Dumaguete Info Search


Moving Dollar$

Discussion in '☋ Expat Section ☋' started by ramrocket, Nov 18, 2008.

  1. ramrocket

    ramrocket DI Junior Member

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    When buying a property in dumaguete, what is the best way to pay for it? bank to bank? Is there a limit of how much dollars can be transfered to BPI bank?
     
  2. Coyotes

    Coyotes DI Forum Adept

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    i looked briefly into this, however it was GB pounds to PHP, i'd guess it's similar.

    the best way i found was through forex type houses, where they offer better rates than banks in the UK and don't have transfer fees, as the banks in the uk are robbing ba$tard$.

    make sure u search for places that offer the best rates, i know thats obvious advice, what i mean is don't rush at the first method you come across.
     
  3. derivative_guru

    derivative_guru DI Senior Member

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    When moving US Dollars, the best method I know of is to open a USD account with a bank here in the Philippines, then wire USD to USD. Then, withdraw dollars and take them to a money changer as they offer better exchange rates than the banks. However, banks will offer more competitive rates to larger customers, (i.e., if you have a Primere account with HSBC...$100,000 US total relationship...which, by the way, could be a Primere acct with any HSBC branch...Singapore, etc) and they can negotiate exchange rates, just ask them to talk to their manager. (I deal with HSBC Cebu, but seems they must get approval from Manila to do anything...)

    In Cebu, the money changer in the basement of Robinson's Dept. Store at Fuente Osmena seems to offer some of the best rates. I have been told Optimum Trader in DGT has good rates also, but I exchange in Cebu so not sure.

    I would coordinate with the money changer in advance on any large sum transactions as they may need a little time to organize that.

    On a totally separate note...see if your buyer will accept payment in dollars...many will. Or even direct to overseas accounts. (A direct wire transfer in USD.) Many Filipinos of means have overseas accounts. (After dealing with the banks here, you will quickly learn why!)

    And as with any larger transaction here, be sure to retain the services of a good attorney (maybe even two)! Their fees are also very negotiable and worth what you spend if you find a good one.

    Finally...I deal alot with international wires coming in and out of the Philippines. The local banks have a nasty tendency of "loosing" large wire transfers for sometimes weeks at a time. I suggest using one of the international banks here for large wires: HSBC, Citibank and Standard Chartered all have branches in Cebu City. Their customer service is still not up to a first world standard, but far better than my experiences with some of the PI-based institutions.
     
  4. derivative_guru

    derivative_guru DI Senior Member

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    Oh yeah, regarding BPI/limits. I don't know of any incoming wire limits, but be aware that the Philippines does have money controls on outbound wires. The regulations for foreigners depend on your immigration status. You probably won't be dealing with that anytime soon, but I have learned how to negotiate that as well if ever you require assistance with exiting cash. ;-)

    However, BPI is one of those banks that couldn't find a wire for almost 3 weeks. It was for a client's term deposit that was yielding 14%...I ended up swallowing the client's $700 interest loss due to BPI's incompetence, so I certainly cannot recommend them...
     
  5. OP
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    ramrocket

    ramrocket DI Junior Member

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    thanks DG and Coyotes. Great information.
     
  6. gorbana

    gorbana DI Junior Member

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    Derivative Guru & Coyotes,
    This forum just really impresses me! Seems every question that I've had over the past few years is already answered here or soon to be answered here. These are also concerns of ours as we will purchase property in February of 2009 lump sum cash and I just don't know how to accomplish this. I don't know if best to just cut a check from my states bank account or transfer money to our BPI account, but like you I haven't had much success with them either in the past as 3 weeks to transfer funds is ridiculous. Right now my Asawa has a atm card from our bank in the states and I just put money in her account and she withdraws from atm no problems plus no long lines waiting at BPI etc...But we will be dealing with little over million pesos and therefore we are greatly concerned. Appreciate any and all guidance!! God bless and be well,
    Jen & Bill
     
  7. derivative_guru

    derivative_guru DI Senior Member

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    Gorbana,

    Check your US bank's exchange rates/fees on the ATM transactions in the Philippines. If you get a good exchange rate, you can up the limits on the size of ATM transactions and use multiple ATM cards. Most will allow $1,000 per day upon request. It may take several days of cashing up at the ATM but you can get P1 million before too long especially if you are drawing from a few different accounts.

    Also, you can carry up to $10,000 US cash or Traveler's Checks on your person without need to make a Customs' declaration.
     
  8. Coyotes

    Coyotes DI Forum Adept

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    I have had problems transfering cash to banks here, out of about 30 transactions 2 went "missing"

    my advice is to transfer the cash into the bank in plenty of time, if that's the route you wanna go, keep all the transaction papers, so that you can track the cash.

    part of my trouble was the fact that my uk bank, wasn't international, so it had to go via HSBC who give it another reference number!!! and the original reference number seems to dissappear into the ether, so the philippine bank can not track the cash, you have to do it yourself, if you ever want to find the money.

    Take your time handing the cash over when finalising your purchase, my experience here is, once you've paid in the lightning speed they expect you to pay, things then go at a snails pace!! do stage payments when you see different items completed.
     
  9. tubigboy

    tubigboy DI Forum Adept

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    ATMs charge you money if you do not have an account with them. Philippine National Bank and Alllied Bank have banks in the USA. Start an account at one of these accounts and transfer from the USA to the PI and it should cost you nothing.
     
  10. OP
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    ramrocket

    ramrocket DI Junior Member

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    I have not heard of any these banks branches here in colorado.

    BTW I am coming to duma in february got all my tickets set.
     
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