Suggestion Best way to direct deposit monthly Salary from U.S. Bank to a Philippines Bank Account

Hello All Friends in Dumaguete, Can anyone give me any advice and or suggestions that is the best (safest ) way to transfer via direct deposit my monthly salary from the U.S. to a reputable bank in Dumaguete without major delays or massive fees? Any and all ideas will be considered that have or still do work for others there now.

 

I have an account with BPI and transfer money from my UK account about every 3 months - using internet banking. I've never had a problem and the charges seem minimal when I check the exchange rate. Transfer takes 3 days. BPI internet banking works quite well. The only downside is if you need to use 'counter service' in the bank - prepare for at least a 30 min wait.

 

Is there a way of setting up accounts in advance so that when I arrive in the Philippines the bank account here in the U.S. and the Philippines are linked to transfer between accounts?

 

I don't think you will be able to set up an account until you are here, They will need an Address and other details . Id's etc
They usually Insist on a personal appearance. Many banks here now Follow the KYC ( Know Your Customer) and the money Laundering issues.

JP

 

Not so many choices anymore, used to have BPI in NYC but gone now. There are some remittance places through PI banks but fees are high and rates low I assume. HSBC still has a New York branch and they have to types of accounts you may be interested in. One is the Premier which requires 100k USD in it and the Advance account that requires a 10k USD balance. You can instantly transfer you r direct deposit in the New York branch to the PI with the click of the mouse, then either secure mail them or call the PI HSBC center and they can give you the rate and lock it in, the money will be available by days end with no fees at BPI or BDO ATM's with your Philippines based ATM or debit card. The Premier service is quite good but the Advance has most of the same features but some fees may be required to get it setup. Cebu City is the closest branch over by Ayala mall

 

Very good information my friend and I'll be looking into it as we speak. Thanks a lot my friend!

 

Gosee Leo at Commerce bank next to Coco Amigos. He can help you.

 

Thank You

 

Wells Fargo Bank in the USA and Philippine National Bank have established a link whereby you can set up a Wells Fargo account and a PNB account in advance of arrival to the Philippines.

Not sure exactly how this works, but when I spoke to the Los Angeles, California, Branch of PNB, I was told I had to come in personally to sign up for an account.

Wells Fargo said my first transaction to a PNB account had to occur in person at a Wells Fargo Bank in the US.

https://www.wellsfargo.com/help/faqs/international-remittances/

PNB Los Angeles

If I remember correctly, I will need to set up a Wells Fargo account here in the USA first, then open a USA PNB account thereafter (Los Angeles). And then before departing to the Philippines, I need to make my first transfer from Wells Fargo to the US PNB branch account - and do this in-person transfer at a Wells Fargo branch in the USA.

PNB in Los Angeles told me over the phone that they can assist in paving the way to a Philippine account once I get to the Philippines.


https://www.wellsfargo.com/about/press/2014/pnb-expresssend-remittance-network_0710/

http://blog.timedoctor.com/2015/03/13/whats-the-cheapest-way-to-send-money-to-the-Philippines

https://www.wellsfargo.com/help/faqs/international-remittances/

This is a fairly new linkage, so this is all I know about this - and the above information is based on what both banks told me via telephone conversations.

Let us know what works best for you.

V/R,
nwlivewire