# Bank Transfers



## bigpearl (Jan 24, 2016)

Off topic Mark but why do you have to wait 45 days before you can withdraw funds?

Cheers, Steve.


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## M.C.A. (Feb 24, 2013)

*More Fun ALWAYS*



bigpearl said:


> Off topic Mark but why do you have to wait 45 days before you can withdraw funds?
> 
> Cheers, Steve.


I have no idea, I was told that due to banking laws that I have to wait up to 21 working days before I can access my money when depositing a US check but the average is always 45 calaendar days. 

3 years ago I also enquired with BDO, told them my waiting woes with PNB and the bank manager pretty much said it's the same thing there, so a long wait to get our money, I could go direct deposit but that's a set up with my military pay and so right now I don't want to go that route due to other bills until I get my Social Security.

My whole day starts out with crossing my fingers through each and every step, I'll get to the bank and after 45 days usually there's no problem and then the second step are they online, sometimes they are offline so no internet connection, that means I have to withdraw in dollars then go to the money changer and exchange it into pesos (done this several times) and then the processing period next it's onto the grocery and hoping that they have certain items in stock like beef, imported items like Skippy peanut butter, Smuckers Strawberry jam ect...and then the check out where once again we are waiting to see if the internet is working properly at a major chained grocery store "Any", this is what it's like living in a 4th class rated region, a couple times I actually had to leave my cart because they had no internet connection.

And then eating out.. whishing all food items in stock but usually not, one example would be McDonalds and no Quarter Pounders or no burgers or no sodas, we actually had to order fried chicken and drink coffee, it used to bug the hell out of me but now I just cross the fingers each and every time I visit any esteablishment.

So back to the payment of bills, we have a major Bayad center here Cebuana Lhuillier and most of the time I can pay my bills with them at a cost of 5 pesos for the transaction but right now they are not accepting bills for Meralco, it happens frequently and same with PLDT at times, so that means I have rent a trike at 500 pesos get a Municipality pass ha haaa and then get in line either spot and not one hour but as long as two hours at PLDT and usually only one hour at Meralco but due to the many customers who now can't pay their bills the line now is epic to say the least and 1 - 2 cashiers always, there's never enough staffing to cover during the first of the month and if you get your ticket and leave... forget it you won't be able to come back at around 1pm they'll close the area off because they have so many people to process so the gates and chains come up... come back tommorrow.


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## pagbati (Apr 9, 2014)

*Banking in 2020*

Mark, banking transactions aren’t supposed to be like that in 2020 and the majority of us don’t suffer from the issues that you mentioned. However, before I spend time putting forward suggestions/ solutions, are you actually looking to solve the problems raised in your posts or were you just having a rant? 

Without intending to cause offence, I have this feeling that you’re uncomfortable with mobile phone/ online banking. Many people are, but if you want an easier life these days, it’s best to get to grips with it. Once you’ve set it up, the transactions you refer to really are ‘as easy as pie’! 

Unless of course, you secretly enjoy those 11k each way trike rides, the 4-hour queuing sessions and supporting the banks by allowing them to retain your money for 45 days. Or is it those quarter-pounder stop off meals at McDonalds that you’d miss?


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## Gary D (Oct 28, 2013)

The reason for the 21 day wait they actually wait until the cash physically hits your account rather than electronically clears like proper banks.


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## pagbati (Apr 9, 2014)

Gary D said:


> The reason for the 21 day wait they actually wait until the cash physically hits your account rather than electronically clears like proper banks.


Sure, but isn’t that the problem here, dealing in cheques? As Mark indicated in an earlier post, he could have the funds paid directly into his account if he so chose. I don’t know if he’s talking about his local PNB account or his US$ account back in the USA, but either way, he would have access to those funds immediately. He’s mentioned not wanting to go down that route at this juncture due to _‘other bills’_. It’s really none of our business what he means by this but in his view, it clearly outweighs the hassle of having to wait 45 calendar days for his money to be cleared and making those trips to the bank.


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## M.C.A. (Feb 24, 2013)

pagbati said:


> Mark, banking transactions aren’t supposed to be like that in 2020 and the majority of us don’t suffer from the issues that you mentioned. However, before I spend time putting forward suggestions/ solutions, are you actually looking to solve the problems raised in your posts or were you just having a rant?
> 
> Without intending to cause offence, I have this feeling that you’re uncomfortable with mobile phone/ online banking. Many people are, but if you want an easier life these days, it’s best to get to grips with it. Once you’ve set it up, the transactions you refer to really are ‘as easy as pie’!
> 
> Unless of course, you secretly enjoy those 11k each way trike rides, the 4-hour queuing sessions and supporting the banks by allowing them to retain your money for 45 days. Or is it those quarter-pounder stop off meals at McDonalds that you’d miss?



I'm okay with paying online but not those these expensive painful trike rides.... I'll have to switch banks and I just might because PNB doesn't work online and as an example our major Bayad (payment center) also won't at this time take payments but I've paid my electrical bills through Cebuana Illuellier in the past. 

