Living In The Philippines Forum

Itís Your Money => Banking => Topic started by: Pelican on September 14, 2018, 02:35:38 AM

Title: Transferal of funds to RP from USA
Post by: Pelican on September 14, 2018, 02:35:38 AM
Simply stated how do I transfer my funds from U.S. To RP in the safest way, without hindrance or complications?    Over 10,000 dollars.   Thankyou
Title: Re: Transferal of funds to RP from USA
Post by: FRaymie on September 14, 2018, 02:59:51 AM
Pelican, you are going to get a ton of responses to your question, with multiple variations and suggestions. Most of the folks on the forum will be giving you good advice from their experiences. ALL of them will work, and so it will boil down to which one works best for you. There are a couple of factors involved. Such as how long is your stay? (temp or permanent) Are you going to transfer to an account in your name or your significant other? If you are temp, you will have a very hard time getting an PI bank to give you an account. ATMs will work for you for a limited period of time. If you're going to be permanent status, once you establish that and get a bank account. You can also have your SO get an account and transfer to it. Cost and accessability will depend on the bank sending the money. I use Wells Fargo in US, and BPI in PI. They have an agreement in place. The BPI account is in my wifes name with me as a user. I transfer money from BOA to WF on line and then have WF transfer to BPI. There is a small transfer fee from WF. I have a friend that leaves money in the US, has a PI Bank and writes a check each month. It takes 22 days to clear and then he has money in the PI account. Brought enough cash to cover the first 22 lag time and now just does it as a way to keep his PI account active. Hope this helps ..... as I said there are many options and the guys will be chiming in I'm sure.
Title: Re: Transferal of funds to RP from USA
Post by: piozam13 on September 14, 2018, 03:22:13 AM
I would put my money in a bank that has a branch in the Philippines.  Get your bank's help to open an account in its branch in the Philippines.  Transfer from the US branch to the Philippine branch shouldn't be a problem.  I transfer on-line from my USA account to Philippine account (not the same bank) and just pay the fee.   
However, moving money from the Philippines to USA is another matter.

Title: Re: Transferal of funds to RP from USA
Post by: Gray Wolf on September 14, 2018, 03:36:18 AM
Short-term I use Xoom. when we built the house for our family we made several transfers since the money didn't need to be there all at once. You didn't say, and I'm not asking, how much more than $10,000. The limit per transaction with Xoom is $2999, with a $4.99 fee per transaction and whatever exchange rate they use per day. The money is available immediately, as in immediately. No waiting. The family goes to the closest Lhullier and picks up the pisos. We made a transfer recently for my mother in law to use for her medications. We sent $165 which came out to 8659.70Php. The fee was $4.99 and the exchange rate was 52.48. The market rate today was 54. You can do the dirty math to get the final "fees".

There are cheaper ways for large amounts, but I've never sent anything larger than $1000-2000 and Xoom works just fine for me. YMMV. Hope this is a viable option to consider.
Title: Re: Transferal of funds to RP from USA
Post by: Art, just a re(tired) Fil-Am on September 14, 2018, 06:57:54 AM
Google Transfer Wise and see if it can work for you. I use Transfer Wise often up to $4,000 per transaction (can take a few hours to 3 days for the transfer to be completed), but can only transfer USD to PESOS. No USD to USD account transfers to the Philippines, except for expensive U.S. bank transfers to a Philippine USD account.
Title: Re: Transferal of funds to RP from USA
Post by: bigrod on September 14, 2018, 07:56:07 AM
Hard to answer without more info.  Are you transfering for pick up, bank to bank, transfer service. etc.  You also have the option to hand carry with proper paper work filed in the Philippines.  Many transfer services limit the amount that can be sent in a 30 day period.

https://www.finder.com/laws-legal-documents-when-transferring-large-sums-money-philippines (https://www.finder.com/laws-legal-documents-when-transferring-large-sums-money-philippines)

Chuck
Title: Re: Transferal of funds to RP from USA
Post by: jjcabgou on September 14, 2018, 02:35:12 PM
   Key question do you have a bank account?  If so, the easiest way is a wire transfer.