Dumaguete Info Search


Suggestions on transferring my money to me from the states

Discussion in 'Banking - Investing - Finances' started by Lizard68, Jun 14, 2022.

  1. Lizard68

    Lizard68 DI Junior Member Blood Donor Veteran Navy

    Messages:
    19
    Trophy Points:
    1
    Occupation:
    Retired
    Location:
    Dumaguete, Negros Oriental
    Ratings:
    +1 / 1
    Blood Type:
    O-
    I'm moving to the Siaton area next week from the states. Anyone have any good suggestions on getting my money transferred from the states to the PI?
     
  2. soup464

    soup464 DI Junior Member Veteran Air Force

    Messages:
    28
    Trophy Points:
    103
    Location:
    Philippines
    Ratings:
    +9 / 0
    Blood Type:
    A+
    https://wise.com/

    Works well for me and Europeans I know. Set up a Phil bank and use it. Best exchange rate other than writing a personal check and waiting 30 days.
     
    • Agree Agree x 1
  3. Crystalhead

    Crystalhead Forum Patron Admin ★ Moderator ★ ★★ Forum Sponsor ★★ ★ No Ads ★ Highly Rated Poster Showcase Reviewer Veteran Army

    Messages:
    1,404
    Trophy Points:
    356
    Occupation:
    retired
    Location:
    Canada and Neg. OR.
    Ratings:
    +1,435 / 988
    Best way I got money here was to have a friend back in home country wire transfer a couple mil to my account in Phils. Got the money next day with no fees. I than mailed priority a check to my friend. Only thing for someone to do this you need a friend that has money and trusts you. Outside of that I also use Western Union. I go to my online banking and transfer here to my name and do 1000$ at a time and pay a fee of about 20$.
     
  4. hawk263

    hawk263 DI Forum Adept Blood Donor Veteran Army

    Messages:
    411
    Trophy Points:
    216
    Occupation:
    Retired
    Location:
    Valencia
    Ratings:
    +451 / 78
    Blood Type:
    A+
    "Wise" works well for me. They give a very good rate and low charges. (from UK, but I assume they work in US as well)
     
    • Agree Agree x 1
  5. SkipJack

    SkipJack DI Senior Member

    Messages:
    877
    Trophy Points:
    246
    Ratings:
    +1,159 / 79
    Blood Type:
    I don't know.
    OPTION 1
    Open two accounts at a local bank here in the Philippines. One will be a peso account and the other will be a US dollar account. The banks here are on the SWIFT network. You will then be able to transfer US dollar funds from your account in the US to the US dollar account here. Some banks and credit unions in the US perform this service for free. Once the US dollars are here in the Philippine account you can transfer them to the peso account. The exchange rate at the banks here is usually very competitive with Wise.com.

    This is similar to writing a check except it uses the ACH transfer service which is quicker. Similar to @soup464

    OPTION 2
    Use Wise.com to perform the transfer and convert the funds. From the US bank dollar account to the Philippine bank peso account. Wise.com will charge an ACH transfer fee in addition to the revenue they get from the exchange rate.
     
  6. God Bless Texas

    God Bless Texas DI Member

    Messages:
    143
    Trophy Points:
    100
    Location:
    Roanoke TX
    Ratings:
    +145 / 9
    If you have an acct with Wells Fargo, they are partners with BPI.

    You will need a BPI account first of course to fill out the form. Money is in the local acct in moments.

    $4 for a transfer up to $3000 at a time. Wellsfargo.com also lets you moch up an exchange to see what the rate is.
     
    • Thanks Thanks x 1
  7. JWBobbit

    JWBobbit DI Member

    Messages:
    103
    Trophy Points:
    91
    Ratings:
    +234 / 0
    Wise.com is an excellent service, I use it often to transfer 5000 AUD at a time, and the rate is the same as XE.com daily rate with a very small fee.
    Transfer to BDO can take anywhere between 1-4 hours which is sensational service for an international transfer. I use the PAYID system in Australia to instantly pay Wise from a bank account in Australia, they update on their site and email to say they have received it within minutes and that they have already made payment to BDO.
    They request a reason for payment from a drop list and I always pick general living expenses.
     
    • Agree Agree x 2
  8. cabb

    cabb DI Forum Patron Highly Rated Poster ✤Forum Sponsor✤

    Messages:
    1,321
    Trophy Points:
    341
    Ratings:
    +1,037 / 234
    If looking for a large one time transfer, like money to purchase a house, wire transfer from your bank to a PI bank account. You could do $100k USD for less than $50. It's there in one day or less depending on when you initiate the transfer.
     
    • Thanks Thanks x 1
    • Informative Informative x 1
  9. Garcia

    Garcia DI Forum Adept

    Messages:
    295
    Trophy Points:
    100
    Ratings:
    +122 / 51
    Wise formerly TransferWise are excellent, good rates, and secure and never let me down. Multi currency accounts, technically an on line bank without the silly fees.

    Avoid WorldFirst.
     
    • Like Like x 1
    • Agree Agree x 1
  10. JWBobbit

    JWBobbit DI Member

    Messages:
    103
    Trophy Points:
    91
    Ratings:
    +234 / 0
    Fess may only be 50 USD but the rate can be up to 3% markup on the day rate so your costs are way higher and smaller tranches over a few weeks using Wise would make more sense (Wise max looks like is 480K PHP receive).

    See the Wise calculation below, savings of up to 2,979 USD even after your fees of 532USD. the fee is not the selling point of Wise its the market rate they offer. Most banks globally will kill you on this.

    View attachment upload_2022-6-16_11-30-2.png
     
Loading...