Canadians Transfer Of Money To Canada?

[i am bob]

Ok, guys! Here's one I haven't found the answer to and maybe, just maybe, somebody might have an answer for this... I pointed towards Canadians on this one because of our different banking laws but if anybody has a good answer, it would be greatly appreciated!I can have my pension direct deposit into my Canadian bank and then send a transfer to a bank account in the Philippines like most people... Or I can have my pension direct deposit into a Philippine bank and send any savings I want to back to my account in Canada. And, yes, the second way is what I think might be best. But I'm not sure of the best way to do it... I have a pretty good idea but I'm wondering what everybody else thinks... Any ideas?Just to add for a little clarification, this money will probably just be enough to build a small nest egg for visits and emergencies, christmas presents for my (adult) kids (ah, yes, the gift of cash), and to pay my monthly banking fees on the account which in turn will keep my line of credit open. In other words, only a small amount monthly or so and possibly not every month.And for those of you who were wondering, the bank will not pad my account by selling my "Bob in his Speedo" calendars any more now that I look like I'm 8 months pregnant. Oops! Did I say that out loud? Hey! It's a dry subject... gotta get some humour in here!!! :tiphat:

[Jake]

.....Or I can have my pension direct deposit into a Philippine bank and send any savings I want to back to my account in Canada.....

Hey Bob,You may have missed one of my comments regarding your choices. Please reconsider your optionthat you stated above based on my personal reasoning: http://www.philippin...dpost__p__57501.You also may want to discuss this with your banker there in Canada. At any rate, we will respectyour decision no matter what.Respectfully -- Jake

[softail]

I completely understand that this isn't the advise you were asking for , but another option to consider. A lot of guys have their income deposited into a checking account in their home country and then deposit a personal check in their account in the Philippines allowing 3 or 4 weeks for it to clear. Keeps the bulk of their money safe in their home country, just takes a little planning ahead for the budget. Just putting another option out there.Doug

Edited January 24, 2012 by softail

[i am bob]

.....Or I can have my pension direct deposit into a Philippine bank and send any savings I want to back to my account in Canada.....

Hey Bob,You may have missed one of my comments regarding your choices. Please reconsider your optionthat you stated above based on my personal reasoning: http://www.philippin...dpost__p__57501.You also may want to discuss this with your banker there in Canada. At any rate, we will respectyour decision no matter what.Respectfully -- Jake

Hey Jake!You wrote:You may get some advice to have your Canadian dollars (your pension) direct deposit to a Canadian dollar account in a PI bank for the sake of convenience. Personally, I would not recommend it. For one thing, there may be some restrictions from your government about your military pension going overseas. Another thing is the security of your dollar account in a foreign bank. How quickly can you clean out your account if the government/country becomes unstable and you need to get out of dodge? And finally, Murphy's Law can and will affect your plans to permanently stay overseas and then the proverbial chit happens -- like a formal boyfriend/husband chasing you with a bolo knife.I checked with my pension office and it's just a matter of filling out a form once I have a bank account and they can direct deposit without any issues plus I get a better exchange rate. Skipping to your last point, I can have it changed back just as easily. Which also would be useful in case of number 2 - things start to go bad in the Philippines. I'm pretty sure that if that were to happen, I would bail long before it became necessary. But doing things this way, I can get my pension on the day that it is due and not have to worry about losing on the exchange or waiting for a cheque to clear. Of course I intend to also try the country out for a while before I change things around as well... Just to make sure I like it living there, as well as to see if I have to worry about those darn wild bolos before I get acclimatized. And not to mention I want to personally check out the banks to make sure I trust them enough to let them handle my money. Nice thing is I can change things there quite easily using the embassy in Manila or, even better yet, the consular office in Cebu. Did I mention that any other sources of income will be staying in Canada? Just wondering... Have I covered all my bases or did I miss something yet? I don't want to sound like I'm disregarding all your help because I'm not! I just can't find the bad in doing it this way once I fully check it out personally. And if you can show me something I missed, I'll be buying the cold ones on my "transfered-from-Canadian-bank" money!

[i am bob]

I completely understand that this isn't the advise you were asking for , but another option to consider. A lot of guys have their income deposited into a checking account in their home country and then deposit a personal check in their account in the Philippines allowing 3 or 4 weeks for it to clear. Keeps the bulk of their money safe in their home country, just takes a little planning ahead for the budget. Just putting another option out there.Doug

Thanks Doug!I didn't scroll down far enough to see that you had an entry here also... Darn smartphones! Great info but if you see my post above, you'll see my reasons for doing it the way I was saying... I don't think I mentioned that I am using every penny I have (almost) before I do the move to clear all my debts here so waiting for a cheque to clear won't be any good for me... At least not on the first couple months. I do have some cash locked in that I don't want to use yet except in case of emergency.

