# money transfer



## 888dino (Apr 22, 2014)

Hello, does anyone know the best way to transfer about 20, 000usd from a french bank acount to a bpi account. Has anyone done this before? What fees occur and what ballpark figure am I looking at? Cheers


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## 197649 (Jan 1, 2013)

Not sure about French Bank. I know all banks require a SWIFT which can be found on the internet but I would to confirm with BPI. I would recommend you contact both banks and ask the procedures, and the cost. 20k is a fairly large amount to transfer in the dark,
I would recommend you transfer a small amount first. Then once that is successful transfer a larger amount. The largest I transfer is 9k. But that is because of US IRS.


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## 197649 (Jan 1, 2013)

qas


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## 888dino (Apr 22, 2014)

c_acton98 said:


> qas


Oh I see thanks for the heads up. Ill take ur advise. Ill see if anyone else has had the experience. And what fees they paid. Yup I tried the bpi, but like normal not even the bank manager knew the answer as they expect you to transfer and then suprise you with the fee. Nothing short of hopeless lol


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## JShannon (Jan 28, 2014)

Transferring from Canada to here costs $30, no fees on this end. As mentioned you need a swift code and other stuff, best to ask your bank in France what they need. I use Metrobank and never had a problem.


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## 197649 (Jan 1, 2013)

Heres the web site for swift codes
Swift Codes for all Banks in Philippines


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## Gary D (Oct 28, 2013)

The biggest problem is if there several banks in the chain who all take a cut and you won't know until you see what arrives in the Philippines bank.


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## esv1226 (Mar 13, 2014)

If you have been doing online banking, you can readily transfer cash to your bank here. In addition to the swift code mentioned, the bank may require a phone where they can send a code/message.
Log on to your bank and try transfering, you'll know exactly what they'll require from you.


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## evanderwaal (Jun 3, 2014)

We've been using forexworld money remittance for big amounts. We can pick up the money either BPI or PNB doesnt need an account if it is pick up. Can also choose bank deposit if you have a bank account in Phils.. $8 fee for pick up and $9 for bank deposit. Money is ready for pick up 2-3 hrs as long as you provide bank statement to prove it is legal money ( documents only required if 10k and up).


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## 888dino (Apr 22, 2014)

evanderwaal said:


> We've been using forexworld money remittance for big amounts. We can pick up the money either BPI or PNB doesnt need an account if it is pick up. Can also choose bank deposit if you have a bank account in Phils.. $8 fee for pick up and $9 for bank deposit. Money is ready for pick up 2-3 hrs as long as you provide bank statement to prove it is legal money ( documents only required if 10k and up).


Thanks for that. Thats a big help and steared me on the right track.


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## evanderwaal (Jun 3, 2014)

888dino said:


> Thanks for that. Thats a big help and steared me on the right track.


I can see that you are from Australia then it is easy... just check this link... Untitled Document . We've been using it for more 18 months since I only found out that they dont have limits of transferring money to Philippines. You have to be a member in order to use their service. Cheers!


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## greggw2gs (Jul 7, 2012)

888dino said:


> Hello, does anyone know the best way to transfer about 20, 000usd from a french bank acount to a bpi account. Has anyone done this before? What fees occur and what ballpark figure am I looking at? Cheers


From the USA I paid $75 to move $30,000 USD into a USD Account in the PI. I had orginally wanted to move the USD into a Peso account but my bank Chase couldn't do it. They said they only deal with like 8-10 big currencies in the world not Phil Peso. As someone said make sure to get the SWIFT codes validated in writing before making the transfer. Good Luck!


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## JimnNila143 (Jul 23, 2013)

*Funds Transfer*



greggw2gs said:


> From the USA I paid $75 to move $30,000 USD into a USD Account in the PI. I had orginally wanted to move the USD into a Peso account but my bank Chase couldn't do it. They said they only deal with like 8-10 big currencies in the world not Phil Peso. As someone said make sure to get the SWIFT codes validated in writing before making the transfer. Good Luck!


$75.00USD is a reasonable fee to send that much money. The only problem would be the delay in converting from US$ to PhP is it can take up to 2 months for the process to take place. Originally I would send my wife money orders, which, can take up to 60 days to clear. I changed this by using Western Union's money transfer and paid $3.95US to send X amount of US$ and it took 4 days to reach my wife's account. I also used a VISA ATM debit card to deposit funds directly to her account which took 4 days to clear. Processing fees were very cheap.


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## cvgtpc1 (Jul 28, 2012)

I'm finding from this forum that where you bank at in the US prior to going to the PI is just as important as where you will bank there.


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## greggw2gs (Jul 7, 2012)

cvgtpc1 said:


> I'm finding from this forum that where you bank at in the US prior to going to the PI is just as important as where you will bank there.


Good point. 

