Dumaguete Info Search


Peso to Dollar Exchange

Discussion in 'Banking - Investing - Finances' started by PatO, Jan 3, 2022.

  1. PatO

    PatO DI Forum Luminary Highly Rated Poster Showcase Reviewer Veteran Marines

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    Received 50.65 at BDO this morning
     
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    OP
    PatO

    PatO DI Forum Luminary Highly Rated Poster Showcase Reviewer Veteran Marines

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    Does anyone know if there is a $5,000 limit on dollar transfer from US to BDO here?
     
  3. dadof3at1ce

    dadof3at1ce DI Member Veteran Marines

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    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.
     
  4. Notmyrealname

    Notmyrealname DI Forum Luminary Highly Rated Poster Showcase Reviewer

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    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.
     
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  5. Crystalhead

    Crystalhead ADMIN Admin ★ Forum Moderator ★ ★ Global Mod ★ ★ Moderator ★ ★★ Forum Sponsor ★★ ★ No Ads ★ Highly Rated Poster Showcase Reviewer Veteran Army

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    If yah have a trusted associate back in home Country, they can wire any amount to a bank here! I got 2 million Peso under 24 hours that way,,then mailed my trusted Associate a check in that amount, but it did take 2 weeks to get there. This is why in life it is important to not burn bridges. I cannot count the Foreigners I have met that have absolutely know one back home to get assistance from. The Philippines is no place to be if one is down and out!
     
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  6. ShawnM

    ShawnM DI Forum Patron ★ No Ads ★ Highly Rated Poster Showcase Reviewer Blood Donor Veteran Air Force

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    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.
     
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  7. Notmyrealname

    Notmyrealname DI Forum Luminary Highly Rated Poster Showcase Reviewer

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    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?
     
  8. Dutchie

    Dutchie DI Senior Member Showcase Reviewer Veteran Army

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    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.
     
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  9. Notmyrealname

    Notmyrealname DI Forum Luminary Highly Rated Poster Showcase Reviewer

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    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.
     
  10. ShawnM

    ShawnM DI Forum Patron ★ No Ads ★ Highly Rated Poster Showcase Reviewer Blood Donor Veteran Air Force

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    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
     
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