Discussion in 'Expat Section' started by filmguy, Feb 2, 2021.
I don't know of any but a direct wire transfer should work.
I have used it before. First transaction is so good. High pesos above market for Dollar and minimal fee. But, later transactions are very low pesos for Dollar and high transaction fee ($19.00)
Has anyone sent money from a Peso account abroad and had it changed into USD for example/
I had pesos sent from my account at PNB to a Canadian dollar account.
The cost was a out $50 for the transaction, the exchange rate for PHP to CAD was reasonable.
Initially the bank person though the limit was $9,999 per transfer after a bit of convincing the agreed to send the entire amount in one transaction. Odd as it was they wanted paperwork proving that the money was being sent foa legitimate purpose.
I believe in the US the dollar limit without any questions asked is $9,999.99. If you want to send more than that you have to fill out some paperwork basically stating you aren't a drug dealer, laundering money or avoiding taxes. Sounds like Canada has a similar law.
I went to a BDO branch today and asked about sending money to a US bank account. They first had to open a BDO USD account, and when it came to asking me for the minimum $500 opening balance I said I don't have any USD. I asked can they change my PHP to USD in the bank, and they said No, they only do exchange for travel purposes.
So tomorrow I will go to a Forex exchange at the mall and change some PHP.
Yep, the amounts I send usually incur $3-5 fees.
I send about P30,000 to my sister in the US every month from my BDO peso account. A one page form to convert from peso to dollar. Paperwork for the wire transfer. Transfer fee of P500, doc stamps usually about P60. Done...that's it. I think if you do it all the time like I do it gets simple...if it is only occasionally they ask more questions. I state it is for "monthly expenses for my sister" and it comes from "savings". There may be fees taken from the receiving end...I'm not sure.
Remitly = best avoided IME.