The current Administration is calling for more cashless payments, it's in the news and has been in the news due to this Covid issue that the many companies will upgrade their software systems so you can pay with any card.

Another example would be any major chained fast food resturant, you can pay with a credit card inside some... But you can't pay with a credit card for deliveries, you have to use what's called Gcash or some other means of payment or COD, that just seems to defeat the purpose ? The weekend before the bank run I wanted to order McDonalds for delivery and or even Shakeys but they don't take credit cards when ordering online... what the heck! So apparently you have to load Gcash on your cell phone and then it's deducted this way.

For sure there was a little ranting going on always expect that from me I live out in a provincial area. For me to change my direct deposit, it requires contacting the US government and a whole process where they redirect it for me, so I'm going to leave it as is for now.

*I'm going to change the heading of this thread to "Cashless Payments" and main reason is that the government would like to switch to cashless payments and I feel that this affects many of us, especially those of us living in the Philippines.*


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## bidrod (Mar 31, 2015)

pagbati said:


> Sure, but isn’t that the problem here, dealing in cheques? As Mark indicated in an earlier post, he could have the funds paid directly into his account if he so chose. I don’t know if he’s talking about his local PNB account or his US$ account back in the USA, but either way, he would have access to those funds immediately. He’s mentioned not wanting to go down that route at this juncture due to _‘other bills’_. It’s really none of our business what he means by this but in his view, it clearly outweighs the hassle of having to wait 45 calendar days for his money to be cleared and making those trips to the bank.


You are correct if he direct deposits his Mil Ret Pay or SS in a bank here it is immediately available. The downsides are it can only be in his name, it is passbook only(no ATM or Debit card), no online transfer, must go to bank to withdraw funds.

Chuck


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## bigpearl (Jan 24, 2016)

I think I'm missing something here, perhaps a blonde moment? Why can't military or ss funds be direct deposited into your (if you have one) home country account then transfer funds to your account here? I don't get a pension or the likes but if the Australian tax office wants funds or owes me money (don't worry that rarely happens) it is all done electronically and no fees. I transfer funds from any of our accounts in Oz and it costs me 5 bucks (170 pesos) and no charge from BDO for receiving nor withdrawing from one of their holes in the wall or a counter transaction.
I have no idea of the circumstances for depositing a cheque here but from what I am reading it sounds nasty and yep, the banks are making money on your unavailable funds and glad I don't deal with promissory bits of paper.

Cheers, Steve.


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## bidrod (Mar 31, 2015)

bigpearl said:


> I think I'm missing something here, perhaps a blonde moment? Why can't military or ss funds be direct deposited into your (if you have one) home country account then transfer funds to your account here? I don't get a pension or the likes but if the Australian tax office wants funds or owes me money (don't worry that rarely happens) it is all done electronically and no fees. I transfer funds from any of our accounts in Oz and it costs me 5 bucks (170 pesos) and no charge from BDO for receiving nor withdrawing from one of their holes in the wall or a counter transaction.
> I have no idea of the circumstances for depositing a cheque here but from what I am reading it sounds nasty and yep, the banks are making money on your unavailable funds and glad I don't deal with promissory bits of paper.
> 
> Cheers, Steve.


Steve,

MCA is currently depositing in his US bank then writing a check from that account to his PNB dollar account here. Don't understand the 45 days, I use BDO and it is 20 business days. If I was him I would use Transferwise.com and send money to a PHP account. Cost is about 1% of transaction.

Chuck


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## M.C.A. (Feb 24, 2013)

bigpearl said:


> I think I'm missing something here, perhaps a blonde moment? Why can't military or ss funds be direct deposited into your (if you have one) home country account then transfer funds to your account here? I don't get a pension or the likes but if the Australian tax office wants funds or owes me money (don't worry that rarely happens) it is all done electronically and no fees. I transfer funds from any of our accounts in Oz and it costs me 5 bucks (170 pesos) and no charge from BDO for receiving nor withdrawing from one of their holes in the wall or a counter transaction.
> I have no idea of the circumstances for depositing a cheque here but from what I am reading it sounds nasty and yep, the banks are making money on your unavailable funds and glad I don't deal with promissory bits of paper.
> 
> Cheers, Steve.


The US Military pension does go directly to my bank in the US and I have a US credit card or ATM card that I use here along with my US Check book but I can't transfer money from my US bank to the PNB without some hefty charges and docments filled out. An In-law recommended I use Remittly (I'll ask PNB) to transfer money but she has an account with BDO and I've heard it's much easier transfering money to BDO. Chuck I'll research TransferWise thank you and I need to see if PNB will work with these money transfer companies and if so get routing numbers because every time I deposit a check it's a 200 peso charge.

Eventually I want to get rid of my checks and I will when I start drawing Social Security but that's 4 years away.


