I'm asking for a friend (US Citizen living in Dumaguete) who has a Wells Fargo account in the US and has been trying for a while to transfer his funds here ($6,500). What I'd like to know is it possible and what his options are. I've seen on a previous thread that the first transfer from WF (which this would be) must be done in person as it's US law and as that's not an option what else can be done? For example could he transfer to another account in the US, get a credit card delivered to a friend in the US and posted here, link a paypal account etc etc. If he needs to close his WF account to do this, then that's also on the table. I will appreciate your ideas.
Your friend may consider opening an account with TransferWise. This can be done online. The TransferWise account could then be used to pull the money from the Wells Fargo account and then deposit it into an account here in the Philippines.
Each remittance sent here has to be a maximum of about 480,000 pesos to conform with Philippine law. In your case of $6,500 that would be fine - but others need to be aware of that limit (OR educate me please if you have found that not to be the case).
I do not believe this is a law. I recently transferred funds from a US bank to a Philippines account and I have never been in a physical branch of that bank. They did, however, require a short phone call with them to make sure it was a legitimate wire transfer. He could likely do it from his online banking. Transferwise is my go-to for lower dollar amounts. Not sure what their daily/monthly limits are. He may have to break it up into 2 different transactions with them. The fees with them will likely be lower than a direct bank to bank wire as there can be some hidden fees that are added on after the transfer has been submitted.
Agreed. I have never had a phone call or had to visit the bank to verify a transfer, even at the start. I used to use xoom.com but found you definitely save money by using transferwise. Only if they need money that quickly will I use xoom now, it is an instantaneous transfer and available immediately. Wells Fargo has a lot of fees, I looked into them as a bank because I have my mortgage with them, and their banking was very expensive. I would look elsewhere if I was him, depending on what i available in his area.
I'm not familiar with Wells Fargo, but from my bank (Navy Federal) I have completed many transfers both with a call or message on-line (required a call to confirm) with no issues and deposited in the PI in less than 5 days. Only issue before was over $10K that got held up in the main office in Manila the first time and after confirmation there were no issues after that. Shawn
With WORLDREMIT I’m happy since 10 years. All only online. They take the money from my account and after 15 Minutes I can cash it at any Mlhuillier in the Philippines or any other of that many payout stations here.
if you are talking wells fargo bank? i have a dollar account here in the phils and transfer by writing a paper check. i think only a five dollar fee on this end per check so i think it is the least expensive way to transfer, but you also have to wait 22 working days to get the money. i think you can do this with a check on your first episode. not sure about dollar limits on the top end. i have been told there is some internal reporting in the phils that transactions over ten thousand have to be reported. i usually stay under five thousand with my transfers. but you have to hurry and get the money here!! spending it is where the fun is at!!
