Cheap And Easy Way To Get Funds Here

[MacBubba]

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.

 

When we initially googled them, we thought the fees were kind of expensive (I think they were also shown in US dollars).  However, when we got there, they were having a special for those that remit to a PNB bank account.  (We have a Manila account which we will use for renos we need to do to the house we purchased.)  They gave us a card that is good until March that allows us to remit up to 2,500 Cdn for a fee of 7 Cdn.  As for the exchange rate, they day that we remitted (early this month), it was 41.15 pesos to a Cdn dollar.  When we got home that day, the currency converter we checked had it at 41.12.  The next time we remitted, however, the exchange rate was slightly lower than the rate we subsequently googled.

 

You can phone them in advance to find out about the rates.  Sorry I don't know what the fees are if you don't remit to a PNB account.  From my recollection, it was still reasonable.

[Tukaram (Tim)]

I was initially just using my USAA ATM card and may have to go back to it.  I got a better exchange rate from them just on the ATM than Xoom or Western Union - plus they refund my ATM fees.  But I want to work out of a local account for easier budgeting. If the money is not here - I cannot spend it ha ha

 

I need to set up a dollar account so I can do a straight dollar transfer and exchange when the rate looks good.  But I just sent my $800 monthly allowance to myself yesterday and XOOM was going to charge on $4.99 for the x-fer but the exchange rate was so bad it was going to cost about $19 extra (XOOM 42.2, local rate 43.2).  I checked with Western Union and they would do it for no fee if I did a next day x-fer to the bank, and the exchange rate was 42.9.

 

I have not tried a check yet.  BDO has ridiculous wait time for clearance, 21 days I believe.  I am switching to BPI soon as they seem to be more reasonable in their service. Less than a week, from what my expat friends here in Iloilo tell me.

[earthdome]

I was initially just using my USAA ATM card and may have to go back to it.  I got a better exchange rate from them just on the ATM than Xoom or Western Union - plus they refund my ATM fees.  But I want to work out of a local account for easier budgeting. If the money is not here - I cannot spend it ha ha

 

I need to set up a dollar account so I can do a straight dollar transfer and exchange when the rate looks good.  But I just sent my $800 monthly allowance to myself yesterday and XOOM was going to charge on $4.99 for the x-fer but the exchange rate was so bad it was going to cost about $19 extra (XOOM 42.2, local rate 43.2).  I checked with Western Union and they would do it for no fee if I did a next day x-fer to the bank, and the exchange rate was 42.9.

 

I have not tried a check yet.  BDO has ridiculous wait time for clearance, 21 days I believe.  I am switching to BPI soon as they seem to be more reasonable in their service. Less than a week, from what my expat friends here in Iloilo tell me.

 

I have been very happy with BPI. Regarding the check deposit, the delay in making the funds deposited by check available to use is due to US financial regulations rather than the philippine bank. I just plan my spending a month in advance to ensure I have sufficient funds available to spend in my USD account.

 

I really like how I can watch the exchange rates and time my fx conversion to get the best rate by using the BPI website online fx from my USD to peso account. 

 

I also like how I can do online bill paying from my BPI peso account.

[MikeB]

Be very careful about notifying any bank or financial institution you are residing overseas. My main "go to" bank that I use for almost all funds suspected I was residing more or less full time in the Philippines. They promptly ''froze" both the checking and savings accounts so I could not withdraw or even manage the accounts on the web site. They just disappeared. It took many phone calls to even find this out, they did not even try to call and leave a v/m. All of my direct deposits go to one of the accounts. When I tried to reason they cited the Patriot Act and said the accounts are closed. 

[earthdome]

Be very careful about notifying any bank or financial institution you are residing overseas. My main "go to" bank that I use for almost all funds suspected I was residing more or less full time in the Philippines. They promptly ''froze" both the checking and savings accounts so I could not withdraw or even manage the accounts on the web site. They just disappeared. It took many phone calls to even find this out, they did not even try to call and leave a v/m. All of my direct deposits go to one of the accounts. When I tried to reason they cited the Patriot Act and said the accounts are closed. 

 

I would move the accounts to another bank ASAP. Obviously the bank you had doesn't want your business if they treat you that way.

 

Here is more information about the Bank Secrecy Act - which is really about you not keeping secrets from the US government:

 

http://en.wikipedia.org/wiki/Bank_Secrecy_Act

[MikeB]

Exactly, they didn't want my business, that was crystal clear from the onset. If it's bank policy that's fine but I'm more pissed that they didn't even try to contact me before removing my access to the accts aka my money and I had to go through help desk people telling me it's a problem with my browser. Lesson learned so I'm passing it on for what it's worth.

[Mike S]

the delay in making the funds deposited by check available to use is due to US financial regulations

 

Interesting .... when I write a check on my bank in the US the check clears and is deducted from my account within 5 business days after I write it ..... so if the check is deducted from my account in the US where does the money go .... my bank here told me THEY hold ALL foreign check funds for a minimum of 21 working days before the funds are released to my account here .... so where does the US financial regulations come into play ????? :unsure: ....

:cheersty:

[GregZ]

But I just sent my $800 monthly allowance to myself yesterday and XOOM was going to charge on $4.99 for the x-fer but the exchange rate was so bad it was going to cost about $19 extra (XOOM 42.2, local rate 43.2).

 

XOOM is FREE to transfer and you can pick up in US dollars, then exchange yourself.  Use code july4free - I'm pretty sure that is the code good until 1 August.

[earthdome]

 

the delay in making the funds deposited by check available to use is due to US financial regulations

 

Interesting .... when I write a check on my bank in the US the check clears and is deducted from my account within 5 business days after I write it ..... so if the check is deducted from my account in the US where does the money go .... my bank here told me THEY hold ALL foreign check funds for a minimum of 21 working days before the funds are released to my account here .... so where does the US financial regulations come into play ????? :unsure: ....

:cheersty:

 

 

Same with me, when I deposit a check to BPI it clears my US bank the next business day. So BPI then has the funds. But they can not release the funds to me until there has been sufficient time for the US government to take some action if the US government suspects you of something. So BPI for their safety do not let you access the money until 3-4 weeks after your deposit so they don't run afoul of the US Government.

[OnMyWay]

3-4 weeks after your deposit

 

Yes, Tuka, I don't think you will get a 1 week turn from the local BPI, but I like my BPI a lot so I recommend them.  It is always at least 3 weeks.