# Wire Transfer



## Phil_expat (Jan 3, 2011)

I just completed for the first time a wire transfer from my USA Citibank checking account to my Philippine China Bank dollar account. It was a very long process the first time. I hope next time it will be easier. China Bank does not have a routing number but they do have a swift address. China bank told me it takes 1 to 3 days to get the money but Citi bank said it takes 2 weeks for international transfer. I am sending $5,000 to my dollar account. Has anyone done this before and know how long it takes?

Tony


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## bigpearl (Jan 24, 2016)

Hi Tony, have to apologise as I am an Aussie but I assume a wire transfer means sending money from one account to another electronically? Hope that's what you mean or I am a stray horse.
You have jumped the first hurdle by simply having an open bank account in the Philippines, well done and a task we went through 4 years ago, shunned by 3 banks even though I had an ACR1 and all the correct paper work,,,,,,,,,,,as a younger man I would wave told them where to get off but with age comes maturity and tolerance (to greater and lesser degrees, lol)
2 accounts open with BDO, debit cards and online banking, wow. We transfer funds easily in under 2 days to these accounts from Oz. We also transfer funds to the outlaws periodically and never a problem, last transfers from Westpac to the outlaws account, PNB only took 1 day, 

Cheers, Steve.


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## Phil_expat (Jan 3, 2011)

I logged on to my china bank accounts this morning and the money is their available now. It took one day only. The lady on the phone (V0IP) at Citi Bank USA that helped me with my first wire transfer told me international takes 2 weeks (wrong). 
Tony


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## bigpearl (Jan 24, 2016)

Well done Phil_expat, good news. Though our transfers are generally 2 days I have seen on one occasion 5 days but think that there was a weekend and a public holiday in Australia at that time.

Cheers, Steve.


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## DonAndAbby (Jan 7, 2013)

Phil_expat said:


> I logged on to my china bank accounts this morning and the money is their available now. It took one day only. The lady on the phone (V0IP) at Citi Bank USA that helped me with my first wire transfer told me international takes 2 weeks (wrong).
> Tony


The bigger question might be, how much did they charge you? Wire transfers can be very expensive. If you are in the Philippines, plan ahead and write yourself a Citibank check and deposit it in your China Bank account. Funds should be available in 20-25 days usually.


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## SierraMadreMe (Mar 26, 2015)

As has been said,wire transfers are expensive.We did that for the first 2 years we were here.The first year wasn't too bad,only $25 a pop.but the next year went to $40,and I figured I had better work out a solution.We opened a dollar account at the local bank,and then just deposited checks to our account and waited the normal 21 days for the check to clear.

We then would simply withdraw Dollars as needed and go to the black market and exchange for pesos.

Works great so far,and the bank LOVES to see our deposits.

SMM


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## hogrider (May 25, 2010)

SierraMadreMe said:


> As has been said,wire transfers are expensive.We did that for the first 2 years we were here.The first year wasn't too bad,only $25 a pop.but the next year went to $40,and I figured I had better work out a solution.We opened a dollar account at the local bank,and then just deposited checks to our account and waited the normal 21 days for the check to clear.
> 
> We then would simply withdraw Dollars as needed and go to the black market and exchange for pesos.
> 
> ...


$25, $40 for a wire transfer???? Your US banks are having a laugh!!
I transfer from Dubai for $5 and funds are in the account there in 2 working days.


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## fmartin_gila (May 15, 2011)

Geez!! I guess I'm somewhat out of date on some of these things. The last time I did a money transfer from my Bank to an Investment Account, it was $15 and I thought that was expensive since both parties were located in the US. Course that was several years ago so I spose it would be normal to escalate to some extent.

I am intending to do as SMM when I finally get my ACR card. 

Fred


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## pronse (Apr 3, 2009)

The easiest and free way would be to open a dollar account and a Peso account with BPI bank then do what SMM was doing except going to the black market.
BPI has online money exchange between its accounts.
Just sit home and exchange! Online!
I've been doing this for 3 years now.



Sent from my iPhone using Tapatalk


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## JRB__NW (Apr 8, 2015)

I use Wells Fargo (US) Express Send to transfer funds to my gf's BPI account here, takes a couple of hours and there is a $5 fee. It is NOT a wire transfer using SWIFT codes, hence it is cheaper. You also take a slight hit on the exchange rate, like .5 peso, so instead of getting 49.5 per US dollar you might get 49. It works for me. They support several major Phils banks.


