⌛ Internet banking

Dear my friends,

To save banking charges for transfer money (US $ 33 each time), and then changing Mexican pesos into U.S dollars and finally into Philippine pesos I would like to try internet banking.

Are there possibilities of internet banking with the Philippine National Bank in Dumaguete? How are the experiences?

Thanks in advance for your help!

Hoping to hear from you in the near future, I remain

Friendly yours,

Ludwig

 

I use PNBrci to transfer dollars directly into peso account. But you can set it up for dollar to dollar and even for transfer to non PNB bank accounts or door-to-door. The fees are reasonable, $7.98 for a dollar to peso transfer of $501-$1000 to PNB and $10 to non-PNB bank. Dollar to dollar for the same size transaction is $14.98. There is a daily limit of $1000. It takes between 3-5 days for the transfers to complete. I have no complaints so far.

 

If you can covert your mexican peso to paypal funds with reasonable charges,,,then you can use Union Bank EON card to withdraw in Philippine peso with Zero Charge. Just withdraw 7000 Pesos above to qualify for Zero charge, Paypal to EON. And also use Union bank over the counter or ATM machine near Landbank for Zero withdrawal charge.

 

Try xoom.com, you can send $ to peso or $ to $. You can send up to $2,999 for $4.99 per transfer. All you need is a US checking account and a PNB account or any Philippine bank to start the transfer. Also, the transfer rate is reasonable. You will save a lot of money if you use XOOM. Let me know if you have any questions in reference to this. I've been using xoom since 2003. So far so good.

 

What documentation do you need to open a Philippine bank account?

 

Update on Xoom.com

Xoom is currently charging $7.99 for bank to bank transfers and it is still taking several days for the transactions to go through. Also their exchange rate is still a bit lower than others.