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## bigpearl (Jan 24, 2016)

bidrod said:


> Steve,
> 
> MCA is currently depositing in his US bank then writing a check from that account to his PNB dollar account here. Don't understand the 45 days, I use BDO and it is 20 business days. If I was him I would use Transferwise.com and send money to a PHP account. Cost is about 1% of transaction.
> 
> Chuck


OK Chuck, the penny has dropped TY. So like me (and step in here Mark if on a different playing field) the funds are in an overseas account, for me Oz, say for Mark the US. While I have no idea the banking rules there (I did like the drive through withdrawal system when I first visited there 10 or 12 years ago) for me........ I have funds in Oz matters not where they came from, I move them through my bank there Westpac, large sums Worldfirst, and at times WU depending on exchange rates/fees secured. Buying the house here was cleared in 1 day, most of my transactions bank to bank electronically are 1 day, rarely 2. We did have a problem when we purchased the new car a year ago and it took 8 days to clear, for some reason the funds were held up on suspicion of money laundering,,,,,, more fun in the Philippines.
I have 3 cheque books, 2 for businesses and 1 personal. The last cheque I wrote out would be 5 or more years ago when my last MacBook computer died and I had to pay the ATO Goods and services tax. I really need to burn them as we move into a cashless world and in my opinion is the way to go, so much easier.

Cheers, Steve.

Edit, just reread your reply, doh. Mark can answer this, why not simply transfer your money direct (electronically) from your US account to PNB, the funds should clear in 1 or 2 days.


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## M.C.A. (Feb 24, 2013)

bigpearl said:


> Edit, just reread your reply, doh. Mark can answer this, why not simply transfer your money direct (electronically) from your US account to PNB, the funds should clear in 1 or 2 days.


The fee's from my NFCU bank in the US and papper work seem significant so I might try what Chuck has recommended or another platform and if that doesn't work I'll switch to BDO.


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## bidrod (Mar 31, 2015)

bigpearl said:


> OK Chuck, the penny has dropped TY. So like me (and step in here Mark if on a different playing field) the funds are in an overseas account, for me Oz, say for Mark the US. While I have no idea the banking rules there (I did like the drive through withdrawal system when I first visited there 10 or 12 years ago) for me........ I have funds in Oz matters not where they came from, I move them through my bank there Westpac, large sums Worldfirst, and at times WU depending on exchange rates/fees secured. Buying the house here was cleared in 1 day, most of my transactions bank to bank electronically are 1 day, rarely 2. We did have a problem when we purchased the new car a year ago and it took 8 days to clear, for some reason the funds were held up on suspicion of money laundering,,,,,, more fun in the Philippines.
> I have 3 cheque books, 2 for businesses and 1 personal. The last cheque I wrote out would be 5 or more years ago when my last MacBook computer died and I had to pay the ATO Goods and services tax. I really need to burn them as we move into a cashless world and in my opinion is the way to go, so much easier.
> 
> Cheers, Steve.
> ...


Transferring the funds direct can be costly using the bank. I have Bank of America it cost $40 or $45 to transfer dollars and I am limited to $1000 dollars per transfer because I don't have the card linked to the super dooper security where they send and SMS code. If I send Php no charge but a terrible forex rate. So the option is write a check cost $5 by BDO and wait 20 business days or if need funds fast use Transferwise to Php account here.

Chuck


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## bigpearl (Jan 24, 2016)

M.C.A. said:


> The fee's from my NFCU bank in the US and papper work seem significant so I might try what Chuck has recommended or another platform and if that doesn't work I'll switch to BDO.


Happy Sunday Mark, hope to catch up for a beer and chin wag one day. Mark are the fees and paperwork US generated or here in PH?

As said in Oz it costs 5 bucks no matter the amount and Westpac,,,, my bank are about .2 of a percent lower than the daily benchmark so depending if you are transferring millions or thousands you have to shop for the best deal.
I am not familiar with your direct area though I have been to Taal and walked up to the rim some 8 years ago it is very beautiful all through out the region and I see why many expats chose this/those areas to settle.
I did have a quick look on the google map where the BDO branches are around Los Banos, All I can say is you have a better choice than us, our closest BDO is some 20/25 minutes drive traffic dependent but BDO appears to be a safe bank, we still have the lines that I don't entertain, that's Bens job, like emissions tests and re registering the bikes.

Hope you can sort this dilemma out Mark for your and your families benefit.

Cheers, Steve.


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## Gary D (Oct 28, 2013)

I use Transferwise to remit my monthly pension to our PNB account. I can transfer stirling free to my HSBC PH account but the Transferwise rate has always been better than HSBC PH to PNB. Usually 1-2 days to hit our PNB account.


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## bigpearl (Jan 24, 2016)

bidrod said:


> Transferring the funds direct can be costly using the bank. I have Bank of America it cost $40 or $45 to transfer dollars and I am limited to $1000 dollars per transfer because I don't have the card linked to the super dooper security where they send and SMS code. If I send Php no charge but a terrible forex rate. So the option is write a check cost $5 by BDO and wait 20 business days or if need funds fast use Transferwise to Php account here.
> 
> Chuck


Wow you guys are getting screwed by the sound of it, as said My bank charges 5 bucks.
I did set up my PH. phone number that I've had for years with my bank and when I leave Oz I call them to register that number, when I return to OZ I call them and change it back to my Oz number, this has worked seamlessly for the last 7 or 8 years. If I travel to Europe or another country I register my travels with my bank prior to leaving so they don't block or lock my debit or credit cards. I always get an SMS code to enter to clear the funds, then 1 day, 2 max.

