Funding Home Project

[Whitty]

Greetings all .

Was wondering if any of you may have solutions to a difficulty I have.

Am considering buying land and building house in  Dumaguete Negros (wife will purchase) and don't know how to transfer large amounts from my Australian bank to my BDO account . I have not asked BDO yet . Have been using a remittance company for living needs, however it is capped at $10K Aus per month .

Thank you

[lyno 47]

Hi Whitty I have used world first money transfer when purchasing my home here they are based in Sydney ,no matter which way you look at it you are going to loose some money ,but I have found them to be very very good and give a much better rate than the banks ,you have to give them a bit of info and register, for amounts over $5,000 aud they don't charge any handling fee they make there money on the exchange rate .there main office is based in the U/K.

[Whitty]

Thanks lyno 47 , This company sounds good . Will contact then when I am back in Sydney next month . Did you register with them when in Aus or Philippines. Have had problems with other companies when I mentioned i lived mostly in Philippines. 

[lyno 47]

Mate I registered with them when I was in auz ,the way I did it after registration was to send telegraphic transfer from my bank in auz to there bank give them all the details of my bank here in the phils ,they give you a date that the money will be deposited in your phil bank,the only hold up may be your bank in the phils ,I use BPI and the money was here after midnight . 

They give you a dedicated manager to handle your A/C  and you can send a large amount .doing it from here I could only send $10,000

per day coz that's the amount I organized with my auz bank.

[Dave Hounddriver]

Have had problems with other companies when I mentioned i lived mostly in Philippines. 

 

That gave me problems too.  When I first came here I needed to transfer larger amounts so I walked into my Canadian bank and talked to the manager.  We set up a code word so I could email them and have them wire transfer any amount I wanted.  It helps to know your bank manager and get them to know you.  No third parties needed.

[Thomas]

Is it any problem when it's bank acount to bank acount??

 

A Norwegian transfered around 3 million pesos worth last year without problem. (I don't know between which banks.)

When it's over 10 000 USD  (?) worth for each transfer, then it's EXTRA CHECKED before the reciever get it, but when it's ok, it just take some MORE TIME. (I believe normaly a month.)

[Ynot]

Hi I'm not experience in money transfers other than monogram, but if you can only send over $10,000 a month as it, surely that's ok, because I imagine what you are building will take longer than one month to build.  If your house take 6 months to build that's $60,000 including living expenses that should be plenty depending if you are building a palace or not, not to mention you are talking about returning back t Oz shortly which means when you return to the Philippines you can take cash with you (just declare it if above $10,000) then you don't love out on the exchange rate but just be careful in regard to carrying it around.   I had a mate that was buying a house but he was luckier in that he flew in out of Oz on a regular basis so he just declared the money at customs each time he left.

[Thomas]

if you can only send over $10,000 a month

You can send more at the same, you just need to declare it. 

I don't remember what the currency values were back then, but a Norwegian did send AT LEAST 2 500 000 pesos worth at ONE time to buy a house. (He bought a new car too, but I don't know if he send that money at the same time.)

You BETTER SHOW the money  :)  because then you are allowed to take much OUT of Phils, if you will want that sometimes in the future. Lucky for the Norwegian he did show the money, because he has moved home to Norway again of health reason  (=There are much subsidised hospital costs in Norway).

[i am bob]

Thomas  raised a very important point!   

 

If you want to return large amounts of money back out of the Philippines, you need to show how and when it came in!  Declaring large amounts that you bring in is not only smart but legally required!

 

First person who can state the correct amount of money as the max you can bring into the country without declaring wins a free dinner on Uncle Bossman's floating estate!  Please refer to the pictures as shown in our past lottery draws!

 

:mocking:  :tiphat:  :rolleyes: