Peso to Dollar Exchange

Received 50.65 at BDO this morning

 

Does anyone know if there is a $5,000 limit on dollar transfer from US to BDO here?

 

I have never heard of a $5000 limit, but we don't usually send that much at one time anyhow. I know through Wise we are authorized up to like $9,000 or so to send, but I understand just because Wise will let us doesn't mean we can.

 

The limit is due, I believe, to the recipient country - in the Philippines anything over P500,000 is subject to further enquiries. For that reason Wise allows me a £7000 limit per transaction.

 

BDO will question $10K and over, can cause a delay from Manila to Dumaguete. If you let them know before it arrives and what its for you shouldn't have any problems.

 

I had problems with a remittance company in the past (I don't now as I stopped using them) when I said my money transfer was for future spending - on food, entertainment, etc - and they insisted I sent them a copy of the receipts (for purchases I had not yet made!).

In your experience with BDO, have you had to show documentation or did they accept your word?

 

I have used the Rabobank (large Dutch bank) - (transfer)Wise - BDO route for close to 6 years now, and even transferring the funds to buy our house, a car, and whatever else, never caused any problems.
I do however never transfer any amount above €5,000,- at once, to avoid unwelcome questions on either the Dutch or the Filipino side.
Wise does ask to indicate the purpose for the funds transferred, but the "ongoing household expenses" answer has always been fine.

 

I have no experience of Rabobank but agree that using Wise and BDO (also used PBI, Metro, PNB) works very well. Wise really is a very well-run company. I'm holding off sending at the moment as I am hoping for P74/£ or even P80/£ but my previous hopes on that always rebounded as I saw the £ slide down again as soon as it reached P70.

 

They accepted my wife's word on what things were for and this goes back to when we were building our house to recently for the purchase of some land.

Agree on the remittance companies; they have some arbitrary idea on what is too much and they are a complete pain in the backside; only use them for smaller quantities that I need there immediately.

Shawn