# Bank Transfer Charges



## Bikerpat (Apr 16, 2013)

Hi,

I opened an account with BPI (Bank of Philippine Islands) on Boracay last Feb and put a few thousand peso into it. The aim was to have a bank account which I will need for my SRRV retirement visa application.

I am now back in Ireland and decided to transfer a 1000PHP to this account over internet banking just to make sure the system works.

My own bank did the transaction and charged me a fee. No problem. 

However of the 1000peso I transfered only 300 has actually been credited to my account in BPI Boracay.

I am currently in email correspondence with BPI about this discrepency.

I went to my own bank here in Dublin and they said everything was in order from their end but that it's possible that some intermediary bank may have charged for handing the transaction. 

700PHP from a 1000PHP transfer is a lot of charges if that is the case.

And when I retire to Phils I will be using internet banking to transfer funds from Ireland to Phils.

Anybody expert on the forum that might explain the transfer charges and how I got so little from my 1000PHP?

I'm glad I only tested the system with 1000PHP !!!!! 


Pat


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## Bikerpat (Apr 16, 2013)

Thanks Capt. I was advised by Immigration that the SRRV visa was the best option for me as I am reting to Phils and as I am already on a pension. I didn't know I could stay for 2 years as a tourist. Re the money in BPI I am alllowed use it as you say if I want to rent longterm which I am planning to do. But I am worried about the transfer costs. I will wait and see what BPI come back with. Otherwise I will just leave my Irish accounts opne and draw money on my Irish ATM/VISA cards when I need it.


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

I don't think all banks here are created equal, I used to think that depositing my money in a Philippine Bank should be the way to go but I am now thinking otherwise, I have heard many good points about the Bank of China here and I have yet to check them out, they seem to be easier to work with from other expats on the board.


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## Asian Spirit (Mar 1, 2010)

mcalleyboy said:


> I don't think all banks here are created equal, I used to think that depositing my money in a Philippine Bank should be the way to go but I am now thinking otherwise, I have heard many good points about the Bank of China here and I have yet to check them out, they seem to be easier to work with from other expats on the board.


Most all expats that I know use China Bank and have good luck with them. That is one of the few allowable banks for US social security direct deposits also. So I assume that is why they get the most use and best reviews..


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## Bikerpat (Apr 16, 2013)

Thanks Capt. I am still in Ireland. But I have been to Phils five times, have a lovely girlfriend there, am retired and want to move there. It was Immigreation in Boracay who sent me to an agent who recommended Bank of Philippine Islands as the most recognisied band re applying for a SRRV visa. I have already opened an acccoung with BPI in Boracay. I see you point re keeping my money in my bank. I have no set location re living in yet and when I get there, I have matters to sort here first, then my girlfriend and I are plannning to look into nice locations to live, especially a place that near the beach and has college facilities within reach. Thanks for your advice and if you think of anything else please let me know.


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

*Philippine Banks, which one?*



Jet Lag said:


> Most all expats that I know use China Bank and have good luck with them. That is one of the few allowable banks for US social security direct deposits also. So I assume that is why they get the most use and best reviews..


I'm now done procrastinating and waiting to change banks, I'm going to get another one today but after doing some internet searches the China Bank looks like a huge duck egg about as bad as PNB and apparently many of my issue's with that bank might be resolved with the bank manager at the PNB but I don't want to do this, so far my branch has strict rules on 30 days plus holidays but after finding other posts it's not the case with everyone, dang it.... nothing is standardized, another PNB expat claims that after a few years he didn't need to wait the 30 days to withdraw money.

I checked the websites and China bank seems problematic just by looking at their website. In order to recieve interest you need to have at least $1000 in deposit also it was the only website down due to upgrades, all the other banks were up and running.

