UK pound holding it's own (Phew)

Phew now this is a relief, just checked my bank and can say as a good sign the British pound is holding up My UK pension came in at 70.45 peso and my smaller Private pension came in at 69.95 last Month was about the same. So there is some light at the end of the Tunnel on this at least ( For now anyway)

JP

 

Dear Jack:

Being new to the currency thing, can you put forward a bit of info for me please?

I will not be depositing a foreign monthly pension check into a Philippine Bank for auto deposit, but know I need to use a local bank.

I know I'll need pesos to pay rent and everything else, right?

So I would open a dollar account and a peso account, right?

How many times will I get hit with conversion fees on this type of set-up?

Any way to reduce the "skimming off" of pesos and maximize my original currency money?

I have one US Bank that uses the VISA conversion rate. How does that vary or differ from the "real" exchange rate the banks use for each other?

Can you give me a "pretend" scenario using 100 USD or 1,000 USD (whatever is easier) as my monthly pension amount and today's various exchange rates used for the peso?

Oh. Assume I also have a 1% FTF in this equation.

I looked at the exchange rate 10 year high and low for the peso against USD. High was 56:1 - low was 40:1 - today's close on that website was 44.94:1 (XE.com)

Thank-you in advance for helping me get clear in my head with this.

V/R,
nwlivewire

 

I will explain how I use the bank (BDO) here. I have 3 separate bank accounts: 1. A direct deposit dollar account required by the U.S. social security for my monthly auto transfer of my SSA amount. A direct account can have no ATM or checking and only I can access it. 2. I have U.S. dollar account. 3. I have a peso account with ATM and checking. I then have the option of moving my monthly social security to my dollar account or my peso account. If I see the dollar-peso exchange rate is low, I may not convert to pesos at that time. In theory this would work but I actually need to convert the monthly dollar transfer to pesos, regardless of the exchange rate, to support my family for the month, but you get the idea.

 

OK so there you have it from ones who knows.
My problem ( well not a Problem really) is that I can only get a Dollar Account for in coming Stuff and as I am British it all works around the Pound. ( there are no Sterling Accounts here.)
As the Dollar rates fluctuate I would loose on the 3 way exchange. Against some advice I therefore decided to go the Whole Hog and have all my Pensions, bar my military paid Direct in to my PNB account. The rates are more than favourable due to the Static Income of pensions Monthly.
The tie up with the UK Government through the Social Security Agreement between the PI and the UK has helped greatly.
The bank know that as long as I am Living and the UK does not go Bankrupt there will always be a constant flow of in payments.
Talking to my Bank manager some time ago, she told me that PNB will always give that little extra where trust is put into the banking System.
Dealing with banks in the UK from here, became an Arduous job and things were forever going Wrong, Late mail, with Important forms and things meant pension interruptions, Staff in the UK not updating Files and having my ATM card Frozen. So against some advice to the negative side of Banking here I decided to throw it all together and for 3 years now, no problems.
My pensions are paid into my bank in Peso from the UK except one which is done in Dollars but converted by the bank and at a loss so small it really does not matter.
Only my service pension stays in the UK as we are not allowed to receive it outside the UK. This is my nest egg and takes care of the other side of my family where it has to.
I can only Talk about the UK Pound but to go to a dollar account just wont be much use to me in the Long Run.

So V/R, I hope between Pat and myself things are a little Clearer for you.

JP

 

Yes. Thank-you PatO and Jack.

I assume that I CAN open up both a USD and peso account WITHOUT having to direct deposit any monthly pension to a Philippine Bank.
I also understand I need to produce the ACR card, too.

I was looking at making a run down to Los Angeles, California, early in the Spring 2016 to the PNB brick and mortar branch on the US West Coast. I was thinking this may smooth things through a little quicker by establishing a Philippine bank account prior to departure.

PNB is NOT FDIC insured in the States, either. But apparently, they have lots of ATMs all over the place in the PI and perform quite a lot of remittances to the PI.

PNB seems to be the only Philippine Bank on the West Coast that I can find. Couldn't find a BDO....

nwlivewire

 

Well as the Thread said the UK Pound is Still holding it's own, I and I guess many other Brits are as happy as I was this morning when my bank PNB send a text and e.mail to inform me of a Deposit. the Second of my 3 pensions came in late last evening and was reported today,
much to my pleasure it is at 72. 85 One can only Hope that this will continue

JP

 

UK Pension in this morning and still there, holding it's own 72.22

JP

 

that's what I got Jack with worldremit.

 

4th month Running

Well I am amazed and happy!
Smaller Private pension came in this morning at 72.70 up by 0.50 on last week lets hope the trend stays for all of us. BTW how are the $ doing all round?

JP