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SAFEST way to transfer money from US to PI account?

Hi everyone! Hope all is well with yah all! quick question, what would be the SAFEST, easiest and cheapest way to send money from U.S. to Philippine account? Also, should we have multiple bank accounts back home to be safe? We need to plan this so by the time we move there we have funds ready. What are your experience(s) with the process?

All for now, thanks for reading and comments! ☺️

For me, I use Wells Fargo, I transfer in the evening and pick it up the next am at BPI, I get a very high exchange rate as well a low cost. It is between $4.50 and $5.00 per transfer. They call this service Express Send

I'll first state what I imagine is the obvious. We met with a manager at the banks home office and detailed what we wanted to do with our stateside account and our foreign account with regard to transfers. Specifically asking if we could make changes to our account without having to make a trip to the states including password changes, etc.
We transferred a small amount to a family members bank account to familiarize ourselves with the procedure and insure the success of the transfer, the time frame to credit the Phil account and the cost of the transfer from both ends. What we were told is what happened.
The cost of transfers runs about $5 US. With the time difference the funds are available the following day.

IT is easy.  we keep our money in the USA  then use REMITLY  or XOOM  and can transfer our money we want in 10 minutes for 4.95 or under.  We  tried Remitly out and was impressed, fast to  register and no bs when sending or money held up, it  was to the Philippines in our hands in 15 mins.

All this other stuff  about scaring people to be extra safe and all that is total bs in todays world, and they seem to just want to scare people to spending more money.   we been doing this for years and years and  never even heard of someone having a problem. So go with the cheapest way u can and  it is simple.

Remitly told me they only transfer in the US. Xoom wants a cosigner.

A list of remittance companies.
http://www.remitrate.com/money-transfer-companies

Thank you all! very helpful info indeed - is there limit of how much you can transfer per transaction? or per day? Glad to hear money will be available within 24hr. We're a bit nervous with online transaction but I guess we have no choice.

Thanks again.

No limit except for the Government ones. But as far as Wells Fargo no problem I have been transferring monthly living expenses on a monthly basis for close to 6 years never a problem

dimplesz14 :

Thank you all! very helpful info indeed - is there limit of how much you can transfer per transaction? or per day? Glad to hear money will be available within 24hr. We're a bit nervous with online transaction but I guess we have no choice.

Thanks again.

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The link below is for a long list of remittance companies also provides costs for transfers and daily, monthly, etc. limits.
http://www.remitrate.com/money-transfer-companies
Example: Xooms site lists a 24 limit of $9,999.00

Jim

Can you have a Philippine address and no US address and us Remtly ?
Brad

Thanks for the good info.

I have just recently decided to make a change. The problem I had with one company is my address is in the Philippines and I have no USA address. Will that be a problem with others?
Brad

I have found TransferWise to be great, cheap and efficient. There is no currency spread on FX and set fees are very low.

As with any new Bank Account. Set it up with the minimum and never transfer significant sums until you have changed the generic passwords/PINs and safely received any associated cards.

It is NEVER wise to hold too much in local banks here. It is prudent to ONLY wire significant amounts to local banks as and when they might be required (special purchases/property etc) - keeping the remainder offshore. The less bank staff know about you, the better.

Use local banks for 'petty cash' and any 'one-off' special purchases which require inward transmission of larger amounts.

I am not sure how possible it will be for you to open a local account before you (quote) "move here". Other's might be able to guide you on that - but I don't think it is easy (for foreigners) until they have established a 'presence'......Maybe better to leave it until you arrive and then choose?

I presume you have a Philippine bank account already. Just get  the swift code routing code.

I have been transferring money to the Philippines for years. Metrobank and BDO is good banks. The only one I have been transferring to. If you want to send $ I recommend a dollar account. You might get a better deal for the exchange rate. You can use money changer. I have a good relation with my bank they give me .29 above official rate. That is done in the branch.
safety wise you will be ok up to P500000 or equivalent since it is covered by deposit protection scheme.
bank to bank transfer is recommended. Not all people we can trust to pick up the money

As a foreigner you cannot open an account in Philippines unless you have a visa. Banks in the Philippine are just as worried about money laundering as elsewhere. If you are a Philippine citizen you should be able to open an account.

Hi guys!  Thanks for all for your comments and advice. Yes, we have a Philippine bank account (BDO). hubby and I are worrried to transfer money online but sound like it's safe and fast so we will give it a shot!

Thanks again!

I ship out from UK. There is no way I would use bank to bank transfer way too expensive and my local bank is PNB, swift code is only to Manila it is distributed from there.  way too many transactions. I transfere money to PNB Europe in London, my money arrives my UK bank around 6am. I transfere to PNB Europe who transmit on, usually in my bank by  10 or 11am the same day. For smaller amounts I use worldremit that takes about 15 mins sent to banks pawnshops etc, Been doing it for many years now with only the occasional hiccup.

Sorry to hear the trouble experienced
I have been receiving my wages to Metrobank for years. They are initiated from UK. It has worked painless for the 13 years I have lived in the Philippines. Money arrives directly to my account.
My friend have sent money from his bank in Denmark (Nordea) and the money has arrived safely into my account several times without fail. Just checked my account and the funds were there. Do not see the need to find a branch foreign branch of a Filipino Bank in order to send money
None of Lugio Tans banks  Allied bank or PNB I would recommend.A bit old fashioned. ExAllied Bank Customers does not have option of internet banking. Metrobank, BDO and BPI I can recommend from own experience.

davtjo :

I ship out from UK. There is no way I would use bank to bank transfer way too expensive and my local bank is PNB, swift code is only to Manila it is distributed from there.  way too many transactions. I transfere money to PNB Europe in London, my money arrives my UK bank around 6am. I transfere to PNB Europe who transmit on, usually in my bank by  10 or 11am the same day. For smaller amounts I use worldremit that takes about 15 mins sent to banks pawnshops etc, Been doing it for many years now with only the occasional hiccup.

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We have but one simple online request through our U.S. bank to our Bank in the Phil and it's done without delay or complication. The transfer is less than $5 dollars and while building our home, that included some large transfers. 
With a 12 hour time difference that put the money in our account the following morning. We haven't had any problems sending or receiving the funds for a few years now.

I have been using Remitly or Xoom depending on who has the cheaper cost.  Then I ship dollars from USA bank to a BPi dollar account where they give a superior exchange rate whenever I pull out money at the ATM - in pesos.

You can't use dollar account online to pay bills like Globe so if you need that you can also open a peso account.

Wow, you all are very informative! can't thank you all enough for the info!

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