Itís Your Money > Banking

Re: Money Transfer

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Palawan Aussie:

--- Quote from: bigrod 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
--- End quote ---


We've found a good way to manage money. I'm sure this could work well with most banks worldwide.

It starts with your partner and yourself opening a joint account at your current U.S., U.K., Aussie etc bank.

Thus, a joint account at your normal bank, in addition to your other accounts. Have your income paid into a normal bank high-interest-earning account, with an online access. These are not trading accounts, and the banks usually don't issue access cards for these accounts. Then, transfer online between accounts whatever you need for living expenses into the joint account, for which you both have ATM cards. This takes us around 30 seconds online.

Now, both of you can withdraw pesos from the joint account at virtually any ATM machine in the Philippines and in most other countries worldwide. For this we pay a total of around 380 peso each time we withdraw money in the Philippines, and at no cost anywhere in Australia. I'd guess your bank's charges would be similar.

Previously I was doing international transfers, but my bank charged 1,180 peso for each transfer, which took 4-5 days, then Mary's Veterans Bank also charged around 800 peso. That is around 2,000 peso per transfer. Thus imho, a joint account is a much better arrangement. It's around 20% of the international transfer charges, and money is available immediately for both of us no matter where we are.

There are probably other ways that may be cheaper (?) but, this process takes us 30 seconds, and our money is available at virtually any ATM machine in Australia, the Phils or virtually any country these days. And the 380 peso charge in the Phils every fortnight or so for our living expenses is just fine. When we want to transfer very large amounts at anytime, we can still do the normal bank transfer thing and then obtaining a manager's cheque.

This works well for us, whatever, your mileage may vary :D 

BingColin:
We have a joint account with HSBC UK that both our pensions are paid into, this gives Credit and Debit cards for use worldwide. I will only use a credit card for online or large Philippine purchases and repay immediately online. We also have a higher interest internet savings account that we transfer surplus (?  :() money into. This loses the interest for any month in which you make a withdrawal. This is for medical savings having lost the free UK National Health. We have joint accounts with both BPI Europe and BPI Philippines.  I transfer money online once a month from HSBC to BPI Europe which takes 2 hours and is free. I then transfer from BPI Europe to BPI Philippines for a usual fee of £5, but this can be up to £15 for sums up to £50,000; this transfer is immediate. This is more complicated that a direct HSBC transfer, but they do charge a lot more. We could get a BPI credit card but that seems very slow at checkouts so we prefer to pay with cash.

graham:
Stephen,

I have a Qantas Staff Credit Union A/c. I get 12 free t/fers
a month. I have been using a QSCU ATM card, and my wife has 
a secondary card. We withdraw 4 times a month, costing me
Php800. The problem, as I see it, and I'm hoping that
I'm reading your post correctly, is that, not only do you have to
pay to withdraw thru the Phil. ATM from your Oz bank, but you only
get the normal Phil. bank exchange rate.

Now, I'm slack,  ??? I was told about using LBC (Oz) about 6 months
ago, to forward my pension money into a Phil bank of my choosing,
for the fee of $8 (about Php310+), plus their cut is, I think, half a peso
on the $. Not sure as I haven't followed up. Using a local bank A/c and
withdrawing from that A/c negates any withdrawal fee My friend is an
extremely clever person re money and says that the rate given by LBC is far
superior to that which you get by just withdrawing from a Phil. ATM using your
Oz card.

Graham

Palawan Aussie:

--- Quote from: graham on June 23, 2013, 11:35:39 AM ---I have a Qantas Staff Credit Union A/c. I get 12 free t/fers a month. I have been using a QSCU ATM card, and my wife has a secondary card. We withdraw 4 times a month, costing me Php800. The problem, as I see it, and I'm hoping that I'm reading your post correctly, is that, not only do you have to pay to withdraw thru the Phil. ATM from your Oz bank, but you only get the normal Phil. bank exchange rate.

Now, I'm slack,  ??? I was told about using LBC (Oz) about 6 months ago, to forward my pension money into a Phil bank of my choosing, for the fee of $8 (about Php310+), plus their cut is, I think, half a peso on the $. Not sure as I haven't followed up. Using a local bank A/c and withdrawing from that A/c negates any withdrawal fee My friend is an extremely clever person re money and says that the rate given by LBC is far superior to that which you get by just withdrawing from a Phil. ATM using your Oz card. Graham

--- End quote ---


Good on you both, Colin and Graham, it appears as if you have appropriate international financial arrangements, and/or knowledge, to suit your financial needs. And they sound similar to ours. The needs we have are somewhat different maybe in that we spend six months in both countries each year, so we need flexibility in terms of banking arrangements. 

Graham, you are right, the way we do it does involve the exchange rate for whichever Phils bank ATM we choose to withdraw money from our bank in Australia.

It varies, but we usually choose Mary's bank to withdraw money, Veterans Bank. In fact, my wife did an ATM 5,000p withdrawal there just today. So, again I have just checked their exchange rate,  and as usual, it's significantly better than the Australian Commonwealth Bank exchange rates ...

Philippines Veterans Bank:           $1AU = 40.25p
Australian Commonwealth Bank:  $1AU = 38.98p  (Australia's largest bank)

So, it works out cheaper for us to do it the way we do, as we normally just ATM-withdraw once a month, although today was different. Mary is an elementary school teacher, and we decided to buy the less well-off kids in her class of 46 pupils some basic things such as pencils, crayons, rulers etc. 

Lee, my wife Mary has a good understanding of educational standards, and including the recently mandated new government standards. This year the Philippines has mandated that Year 12 is the final year before university. Yup, up till recently, university in the Phils began at Year 11. So a three year degree from the Phils isn't recognized in many other countries. Recent Phils university graduates are two years younger than most other world countries, and they've had two years less schooling. However, the recent changes rectify this. And, in doing so, they mandated the standards for each school year level. Lee you can therefore check if that school are teaching to the standards or not. Contact me offline with your phone number and I'll get Mary to phone you with more details if you like, my friend.

Cheers people,
Stephen & Mary




Killjoygreg:
What myself and a couple of friends have done is open a Philippine ATM account. Transfer into this account from Australia using iRemit or Ausphil. You transfer from your Aussie bank account into their Aussie bank account. This is free on the Internet if you use Westpac. Email them with the information of which bank in the Philippines with account# and name you want it transferred to and they charge $8 for Metro Manila or $12 for provincial banks. The exchange rate is usually .25 peso below the Internet rate. You can transfer up to $9999 without problem, any more and you have to jump through government hoops and pay for two transfers. The money is available the same day and there  are no withdrawal fees. First time takes a bit of setting up but after that it is smooth sailing.
You have to contact them the first time to set up the procedure.
Total cost to send $10000 is about 3000 pesos to Palawan. To send $5000 about 1700 pesos. This method is fine, once you get it set up.

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