Cheers, Steve.


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## bidrod (Mar 31, 2015)

Any of you can use the following link to get a discount on up to 500 pds or approx $600 of your first transfer. https://transferwise.com/invite/u/charlesr45

They use the current forex rate at the time you initiate the transfer. You can only send to a Php account. Recommend using the Bank Debit(ACH), it is an electronic check. I cant't use that function anymore because BoA(my bank) changed the requirements and I now have to use the Debit Card fuction which cost about $10 more per transaction. Before I could sends thousans of dollars now limited to $1500 which is the debit card daily limit.

Chuck


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## bigpearl (Jan 24, 2016)

Gary D said:


> I use Transferwise to remit my monthly pension to our PNB account. I can transfer stirling free to my HSBC PH account but the Transferwise rate has always been better than HSBC PH to PNB. Usually 1-2 days to hit our PNB account.


In my early days living in Manila I quickly learnt that I could draw PHP 40K From HSBC cost 200 pesos, on my debit card, the other banks limited me to 10 some 20K but still a 200 peso fee. HSBC has a lot going for it but unfortunately my closest branch in Binondo is 246 kilometres away. More power to those that brave Manila.
On the whole I am happy with our arrangements to move money here. Digital aside from getting the cash in hand and that also is moving.

Cheers, Steve.


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## bidrod (Mar 31, 2015)

bigpearl said:


> In my early days living in Manila I quickly learnt that I could draw PHP 40K From HSBC cost 200 pesos, on my debit card, the other banks limited me to 10 some 20K but still a 200 peso fee. HSBC has a lot going for it but unfortunately my closest branch in Binondo is 246 kilometres away. More power to those that brave Manila.
> On the whole I am happy with our arrangements to move money here. Digital aside from getting the cash in hand and that also is moving.
> 
> Cheers, Steve.


Used to use their branch in Alabang no charge from them but the 3% visa charge and $5 BoA charge added up.

Chuck


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## M.C.A. (Feb 24, 2013)

bigpearl said:


> Happy Sunday Mark, hope to catch up for a beer and chin wag one day. Mark are the fees and paperwork US generated or here in PH?
> 
> As said in Oz it costs 5 bucks no matter the amount and Westpac,,,, my bank are about .2 of a percent lower than the daily benchmark so depending if you are transferring millions or thousands you have to shop for the best deal.
> I am not familiar with your direct area though I have been to Taal and walked up to the rim some 8 years ago it is very beautiful all through out the region and I see why many expats chose this/those areas to settle.
> ...


Steve the fee's are from my US Bank, I did a little research and it's a $25 fee to send money here and through another bank or intermediate so they also take a cut of the exchange rate and then once the direct deposit hits my PNB bank they also will charge me $5 for the transaction but like Chuck mentioned If I deposit a check with PNB it's 200 pesos and what ever the going rate is they deduct a fraction I think .025 for the conversion.

Before I made this my final stop I was working in the US and my wife wouldn't open up a bank account or she really didn't know how to go about this so she used a money changer and cashed the check with them and these guys take 6 pesos off every dollar and then charge the 200 pesos banking fee also, so can you imagine how much money I lost until I got here and opened up a Philippine Bank account. 

But in a worst case scenario I can use the money changer but I avoid them unless it's extremely necessary so I haven't visited them in a long time.


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## bigpearl (Jan 24, 2016)

M.C.A. said:


> Steve the fee's are from my US Bank, I did a little research and it's a $25 fee to send money here and through another bank or intermediate so they also take a cut of the exchange rate and then once the direct deposit hits my PNB bank they also will charge me $5 for the transaction but like Chuck mentioned If I deposit a check with PNB it's 200 pesos and what ever the going rate is they deduct a fraction I think .025 for the conversion.
> 
> Before I made this my final stop I was working in the US and my wife wouldn't open up a bank account or she really didn't know how to go about this so she used a money changer and cashed the check with them and these guys take 6 pesos off every dollar and then charge the 200 pesos banking fee also, so can you imagine how much money I lost until I got here and opened up a Philippine Bank account.
> 
> But in a worst case scenario I can use the money changer but I avoid them unless it's extremely necessary so I haven't visited them in a long time.


Firstly sorry Mark/members I've had a few drinks now so please excuse firstly my grammar and secondly if I speak out if term.

Your bank is probably run by the oligarchy, is stitching you up big time, that's why they run many countries and will fight to continue the farce, let's not get into why or how that's for another thread.
Finding the best bank/s for you and yours is paramount. I am not aware if you can change your Military pensions deposit to a different bank but at some of the prices for exchange and costs I would seriously be shopping both in the States and in PH.
Can they not deposit your pension directly to your Philippine bank account? While not up with the pros and cons in the States I dearly hope that when I decide to draw a pension it will be paid directly to my account here. Not a government pension and my own funds. Perhaps I'm dreaming and on reflection is something I should follow up on for my own peace of mind, no hurry though. In the mean time cashless works and all need to come on board.

