't know where people got the idea that what you describe is money laundering. What do you suppose they are doing when they take cash from the ATM here on a US card? Anyway, I had a go round with a financial institution lately where it was explained that they cannot deal with me as soon as they decided I am 'living in the Philippines' because they then have to deal with the Philippine government. Once I convinced them I was still a resident of Canada and only a very long term tourist here, then my problems were reduced substantially.If I was a permanent resident here with US ties then I would do what Art does.

[Art2ro]

. . .they assured me that i can transfer funds between banks even if both accounts are mine and it is NOT a violation of anti laundering laws.

International money transfer is a minefield of things waiting to blow up on you. I think I have had more than my share of problems, one of them being with Xoom. They used to love us Canadians and then they stopped dealing with us. I have had a couple of US buddies have problems with them too, but when it works, it works well.I don't know where people got the idea that what you describe is money laundering. What do you suppose they are doing when they take cash from the ATM here on a US card? Anyway, I had a go round with a financial institution lately where it was explained that they cannot deal with me as soon as they decided I am 'living in the Philippines' because they then have to deal with the Philippine government. Once I convinced them I was still a resident of Canada and only a very long term tourist here, then my problems were reduced substantially.If I was a permanent resident here with US ties then I would do what Art does.

Dave,4thDan said what he's doing was not money laundering, I said that! My reasoning is, how does ZOOM know where your dollars came from? One could have received drug money from the Mexican cartel and deposited it into one's U.S. bank account over time to launder it and now transferring the money to an overseas account to clean it further! Oh well, if ZOOM says it's OK, no one's the wiser! Let me tell you a story to make my point. 4 years ago, my wife and I were on vacation in California and I needed to send some pesos and dollars via LBC in California to my accounts in the Philippines in my name, they wouldn't allow me to send pesos or dollars to my accounts in the Philippines using my name, my father-in-law had to sign instead that he was the sender and I was the recipient, due to the Anti-Money Laundering Act! So, go figure what ZOOM is doing! I haven't a clue! I guess they have privileged authorization to bypass the law! Really strange I'd say! And I hear other people doing it what I haven't been able to do while in the U.S.! Here's a Q & A link about money laundering; http://www.fatf-gafi...1_1_1_1,00.html BTW, I just been living here for 12 yrs now, but I'm not yet a permanent resident, just been using the Balikbayan Program, but eventually I plan to get my Dual Citizenship before my BB stamp expires! Edited March 3, 2011 by Art2ro

[ironmaiden]

I had € send to my € account at metrobank last february and it took only 3 days for the money to arrive. No charge in my homecountry, 3 € charge at metrobank ( I send 9900€), so that was fast and cheap.