BDO only requires $200 deposit no interest though and $500 deposit in order to earn interest and if I want a direct deposit account they don't require any deposit...IAW their website under Dollar accounts, I haven't heard much information on BDO, my daughter in-law uses it and she recommended that bank to me also many OFW's use this bank and it seems easy to work with or transfer money, I need check the rates yet. BDO is owned by the Chinese/Philippine Billionair and not the Philippines I feel thats a plus.

BPI, I seems to have issue's also and listed as the oldest Philippine operating bank, oh no I don't see that working for me at all and I found a list of complaints.

PNB...they never have my check funds ready...and that means withdraw of my $500 deposit and a $10 service charge almost every single month, I deposit my check on the 1st and I arrive the next month on the first and my money is never there, I have had enough, another issue is that I need to return for more money, travel time is 40 minutes another waste of time and gas, not only do I get charged 100 peso's for check deposit but I need to return again the wife from day one started this tipping procedure with the bank guards... this is going to stop also :boxing:.

Has anyone used BDO, any dirt on that bank? Positive comments?


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## HondaGuy (Aug 6, 2012)

mcalleyboy,

I have a BDO account and have been pretty happy with them. Their website is pretty decent and I can even remit money to my girl's family from money in my BDO Peso account online. I put in how much I want to give them, give them the remittance number and they can walk into any BDO branch and get the money. I can also remit money INTO my BDO account from pretty much anywhere there are filipinos overseas. BDO has their own remittance program and they actually give a slightly better rate than Western Union.

One thing about BDO is that although they are all BDOs, the branches seem to operate very independently. Meaning you could go into one branch and get denied to open an account, but another would be more than happy to open one for you. That happened with me with my BDO checking account.

I would go into your local branch and sit down and have a friendly chat with one of the guys or girls and talk to them about what options they have available to you. So much in the PI is based on personal relationships, I think it would help you in the long term to be friendly with them, ask them their opinion on what accounts can help you out, etc. Go in every few weeks to make a deposit and say hi, you know the drill. Once they know you as a local, all kinds of options become available to you.

If you have a US government pension (military, GS, etc) you used to be able to have that direct deposited into a BDO account via BNY Mellon but I dont know if they still do that or not.

If you have time, I believe you can deposit money into a BDO Dollar account by writing them a check from a US bank, but you're going to wait 45-60 days for the check to clear. I seem to recall jon1 posting about doing that in another thread here, but I dont remember if that was a BDO or BPI account.

Good luck!


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

*BDO Bank Pagsanjuan Falls Laguna*

Asking BDO how long the cash takes to clear was the reason for me to go in there, I am an Immgrant and I-card so I wouldn't have a problem opening an account but boy they are standing room only in there, parking seems ok to mediocure but so many people packed like sardines, not sure I can put up with that.

Sticking with PNB and will just save a little more in there to cover longer check clearing times, no bank in my area has better care for the customer, they have plently of seating, with in minutes on the busiest day I'm out of there and parking inside the compound for my car the other banks are just like going to a fast food chain.


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## jon1 (Mar 18, 2012)

HondaGuy said:


> mcalleyboy,
> 
> I have a BDO account and have been pretty happy with them. Their website is pretty decent and I can even remit money to my girl's family from money in my BDO Peso account online. I put in how much I want to give them, give them the remittance number and they can walk into any BDO branch and get the money. I can also remit money INTO my BDO account from pretty much anywhere there are filipinos overseas. BDO has their own remittance program and they actually give a slightly better rate than Western Union.
> 
> ...


I am using BPI for a US $ and have to wait 28 days for the funds from the check that I write to myself. It typically clears my US bank in 3-5 days. This option works best for me for all of my routine financial matters. I just have to plan a month ahead on what I am going to do. I typically keep 3 months of routine budget in country. That way I have some immediate fallback money for emergencies and stay well under the FBAR limit. After the first 28 days you would be setup if the first check that you wrote could cover 3 month's worth of expenses. Then it is just a matter of thinking ahead enough to write/deposit a check in time so that the funds will be available to you in country when you need them.

The main advantage to operating this way is that there are ZERO fees on either end.


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