Cheers, Steve.


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## M.C.A. (Feb 24, 2013)

bigpearl said:


> Firstly sorry Mark/members I've had a few drinks now so please excuse firstly my grammar and secondly if I speak out if term.
> 
> Your bank is probably run by the oligarchy, is stitching you up big time, that's why they run many countries and will fight to continue the farce, let's not get into why or how that's for another thread.
> Finding the best bank/s for you and yours is paramount. I am not aware if you can change your Military pensions deposit to a different bank but at some of the prices for exchange and costs I would seriously be shopping both in the States and in PH.
> ...


The government can direct deposit to my bank here but I'm going to wait until I start drawing my Social Security I'll finish up paying my credit card bills so that's the reason I'm still with my bank, it's not the banks fault in the US, it's mine... Our house was flooded due to heavy rains one year so we needed to build another kitchen upstairs and we were flooded for 3 months and then a tyhpoon took our roof at 1 am in the morning I'll never forget that so my balance is high for a credit card but can be paid down.

Once I begin to draw Social Security I'll have my Social Security cover my credit card bill and then I'll have my Military Pension direct deposit to my bank here and the only transaction charge will be the $5 from PNB but like Chuck mentioned it can only be in my name of the pensioner that's the big negative on having what's called a pension or direct deposit account.

I created a new thread to address bank transfers.


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## DonAndAbby (Jan 7, 2013)

M.C.A. said:


> The government can direct deposit to my bank here but I'm going to wait until I start drawing my Social Security I'll finish up paying my credit card bills so that's the reason I'm still with my bank, it's not the banks fault in the US, it's mine... Our house was flooded due to heavy rains one year so we needed to build another kitchen upstairs and we were flooded for 3 months and then a tyhpoon took our roof at 1 am in the morning I'll never forget that so my balance is high for a credit card but can be paid down.
> 
> Once I begin to draw Social Security I'll have my Social Security cover my credit card bill and then I'll have my Military Pension direct deposit to my bank here and the only transaction charge will be the $5 from PNB but like Chuck mentioned it can only be in my name of the pensioner that's the big negative on having what's called a pension or direct deposit account.
> 
> I created a new thread to address bank transfers.


Perhaps some of this should be in the bank transfer thread but I will list everything here.

1. Banks - I have been with BPI for 8 years now. Other than a few customer service glitches this past year, they have been good to me. You can pay many things online. Meralco and PLDT for sure. You can load G-cash, load phones and I load my toll road RFID at BPI online. The only thing I can't pay is my Subic Enerzone bill but that is the fault of Enerzone. I pay that at 7/11 Cliqq.

2. Check deposits - All the PH banks started charging a check deposit fee 2-3 years bank. A USD check into my BPI USD account costs $5. Available in 21-25 days depending on weekends and holidays. If you write a check over 20k usd, it will take extra time for regional management approval. You said your deposit fee was p200 so I assume you are depositing your USD check in a peso account. Should be fine but you should be sure the exchange rate they use is decent. It could cost you a lot long term if they screw you on the exchange rate.

3. Exchange rates - I use XE.com to determine how good a rate is. XE gives you the mid-market global rate, meaning the mid-point between buy and sell. I like to view the rates as pesos per dollar, and XE is currently 49.57 pesos per dollar. So if I am offered an exchange rate within .20 (20 centavos) of that, like 49.37, I consider that reasonable. BPI online transfers between my $ account and P account are usually 15-25 centavos less than XE. If we go outside to our preferred moneychanger, Villarica, they are usually 5-10 centavos better than BPI. Not really worth the hassle to me but my wife likes it and it is right next to the wet market we frequent.

4. Dollar and/or peso accounts – I have a dollar account and peso account because I prefer to transfer $ to $, and then I control when and where I exchange them to pesos.

5. U.S. Social Security Direct Deposit – I can’t speak about military pension direct deposits, but it sounds like they have the same restrictions that SS deposits have. No ATM, only passbook. No online transfers. In person transactions at the bank only. My two kids get their SS deposited at BPI, with my wife as the custodian. That is an SS requirement for kids. When we need to make a withdrawal or transfer from their accounts, they have to go with us to the bank. I have my SS deposited in my US. Chase Bank account and like you, I use some of it to pay U.S. bills, and sometimes send some to the Philippines via various methods discussed.

Credit Card Purchases – Credit Card purchases can be a great way to transfer money at an excellent rate. I use my Capital One Mastercard to buy all my gas and groceries in pesos, then pay it in the U.S. in dollars. Mastercard controls the exchange rate and their daily rate is usually about the same as XE. I think Visa is about the same. Just make sure your bank does not charge any fees to use the card overseas.

Credit and Debit Card ATM cash withdrawals from U.S. Banks – Avoid. Big Fees. Unless, you use a card from one of the credit unions or brokerages that will refund all fees for up to X withdrawals per month. USAA, SDFCU, Fidelity and Schwab are some of those.

