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Suggestion Direct deposit

Discussion in 'Banking - Investing - Finances' started by Deadeye, Jun 7, 2019.

  1. OP
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    Deadeye

    Deadeye DI New Member Blood Donor Veteran Army

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    bdo city mall dumaguete
     
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  2. shabbynomad70

    shabbynomad70 DI New Member

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    my response would apply to anyone from the US re any source of income. i keep my bank account in the US. i have direct deposits to a checking account in the US. in the phils i have a dollar account and a peso account. when appropriate i write a check on my US bank and deposit to my philippine bank. it takes five to six weeks to clear. but then i have my dollars in a philippine bank WITH NO DEDUCTIONS AT ALL. then when the exchange rate is to my liking i take dollars out and exchange for pesos any place that has the best rate, and redeposit the pesos in my peso account. as i need money to live i withdraw pesos. i get all of my US dollars in hand here for no fee at all, and the only nick is the exchange rate offered by the place i use. my bank in dumaguete is RCBC although i am sure this arrangement might work with other banks although some, like UNION bank charge a fee to do this. this way i have all my eggs in three different baskets and pay a minimum fee when i exchange dollars to pesos. works great!!
     
  3. kelpguy

    kelpguy DI Senior Member

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    about 3weeks ago, i inquired about online fx transfers at BDO and i was told that online fx is not available at BDO. maybe i need to polish my shoes.
     
  4. Jack Peterson

    Jack Peterson DI Forum Luminary Highly Rated Poster SC Connoisseur Veteran Air Force

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    Or maybe learn how to shake hands :cookie:
     
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  5. MNLSkip

    MNLSkip DI New Member Veteran Air Force

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    I get charged $10 (by Metrobank) for a transfer from my USAA bank in the US to my $ account at Metrobank. Money takes 1-2 days to show in my Metrobank account. Personally, I think it’s better to pay the service charge and not have wait weeks for the money to appear using the free check transfer process.

    I always transfer $10k or less to avoid money laundering questions.
     
  6. MNLSkip

    MNLSkip DI New Member Veteran Air Force

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    Also, Metrobank does not allow online exchange services.
     
  7. SkipJack

    SkipJack DI Member

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    How do you transfer the money out of the USA? You state that Metrobank charges a fee to receive the transfer. Do you pay a fee to initiate the transfer in the USA?
     
  8. Edward K

    Edward K DI Forum Adept Veteran Navy

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    BPI just in the last week or so added the dollar to peso feature on the transfer window in the new site (see my june 11 above) .
     
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  9. kaayo

    kaayo DI New Member

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    "It's more phun in the Philippines."
     
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