# Wiring Pesos to U.S.



## NavyMike (Oct 25, 2014)

We are in the process of selling our house and plan on returning to the States. Our bank in the U.S. said it's ok to wire transfer Pesos and that they would do an automatic change to dollars based on the current exchange rate. Our bank in San Fernando Pampanga told us that they can only wire transfer dollars and that a client of the bank could convert the Pesos to dollars and then the bank would do the wire transfer. This sounds fishy to me and I'm afraid that I will lose a lot in the exchange. Does anyone know of a bank in the Philippines that would wire a large amount of Pesos to an American bank?


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## Asian Spirit (Mar 1, 2010)

NavyMike said:


> We are in the process of selling our house and plan on returning to the States. Our bank in the U.S. said it's ok to wire transfer Pesos and that they would do an automatic change to dollars based on the current exchange rate. Our bank in San Fernando Pampanga told us that they can only wire transfer dollars and that a client of the bank could convert the Pesos to dollars and then the bank would do the wire transfer. This sounds fishy to me and I'm afraid that I will lose a lot in the exchange. Does anyone know of a bank in the Philippines that would wire a large amount of Pesos to an American bank?


Mike,

Nothing fishy about it. The Philippine govt will allow you to take OR SEND only something like P10,000 (maybe less) out of the country. Yes the bank will charge you to convert to dollars as well as to send it to the bank back home.
There is one branch of Bank of America in the Philippines. It's located in Manila and is primarily for businesses and do not accept individual accounts. They may however know a loophole in the law to allow pesos to be sent.


Jet Lag


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## bidrod (Mar 31, 2015)

Your US bank most likely will sc*ew you on the XE rate they will give you, remember their job is to make money for the bank not you. Looking at the exchange rate they give to wire transfer from the US to Philippines is terrible well be low the daily XE rate, also looking at if I was in the States and wanted to convert Php to USD is a terrible rate. Feel personally exchanging Php here to USD then wiring the USD would be the best way to go. JMHO

Chuck


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## NavyMike (Oct 25, 2014)

Thanks Chuck. It sounds like the only option.
Mike


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## esv1226 (Mar 13, 2014)

Licensed money changers has better exchange rates than banks. I would buy dollars then bank transfer to US.


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## bigpearl (Jan 24, 2016)

Only a suggestion and have never looked into PHP to Aussie or US dollars but we are in the midst of transferring Aussie dollars to PHP to purchase our house in La Union. Our bank, not a very good exchange rate, Brokers much much better.
Perhaps you should google online money brokers as I did, set up an account with the one you can do business with and are happy with their exchange rates.
For us the difference between my bank and my broker is over AU 10K.
Good luck.

Cheers, Steve.


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## bidrod (Mar 31, 2015)

You might want to check Transferwise I use them to send to my bank account here in PI appears you can send to US.

https://transferwise.com/help/article/1667423/us-dollar-transfers/usd-transfers

Chuck


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## HondaGuy (Aug 6, 2012)

NavyMike, I ran into exactly the same problem a few years ago. Here is an older post I made about that situation:

http://www.expatforum.com/expats/philippines-expat-forum/851250-phil-us-php-usd.html#post8117458


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## Tukaram (Dec 18, 2014)

Do Filipino banks have an equivalent to a cashier's check?


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## Tiz (Jan 23, 2016)

Tukaram said:


> Do Filipino banks have an equivalent to a cashier's check?


Not sure about local banks, but Citibank in Makati do.
They call them a manager's cheque.


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## esv1226 (Mar 13, 2014)

Tukaram said:


> Do Filipino banks have an equivalent to a cashier's check?


yes. i bank with bpi and have bought bank drafts in us dollars.


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