Money Transfer Services - In April, I did a comparison of the well known transfer services for sending $2500 U.S bank account to PH peso bank account. Xoom, Remitly, Transferwise, World Remit, Western Union and MoneyGram. Transferwise used to be the best, but in April, Moneygram was by far the cheapest. In fact, they gave such a great exchange rate that they were cheaper than check writing! Take a look to see if it works for you.

Wire Transfer – Usually expensive but can be effective for larger transactions. My Chase account allows me to transfer up to $25,000 to my BPI $ account for $45, and BPI charges $6 to receive it. Some banks charge a lot more and look out for middle bank charges that are unknown. If you bank at a small U.S. bank, you might get hit with a middle bank charge. Chase is huge so there is no middle bank involved.

Gcash, MayaPay, etc. - I haven't tried them yet but I will probably set up Gcash soon. You can load Gcash at BPI online for free. We have been buying a lot of stuff on Lazada and Shopee, using COD if possible, but sometimes I have to go to 7/11 / Cliqq to pay. Gcash will save me that trip and is now being widely used in PH.

Hope this helps you and others!


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## Manitoba (Jun 25, 2014)

I use HSBC and can transfer from Canada to the Philippines accounts as easily as from savings to chequing accounts within the country.

It is actually easier for me to transfer USD to the Philippines than it is to move USD in my Philippine account to my peso account here.


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## Gary D (Oct 28, 2013)

Manitoba said:


> I use HSBC and can transfer from Canada to the Philippines accounts as easily as from savings to chequing accounts within the country.
> 
> It is actually easier for me to transfer USD to the Philippines than it is to move USD in my Philippine account to my peso account here.


Same here, HSBC UK to HSBC PH is globally linked so moving stirling around is like moving between UK accounts, instantaneous and completely painless. Moving from HSBC PH to PNB is like going back to the age of the horse and cart. I think they must send it by runner.


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## Manitoba (Jun 25, 2014)

Gary D said:


> Same here, HSBC UK to HSBC PH is globally linked so moving stirling around is like moving between UK accounts, instantaneous and completely painless. Moving from HSBC PH to PNB is like going back to the age of the horse and cart. I think they must send it by runner.


To transfer funds from my HSBC USD account to my HSBC Peso account requires that I either call, secure message or actually go to a bank to make it happen.

I think that with the locals they have just had too many scams, and no local stands up for demanding better services so the banks are used to having additional funds available as a float. (I wonder if they are that close to the line that they need the capital to keep the bank regulator happy??)

The last several new cars I bought back home, I just wrote a personal cheque for them and drove away in a few minutes. Here they made me wait until they had confirmed that the manager cheque had cleared before they would release the vehicle.

Had I known that they were going to be that way, I would have just taken 1,000,000 p in cash to them late in the day and hope that someone steals it from them before the bank opens the next day. (That happened to the dealer who sold me a surplus vehicle in Butuan City in 2014, his employee stole the 200k p)


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## M.C.A. (Feb 24, 2013)

DonAndAbby said:


> Perhaps some of this should be in the bank transfer thread but I will list everything here.
> 
> 1. Banks - I have been with BPI for 8 years now. Other than a few customer service glitches this past year, they have been good to me. You can pay many things online. Meralco and PLDT for sure. You can load G-cash, load phones and I load my toll road RFID at BPI online. The only thing I can't pay is my Subic Enerzone bill but that is the fault of Enerzone. I pay that at 7/11 Cliqq.
> 
> ...


A lot of good information here and for sure I do the same with with my credit card, it seems easier to purchase using it and then transfering from my checking.

So it sounds like the Social Security will be a pain to deal with also  I did hear that from another expat that had difficulty with his govenrment issued ATM card and it turned out that when withdrawing from the Cebu area it would take so long the connection would time out so I'll talk with him in PM's and see if he has it sent directly to a bank here as a pension fund.

I only have a dollar account so my charges are 200 pesos for deposit and as I mentioned I think .025 banking fee per dollar for the exchange the day I withdraw my Dollars.

For sure I researched an NFCU uses an intermediate to perform the exchange or wire the money so I'll stick to checks for now.


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## M.C.A. (Feb 24, 2013)

Gary D said:


> Moving from HSBC PH to PNB is like going back to the age of the horse and cart. I think they must send it by runner.


Ha haaaa I think you're right Gary, that's been my experience so far.


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## Gary D (Oct 28, 2013)

Manitoba said:


> To transfer funds from my HSBC USD account to my HSBC Peso account requires that I either call, secure message or actually go to a bank to make it happen.
> 
> I think that with the locals they have just had too many scams, and no local stands up for demanding better services so the banks are used to having additional funds available as a float. (I wonder if they are that close to the line that they need the capital to keep the bank regulator happy??)
> 
> ...


I have online banking in the UK my PH was linked to it so everything is done online. I only went to my branch in Manila once to setup the account and second time to pick up my ATM card, never been back in nearly a year.


