Dumaguete Info Search


How to Send money FROM Philippines to UK

Discussion in 'Expat Section' started by charlyB, Aug 30, 2021.

  1. charlyB

    charlyB DI Senior Member

    Messages:
    609
    Trophy Points:
    221
    Ratings:
    +782 / 285
    I know this is the opposite direction that most people are interested in but i have been looking at sending a substantial amount of money to the UK and all the transfer companies i have previously used to transfer from UK to Philippines don't have an option to do it in reverse.
    I could do it by MoneyGram or western union but the rates / charges are not good. :greedy:
    Does anybody on the forum have experience in doing this kind of transfer ?
     
  2. Dutchie

    Dutchie DI Senior Member Showcase Reviewer Veteran Army

    Messages:
    591
    Trophy Points:
    261
    Location:
    Dumaguete
    Ratings:
    +1,078 / 99
    Blood Type:
    A+
    My estimate is that there are no favourable options available to send money from the Philippines, whether you do a bank transfer or use the likes of Western Union, it will be expensive in terms of fees/rates.
    Your best option may well be to make a deal with multiple members here who wish to send money in the opposite direction. It needs trust of course, but both sides could save some money.
     
    • Informative Informative x 1
  3. Rye83

    Rye83 with pastrami Admin Secured Account Highly Rated Poster SC Connoisseur Veteran Army

    Messages:
    12,905
    Trophy Points:
    451
    Occupation:
    FIRE
    Location:
    Valencia
    Ratings:
    +15,791 / 3,754
    Blood Type:
    O+
    How much is your bank's fee for wire transfers?

    Also, I thought that Wise had an account option for forex. You may be able to purchase currency from one account and deposit into another account.
     
    • Informative Informative x 1
  4. OP
    OP
    charlyB

    charlyB DI Senior Member

    Messages:
    609
    Trophy Points:
    221
    Ratings:
    +782 / 285
    I really don't know the answer to that but i think my next step will be to go and ask them, you never know it might not be as bad as i think but the last 3 times i transferred money to my account here from the UK the amount that ended up in my account was 240 peso less than the amount the transfer company sent.
    I checked my account online and the 240 was nowhere to be seen so i went to the bank and asked what happened, the teller said its the banks charge for the money going in, i said it had already been converted to pesos, she said that is just the charge for money going in, i asked why is the deduction not shown on my online statement, i didn't really get an answer to that one and as it was only 240 pesos (3 times) i gave up.
    The whole experience did not exactly fill me with confidence.
     
  5. Rye83

    Rye83 with pastrami Admin Secured Account Highly Rated Poster SC Connoisseur Veteran Army

    Messages:
    12,905
    Trophy Points:
    451
    Occupation:
    FIRE
    Location:
    Valencia
    Ratings:
    +15,791 / 3,754
    Blood Type:
    O+
    P240 isn't that bad for a "substantial amount of money".
     
  6. Notmyrealname

    Notmyrealname DI Forum Luminary Highly Rated Poster Showcase Reviewer

    Messages:
    4,510
    Trophy Points:
    356
    Ratings:
    +5,085 / 2,706
    This is the best way in terms of fees and moving large amounts and many groups of people do it that way between countries such as India and the UK (there is a name for it but forgot what until my brain age decreases by 10 years) BUT would anyone other than family or clans do that? This is NOT a reference to the OP (though I have seen that avatar somewhere before) but would any member of this Forum do such a transfer for anyone? To hand over maybe 3.5 million pesos in the hope the other person moves about £50k in the UK from his bank account to yours? Or to move the £50k in the UK and hope a person in the Philippines would then hand over the Php3.5 million? Very difficult to do it simultaneously or with absolute security and that usually involves legal companies (with costs). Furthermore, transferring money could make the person an unwitting money launderer (in the way that "Can you help me with my luggage as I have a back injury" could make a person an unwitting drug mule).

    If I was 100% sure then I would welcome that type of agreement BUT 99.9999999% certainty would not do. And to prove this is not a reference to the OP, I would not expect a single person (other than very close family) to do that for me.
     
    • Agree Agree x 1
  7. Rye83

    Rye83 with pastrami Admin Secured Account Highly Rated Poster SC Connoisseur Veteran Army

    Messages:
    12,905
    Trophy Points:
    451
    Occupation:
    FIRE
    Location:
    Valencia
    Ratings:
    +15,791 / 3,754
    Blood Type:
    O+
    I think there could be potential tax implications (especially for Americans) as well. I'm sure the IRS would consider that extremely shady and would have questions about where the money came from, where it went, what it was used for and might want to take a cut.
     
    • Agree Agree x 1
  8. cabb

    cabb DI Forum Patron ✤Forum Sponsor✤

    Messages:
    1,240
    Trophy Points:
    291
    Ratings:
    +981 / 226
    Deleted
     
    Last edited: Aug 31, 2021
  9. SkipJack

    SkipJack DI Senior Member

    Messages:
    841
    Trophy Points:
    246
    Ratings:
    +1,119 / 79
    Blood Type:
    I don't know.
    I have done this with substantial amounts without issue. This was for an old fashioned wire transfer with a $30 fee. Not a modern online transfer. I was here and my bank would not wire money without an in person visit by me. So it went through my sister's account. As usual she had to state what it was for.

    Things may be different with the online transfers through the banks website.
     
    • Informative Informative x 1
  10. Notmyrealname

    Notmyrealname DI Forum Luminary Highly Rated Poster Showcase Reviewer

    Messages:
    4,510
    Trophy Points:
    356
    Ratings:
    +5,085 / 2,706
    True - instead of a swap it could be a payment for an asset and if there is one thing governments hate (more than murderers even) it's tax evaders. The person who is accused of evading taxes then has to prove his innocence and accountants like the sum of about £250 an hour.
     
    • Agree Agree x 1
Loading...