# money transfer



## kenslvr (Aug 21, 2013)

This is re-post. no replies last time. Anybody? 
Hello everybody. Here is a question that must have been asked and answered a hundred times.
What is the best way to draw money from my 401k while living in the PI. Conversely, what is the worst? Can I learn from some of your mistakes?
Thanks, Ken, Rhode Island, USA


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## Phil_expat (Jan 3, 2011)

This question has been asked many times so do a search. You could open a dollar account in the Philippines and either deposit personal checks or do a transfer from your US bank. It takes a minimum of 3 weeks for a deposited personal check to clear. Wells Fargo has an arrangement with several Philippine banks for money transfer. Citi bank has free global transfer from a USA Citi Bank to a Philippine Citi Bank, Citi bank Philippines does require a large balance. If you 401k is in stocks there are situations that you might need a USA address if not you could try a direct deposit. There are also xoom and ATM.
https://www.wellsfargo.com/per/intl_remittance/asia
https://online.citibank.com/US/JRS/pands/detail.do?ID=InterCiti


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## kenslvr (Aug 21, 2013)

Thanks for that, the Citi Bank information is especially helpful.


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## dgquast (Oct 23, 2013)

I have a Bank of America account with a Visa Debit card. My SS check dumps into my BofA account then I can draw out P40,000 Per transaction at HSBC for P200/transaction. 2 transactions at P40,000 allowed per day. My buddy does the same thing at Citi Bank with his Post Office retirement check and Army Reserve check.


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## Phil_expat (Jan 3, 2011)

There are pros and cons to any plan. I deposit checks to my ChinaBank dollar account which I can draw after 15 working days. The advantages are I get the best exchange rate from the money changers and pay no ATM fees at a Phil bank or USA bank and I earn a tiny interest. The cons are I have money tied up for 3 weeks. I am considering using Wells Fargo’s money transfer to one of the Philippine banks they have an agreement with depending on the cost. Kenslvr, I do not like transferring from Citi bank USA to Citi Phil because of the large minimal balance of $2,700 at Philippine Citi Bank even thou the transfer is free and immediately available.


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## cvgtpc1 (Jul 28, 2012)

*RemitHome*



Phil_expat said:


> There are pros and cons to any plan. I deposit checks to my ChinaBank dollar account which I can draw after 15 working days. The advantages are I get the best exchange rate from the money changers and pay no ATM fees at a Phil bank or USA bank and I earn a tiny interest. The cons are I have money tied up for 3 weeks. I am considering using Wells Fargo’s money transfer to one of the Philippine banks they have an agreement with depending on the cost. Kenslvr, I do not like transferring from Citi bank USA to Citi Phil because of the large minimal balance of $2,700 at Philippine Citi Bank even thou the transfer is free and immediately available.


Wells Fargo is $8 a transaction.

I use RemitHome already to transfer from my US bank acct to a relative's BPI account. Figure I could open my own PI bank account and do the same for myself. 10 bucks or 8 bucks if recurring but I believe the money is available after a a day or two. I'm sure others are doing this. If using RemitHome one could use any US bank, not only Wells Fargo, which might be one advantage. 

Same thing can be done with Xoom I think but my only experience is with RemitHome.


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## fmartin_gila (May 15, 2011)

I just last week asked at my local Wells Fargo here in Globe, Arizona about the best way to do all this. I was informed that I could keep on doing as I have in the past. I have my SS & another Pension direct deposited to a Checking account. I also maintain another account that I can transfer funds to online, and this is the account I use while traveling by drawing from any ATM. This way I can limit the amount at risk by how much I transfer to that account. I also specifically asked if I extend my stay or even decide to permanently stay in ROP would I have to close my accounts or would they be closed. I was informed that the accounts would remain in good standing and all I would need to do was do a change of address, even to a foreign country. When Debit Card comes up for replacement, they will send to any address by guaranteed delivery. This greatly simplifies my thoughts on this concern as I have in the past used this card most everywhere needed to obtain peso's and to pay hospital bills a few years ago when she had a heart problem. Is limited to PHP10,000 per day cash withdrawal. Overall it is a very simple and workable solution with a minimum of fees involved.

Fred


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## justice (Nov 26, 2012)

cvgtpc1 said:


> Wells Fargo is $8 a transaction.
> 
> I use RemitHome already to transfer from my US bank acct to a relative's BPI account. Figure I could open my own PI bank account and do the same for myself. 10 bucks or 8 bucks if recurring but I believe the money is available after a a day or two. I'm sure others are doing this. If using RemitHome one could use any US bank, not only Wells Fargo, which might be one advantage.
> 
> Same thing can be done with Xoom I think but my only experience is with RemitHome.


yes, I use Xoom to transfer from my US account to BDO account in Philippines, but Xoom exchange rate is lower than WU. Best time to transfer money with Xoom is at nite, US time, because that is when the Philippine banks are open for business and that is when the exchange rate is the highest ...


