XE Transfer Question

[russellmania]

I have a dollar acct at BPI. My sister inlaw is doing a bank to bank transfer of $7,000.00 to my account. There was a problem with my account number being incorrect by one number. But I noticed it said transferring P388,145.00 to my acct. Since I dont have a peso acct, how does this work? I thought they would transfer U.S. dollars.

[hk blues]

2 hours ago, russellmania said:

I have a dollar acct at BPI. My sister inlaw is doing a bank to bank transfer of $7,000.00 to my account. There was a problem with my account number being incorrect by one number. But I noticed it said transferring P388,145.00 to my acct. Since I dont have a peso acct, how does this work? I thought they would transfer U.S. dollars.

It depends on what currency your SIl selected for the transfer.  When I transfer from the UK, I can send in either php and it is converted by my UK bank to php or in GBP and it is converted to php by my local bank here.  

[OnMyWay]

Are you saying she used XE,com to send USD to you?  XE would only send dollar to pesos, I think.  They don't offer dollar to dollar, but I might be wrong.

If BPI accepts the pesos, you will probably get hit with another exchange rate loss to convert it to dollars.

[hk blues]

46 minutes ago, OnMyWay said:

Are you saying she used XE,com to send USD to you?  XE would only send dollar to pesos, I think.  They don't offer dollar to dollar, but I might be wrong.

If BPI accepts the pesos, you will probably get hit with another exchange rate loss to convert it to dollars.

Double dipping I call it - bank A converts USD to PHP and skims off the exchange rate then sends the pesos to Bank B who duly convert it back to USD and skims a little (or a lot) off the exchange rate.  Depending on the difference between the exchange rate in the respective countries, the resultant loss can be greater or less.  

[russellmania]

On 12/14/2022 at 4:29 AM, OnMyWay said:

Are you saying she used XE,com to send USD to you?  XE would only send dollar to pesos, I think.  They don't offer dollar to dollar, but I might be wrong.

If BPI accepts the pesos, you will probably get hit with another exchange rate loss to convert it to dollars.

Im STILL having problems receiving my Bank to Bank transfer thru XE. Now BPI is saying since I have a dollar acct they only will accept dollar transfers. I dont understand that because the P338,000 is equivalent to $7000 usd so why not accept the transfer and put usd in my BPI dollar acct. They wont do it so my money is still in XE possession. So I will get my sis-n-laww to get a refund and try another transfer company. So it is possible to transfer USD into a Philippine bank dollar acct?

[hk blues]

3 minutes ago, russellmania said:

Im STILL having problems receiving my Bank to Bank transfer thru XE. Now BPI is saying since I have a dollar acct they only will accept dollar transfers. I dont understand that because the P338,000 is equivalent to $7000 usd so why not accept the transfer and put usd in my BPI dollar acct. They wont do it so my money is still in XE possession. So I will get my sis-n-laww to get a refund and try another transfer company. So it is possible to transfer USD into a Philippine bank dollar acct?

What currency did she actually send the money to XE in?  It sounds like it was PHP as BPI have rejected the payment so presumably it was in PHP and not dollars.  I'm not sure why you're asking if you can transfer USD to a PHP bank dollar account as BPI have confirmed it is possible. 

[OnMyWay]

57 minutes ago, hk blues said:

What currency did she actually send the money to XE in?  It sounds like it was PHP as BPI have rejected the payment so presumably it was in PHP and not dollars.  I'm not sure why you're asking if you can transfer USD to a PHP bank dollar account as BPI have confirmed it is possible. 

I don't think XE and other transfer services offer dollar to dollar transfers.  Their business model calls for profiting from the exchange rate and/or fees.  You have to choose the destination country and Philippines is automatically pesos.

Banks offer dollar to dollar transfers.  Either by wire transfer or write yourself a check.

I did wire transfers from Chase U.S. to BPI dollar account.  Chase charged me $40 fee (up to $25 k transfer allowed) and if I recall correctly, BPI charged $6 incoming fee.

Cheapest way, if possible, is to write a $ check and deposit it in your BPI account.  BPI charged a $5 deposit fee.  3-4 weeks to clear.

 

 

[Possum]

Wise does dollar to dollar transfers. I use it pretty often. Much cheaper than bank wire transfer fees too. "wire transfer" is a major ripoff. Banks haven't telexed money to other banks in many years. They do the same as Wise or WU, transfer over internet with no human interaction required the person doing the transfer enters all the information.. Metrobank charges $5.00 to receive money to my USD account, that also makes me laugh. I have to PAY a bank to take my money? Bank fees are a pet peeve of mine. US banks charge you a maintenance fee if you don't keep 1000+ in your account. WTF, there is nothing to maintain and we know you use the float to gamble with. My grandfather years ago told me to buy stock in any new FDIC insured bank. They cannot lose money even if they are stupid,even then either another bank will buy them or the government will bail them out. As someone once said, the best way to rob a bank is to own one.

OK rant done...try transferring with Wise it works

[OnMyWay]

3 hours ago, Greglm said:

Wise does dollar to dollar transfers. I use it pretty often. Much cheaper than bank wire transfer fees too. 

Good to know.  Back when I bought my house in 2015 I don't think any had that.   I just checked and for Russel's 7000 the fee would be about 17.  Not bad.  Do you know what the max is?

[OnMyWay]

25 minutes ago, OnMyWay said:

Good to know.  Back when I bought my house in 2015 I don't think any had that.   I just checked and for Russel's 7000 the fee would be about 17.  Not bad.  Do you know what the max is?

Weird.  I put in 25 k and Wise said fee is only $7.  7 k says $17.  I hope that is true because I might need to do a large transfer in 2023.