Large Money Transfers to Philippines

[wheelbarrowhandle]

7 hours ago, sonjack2847 said:

From the UK to here the maximum I was allowed to transfer ( from my bank in uk to PNB here) was 10,000 UK. Transferwise has a max of 2000 UK. It`s a toss up which is more costly as initially TW is dearer than the bank by 8 pounds but has a better exchange rate and is faster, Having said that it would have been a lot of messing about with TW.

I looked at this just yesterday. I wanted to send £20K.  The TransferreWise limit is 480K php for the reciver, about £7k. Costs about £30, so have to do 3 transferres at around £90 in total.

 My bank FirstDirect, want £15 to send £20K to PHP. So on the face of it looks like that is better. However going via TW would have gotton 36K more php. So it then makes TW better.

 

 

 

[hk blues]

27 minutes ago, wheelbarrowhandle said:

I looked at this just yesterday. I wanted to send £20K.  The TransferreWise limit is 480K php for the reciver, about £7k. Costs about £30, so have to do 3 transferres at around £90 in total.

 My bank FirstDirect, want £15 to send £20K to PHP. So on the face of it looks like that is better. However going via TW would have gotton 36K more php. So it then makes TW better.

 

 

 

My UK bank charges £35 for a transfer of any amount BUT you may come across issues if you send £20k in one transaction as it's above the $10k limit in place here.  That's why Transferwise limit you to £7K which is more or less $10K.  An easy way around it is to send from 2 different banks or in 2 separate transactions but it will cost more of course.   

[insite]

If you have a HSBC account there and one here ( Premium ) it can be transferred online free !

I think City Bank offer something similar but I do not have any details.

[Jollygoodfellow]

9 hours ago, GeoffH said:

You're probably correct about that but Australia also has a $10,000 limit and they're a lot more strict about it.

I often use worldremit. Usually I would send just under 10k so no questions asked.

 

[Shady]

On 2/19/2021 at 8:58 PM, Maxheadspace said:

Shopping for my wife's house in the Philippines.  Any recommended ways to transfer money into the Philippines from the US that won't carry a hefty transfer fee?  Like around $100K.

Zero fees if you transfer from your HSBC US to your HSBC PH accounts

[Jollygoodfellow]

On 2/19/2021 at 8:58 PM, Maxheadspace said:

Shopping for my wife's house in the Philippines.  Any recommended ways to transfer money into the Philippines from the US that won't carry a hefty transfer fee?  Like around $100K.  Or am I just stuck with the regular bank-to-bank transfer?

Most dont realise that if your coming into the Philippines you can bring as much cash as you like but you must declare it otherwise you will probably lose it. 10k of any currency does not have to be declared

Form needed https://www.bsp.gov.ph/Regulations/MORFX/Annex K (cir794_2013).pdf

[Tommy T.]

14 hours ago, hk blues said:

My UK bank charges £35 for a transfer of any amount BUT you may come across issues if you send £20k in one transaction as it's above the $10k limit in place here.  That's why Transferwise limit you to £7K which is more or less $10K.  An easy way around it is to send from 2 different banks or in 2 separate transactions but it will cost more of course.   

Perhaps I misunderstand your comments, HK, and others, regarding maximum transfer amounts permitted into or out of Philippines?

I have transferred in excess of US$100k out of Philippines and several times amounts greater than $20k (all in single transactions) into the country. I have always used bank to bank wire transfers and no questions asked. The U.S. fee is around $15 and the Philippine bank charges $4? (or maybe it was $8? I forget now...). The transfers take one to two days to clear usually.

[Jack Peterson]

1 hour ago, Tommy T. said:

I have transferred in excess of US$100k out of Philippines and several times amounts greater than $20k

 Tom is this a Typo? why would you Transfer These amounts Out of the Philippines when you actually live and made your life here? 

[Tommy T.]

41 minutes ago, Jack Peterson said:

why would you Transfer These amounts Out of the Philippines when you actually live and made your life here? 

No typo, Jack... I sold my yacht and did not wish to keep all the proceeds here. This was a few years ago and - at that time - I had not decided yet to build a home and was not even sure I would stay here.

[Jack Peterson]

17 minutes ago, Tommy T. said:

I sold my yacht and did not wish to keep all the proceeds here. This was a few years ago

 So let's hope Regulations have not changed too much for those wishing to do it now