Philippines Insider" The Ultimate Philippines Travel Guide for Tourists and Expats
Philippines Insider" The Ultimate Philippines Travel Guide for Tourists and Expats

Author Topic: Money Transfer  (Read 4983 times)

Offline ray.len

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Money Transfer
« on: August 13, 2012, 09:38:35 AM »
Hell-o guys,
 Got a question.
 Citibank has two branches I believe in Cebu. I have talked to the people in the Citibank in the U.S. Who told me inorder to transfer money from the U.S. bank to the Cebu branch, there would need to be an account opened in Cebu. There would be a 10.00 U.S. dollar fee, for the transfer. And supposedly you can open a U.S. dollar acount and or a peso account.
  My QUESTION is does anyone know how long said transfer from bank to bank would take?
 
 Missing Ph.

   Thanks for your help

Offline Lee2

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Re: Money Transfer
« Reply #1 on: August 13, 2012, 09:50:47 AM »
Quote from: \"ray.len\" post=46998
Hell-o guys,
 Got a question.
 Citibank has two branches I believe in Cebu. I have talked to the people in the Citibank in the U.S. Who told me inorder to transfer money from the U.S. bank to the Cebu branch, there would need to be an account opened in Cebu. There would be a 10.00 U.S. dollar fee, for the transfer. And supposedly you can open a U.S. dollar acount and or a peso account.
  My QUESTION is does anyone know how long said transfer from bank to bank would take?
 
 Missing Ph.

   Thanks for your help


Are you Filipino because if not then as a tourist I do not believe Citibank Philippines will open an account for you because they did not wish to open an account for me without proof of Philippine residence.

As for money transfers, you can transfer money from any bank in the US to any dollar account you may have in a bank in the Philippines by paying a fee. The Philippine bank charges about $10 to receive the transfer and the sending bank charges whatever fee they wish to for sending it.

Unless you are going to need a lot of money then just use your US Citibank ATM card at a Philippine Citibank branch and there will be a $3 fee plus approx a 3% currency exchange fee. The best way for a vacation is bring some cash and use ATM cards.

I believe Citbank now only has one branch in Cebu City right next to the Ayala. They used to have a couple other branches in Cebu City but they close those earlier this year, I know because they closed the one near the capitol that we used to bank at.

If you can manage to open an account with Citibank or any other bank then a wire transfer usually takes within 24 hours and can even be accomplished online.
:) Happily married since 1994 & live part of the year in Cebu and the rest in S. Florida.

Offline Lee2

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Re: Money Transfer
« Reply #2 on: August 13, 2012, 09:59:48 AM »
Also check out Citibank® Global Remittance Services.

Dollars without borders.
 
You’ve got loved ones back home depending on you. So you need a service you can depend on for a fast, affordable way to send money abroad… Global Remittance Services.

What it Costs Up to $8 per transfer


Citibank Global Remittance Services are low-cost ways to conveniently send money to family and friends in the Dominican Republic, Ecuador, India, Mexico, the Philippines or Poland1. Come and visit a branch near you.

Need to send money to a different country? Try a Citibank® Global Transfer1 or wire transfer instead.

How It Works
Ready to send money home? Here’s what you need to know:

Citibank Global Remittance Services make it easy to send money to the Dominican Republic, Ecuador, India, Mexico, the Philippines or Poland. All you need is a Citibank checking, savings or money market account and the recipient\'s name or account number. If you are sending funds to be picked up in cash, you\'ll need the recipient\'s name, address and phone number.
Funds are usually available immediately—remittances to Ecuador and the Dominican Republic are available within 24-72 hours.2
Transfers are converted into local currency at Citibank\'s competitive exchange rate.
:) Happily married since 1994 & live part of the year in Cebu and the rest in S. Florida.

Offline ray.len

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Re: Money Transfer
« Reply #3 on: August 13, 2012, 10:01:38 AM »
I\'m wanting to trasnfer a large amount for the purchase of a lot and maybe a house.

Offline ray.len

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Re: Money Transfer
« Reply #4 on: August 13, 2012, 10:18:57 AM »
thanks

Offline bigrod

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Re: Money Transfer
« Reply #5 on: August 13, 2012, 10:26:44 AM »
If you are a tourist when you extended from 59 day to 60+ you are required to purchase an ACR-I card.  Most banks accept this as proof of residence and allow you to open accounts, also allows for to you open electric, phone, cable/sat accounts etc. :woohoo:

Chuck
Life is  to short not to live it right the first time

Offline Art, just a re(tired) Fil-Am

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Re: Money Transfer
« Reply #6 on: August 13, 2012, 01:44:44 PM »
If one is going to stay in the Philippines longer than the 59 days or even up to 24 months. You may want to bring with you your U.S. personal checks in the event you can open a Philippine dollar account where for which you can deposit your U.S. personal check without any service fees into your RP dollar account and you have ATM and internet access. Most banks have a 25 day clearing requirement before posting the money into your RP dollar account, BPI bank is one of them, but there are some banks that do have shorter clearing of your U.S. checks, I don\'t know off hand which banks though, but maybe other members here knows which and will post.
Most banks with on-line banking systems can also do account to account, bank to bank transfers, pay certain bills on-line and also money remittances to the recipient\'s bank account! Some bank\'s polices may differ though, so carefully read their brochures what services they offer!
Also as a note: RP bank accounts that lay dormant 2 months or more are charged a service fee and also if the account balance is below the minimum requirement! Any accounts that has a zero balance are automatically closed out, but can be reinstated by the named depositor of the account. Anyone with an RP account can go to your perspective bank\'s website and get more detailed information concerning their accounts.
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