Dumaguete Info Search


Banking and monetary gifts

Discussion in '☋ Tourist Information ☋' started by natomastraveler, Feb 24, 2011.

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  1. natomastraveler

    natomastraveler DI New Member

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    What is the safest way to deliver monetary gifts from the U.S. to the Philippines? I have a deceased family member who wishes to leave a portion of her life savings to a relative and I want to know the best way to deliver that money.

    Without sounding like the Nigerian spammer what is the best way to transfer money from my account to hers? I've heard of Xoom but the poor reviews have steered me away. Western Union seems reasonable but has expensive fees. What about U.S. Cashier's checks? Are those accepted in banks in Manila or Dumaguete?
     
  2. ruanard

    ruanard DI Junior Member

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  3. Knowdafish

    Knowdafish DI Forum Luminary

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    They might be cheaper, but they have no locations in California!
     
  4. dodong

    dodong DI Member

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    I opened a dollar account here. I replenish is from time to time by depositing a check from my bank back in the states. It's slow, but there's no transfer charge. If the gift is substantial, you might be able to save a lot of money by sending them a little by western union, so that they can open a dollar account here. Then you could send them regular checks. That would be slow though, due to the time it'd take to open an account, mail the checks, and the waiting for the checks to be cleared and processed. (Generally 2 weeks for the clearing / processing.)
     
  5. PatO

    PatO DI Forum Luminary Highly Rated Poster Showcase Reviewer Veteran Marines

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    There was a post by a member yesterday or today stating they opened up a bank account at Union Bank with not money required. I the relative could do that then you could do an EFT at a relatively low cost. There is a Western Union here which is safe but not sure what the transfer fee would be.
     
  6. Bebasguy

    Bebasguy DI Member

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    Are you talking about a one time gift/transfer of money? Or will this be a continuing thing?
    If you are talking about anything over a couple hundred dollars, a wire transfer is probably the safest way. It will run about $45, more or less, regardless of the amount and the banks at each end. On the other hand, if you are talking about less than a couple hundred, try Visa BUXX by U.S. Bank. It'll take a while to get it all organized, but it's a snap to use once it is. I used it for my several friends for years.
     
  7. Tom2bad68

    Tom2bad68 DI Forum Adept

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    The min deposit to open at Union Bank is 10,000 PHP.
     
  8. Rhoody

    Rhoody DI Forum Luminary

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    not correct. it depends on the account. a debit account with ATM/Visa debit-card (perfect for paypal) and onlinebanking is 350 Peso fee per year. NO , zero,0 peso deposit required.
     
  9. OP
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    natomastraveler

    natomastraveler DI New Member

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    What about cashier's checks? Will U.S. issued cashier's checks be accepted in banks in Dumaguete or Manila?
     
  10. Knowdafish

    Knowdafish DI Forum Luminary

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    Western Union in CA charges $12 to send ANY amount up to $800 U.S. and goes up from there. The exchange rate that Western Union wants to give the person accepting the money sucks though. (35P/U.S. Dollar!!:eek:) It is always better for the person accepting the money in the Philippines to accept their money in U.S. currency and get it exchanged at a money changer. If the sender sends $100 U.S. the receiver gets $100 U.S. If they give the receiver any b.s. about not having U.S. dollars or enough to make the payout, go to another Western Union, as that is a scam in order for them to make money on their lousy exchange rate!
     
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