I assumed that one would need to have two accounts in the PI. A $USD account and a PHP account for example in my case. Or a $USD account at a bank in the States that would make transfers into a PHP account. As I mentioned earlier my Chase Bank does not do this.

Anyone living in country have any advice for us planning the transition?

Thanks Gregg


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## Cebu Citizen (Dec 13, 2013)

I have dealt with a few international transfers from the US to the Philippines each year and typically the originating bank charges the fee to transfer the money but I have never had the receiving bank charge a fee because they are usually glad to get your money into their system, (helps their bottom line...more assets means a bigger reputation in the banking world).

I use Wells Fargo in the US and BPI in the Philippines...and I only pay $10.00 per $3,000.00 transferred.


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## Cebu Citizen (Dec 13, 2013)

The most difficult part of setting up the transfer for me is that #1, I needed a bank account in the Philippines...which required me to be there in person to open the account at BPI...they would not let me open it electronically from the US. Then my US bank required me to be at their banking facility in person to begin the transfer process...which required me to return back to the US. After getting everything set up, it is now very easy for me to change the date of my transfer or change the amount transferred all on the internet.

To get around this issue, I opened an account on one of my trips there because the Philippines requires you to be there in person to open an account and sign the account documents...then upon returning to the US, I was able to begin my transfer process...a bit of a hassle but it finally worked out.


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## Nickleback99 (Aug 6, 2011)

The Wells Fargo to BPI is what we've used for such banking and user friendly when set up. I can do by phone or internet snd funds usually available in about 3 days at BPI once you send. Program is called "Express Send".


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## Cebu Citizen (Dec 13, 2013)

The best part about this is that the US Banks have an FDIC protection for up to $250,000.00...much higher than the banks in the Philippines. So your money is safe and protected, yet easily accessible and in your hands within a few days.


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## greggw2gs (Jul 7, 2012)

Are your BPI accounts PHPeso accounts? I assume yes? Thanks Gregg


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## Nickleback99 (Aug 6, 2011)

Yes mine is a peso acct via my wife. When we move back, will open a dollar account. The exchange rates they've given are competitive, but there's a margin which im sure squeeze a few extra pesos out each transaction.


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## Phil_expat (Jan 3, 2011)

Citibank USA has a FREE global transfer from my USA Citibank to my Philippine Citibank account.


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## greggw2gs (Jul 7, 2012)

Thanks for all the help! Curious do you maintain a home in the US as well?


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## Nickleback99 (Aug 6, 2011)

Not sure who all you are asking this, or just one, but we plan to keep a home here in either WA or Vegas area when we move back in 2016, just in case and to have a place to come back to for big part of rainy season in PI, since then is summer here. Also the "escape hatch" should PI go down the tubes. I have an acquaintance too who does 6 mos in Cebu and 6 months in Florida; says he was not going to just give up life and friends here in U.S. They have condo in Cebu. Best of luck!


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## Nickleback99 (Aug 6, 2011)

Phil_expat said:


> Citibank USA has a FREE global transfer from my USA Citibank to my Philippine Citibank account.



Now THAT is Awesome. Looks like I'll be checking that out directly! Thanks for that info....Simple and Free. Can't beat that.


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## greggw2gs (Jul 7, 2012)

Nickleback99 said:


> Not sure who all you are asking this, or just one, but we plan to keep a home here in either WA or Vegas area when we move back in 2016, just in case and to have a place to come back to for big part of rainy season in PI, since then is summer here. Also the "escape hatch" should PI go down the tubes. I have an acquaintance too who does 6 mos in Cebu and 6 months in Florida; says he was not going to just give up life and friends here in U.S. They have condo in Cebu. Best of luck!


I was asking in general. My plan has been to do the same. 6 months in KY and 6 months in the PI as a rule of thumb. Just curious if anyone we are talking with at the moment about money transfers has just a PO BOX or something in the USA? Its an option worth looking into for us I think. Thanks Gregg


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## Cebu Citizen (Dec 13, 2013)

About the P.O. Box question...I would check with your financial institution but many banks will not recognize or accept P.O. Box as a form of address.


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## Cebu Citizen (Dec 13, 2013)

The easiest way around the P.O. Box issue is to do a Google search for mail scanning services...

They are reputable businesses that will hive you a legitimate street address and they will either forward your mail to you...destroy it or scan it into your account so you can securely access it from any computer around the world.

They are very reasonably priced and generally start at $10 a month and go up from there...


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## greggw2gs (Jul 7, 2012)

I agree that the 6 month idea on paper seems best. The travel as you said can be a real bear even for younger folks too. The travel cost alone are something to consider as well. Regardless we will at least initially keep our KY home. After a few years we may decide to pick one location or another. Options exist. Thank you.


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## Manitoba (Jun 25, 2014)

Just a caution when setting up a money transfer.

First try send only a small amount, something that you can afford to lose, to make sure all the codes are correctly entered everything works.

Then using the saved information you can make the larger transfers as you need to.


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