Bank charges

[bastonjock]

On 12/14/2019 at 12:34 PM, Huggybearman said:

There must be a mistake. I use BDO every month and they don't charge me anything for an inbound transfer. I use my UK bank as the source and apart from their charge to send it, there are no other charges. 

Do you use an intermediate such as world first or transferwise ?

I've been using world first  I send money from my account to them and they transfer it to the bdo account 

[Huggybearman]

6 hours ago, bastonjock said:

Do you use an intermediate such as world first or transferwise ?

I've been using world first  I send money from my account to them and they transfer it to the bdo account 

No, I just do an online transfer from my Nationwide current account direct to my BDO account using the SWIFT system. It always arrives the next working day. 

[Gary D]

I find that moving money from HSBC UK to HSBC PH in instantaneous but from HSBC PH to our PNB account can take a couple of days, I suspect some human intervention becomes involved.

[Viking]

On 12/14/2019 at 1:34 PM, Huggybearman said:

There must be a mistake. I use BDO every month and they don't charge me anything for an inbound transfer. I use my UK bank as the source and apart from their charge to send it, there are no other charges. 

Are you sure of this?

Banks are very clever in finding ways to get our money. They give us a not so good rate when we change from our own currency to pesos, they usually also take a fee for converting our money to another currency and ofcorse the transfer fee.

[Huggybearman]

7 hours ago, Viking said:

Are you sure of this?

Banks are very clever in finding ways to get our money. They give us a not so good rate when we change from our own currency to pesos, they usually also take a fee for converting our money to another currency and ofcorse the transfer fee.

Indeed I am. I have been doing a monthly transfer this way for over five years now. The bank just makes a flat fee, regardless of amount, using the SWIFT payment method. The exchange rate seems to be as good as any as well. 

[Viking]

On 12/17/2019 at 4:07 AM, Huggybearman said:

Indeed I am. I have been doing a monthly transfer this way for over five years now. The bank just makes a flat fee, regardless of amount, using the SWIFT payment method. The exchange rate seems to be as good as any as well. 

That sounds really great. You dont even pay a currency exchange fee?? 

[hk blues]

On 12/17/2019 at 11:07 AM, Huggybearman said:

Indeed I am. I have been doing a monthly transfer this way for over five years now. The bank just makes a flat fee, regardless of amount, using the SWIFT payment method. The exchange rate seems to be as good as any as well. 

I pay my sending bank the Chaps / SWIFT Fee and then Metrobank here have charges as well.  BPI do the same, or did the last time I used them for this.    

[Huggybearman]

16 minutes ago, hk blues said:

I pay my sending bank the Chaps / SWIFT Fee and then Metrobank here have charges as well.  BPI do the same, or did the last time I used them for this.    

My UK bank charge a fee for sending the SWIFT transfer. BDO do not make a seperate charge for crediting it to my account. I send GBP and not PHP. I guess BDO probably make something on the exchange rate but the amount credited to my account is a reasonable reflection of the interbank rate so cannot be much.

[Tommy T.]

I only transfer to PNB dollar account. Charles Schwab Bank charges $25 regardless of amount so bigger amount means more value. PNB charges $8 to receive. To me it's all worth it for the ease and convenience. It usually takes 24 hours or less and that is plenty of time for my needs. I can use ATMs anywhere in the world with any fees reimbursed so pay only exchange rates which are close to posted rates.

[hk blues]

17 hours ago, Huggybearman said:

My UK bank charge a fee for sending the SWIFT transfer. BDO do not make a seperate charge for crediting it to my account. I send GBP and not PHP. I guess BDO probably make something on the exchange rate but the amount credited to my account is a reasonable reflection of the interbank rate so cannot be much.

I wonder if the "charges" are hidden in the exchange rate somehow?  Metrobank gave me a detailed breakdown of how the charges would be calculated - needless to say it never adds up!