We've a normal peso checking/debit card account with HSBC in Cebu. As we're no longer in the Philippines, we've tried to transfer the balance, or most of it, to our account with HSBC in Australia. Bank in Cebu tells me the export of funds is not allowed. Queries to both banks have so far gone unanswered... Can anyone give advise on this?
They won't let you do a wire transfer? Pretty sure they can't stop you from doing that. I find that lying is the always the best approach in the Philippines. Tell them it is just a regular wire transfer and you aren't closing your account. Once the account is empty tell them to p*ss off. They can keep the account open as long as they like and charge your all those minimum balance fees they like, screw them. What are they doing to do about it?
Not sure how much you have in there but I have used my Philippine debit card to withdraw funds while in Hong Kong and in Indonesia. Can't you just withdraw it bit by bit from an ATM wherever you are?
Thanks for your replies. guys, here's what the bank said: "We refer to your online instruction on 15 November 2017 to transfer Php XXXXX to your HSBC Brisbane and advise that we are unable to process the same. We wish to advise that we are unable to remit out in PHP to accounts in other countries in accordance to Bangko Sentral ng Pilipinas (BSP) Circular 1389 which prohibits the import or export of Philippine legal tender in any form, including electronic transfer. In this regard, you may coordinate with any HSBC Philippines branch or your account officer for further assistance with your transaction. Should you have other concerns, please do not hesitate to send us a message." So that's pretty f$%^$%, I think. I'm hoping HSBC in Brisbane will be able to intervene. And yes, I can use the Cebu debit card for transactions here, but it doesn't accept Cash Out, and sometimes doesn't work at all. We're thinking Lorraine might have to Scoot over to Cebu and close (or withdraw almost all) in person, convert the pesos to $US and bring the cash back to Sydney. Anyone have any comments on cashing out a peso account? BTW, we had a hell of a job depositing the proceeds of car and furnitures in pesos at HSBC in Manila. They refused the deposit because I couldn't document where the cash came from. Had to run around in the rain and find a moneychanger who could exchange for $US. Losing in the exchange rate, of course. We're both heartily sick of the banking system there...
Yes, Dave, but the amount is quite substantial (for us, at least) and it'd be handy to access it for big purchases to set up here again...
They did not tell you that the export of funds is not allowed. They told you that the export of pesos is not allowed. Their law is completely idiotic, but you can still transfer your funds out of country. Have you done this? There seems a very simple solution to your problem. Convert to dollars and transfer. Remember the average IQ in the Philippines is 85. You are likely talking to someone borderline mentally retarded. Your instructions need to be simple and precise or they will get confused. Remember to lie and tell them what they want to hear. "I am not closing my account or moving out of country. I will continue to do business with you. Can I have a brochure on investment options your bank offers?"
Here is a thread on the subject. From Phil to US Php - USD From #8 I sold some property in the Philippines 2 years ago and had the pesos deposited into my BDO account. When I tried to have those funds wired to my US bank, the rep at my BDO branch (the same rep I've dealt with for years and who knows me well) said that BDO will not wire pesos out of the country and they wouldn't convert my pesos to dollars as they don't "sell dollars". They wanted me to withdraw the pesos, go to a money changer to convert them to US Dollars, then deposit those dollars back into my BDO Dollar account, which they could then wire to my bank in the US. I didn't want to get knifed on my way to/from the money changer so I declined to do that. Sounds like you have to take the money out, go to a money changer and then open a dollar account. The central banking system makes it very difficult for banks to change pesos to dollars or to transfer pesos out of the country.....as you now know.
Assuming you have a "Advance" or "Premium"acc. and are connected to on line banking than: Buy Aus $ from the bank ( convert the P into A$)) . Set up Global Banking" Transfer half of it with "global banking" to your HSBC acc in austr. (very cheap) If this works Ok, transfer the rest too. You can do this all on line. Good Luck