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## Phil_expat (Jan 3, 2011)

My wire transfer to my Phil China Bank account from my US Citi Bank account was $5,000 and the charge was $35! I did the transaction on line and the money was available the next day in my China Bank dollar account.


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## DonAndAbby (Jan 7, 2013)

JRB__NW said:


> I use Wells Fargo (US) Express Send to transfer funds to my gf's BPI account here, takes a couple of hours and there is a $5 fee. It is NOT a wire transfer using SWIFT codes, hence it is cheaper. You also take a slight hit on the exchange rate, like .5 peso, so instead of getting 49.5 per US dollar you might get 49. It works for me. They support several major Phils banks.


Seems like a good deal until you consider the exchange rate. .5 peso on a $5000 transfer is p2500, about $50. You paid $55.

I avoid wire transfers but Chase charges me $40 for up to $25,000 and BPI charges about p200.

$ check deposited to your Philippines $ account is only 0 cost method. You choose the exchange rate.


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## pronse (Apr 3, 2009)

A tip ...
If you have a BPI dollar account, exchanging $1000 to you Peso account online is less by, I think, 2 pesos than if you do $1001!

5001 is more than 5000 too...
10001 is more than 10000 too...
That extra dollars can give you more benefit ...


Sent from my iPhone using Tapatalk


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## DonAndAbby (Jan 7, 2013)

pronse said:


> A tip ...
> If you have a BPI dollar account, exchanging $1000 to you Peso account online is less by, I think, 2 pesos than if you do $1001!
> 
> 5001 is more than 5000 too...
> ...


No, I think you mean 2 centavos per level.

However, get to know your bank folks. Mine give me the highest rate even for just $5000. If I do a big exchange like when I bought my house, they can call Manila and usually get even a bit higher than the computer says.


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## pronse (Apr 3, 2009)

You are right ...
I did a $1001 usd exchange today and the rate was 49.41 ... for 1000 it was 49.39...



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## JRB__NW (Apr 8, 2015)

DonAndAbby said:


> Seems like a good deal until you consider the exchange rate. .5 peso on a $5000 transfer is p2500, about $50. You paid $55.
> 
> I avoid wire transfers but Chase charges me $40 for up to $25,000 and BPI charges about p200.
> 
> $ check deposited to your Philippines $ account is only 0 cost method. You choose the exchange rate.


Well I rarely transfer more than $1000 at a time. About once a month. So about $15 each time. Just safer and more convenient for me that way.


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## Phil_expat (Jan 3, 2011)

DonAndAbby said:


> The bigger question might be, how much did they charge you? Wire transfers can be very expensive. If you are in the Philippines, plan ahead and write yourself a Citibank check and deposit it in your China Bank account. Funds should be available in 20-25 days usually.


Depositing personal check in my China Bank account takes 15 working days clear, holidays and weekend make it longer. My wire transfer was immediately available


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## soulman1949 (Aug 5, 2013)

Good heavens, cheques? What century are we in? I use an online service based in London called Azimo and I remit the funds to them from my UK bank account using online banking. Takes me less than 24 hours (typically 8-9 hours) to have the money pop up in my BDO account and the charge from Azimo is only £2.99 for the amounts I transfer. And the rates are very competitive too! I used to use my bank and they were charging me £25 a time! Not anymore!


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## pronse (Apr 3, 2009)

Soulman ... checks are free!


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## bidrod (Mar 31, 2015)

soulman1949 said:


> Good heavens, cheques? What century are we in? I use an online service based in London called Azimo and I remit the funds to them from my UK bank account using online banking. Takes me less than 24 hours (typically 8-9 hours) to have the money pop up in my BDO account and the charge from Azimo is only £2.99 for the amounts I transfer. And the rates are very competitive too! I used to use my bank and they were charging me £25 a time! Not anymore!


That is nice but Azimo won't work for Americans, Canadians, etc.

Chuck


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## soulman1949 (Aug 5, 2013)

I can't believe there are no comparable services available to the colonies! I always thought you guys invented private enterprise! ;-)


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## bidrod (Mar 31, 2015)

soulman1949 said:


> I can't believe there are no comparable services available to the colonies! I always thought you guys invented private enterprise! ;-)


We do have some but for about the same rate, but all I have looked do not have great exchange rate. The companies have to make a profit some way. That is why I deposit my US check and wait the 15 business days. It is FREE and I have the choice where to change for Pisos at the best rate.

