Bank Deposit Fee

[intrepid]

34 minutes ago, robert k said:

Is the app connecting you to WU Philippines?

I just logged in and checked and the fees are higher from credit card.

THE FEE SENDING FROM BANK ACCOUNT IS $2.99

I always say from my bank. Or your bank is not in the Philippines, don't use WU Philippines, etc. Direct from the bank is cheaper.

Checking just now, they allow you to send $5,000 and not that cheesy $2,999- $4,999 or below. Exchange rate for anything less than $100 isn't very good and they never had small bills.

Okay Robert,  My first attempts on the computer showed a fee of $10.  It then showed $2.99 using the mobile app.  So I didn't go any farther on the laptop.  For some reason I still cannot sign on using my phone.  Everything you suggested is what I was doing.  I finally went back to the laptop and this time filled out the entire form and it now shows a fee of $2.99  WOW, I pretty sure I will close my dollar account at the bank and only keep the peso.  Earlier today I went to our money changer and was told they would usually always have the extra dollars and enough to payout my monthly.  If not, they would easily payout the going rate in peso.  As I mentioned before, in our area they have always had the highest rate.  Thanks again.

 

[robert k]

4 minutes ago, intrepid said:

Okay Robert,  My first attempts on the computer showed a fee of $10.  It then showed $2.99 using the mobile app.  So I didn't go any farther on the laptop.  For some reason I still cannot sign on using my phone.  Everything you suggested is what I was doing.  I finally went back to the laptop and this time filled out the entire form and it now shows a fee of $2.99  WOW, I pretty sure I will close my dollar account at the bank and only keep the peso.  Earlier today I went to our money changer and was told they would usually always have the extra dollars and enough to payout my monthly.  If not, they would easily payout the going rate in peso.  As I mentioned before, in our area they have always had the highest rate.  Thanks again.

 

That explains it. You have to get all the way down to how you want to pay for it, then the fee drops when you say from bank account.

I had no problem using my phone, but then I was using it as I would a computer and not a phone app.

Edited June 22, 2017 by robert k

[davewe]

For years I have read from expats that the easiest and cheapest way to transfer their pension or Social Security monthly payments was to write themselves a personal check and deposit it into their dollar account, wait 3 weeks and then the money is there without a fee. Now it is appearing that this strategy is no longer the best. Or are their still banks that I can deposit a personal US check into without a fee?

Edited June 22, 2017 by davewe

[OnMyWay]

2 hours ago, davewe said:

For years I have read from expats that the easiest and cheapest way to transfer their pension or Social Security monthly payments was to write themselves a personal check and deposit it into their dollar account, wait 3 weeks and then the money is there without a fee. Now it is appearing that this strategy is no longer the best. Or are their still banks that I can deposit a personal US check into without a fee?

My last check deposit at BPI was in February.  I have never had a charge.  Here is the list of BPI fees and I don't see a check deposit fee there.

https://info.bpiexpressonline.com/bpiprod/produpd.nsf/Deposit+Rates/BankServicesFees

I have had to make cash deposits at Metrobank and BDO in the past.  BDO charges something if the amount is below a certain threshold.  Metrobank always charged me p50.  That is one reason why I don't do my banking there.

[Jollygoodfellow]

On 6/21/2017 at 6:52 PM, robert k said:

Western Union will send me $4,999 USD to a location for $2.99. They say it may be 3 business days but I usually get the e-mail notification within 30 minutes. Now, finding someplace that has that kind of money in $100 bills [or at all] will be a problem and you will have to give them notice.

I dont get the point. If you are in the Philippines why would you want 100 dollar bills? Wouldn't it make more sense to pick up peso and that is the end of it rather than having to exchange it again? 

[robert k]

1 minute ago, Jollygoodfellow said:

I dont get the point. If you are in the Philippines why would you want 100 dollar bills? Wouldn't it make more sense to pick up peso and that is the end of it rather than having to exchange it again? 

Because the peso rate from Western Union is garbage, most days. Also I wouldn't want to count $5k USD worth of 1k-500 peso bills at one time. 5k USD in pesos is a fair sized bale of money. The exchange rate for $100 bills is better than for small bills. I can carry 1k-2k USD in $100 bills and it doesn't make a bulge and change it as I feel like. Larger sums of USD $100 bills are easier to keep out of sight at home for emergencies or if you don't have a bank account.

[Happyhorn52]

1 hour ago, Jollygoodfellow said:

I dont get the point. If you are in the Philippines why would you want 100 dollar bills? Wouldn't it make more sense to pick up peso and that is the end of it rather than having to exchange it again? 

I have a US Dollar account at BDO. If I make a withdrawal of US$ I can then convert those dollars to pesos on the street at a much better rate than the BDO exchange rate.

Edited June 22, 2017 by Happyhorn52

[intrepid]

7 hours ago, OnMyWay said:

My last check deposit at BPI was in February.  I have never had a charge.  Here is the list of BPI fees and I don't see a check deposit fee there.

Don, My wife still has an account at BPI and while there yesterday I asked the manager and she advised me that BPI started the $5.00 foreign check clearing fee this April 2017.

[intrepid]

3 hours ago, Jollygoodfellow said:

I dont get the point. If you are in the Philippines why would you want 100 dollar bills? Wouldn't it make more sense to pick up peso and that is the end of it rather than having to exchange it again? 

JGF, If your pick up in the Philippines is pesos sent through WU, the exchange rate they pay is usually one peso less than the going rate you can exchange for in person with dollars. 

[OnMyWay]

21 minutes ago, intrepid said:

Don, My wife still has an account at BPI and while there yesterday I asked the manager and she advised me that BPI started the $5.00 foreign check clearing fee this April 2017.

Ouch!  I'm not going to hit the LIKE button!

I guess the only thing to do is write bigger checks, less frequently, to keep the % down.  Still a better deal than other methods, but not good for those who like to write 1 check a month for smaller amounts.