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## BusyBC57 (Apr 13, 2015)

My regular bank in Landbank. When I deposit a pension check my account will show that the money is credited to my account in 14 days, but you can't use that amount. Then 21 days later I'm able to use that amount. I just opened a joint account with Security Bank. I deposited my CA state income tax return check. I asked the lady, how long will it take to clear, she says 45 days. No big deal to me as I don't need it right away. Then I get a welcome email from Security Bank, they are bragging how fast their process is for USD checks to clear. They say while other banks take 45 days, Security Bank clears USD checks in 8 banking days. I don't believe that for one minute, but we shall see soon. If there is one thing that is consistent in the PH is that they are 'inconsistent' across the whole country. As the saying goes, 'only in the Philippines' lol.


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## bigpearl (Jan 24, 2016)

While I don't deposit cheques in the Philippines nor Australia I do transfer funds from my bank in Oz to our bank BDO here and most times 1 day and rarely 2 for the funds to clear. I still have business dealings in Oz and everything is deposited to our accounts there, no cheques only direct deposits.
We transfer PHP 40k every year to Bens family, the funds clear in 2 days.
If your bank here can't/won't accomplish this then change banks. deposit your cheques in your offshore account. OMO.

Cheers, Steve.


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## DonAndAbby (Jan 7, 2013)

bigpearl said:


> While I don't deposit cheques in the Philippines nor Australia I do transfer funds from my bank in Oz to our bank BDO here and most times 1 day and rarely 2 for the funds to clear. I still have business dealings in Oz and everything is deposited to our accounts there, no cheques only direct deposits.
> We transfer PHP 40k every year to Bens family, the funds clear in 2 days.
> If your bank here can't/won't accomplish this then change banks. deposit your cheques in your offshore account. OMO.
> 
> Cheers, Steve.


Not so simple for those of us from the U.S., but I suspect AU is actually the same.

You are not mentioning any costs involved with these transfers from AU to PH bank. The purpose of check writing and accepting the waiting time is because it is low cost, and many expats in the Philippines, especially retirees, are keen on saving costs. Check writing and the associated wait times are not a big deal for most. I have known many who do it monthly for their monthly budget amount, but they are just doing it one month ahead of time. Others, like me, prefer to write a larger check and do it less frequently. If you urgently need some cash, check writing is not the way.

From the U.S., to get the 1 or 2 day availability you describe, there are two options:

A. Use a third party transfer service like Transferwise or Moneygram. Normally available within the day, but most of these have rather low daily/weekly/monthly limits.

B. Use international wire transfer, bank to bank. For me, the cost is $51 up to $25,000 and that is a decent deal.

There might be a third way for some who have established HSBC accounts, but when I looked into opening an account years ago, it would not work for me.

As I mentioned before, for amounts up to $2500, bank to bank, Moneygram is the best deal going right now, even better than check writing because of the super high exchange rate they are giving.


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## bigpearl (Jan 24, 2016)

DonAndAbby said:


> Not so simple for those of us from the U.S., but I suspect AU is actually the same.
> 
> You are not mentioning any costs involved with these transfers from AU to PH bank. The purpose of check writing and accepting the waiting time is because it is low cost, and many expats in the Philippines, especially retirees, are keen on saving costs. Check writing and the associated wait times are not a big deal for most. I have known many who do it monthly for their monthly budget amount, but they are just doing it one month ahead of time. Others, like me, prefer to write a larger check and do it less frequently. If you urgently need some cash, check writing is not the way.
> 
> ...


Hi Don, yes I did state my costs from my/our bank in OZ, 5 bucks so like US 3.50. I also mentioned the exchange rate and the fact that my funds were available within 24 hours and worst case 48 hours etc. If some fool offered me a cheque these days I would reject unless it was a bank cheque, once deposited the funds are immediately available/cleared in Oz.

As said I have 3 cheque books, one is over 10 years old and still has 40 odd slips, all my cheque books will be burnt in the next tree clearing fire,,,,, the last cheque accomplished by my self was 2 years ago. Don't need them and it also saves postage and an envelope, no trip to a bank nor the time and frustrations that go with it. Australia might be a small country but it has grasped the digital age as have most countries residents. For me receiving a cheque went out 10 to 20 years ago, a bank cheque is always welcome but not much good here.

I have transferred large amounts of money, 50 to 250K AU and then I shop with my broker, yes we saved bucks but for smaller amounts, 3 or 10 K I have found my Aussie bank not far off the bench mark and the funds are cleared quickly for 5 bucks. We are looking at another investment condo and if we buy will be direct bank to bank. Cheques are a thing of the past.
Governments need to get with the times. BTW OMO.

Cheers, Steve.


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## DonAndAbby (Jan 7, 2013)

bigpearl said:


> Hi Don, yes I did state my costs from my/our bank in OZ, 5 bucks so like US 3.50. I also mentioned the exchange rate and the fact that my funds were available within 24 hours and worst case 48 hours etc. If some fool offered me a cheque these days I would reject unless it was a bank cheque, once deposited the funds are immediately available/cleared in Oz.
> 
> As said I have 3 cheque books, one is over 10 years old and still has 40 odd slips, all my cheque books will be burnt in the next tree clearing fire,,,,, the last cheque accomplished by my self was 2 years ago. Don't need them and it also saves postage and an envelope, no trip to a bank nor the time and frustrations that go with it. Australia might be a small country but it has grasped the digital age as have most countries residents. For me receiving a cheque went out 10 to 20 years ago, a bank cheque is always welcome but not much good here.
> 
> ...