Chuck


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## hogrider (May 25, 2010)

bidrod said:


> We do have some but for about the same rate, but all I have looked do not have great exchange rate. The companies have to make a profit some way. That is why I deposit my US check and wait the 15 business days. It is FREE and I have the choice where to change for Pisos at the best rate.
> 
> Chuck


How does the $ account work Chuck? I can understand that you pay in a $cheque drawn on your US bank, but what currency do you make withdrawals?


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## bidrod (Mar 31, 2015)

hogrider said:


> How does the $ account work Chuck? I can understand that you pay in a $cheque drawn on your US bank, but what currency do you make withdrawals?


Withdrawals are in $ which I can convert at the bank for Php at the bank rate or take to an outside money changer for a better rate.

Chuck


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## hogrider (May 25, 2010)

bidrod said:


> Withdrawals are in $ which I can convert at the bank for Php at the bank rate or take to an outside money changer for a better rate.
> 
> Chuck


Sounds good. Does the bank always carry a good amount of $ or do you need to advise them in advance if you need to make a large withdrawal?


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## bidrod (Mar 31, 2015)

hogrider said:


> Sounds good. Does the bank always carry a good amount of $ or do you need to advise them in advance if you need to make a large withdrawal?


They normally request you call the day before for withdrawals, but I have walked in and told them I have called when I really did not call. This has been $2K or less. It takes a little time for withdrawal since they record all the bills serial numbers.

Chuck


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## fmartin_gila (May 15, 2011)

bidrod said:


> We do have some but for about the same rate, but all I have looked do not have great exchange rate. The companies have to make a profit some way. That is why I deposit my US check and wait the 15 business days. It is FREE and I have the choice where to change for Pisos at the best rate.
> 
> Chuck


This is the method I now intend to use if/when I ever get issued a ACR card so I can open a local account. Will go to BI next week to check again.

Fred


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## DonAndAbby (Jan 7, 2013)

bidrod said:


> We do have some but for about the same rate, but all I have looked do not have great exchange rate. The companies have to make a profit some way. That is why I deposit my US check and wait the 15 business days. It is FREE and I have the choice where to change for Pisos at the best rate.
> 
> Chuck


I researched a lot of the transfer services several years ago and Xoom was the cheapest for U.S. transfers back then, considering the fee and the amount you lose on the exchange rate. All of these services have limits on the amount you can send.

I looked at that Azimo, and it is the lowest cost I have seen, but nothing beats FREE with the check method. I compared the Azimo rate to XE.com rate, and the total cost ends up at about 9.14 pounds when sending 1000 pounds.


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## soulman1949 (Aug 5, 2013)

Cheques are a no-no for me as the local banks here in the Phils don't do Sterling accounts (only Dollar) so Azimo is a brilliant deal for me. YMMV.

A


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## DonAndAbby (Jan 7, 2013)

bidrod said:


> They normally request you call the day before for withdrawals, but I have walked in and told them I have called when I really did not call. This has been $2K or less. It takes a little time for withdrawal since they record all the bills serial numbers.
> 
> Chuck


Our BPI branch here in Subic does a lot of $ business, so there are always a lot of dollars on hand. All of the duty free stores will take $ or pesos, so I guess that is why there are a lot of dollars around.

However, I don't bother with outside money changers because BPI always gives me a good rate. If I want to exchange $5000 and an outside changer has a 10 centavo better rate, it costs me p500 to do it at BPI. Considering that I still have to go to BPI to get the $5000, then drive to a changer, and risk walking around with $5000, then go back to BPI to deposit in my peso account, it is not worth it.

If I had a really large amount to change, I might shop around for a changer who would meet me at BPI. They take the risk, not me. I know some do this on a regular basis.


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## BGCExpat (Oct 26, 2015)

soulman1949 said:


> Cheques are a no-no for me as the local banks here in the Phils don't do Sterling accounts (only Dollar) so Azimo is a brilliant deal for me. YMMV.
> 
> A


Soulman, BPI, BDO, and HSBC (among others) all have pound sterling accounts as well as many other types of foreign currency accounts. Check into it, it might save you some dosh in the long run...


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## soulman1949 (Aug 5, 2013)

I specifically asked in BDO, BPI and China Bank here in Marbel and all said only Dollar! :-(


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## fmartin_gila (May 15, 2011)

Seems to be another example of each branch acting like their own entity with their own rules & regs.

Fred


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## soulman1949 (Aug 5, 2013)

Yup it's like when I renewed my Visa at the Gensan Field Office last year, they asked for extra copies of passport photos. I got nowhere protesting that this was not the requirement on their own website! After a while, if you want to keep your pointed head you stick banging your head on the wall! This year I came forearmed and dutifully compliant! ;-)

Alan


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## hogrider (May 25, 2010)

A question, not directly related to wire transfers, but bank related. If you are on a Balikbyan stamp can you still open bank accounts here?


