Cheap And Easy Way To Get Funds Here

[Michael Stevens]

Well, you can use XOOM and pick up the money in PESO form yourself and get it at the same exchange rate with no waiting at all for $4,99.  Mike

[russellmania]

Question for you guys that write the U.S. personal checks ,then deposit there in phil banks. Is there a limit to the amount on the check you can write?

[GregZ]

To the best of my knowledge, the $7.99 fee is up to $2999.00....and that is for a bank to bank not credit card to bank. I am not sure, to be honest with you, if you can transmit a higher amount occurring a higher fee. Heck I'm just a poor "Joe" trying to live, don't have that much to worry about. The kids back home take care of anything they think is excess. LOL

 

Xoom Limits

As soon as you sign up, you can send up to $6,000 per 30-day period, up to $9,999 in 180 days. Sending limits are applied to the combined activity of all accounts with the same physical address. For this reason, Xoom recommends maintaining one account per household to more easily manage your sending limit.

Every Xoom transaction is capped at $2,999 but you can send up to $25,000 in a 30-day period (up to $60,000 in 180-days) by supplying additional information to help us ensure a secure money transfer experience while meeting Federal and State regulatory requirements.

 

 

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....

thanks, I have used Xoom on 2 times in the past year.

the exchange rate was fair, NOT POOR nor NOT GREAT .

For those who have use this service,

Any new feedback?

For those who use another service , Could you share

,so others(forum members) can know.

 

 

 

Well, you can use XOOM and pick up the money in PESO form yourself and get it at the same exchange rate with no waiting at all for $4,99.  Mike

Original poster was sending US DOLLARS to a US DOLLARS account.  Just reminding readers because if you send $2999  via Xoom  to a peso account you will pay around 2999 peso in addition to the fee.  Xoom charges $7.99 (extra $3 on the amounts I send) for US$ to US$ pickup OR band deposit.  The $3 offsets (not fully unless you are sending a small amount) the loss of profit on the exchanging of money.  The cash pickup is available immediately when I send that way.  I don't do it very often as I have free ATM withdrawal for 3 transactions a month.  That is 30,000 cash and I use my 'no foreign transaction fee' credit cards when I can.

 

One time when I got lazy and was sending a small amount I sent direct to BDO from a US bank (USAA) and it was available immediately.  Text was sent to the receiver's phone from BDO within 20 minutes.

 

I'm trying to get ahead myself and do the Write A Check procedure.  Zero fee and the exchange rate is better that way. :dance:

[earthdome]

Question for you guys that write the U.S. personal checks ,then deposit there in phil banks. Is there a limit to the amount on the check you can write?

 

I don't think there are any limits on how much you can deposit from a US bank to a Philippine bank USD account. Most likely that would depend on an individual bank or branch policies.

 

What will happen is that any single transaction of more than $10,000 USD or a smaller transactions in a short amount of time which total more than $10,000 USD are reported to the US Government and can trigger additional scrutiny of you and your finances.

[OnMyWay]

 

Question for you guys that write the U.S. personal checks ,then deposit there in phil banks. Is there a limit to the amount on the check you can write?

 

I don't think there are any limits on how much you can deposit from a US bank to a Philippine bank USD account. Most likely that would depend on an individual bank or branch policies.

 

What will happen is that any single transaction of more than $10,000 USD or a smaller transactions in a short amount of time which total more than $10,000 USD are reported to the US Government and can trigger additional scrutiny of you and your finances.

 

 

Timely subject!  Thanks for reminding me as I did n0t realize what the deadline was until I looked it up.

 

U.S. citizens who hold foreign bank accounts totaling over $10,000 must file a form annually.  If you file the form you should not have any issues even if they look at your transactions, as it is fairly easy to prove you are living overseas and not tried to evade income taxes.  If you have a transaction over $10,000 and do not file the form, you might be asking for trouble.

 

http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Report-of-Foreign-Bank-and-Financial-Accounts-(FBAR)

 

Who Must File an FBAR

United States persons are required to file an FBAR if:

1. The United States person had a financial interest in or signature authority over at least one financial account located outside of the United States; and
2. The aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year to be reported

 

There are some exceptions so read the details.

 

The due date for filing for 2012 is June 30th!  Better safe than sorry!

 

You can file electronically and electronic filing is mandatory effective July 1, for 2013 calendar year.

 

http://bsaefiling.fincen.treas.gov/Enroll_Individual.html

[samatm]

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.

What US bank do you use?    We set up a Citibank account for this reason , but found their exchange rates  were very poor.  Back to Xoom .

[GregZ]

What US bank do you use?

We us USAA... Free ATM fee for 3 withdrawal per month (what it works out to).  Transaction on 4 June worked out to 42.01 peso / US$ and the XE rate at the time was 42.08 plus or minus a few hundredths.  If I paid for the withdrawal of 10k peso = 41.19 peso / US$.

[chriseleanor]

 

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:

 

i do almost the same thing,but my partner is in japan,   she uses my visa card in japan,  can only take what i transfer in there,works well,

[MacBubba]

For those in Toronto or Scarborough, we tried PNB remittance last week, and their exchange rates were pretty fair. 

[i am bob]

For those in Toronto or Scarborough, we tried PNB remittance last week, and their exchange rates were pretty fair. 

I couldn't find the exchange rate they charge when transferring money - just the posted rates.  Any idea?  They are kind of expensive on the fee but if there is no exchange rate difference, then they might just work out.