OK, I guess those costs were in the older posts. With those low costs, it is a no brainer. We sure can't get anything like that in the U.S., so checking writing continues to be almost the best option for many.

Like you, for normal stuff, checks are a thing of the past for the most part, but in the U.S. they are still used. Especially by the 90 year old woman in front of you at the grocery checkout, who takes 5 minutes to find her checkbook in her huge bag, 5 minutes to find her glasses that are on a chain on her neck, 5 minutes to write the check, and 5 minutes find her ID!


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## bigpearl (Jan 24, 2016)

I hear you Don, been there, even scraping through their purse to find the right amount when paying cash can hold things up,,,,, almost like they don't want to part with one of their 100 dollar bills.

It wasn't always like that with my bank, they had a lite pay system, up to AU 3,000.00 would cost 5 dollars and any figure over that used to cost 20 dollars, go figure.
A couple of years ago the Aussie government and banks clamped down on money laundering and the lite pay disappeared and I assume there were many complaints from customers because 2 months later all transfers were 5 bucks and the exchange rate also improved for us.

My biggest gripe is the no fees from BDO,,,,,,, not that true it appears, we have deposited here for years but usually PHP 100 to 150K, the other day I thought I would verify this and found yes no fees deducted on those amounts but 2 deposits of PHP 300K attracted a 200 pesos fee, this amount is under AU 10K as advised by my bank manager in Manila 8 years ago "please don't deposit more that 10K. Ben is not amused, he did enquire some months ago about this, (he picked up the discrepancy) and the bank manager insisted it was an intermediaries fee and they can not do anything about it,,,,,,,,,, I was working back in Oz and let him deal with it.
Ben is on his way to the bank shortly with 15+ print outs from our bank in Oz showing pesos sent over the last couple of years and the no fees on everything except the 2 x PHP 300K transfers, same bank etc. with the request to reverse these fees or we will move banks. While it's only 400 pesos we are talking about there is a principle and I am trying to teach Ben that if you look after the cents the dollars look after themselves. Wish us luck.

3 years ago when we purchased our house here I used a broker, better deal. In the wash up the agent asked us for an additional 250 odd pesos, what's that for I asked? Sir this was our bank fee. That's your bank, you should take it up with them and not me, change your bank and he wore it as he should.

There are so many options for moving money internationally and it's up to the individual to find the best answer to suit their need,,,,,, when I was searching deposits here I found one with Western Union probably because their exchange rate was better than my bank in Oz, the money received in our account here never had any fees deducted, again a little over PHP 100K.
For us I have found what suits, took many years and now we have to get our bank here online to sort out these fees.

Cheers, Steve.


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## bigpearl (Jan 24, 2016)

Well no joy, the bank manager continues to argue that the 200 peso discrepancy is caused by an intermediary even calling BDO head office while Ben was in the office to sort out the issue. He even asked the cut off point to avoid the 200 peso fee, She didn't know as apparently its from some intermediary. 
My bank in Oz insists that there are no intermediaries as it is bank to bank, as we say more fun in the Philippines. I have weighed up that multiple PHP 100K deposits will cost more that one PHP 300 odd peso transfer with a magical 200 peso fee. Ben is emptying out the account so I can deposit 4 to 500K to see if it's still only a 200 peso fee or something new for going over AU 10K.

Unfortunately for us this BDO branch is the closest at 20 minutes drive, has plenty of parking and is in the mall where we shop mostly. Our local banks here in Bacnotan I and Ben wouldn't trust. The next big banks are 35 minutes drive and parking is a nightmare, SFC. Moving to another big bank further afield that may also throw in magical fees is not worth it.

Cheers, Steve.


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## DonAndAbby (Jan 7, 2013)

DonAndAbby said:


> As I mentioned before, for amounts up to $2500, bank to bank, Moneygram is the best deal going right now, even better than check writing because of the super high exchange rate they are giving.


For the last few months, I have been touting Moneygram as a great deal because of their very high exchange rate and no fees on bank to bank. 

So I finally decided to try it. I seems that their exchange rate has gone down to a more realistic level. Before, they were giving more than the XE mid-market rate. Now, they are giving around 20 centavos less than XE. Still a good deal but not a great deal.

XE is 49.47 right now. For bank to bank:

Moneygram $1000 USD nets 4921.70 Net X-rate 49.22

Transferwise $1000 USD nets 48947.10 Net X-rate 48.95

In theory, check writing is slightly more than than Moneygram. If I were to write a check to BPI, my cost is $1000 + $5 check deposit fee. Right now, their online rate is 49.19, so my net for $1000 is 49,190. If I were to "spend" that same $1000+$5 on Moneygram, my net will be 49457, 267 pesos more than the check got me.

Of course, I have to also wait ~25 days for the check to clear, and rates might be higher or lower. I just thought that was the easiest way to compare.


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