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## Phil_expat (Jan 3, 2011)

fmartin_gila said:


> I just last week asked at my local Wells Fargo here in Globe, Arizona about the best way to do all this. I was informed that I could keep on doing as I have in the past. I have my SS & another Pension direct deposited to a Checking account. I also maintain another account that I can transfer funds to online, and this is the account I use while traveling by drawing from any ATM. This way I can limit the amount at risk by how much I transfer to that account. I also specifically asked if I extend my stay or even decide to permanently stay in ROP would I have to close my accounts or would they be closed. I was informed that the accounts would remain in good standing and all I would need to do was do a change of address, even to a foreign country. When Debit Card comes up for replacement, they will send to any address by guaranteed delivery. This greatly simplifies my thoughts on this concern as I have in the past used this card most everywhere needed to obtain peso's and to pay hospital bills a few years ago when she had a heart problem. Is limited to PHP10,000 per day cash withdrawal. Overall it is a very simple and workable solution with a minimum of fees involved.
> 
> Fred


This really surprises me! All the USA banks that I have encountered will not mail new credit cards, debit cards or replacement checks to the Philippines. I pick mine up when I visit the USA. A lot of my friends use the APO Military mail system or use a mail forwarding plans to get theirs. 
The local VFW and RAO have mail service. Military retired (20 years) use the APO mail and can get these items since a USA address. Guys like me (not 20 years) the mail goes to a PO Box at Manila main post office and is picked up weekly by the RAO currier, my banks will not mail there. There is a mail service near Robinson’s mall in Angeles that use a USA address and the mail is FedEx from their USA office to their Philippine office (expensive, mail everything!) but can get them.


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## Phil_expat (Jan 3, 2011)

I did checkout Wells Fargo’s ExpressSend service. I have gotten a lot of bad information at banks in the USA on international remittance and their Philippine Banks rule. It is better to talk on the phone with someone dealing with this subject or research it yourself.
The daily limit is $1,000 for M Lhuillier Bank and Cebuana Lhuillier bank. Bank of the Philippine Islands, BDO Unibank and Metrobank has a $3,000 daily limit. https://www.wellsfargo.com/per/intl_remittance/limits
The cost of sending $1,000 from a USA account to a Philippine account is $6, excluding M Lhuillier Bank and Cebuana Lhuillier. The cost of sending $3,000 from a USA account to a BDO Unibank or Metrobank account is $8.
M Lhuillier Bank and Cebuana Lhuillier is account to cash or cash to cash only. Account to cash is $6 and cash to cash is $8.50
https://www.wellsfargo.com/per/intl_remittance/cost-estimator?user=asia#estimateButton


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## overmyer (Aug 15, 2013)

Phil_expat said:


> This really surprises me! All the USA banks that I have encountered will not mail new credit cards, debit cards or replacement checks to the Philippines. I pick mine up when I visit the USA. A lot of my friends use the APO Military mail system or use a mail forwarding plans to get theirs.
> The local VFW and RAO have mail service. Military retired (20 years) use the APO mail and can get these items since a USA address. Guys like me (not 20 years) the mail goes to a PO Box at Manila main post office and is picked up weekly by the RAO currier, my banks will not mail there. There is a mail service near Robinson&#146;s mall in Angeles that use a USA address and the mail is FedEx from their USA office to their Philippine office (expensive, mail everything!) but can get them.


I bank with JP Morgan Chase. My account is there in US but my address of record is here in pilippines. As with what you report with Wells Fargo, they have no issues with mailing to foeign address.


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## Phil_expat (Jan 3, 2011)

overmyer said:


> I bank with JP Morgan Chase. My account is there in US but my address of record is here in pilippines. As with what you report with Wells Fargo, they have no issues with mailing to foeign address.


I was surprised but I did not say you were wrong. Each bank has their own rules and it can change anytime. Even if my bank would mail to me in the Philippines I still prefer the security and not using the Philippine’s mail to get my checks.


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## kenslvr (Aug 21, 2013)

I see that the PNB has a branch office in New York. I wonder if I can open an account there that could be linked to my local bank and therefore my 401k and my future SSA payments. It seems too easy. Are there some banking rules that prohibit this? Any money mavens out there that can answer this question?


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## overmyer (Aug 15, 2013)

Phil_expat said:


> I was surprised but I did not say you were wrong. Each bank has their own rules and it can change anytime. Even if my bank would mail to me in the Philippines I still prefer the security and not using the Philippine&#146;s mail to get my checks.


I don't have my checks mailed to me here, just regular correspondence. I maintain a US Mail Box with a forwarding service. When I have need of secure mailing, I have them send my mail via an express service with tracking. Although I have never had anything disappear, I did have an IRS tax refund go astray for about 6 months before it was finally delivered. The FILPOST hub in Manila is the problem.


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