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Transferring Money Between Us And Philippines

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Based on my research so far, I have found that the best way to do this is to:

(1) Keep your US bank account for all your income (i.e., pensions, social security, rentals, investment interests, etc.)

(2) Open a dollar and peso account with BDO in the Philippines.

(3) Transfer funds from US account to your BDO dollar account via XOOM.  The transfer should be instant.

 

Comments anyone? 

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I do something similar but with BPI. 

 

Yes, cheaper than sending money via Western Union.

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I go back to Oz twice year at this stage to see my very elderly mother and other family, plus get meds.  I back up my pension, empty the account and bring it back.

the cost of the airfare is covered by the cost of just one of the tablets I have to take (price difference I mean).

Declare it as I go through Immigration, no problems.

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I can transfer $2,999 for $2.99 with Western Union. They probably aren't the best but I am already in their system. I know for a fact that they overcharged me two years ago because they just now sent me a letter to come to one of their locations to pick up the refund of the excess fee of $5.

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This is what I do (only because it is what the wife decided to do, so it IS NOT OPEN TO DEBATE :hystery: )

 

We keep the bulk of our money in the states, pension is deposited there. We have a dollar account at BPI. We write a USA paper check as needed and deposit it into our BPI dollar account and wait the 3-4 weeks for it to clear. There is a 100 peso fee for each $2000 check we deposit. We with drawl dollars as needed and change them into pesos at our local money changer for a better rate than the bank.

 

We also have a BPI peso account where we keep an emergency fund.

 

There are many different methods, but this is the one that the wife decided works best for us :cheersty: .

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We with drawl dollars as needed and change them into pesos at our local money changer for a better rate than the bank.

 

 

 

What money changer do you go to? Have you checked this lately? Last time I withdrew pesos from the BPI ATM I got a Better rate than what xe.com showed as the spot rate. (not much better but never saw that before)

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We with drawl dollars as needed and change them into pesos at our local money changer for a better rate than the bank.

 

 

 

What money changer do you go to? Have you checked this lately? Last time I withdrew pesos from the BPI ATM I got a Better rate than what xe.com showed as the spot rate. (not much better but never saw that before)

 

 This I can agree with, just now the Banks seem to be Playing the game on a Level Field for once.

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I've setup wire transfers between my US bank account and my asawa's BDO account.  It costs me $5 per transfer and all done online through my banks web portal.

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This is what I do (only because it is what the wife decided to do, so it IS NOT OPEN TO DEBATE :hystery: )

 

We keep the bulk of our money in the states, pension is deposited there. We have a dollar account at BPI. We write a USA paper check as needed and deposit it into our BPI dollar account and wait the 3-4 weeks for it to clear. There is a 100 peso fee for each $2000 check we deposit. We with drawl dollars as needed and change them into pesos at our local money changer for a better rate than the bank.

 

We also have a BPI peso account where we keep an emergency fund.

 

There are many different methods, but this is the one that the wife decided works best for us :cheersty: .

We do the same thing with our BPI. Except we do not get the 100p fee for check deposit and we exchange our $ for Php in the bank. Our branch checks the "live" rate at the time of transaction and we usually get an excellent rate. Also being that we are in the bank makes us feel a little more secure than going downtown to a money changer.

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What money changer do you go to?

 

We have a guy up the street. His rate is usually 10 centavos below the listed forex rate. He gets called from his home office a couple of times a day. If forex is showing 47.50 for example after his call I change at 47.40.

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