Philippine bank question PDIC

[Tommy T.]

7 hours ago, robert k said:

Brief interjection into the A-B conversation. If you have funds outside the Philippines, I wouldn't try to send funds you have  in the Philippines unless I absolutely had to as anything Philippines seems to add a layer of complexity. If for example I sold a yacht / house, I just wouldn't be bringing money into the Philippines for some years. 

Thanks for your comment, robert. But it is too late, at least this time, for me. I sold my yacht to someone from Taiwan who wire-transferred the funds to me here in the Philippines. The amount was enough to trigger any money-laundering alarms however, all that happened was that I was questioned here at my bank branch in Davao about what this was all about. I did give them a copy of the Bill of Sale and that was the end of it - nothing else happened.

Then I took a significant portion of those funds and wire-transferred that to the U.S. too. There were no more questions. These transactions were all in U. S. dollars.

Incidentally, it is looking like some members who have joined this discussion may not have read the entire thread because I am seeing some duplicate conversations regarding transferring money between Philippines and U.S.A. All I will add here is to restate from earlier that I have made multiple transfers to Philippines from U.S.A., in dollars, with no problems. Fee of $25 outgoing from America and $8 incoming to the bank here. I use Charles Schwab in USA and PNB here in Davao City.

Edited July 9, 2019 by Tommy T.

[Dave Hounddriver]

3 hours ago, Tommy T. said:

some members who have joined this discussion may not have read the entire thread

True.  The forum does not have any requirement for people to read before posting.  Some people make large numbers of posts without reading even the entire page they are commenting on.  Taken a step further, there are some members who do not search the forum to see if the discussion has already taken place on another thread.

So if anyone HAD read the entire thread, they would realize that the original question was:

On 7/3/2019 at 11:46 AM, dj3642 said:

my question is this.. do you leave most of your money in the US or how do you handle the protection difference..

Most of the thread has gone off topic and people should start a new thread for it.  But this is PEF.  We try to keep things on topic and accept that our members will write things without reading the entire thread to see if they are on topic.

[hk blues]

4 hours ago, Tommy T. said:

I think I am totally confused and am missing your point completely, hk...sorry.

>You're completely missing my point - what I did worked perfectly for my situation i.e. transferring pesos to a bank which did not accept pesos.  It's no more complicated than that!<

This is the only way I could figure out how to quote your last comment here. Your last message said you sent pesos from Philippines to Hong Kong as pesos to a bank that would otherwise refuse them? Before that you wrote that you had to exchange pesos to dollars...

Did I miss something. I will drink my strong coffee now and see if I can understand what you have been telling me.

I'll answer this and leave it at that as we have strayed off course -

I WANTED to send pesos to Hong Kong but the bank (Philippines) said no go and that I had to change to dollars first and then send.  Why?  I didn't ask (what would be the point?) but made some assumptions based on my own research that pesos may not be accepted by Hong Kong banks.  It was an inconvenience but worked so all good 

 

[Tommy T.]

1 hour ago, Dave Hounddriver said:

True.  The forum does not have any requirement for people to read before posting.  Some people make large numbers of posts without reading even the entire page they are commenting on.  Taken a step further, there are some members who do not search the forum to see if the discussion has already taken place on another thread.

Thanks for that. I was trying just to let some of the users know that maybe a lot of their question were already answered so that they might easily learn what they are seeking.

And I am as guilty as the next guy for not always reading the entire topic (although I am doing that now), for wandering off topic and not searching as much as I should to see if topics have already been introduced and discussed. I will do better.

Edited July 9, 2019 by Tommy T.

[Jollygoodfellow]

I think there's not much more to add here.