# Best Way To Transfer Money



## Fred98TJ (Apr 4, 2015)

After I move to the Philippines, what is the best way to transfer money from one of my US accounts to my local bank account in the Philippines ?


Thanks,
Fred


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## jon1 (Mar 18, 2012)

The cheapest way (no fees) is to write a check for deposit. It takes about 3-4 weeks for the funds to become available but once set up is not a big deal as you are depositing money for the next month in advance. I generally keep 2 months' budget in country at any given time. Getting a bank account usually requires an Alien Certificate of Registration (ACR) I-Card. This can take several months to get from Immigration. In the interim you could operate off of ATM (usually incurs fees) or wire yourself money via Xoom, Wells Fargo or other services.

Another option is to inquire at Metrobank https://www.usmetrobank.com and see if you can get an account setup that is usable in the Philippines. If this is possible, then you could set up transfers from your US bank to the Metrobank done in the US. 

I am sure that others will chime in that use the other services.


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## philosophery (Nov 23, 2013)

With an ACR card, a home lease and a landline, you can open up a Citibank account in Cebu or Manila. Then you transfer money from your US Citibank to your Phils Citibank quickly and no cost!

Get a Citibank USD and a Peso account.


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## JRB__NW (Apr 8, 2015)

I use Wells Fargo Express Send to transfer funds to my girlfriends BPI account for her spending and to pay the rent. They charge $5 per transaction and take a little off the exchange rate, maybe 1%.


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## Tukaram (Dec 18, 2014)

I have done the check deposit - and should do it more often. Western Union and Xoom are both good transfer services (there are many). Xoom tends to be faster but has a worse exchange rate so is more expensive.Their fee is only $4.99 but the exchange rate is horrid.

The check is easy, but slow. And is in dollars so you have to withdraw and exchange for pesos. 

WU and Xoom are online, fast, easy, and deliver in dollars or pesos. But you pay for the convenience.

My best, and easiest, way is to use my US ATM card. I use USAA credit union. I get top dollar on the exchange rate and USAA refunds ATM fees ($15 per month per account).


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## Fred98TJ (Apr 4, 2015)

All good ideas. 
I currently use Wells Fargo Express Send also for my gf in the Philippines.
I checked with WF's yesterday and I can't set up an Express Send account for me at a bank in PH until I have an actual account there, which of course I can't I can't open until I get there with visa 
I can, however, setup a WF Express Send to any of the banks there that WF's uses and send as "cash pickup" to the bank there. That might work well. I simply open an account when I get there at, say, BDO or Metrobank, then I can always Express Send "cash pickup" to myself, go to the bank, pick up and cash and immediately deposit it into my account 
I did not know that Citibank was in PH.
Also Metrobank has branches in the US, so maybe I can setup, before I leave for PH, an account at Metro and that would possible solve the whole thing.
I also have a USAA account, so the ATM route is always an option also.

Thanks,
Fred


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## Cebu Citizen (Dec 13, 2013)

I also use *Wells Fargo ExpressSend* to transfer funds from the US to the Philippines bank account at BPI, (Bank of the Philippine Islands). I only pay a small $4.00 service charge for each transfer and I can transfer any amount up to $3,000.00 US Dollars per day and up to $12,000.00 per month.

I have used this service more than a hundred times so far without any incidents. I have even used it at night, weekends and holidays and the funds are always in my BPI Philippine account in less than two or three hours! One time I checked my account after just 20 or 30 minutes and the funds were already there and available for withdrawal! And that was on a Sunday! I could not ask for a better, faster, less expensive service to get quick access to my US based money.

Wells Fargo and BPI are international business partners and they have a great working relationship between the two banks.


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## panayjim (Apr 15, 2015)

$4.99 fee (acct to acct.) via Xoom for up to $2-3K I think. They clip you a bit more on the exchange rate, but its done in minutes. At least for me... been using a long time. One of my friends though reported a lengthy, frustrating delay, but he doesn't have a long established pattern and that might have some bearing.


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## 197649 (Jan 1, 2013)

Most banks can transfer to the Philippines the cost verys but most charge like 50 USD to transfer overseas. I found direct deposit is best after your established. You can write checks but its time consuming. But they way I do it it If I need large sum 1k or more then I have my bank transfer it. I got a debit card from my bank and use it to buy groceries clothes etc. If I need cash I go to the ATM to draw cash 10k peso at a time. But can draw 20k a day. Which is enough My bank rate is compatible to it being transfer


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## Phil_expat (Jan 3, 2011)

There are 4 options have already been stated. Direct deposit: is fast and simple at no cost. I did not use this because I plan in the future to move my family to the USA and SSA does have online limitation with a Philippine address. Second choice is online transfer. Wells Fargo has an agreement with many Philippine banks for fast and low cost transfer. Citi Bank USA office free transfer to Citi Bank Philippines but Citi Bank Philippines require a high average balance. Xoom and WU both charges fees and you might have to use the bank lower exchange rate. Deposit personal checks to a Philippine dollar account. This one I use. I pay no fees and get an exchange rate at china bank that exceed the street money changers. To qualify the amount has to be over $1,000 and ask the teller for the “bank special rate”.


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## esv1226 (Mar 13, 2014)

Another option is registering for on-line banking. You can transfer monies between and among your accounts - local and international - there might be fees involved.


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## FantasyLondon (Apr 27, 2015)

I say you can use WU fair exchange rate, it is fast and reliable so you can get your money right away if you need it asap. You can also use Paypal if you have Visa or Mastercard just inquire with your bank if you can use that card outside of US. Of course there is also wire transfer if your significant other have a local bank account you can transfer money in there and I think it may take a week if you do that, though it would still depend on your bank in the US and local bank branch.


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## JM101 (Jan 6, 2015)

The Wells Fargo to BPI has worked really well for me.

My GF has a BPI account and I can transfer money directly to her and I use the cash pick-up for myself at BPI. 

What I don't understand is why does it take 3-5 business days to transfer money from my BoA account to my WFB account within the USA and it only takes minutes/hours to transfer from my WFB account to BPI which is 7,000 miles away. And it is more expensive...Huh???

I plan to open my own BPI account as soon as my ACR-I card arrives which should be any day. This way I won't have to plan ahead so far in advance for transfers.

JM101


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## FantasyLondon (Apr 27, 2015)

JM101 said:


> The Wells Fargo to BPI has worked really well for me.
> 
> My GF has a BPI account and I can transfer money directly to her and I use the cash pick-up for myself at BPI.
> 
> ...



I think it is because US banks are much more strict and have more regulations than PH bank accounts  that's why it is faster to transfer money from your US account to a PH account


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## rpmorley (Oct 30, 2012)

I use Philippines National Bank. They have a branch in New York that has a federal reserve routing number. I mouse click from my US bank only what I need to be transferred to my local PNB branch via the branch in New York. I pay a remittance fee. I have my VA check remitted monthly automatically. I play the exchange rate game at several places when I need to.

Also, be aware of the FATCA regs when it comes to maintain balances.


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## lkarlovsky (Jan 4, 2013)

rpmorley said:


> I use Philippines National Bank. They have a branch in New York that has a federal reserve routing number. I mouse click from my US bank only what I need to be transferred to my local PNB branch via the branch in New York. I pay a remittance fee. I have my VA check remitted monthly automatically. I play the exchange rate game at several places when I need to.
> 
> Also, be aware of the FATCA regs when it comes to maintain balances.


I also use PNB. My monthly SSA is direct deposited to PNB New York and is instantly available here at my local bank in Phil. My only complaint is the Filipino custom of being closed Sat and Sun at this end.


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