# Best/cheapest way to receive money from the US



## dezzirae (Jul 28, 2012)

What's the best way (fastest, cheapest) to receive commission checks from the U.S. ?

The company I work for (hooray for firms that let you work from your laptop, anywhere in the world) usually does a direct deposit into my USBank checking account, but since there isn't a USBank here in the Philippines, I was thinking of setting up an account with Metrobank or PNB. 

My husband and I still carry our cash around (he got P500 pickpocketed from him the other day at the mall) and having a debit card instead of cash would also give us peace of mind.


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## cvgtpc1 (Jul 28, 2012)

dezzirae said:


> What's the best way (fastest, cheapest) to receive commission checks from the U.S. ?
> 
> The company I work for (hooray for firms that let you work from your laptop, anywhere in the world) usually does a direct deposit into my USBank checking account, but since there isn't a USBank here in the Philippines, I was thinking of setting up an account with Metrobank or PNB.
> 
> My husband and I still carry our cash around (he got P500 pickpocketed from him the other day at the mall) and having a debit card instead of cash would also give us peace of mind.


Posters here seem to really like China Bank....something I need to check on myself.


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## jon1 (Mar 18, 2012)

dezzirae said:


> What's the best way (fastest, cheapest) to receive commission checks from the U.S. ?
> 
> The company I work for (hooray for firms that let you work from your laptop, anywhere in the world) usually does a direct deposit into my USBank checking account, but since there isn't a USBank here in the Philippines, I was thinking of setting up an account with Metrobank or PNB.
> 
> My husband and I still carry our cash around (he got P500 pickpocketed from him the other day at the mall) and having a debit card instead of cash would also give us peace of mind.


The way I do it is not fast but free..

I have a US $ account with BPI. I write myself a check for deposit and 28 days later it's available for use. My local BPI Branch even exchanges the $ for me when I withdraw. I typically get whatever the online rate is for the day or better. 

Be careful with a debit/atm card. There are lots of scams out there that can scan your credentials and steal your $. Also, a debit card usually incurs fees (local bank fee - 200p, international transaction fee, conversion fee) which quickly add up. Sometimes it can cost as much as $15 to withdraw only $250! I have a debit card for emergencies only. 

If you set up a US $ account here, you could have your stateside bank wire the $. There are some costs with that but it will be available in 3-5 business days. Make sure that you get the tracking number from the originating bank as the local banks like to stall in releasing your funds (try to say they don't see the transaction).

I would also recommend investing in a small firesafe (Briefcase size). I bought one at True Value for around 4000p. It usually has the ability to bolt it down too.

For me the check for deposit method is the best, albeit slow and requiring a little thinking ahead, as it takes out the human f***up factor and there are zero fees.


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## jon1 (Mar 18, 2012)

Also, check out this thread.. http://www.expatforum.com/expats/ph...8337-useful-links-philippines.html#post842728

Some useful info on other ways to send $


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## mrcurtis08 (Nov 17, 2012)

I opened an account with BPI and I have my checks sent to the BPI remittance center in New York. A couple of days later, the funds (in pesos) are in my Phils account. I did go to NYC in person to set that up... not sure if that's the only way to do it, though


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## dezzirae (Jul 28, 2012)

Thanks for all the great info, y'all! 

BPI apparently has a banking product geared primarily toward Filipino working overseas who want to send money to the Philippines, and it's apparently pretty efficient. 

I'm going in to a BPI branch tomorrow to see what the details are. I'll share what I find out.


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## HondaGuy (Aug 6, 2012)

If you have an HSBC USA account with an HSBC ATM card, you can pull something like p40k a pop from an HSBC Philippines ATM with no fee. I dont recall how competitive the peso rate was though. It might have been a few points lower than using another USA ATM card (something like p41.10 instead of p41.20)


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