[Dave Hounddriver]

I checked with my pension office and it's just a matter of filling out a form once I have a bank account and they can direct deposit without any issues plus I get a better exchange rate

I have been working on ways to get my Canadian Pension here for many years so let me tell you the stumbling blocks I found. It may help you, or not.Having money direct deposited to the Philippines did not result in a better exchange rate for me. In fact I found it better to have the money in Canada and watch the rate until I found it favorable then send it to myself. I found the difference to be about 10K pesos on a sum of 250K pesos so that seemed quite a bit to me.I tried having the money direct deposited to a Canadian dollar bank account in the Philippines. The problem I found there is, unlike US dollars there is not a surplus of Canadian currency at the banks. Therefore you cannot easily take out Canadian cash and go to the grey market exchange to get a better rate. In fact the bank will exchange your Canadian dollars, as you remove them, into pesos at THEIR current rate which will be the worst possible scenario.I have tried various ways to get money from here back to Canada and have not yet found one that works for me so please let me know how that works.So I have my money direct deposited to a Canadian bank and transfer it myself. I find that sending a lump sum every few months is the best way for me.

[Jake]

.....Or I can have my pension direct deposit into a Philippine bank and send any savings I want to back to my account in Canada.....

Hey Bob,You may have missed one of my comments regarding your choices. Please reconsider your optionthat you stated above based on my personal reasoning: http://www.philippin...dpost__p__57501.You also may want to discuss this with your banker there in Canada. At any rate, we will respectyour decision no matter what.Respectfully -- Jake

Just wondering... Have I covered all my bases or did I miss something yet? I don't want to sound like I'm disregarding all your help because I'm not! I just can't find the bad in doing it this way once I fully check it out personally. And if you can show me something I missed, I'll be buying the cold ones on my "transfered-from-Canadian-bank" money!

Hey Bob,Once again, you air force pukes have got all the bases covered....he, he. It's quite apparently you'rethoroughly doing your homework prior to your adventure into the unknown. You are setting a fineexample for other members, new and old to prepare well in advance. I salute you sir!Old Navy puke -- Jake Edited January 25, 2012 by JAKE
chek spilling

[i am bob]

I checked with my pension office and it's just a matter of filling out a form once I have a bank account and they can direct deposit without any issues plus I get a better exchange rate

I have been working on ways to get my Canadian Pension here for many years so let me tell you the stumbling blocks I found. It may help you, or not.Having money direct deposited to the Philippines did not result in a better exchange rate for me. In fact I found it better to have the money in Canada and watch the rate until I found it favorable then send it to myself. I found the difference to be about 10K pesos on a sum of 250K pesos so that seemed quite a bit to me.I tried having the money direct deposited to a Canadian dollar bank account in the Philippines. The problem I found there is, unlike US dollars there is not a surplus of Canadian currency at the banks. Therefore you cannot easily take out Canadian cash and go to the grey market exchange to get a better rate. In fact the bank will exchange your Canadian dollars, as you remove them, into pesos at THEIR current rate which will be the worst possible scenario.I have tried various ways to get money from here back to Canada and have not yet found one that works for me so please let me know how that works.So I have my money direct deposited to a Canadian bank and transfer it myself. I find that sending a lump sum every few months is the best way for me.

Thanks Dave!I might have to go and look at things again I thinks...

[i am bob]

.....Or I can have my pension direct deposit into a Philippine bank and send any savings I want to back to my account in Canada.....

Hey Bob,You may have missed one of my comments regarding your choices. Please reconsider your optionthat you stated above based on my personal reasoning: http://www.philippin...dpost__p__57501.You also may want to discuss this with your banker there in Canada. At any rate, we will respectyour decision no matter what.Respectfully -- Jake

Just wondering... Have I covered all my bases or did I miss something yet? I don't want to sound like I'm disregarding all your help because I'm not! I just can't find the bad in doing it this way once I fully check it out personally. And if you can show me something I missed, I'll be buying the cold ones on my "transfered-from-Canadian-bank" money!

Hey Bob,Once again, you air force pukes have got all the bases covered....he, he. It's quite apparently you'rethoroughly doing your homework prior to your adventure into the unknown. You are setting a fineexample of other members, new and old to prepare well in advance. I salute you sir!Old Navy puke -- Jake

Thanks Jake!I'm trying to make sure I do have them all covered. But like Dave said above - how to get some money back to Canada... hmmm... Still working on that one. And still trying to find out what exchange rate I can get there as opposed to what the government will offer... Pretty well all I can think of for now...

[Steve & Myrlita]

If I may make a siggestion. Set up a savings account that is linked to your CA checking account with online access. Next mearly transfer what you want to save to that account and transfer the rest to RP account. This way, no need to do foreign transfer 2x and still accomplishes your intended task.