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## fmartin_gila (May 15, 2011)

hogrider said:


> A question, not directly related to wire transfers, but bank related. If you are on a Balikbyan stamp can you still open bank accounts here?


PBI allowed me to open a Dollar account when I was on Balikbayan status. It was only allowed to receive funds from Social Security in the US and only to allow myself to withdraw Dollars from. No other use allowed. I could not deposit funds into it I could not have another pension deposited into it. I finally just closed the account in disgust and went back to banking in the states.

If I ever get issued a ACR card since my 13A approval, I intend to open a Dollar account with BDI or MetroBank so I can write & deposit a check each month into, then upon clearance, I can withdraw Dollars to be converted to Pesos. As of now, I am withdrawing from ATM as needed but there is a surcharge to to this which in effect lowers my conversion rate.

Fred


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## hogrider (May 25, 2010)

fmartin_gila said:


> PBI allowed me to open a Dollar account when I was on Balikbayan status. It was only allowed to receive funds from Social Security in the US and only to allow myself to withdraw Dollars from. No other use allowed. I could not deposit funds into it I could not have another pension deposited into it. I finally just closed the account in disgust and went back to banking in the states.
> 
> If I ever get issued a ACR card since my 13A approval, I intend to open a Dollar account with BDI or MetroBank so I can write & deposit a check each month into, then upon clearance, I can withdraw Dollars to be converted to Pesos. As of now, I am withdrawing from ATM as needed but there is a surcharge to to this which in effect lowers my conversion rate.
> 
> Fred


Thanks Fred

Does that just apply to $ accounts? Would I be able to open a normal peso account whilst on BB status?


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## fmartin_gila (May 15, 2011)

hogrider said:


> Thanks Fred
> 
> Does that just apply to $ accounts? Would I be able to open a normal peso account whilst on BB status?


That I do not know as I didn't inquire about a Peso account.

Fred


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## fmartin_gila (May 15, 2011)

Just happened to think on this - about all you can do is ask as it seems each branch lives under slightly different rules than others in the same chain.

Fred

Seems as if i remember our Local Friendly Moderator saying something to the effect of - "the only thing consistent here is the lack of consistency".


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## bidrod (Mar 31, 2015)

hogrider said:


> Thanks Fred
> 
> Does that just apply to $ accounts? Would I be able to open a normal peso account whilst on BB status?



Most banks will require an ACR card to open a bank account. While on a BB you are not required to get an ACR but you are also not prohibited from getting one. 

Chuck


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## bigpearl (Jan 24, 2016)

I am a newbie so I may say the wrong thing here but,,,,,, to me if you have or qualify for balikbayan status simply get your partner to open account/s if they won't let you open an account/s and have yourself linked. If you trust your Asawa I suppose.

Having an ACR1 doesn't make it easy either if you go down that path, depends on the bank policies usually dictated by the manager and not that particular banks policy, know this from frustrating experiences opening single and joint accounts, our accounts are only Peso accounts so have to convert before depositing from Oz, so a lower exchange rate and an AU $20.00 fee for the privilege, send more to reduce the overheads/planning.

As we get closer to moving back I fully intend to work out the best way to move funds and save dollars unless other Aussies can advise/share their knowledge.

Cheers, Steve.


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## bidrod (Mar 31, 2015)

Steve, totally agree being on a Balikbayan Stamp gives that person more latitude. I got here in 2010 on a 9a and had bank accounts both Peso and dollar within the 1st month. I was lucky and was issued a total extension to 3 months on my visa versus the old 59 days plus an ACR card. Went to my local BDO introduced myself to the Manager and that was all it took. Still on a 9a with one BB Stamp during my time here. Approved for BDO CCs and new car loan. I feel it is to your advantage to introduce yourself to the manager on your 1st visit. 

