Phl New Cross Border And Domestic Fund Transfer Requirements

[Mr Lee]

I just got this email which might be of interest to some who do wire transfers into the Philippines. I am not sure how this will effect us all, or what else it may effect, but I am sure it will only make things harder for all of us to do. August 23, 2011 Dear Valued Client, In line with our efforts in keeping you informed about the latest banking and market updates, allow us to share the latest announcement from the Bangko Sentral ng Pilipinas. The Bangko Sentral ng Pilipinas has released Circular No. 706 ("Circular 706") regarding the revised Anti-Money Laundering Rules and Regulations on January 5, 2011 with a six-month grace period. In view of the foregoing, effective July 27, 2011, the new requirements for Cross Border and Domestic Fund/Wire Transfer and Manager´s, Cashiers, Certified checks and Demand Drafts will be implemented by Citibank Savings, Inc. as follows: 1. Section x806.2.i(e) refers to Cross Border and Domestic Fund/Wire Transfer, where the following information for inward and outward remittances for local and foreign transfers will be required: a) Name of the originator/remitterb) Originator's/Remitter's address or in its absence, any of the following:

• Originator's/Remitter's National Identity Number
• Date and place of birth of the originator/remitter; and

c) Account number of the originator/remitter or in its absence, a unique reference number (i.e., the telegraphic transfer reference number of the remitting bank) 2. Section x806.2.j Application of Manager´s Checks and Demand Drafts, where the following information will be required when applying for a manager´s check or demand draft:

• True name and full name of the buyer or the applicant if buying on behalf of an entity
• Account number of the buyer
• Date of issuance and number of the check
• Name of the payee
• Amount
• Purpose of such transaction

To avoid delays in processing, or inconvenience on your part, please ensure that all information mentioned above are provided when requesting or applying for these services. Should you need further clarification, please speak to your account officer or visit the Citibank Savings branch nearest you. For cross border and domestic fund/wire transfers, you may also forward this email to the originator/remitter as a guide on the required additional information or you may ask them to log on to www.citibank.com.ph. Sincerely, PresidentCitibank Link to Circular No. 706 for those who wish to read the whole regulation.

[Art2ro]

From what I read and understand, is that one must show proof of who one really is by a combination of appropriate identification cards or passport! My wife wanted to send her sister money here in the Philippines via LBC domestic wire transfer from point A to point B. My wife didn't have the appropriate local Philippine photo I.D. cards and tried to use her U.S. photo I.D. cards and was denied service! Her U.S. or Philippine passport would have sufficed though, but she doesn't carry her passports on her person when just going across the street to the store or malls elsewhere!

[bepresentnow]

Transfer through xe.com, it's free. You can even transfer domestically with the same currency. Or you could use paypal for domestic transfer? it'll be free as long as you make sure that it's sent as a personal transaction, not a purchase or product or service.

[Art2ro]

When it comes to money remittances, I haven't seen anything that's free anymore! There must be a catch somewhere you haven't yet explained! www.xe.com are for money traders and www.xoom.com are for money remittances and are two different websites! Oh I see where the catch is at, with www.xe.com, it takes a week for funds to be available to your account, which means they are making money off your money within that week's time frame with millions of other's money! So in essence, they profit off your money with millions of others money to boot and they don't charge you a fee for using your money in their money trading scheme of things!

Edited November 3, 2011 by Art2ro

[Dave Hounddriver]

Transfer through xe.com, it's free. You can even transfer domestically with the same currency. Or you could use paypal for domestic transfer? it'll be free as long as you make sure that it's sent as a personal transaction, not a purchase or product or service.

It may be free to transfer money between 2 US accounts but wait until you try to transfer from the US to the Phils. You will find the only way they can do it is by wire transfer and they will charge you about $20 for that service. (I'd have to check my invoice for an exact amount but it ain't free. As I said in another post, you are talking to guys who have done it, not just researched it on the net. Edit: Just checked my statement. The wire fee for my last month's transfer from Canada to Phils was $22 Canadian via Xe.com. Still only half of what my Canadian bank would charge me and a better exchange rate. Edited November 3, 2011 by Dave Hounddriver

[bepresentnow]

When it comes to money remittances, I haven't seen anything that's free anymore! There must be a catch somewhere you haven't yet explained! www.xe.com are for money traders and www.xoom.com are for money remittances and are two different websites! Oh I see where the catch is at, with www.xe.com, it takes a week for funds to be available to your account, which means they are making money off your money within that week's time frame with millions of other's money! So in essence, they profit off your money with millions of others money to boot and they don't charge you a fee for using your money in their money trading scheme of things!

However they do it. Still cheaper then what my bank charges. I'll take it.

Transfer through xe.com, it's free. You can even transfer domestically with the same currency. Or you could use paypal for domestic transfer? it'll be free as long as you make sure that it's sent as a personal transaction, not a purchase or product or service.

It may be free to transfer money between 2 US accounts but wait until you try to transfer from the US to the Phils. You will find the only way they can do it is by wire transfer and they will charge you about $20 for that service. (I'd have to check my invoice for an exact amount but it ain't free. As I said in another post, you are talking to guys who have done it, not just researched it on the net. Edit: Just checked my statement. The wire fee for my last month's transfer from Canada to Phils was $22 Canadian via Xe.com. Still only half of what my Canadian bank would charge me and a better exchange rate.

Thanks for the update, I might still use it though, beats transferring from my bank.