Chuck


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## bigpearl (Jan 24, 2016)

bidrod said:


> Steve, totally agree being on a Balikbayan Stamp gives that person more latitude. I got here in 2010 on a 9a and had bank accounts both Peso and dollar within the 1st month. I was lucky and was issued a total extension to 3 months on my visa versus the old 59 days plus an ACR card. Went to my local BDO introduced myself to the Manager and that was all it took. Still on a 9a with one BB Stamp during my time here. Approved for BDO CCs and new car loan. I feel it is to your advantage to introduce yourself to the manager on your 1st visit.
> 
> Chuck


Chuckle, no pun intended Chuck but have to seriously agree 110% on introducing yourself to the manager, as said in other posts on this and other sites, my glory after 3 previous bank declines (all BDO) was insisting on meeting the manageress (as was the case in the 4th bank after a week or so of frustration) much to the resistance and disgust of the teller that served us declining opening accounts but me being persistent/pain in the proverbial, finally met the said manageress and all the boxes were ticked. It was bloody hard work.
I don't qualify for the recognised visas accepted by most banks only the ACR1 card got me through.
On reflection some years later I perhaps should have just got Bengie to do the hard yards and linked me to our accounts.

Cheers, Steve.


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## donaxon (Feb 1, 2017)

I use Azimo.com for wire transfers from the UK, It takes about 4 hours!


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## micky42 (Feb 1, 2017)

what was westpac's charge?


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## bigpearl (Jan 24, 2016)

micky42 said:


> what was westpac's charge?


Hi micky42, welcome to the group.
Westpac charge us AU $ 20.00 for any transfer be it one Aussie dollar or a million, as said in other posts both here and other sites, plan your needs, do your research with regards to exchange rates and transfer fees etc. Shifting large amounts I would talk to your managers both here in Oz for a better exchange rate and your branch manager in Ph. with regards to their costs. Or as others mention look at depositing a cheque if you are not in a hurry.
Banks are not the only way to get money to other countries either. My opinion only, research.

Cheers, Steve.


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## bidrod (Mar 31, 2015)

Did a wire transfer for the 1st time in a few years from my US bank to my BDO dollar account needed to reload the account. Approximately 24 hours for the transfer to be in the BDO account.

Chuck


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## Rebaqshratz (May 15, 2016)

*Transfer $$$*



Phil_expat said:


> I just completed for the first time a wire transfer from my USA Citibank checking account to my Philippine China Bank dollar account. It was a very long process the first time. I hope next time it will be easier. China Bank does not have a routing number but they do have a swift address. China bank told me it takes 1 to 3 days to get the money but Citi bank said it takes 2 weeks for international transfer. I am sending $5,000 to my dollar account. Has anyone done this before and know how long it takes?
> 
> Tony


I use XOOM to transfer money from US bank to my bank in Philippines. It is almost instantaneous REMITLEY is brand new on the scene and is a bit cheaper. If you send USD to peso account the exchange rate will be a little bit lower than the going rate. The company is making their money by carving out a margin with the exchange rate. When USD to USD in the Philippines it is 1 for 1 but the service charge is higher $14.99 for $2999.00. Again on first blush it seems that REMITLEY is cheaper for both USD to Peso and USD to USD. I like to send USD because my wife gets a better than going exchange rate from the bank because of her relationship with the folks in the bank - we transfer from the USD account to a Peso account at the same bank. I have used both and have transferred a lot of money...3 house lots 2 cars and a large home all paid for with money from the states (I was a contractor in Afghan) They update the recipient and the sender with text messages so you know exactly where the money is. Easy to set up on your computer. 

Mike


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## bidrod (Mar 31, 2015)

Seems to be a new player called TransferWise. It appears they only send Php to the Philippines. They send Php at the mid market rate(XE, Yahoo. etc) at the time you send. Your Php account will receive the Php minus the sending charge. I looked the other day and $1000 send would actually be a $990.10 send, but it would be the full rate of Php for the $990.10($990.10 x php 49.71= php 49217.87). $9.90 was the charge of the send which is approximately 1%. Most other companies exchange rates are Php 1+ per dollar below the mid market rate plus there service charge. Looks like a good option if you are going to send Php to a bank account in the Philippines.

https://transferwise.com/u/charlesr45

Chuck


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## Phil_expat (Jan 3, 2011)

fmartin_gila said:


> PBI allowed me to open a Dollar account when I was on Balikbayan status. It was only allowed to receive funds from Social Security in the US and only to allow myself to withdraw Dollars from. No other use allowed. I could not deposit funds into it I could not have another pension deposited into it. I finally just closed the account in disgust and went back to banking in the states.
> 
> If I ever get issued a ACR card since my 13A approval, I intend to open a Dollar account with BDI or MetroBank so I can write & deposit a check each month into, then upon clearance, I can withdraw Dollars to be converted to Pesos. As of now, I am withdrawing from ATM as needed but there is a surcharge to to this which in effect lowers my conversion rate.
> 
> Fred


US set the requirements for direct deposit social security money. It has nothing to do with Balikbayan status.


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