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Please give us idea to send money in the Phils.


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#21 Mr. Lee

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Posted 07 February 2012 - 10:26 PM

I've used an HSBC Advance account for years now, no fees and almost always a better exchange rate than Xoom or WU.

In addition to that, it's an online savings account with a somewhat decent interest rate.

We left the ATM card and pin number with my wife's mama. The card is in my name, so that's the only potential problem. Not sure how to get around that.


The easy way to protect yourself, would be to open yet another HSBC account and keep most of the money in that one, and then only transfer online into the one they hold the card for, what you wish them to have and when you wish them to have it.

Edited by Mr. Lee, 07 February 2012 - 10:27 PM.

Retired, happily married since 94 & live part time in Cebu City and the rest of the time in Florida, USA.


#22 sweetjulie

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Posted 08 February 2012 - 12:32 AM

If you are transferring such large amounts of money that you are running into limits it may be in your best interest to simply open an account in a bank that has branches in both the U.S. and the Philippines.


Thank you so much Sir Mark.

Edited by sweetjulie, 08 February 2012 - 12:48 AM.


#23 sweetjulie

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Posted 08 February 2012 - 12:36 AM

We xooooooooooom xoooooom here B)



Thank you so much James!

#24 sweetjulie

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Posted 08 February 2012 - 12:38 AM

Wire transfer only costs $45 per transaction here in Florida, regardless of the amount you send. However, according to my sister, who inquired from her Philippine bank on their rules about wire transfer, if you wire $30,0000 or more to the Philippines, it would trigger some inquiries about illegal activities. I wired $25,000 last January, and I didn't have any problem. My sister's bank received it within 24 hours. I didn't have to make any declaration, neither did the recipient and the bank charged me $45 only.




Thanks a lot for the reply Coolbreeze!

#25 sweetjulie

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Posted 08 February 2012 - 12:39 AM

I've used an HSBC Advance account for years now, no fees and almost always a better exchange rate than Xoom or WU.

In addition to that, it's an online savings account with a somewhat decent interest rate.

We left the ATM card and pin number with my wife's mama. The card is in my name, so that's the only potential problem. Not sure how to get around that.



Thanks a lot AndrwMrk.

#26 sweetjulie

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Posted 08 February 2012 - 12:41 AM

I use Ria to send money, your first transfer is free.Transfers are $10 up to the first $1000 sent I believe, and every other 1,000 cost an additional $10

http://www.riafinanc...cID=265&sID=234



Thanks SeaSea!

#27 sweetjulie

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Posted 08 February 2012 - 12:43 AM

Another item I think I should mention, is the Report of Foreign Bank and Financial Accounts (FBAR) for anyone who has signatory ability on any account outside the US where at any time during the year they had over US $10,000 in the account. The US is not fooling around with this and will be happy to make examples of anyone who hides that they have money in a foreign bank, so if you are sending large amounts and including anyway you may send it, they know about it and it may put you on their hit list for an audit or deeper investigation if not declared. My advice is as long as the money is earned from legal sources, and is declared, then no one has anything to worry about by filing the necessary report.

In the past when we bought our condos, we bought two studios and cut a hole in the wall to turn them into a 2/2, the banks in the Philippines wanted me to bring the contract to show where the money was going, and we also made the required report to the IRS. The new report for this year makes us list each and every bank account and the maximum that was in them, and that amount is to be converted to US dollars using the amount listed on Dec 31st of a calendar year on this site. http://www.fms.treas.gov/rates.html The closing rate last year for the Philippines was 43.4700 to one dollar and can be found on THIS PAGE.



Who Must File an FBAR
United States persons are required to file an FBAR if:

  • The United States person had a financial interest in or signature authority over at least one financial account located outside of the United States; and
  • The aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year to be reported.
United States person means United States citizens; United States residents; entities, including but not limited to, corporations, partnerships, or limited liability companies created or organized in the United States or under the laws of the United States; and trusts or estates formed under the laws of the United States.



THanks again Mr. Lee

#28 Mr. Lee

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Posted 15 February 2012 - 12:57 AM

Another way to send money but it is not for me.

Wells Fargo bank has a service they call Express Send

First you would need a Wells Fargo account or set one up.

Go to Wells Fargo and ask them to set up express send, be sure to have your account number with you and your id and it helps to have your ATM card for the first send.

Be sure to give them a peso account number for it to go into if you or family have an account.

Philippines You can send up to $3,000 per day to your beneficiary at BPI, BDO and Metrobank. You can send up to $1,000 per day to your beneficiary at M Lhuillier and Cebuana Lhuillier.

Have them do a test send a small amount for you into your BPI, BDO or Metrobank account or you can send cash to one of the pawn shops above.

Then once you go online to your Philippines account and see that the money arrived or your family member receives it. From then on you can sign into your Wells Fargo account and send more money anytime you want from your Wells Fargo account.


Just be prepared for the $5 fee and the approx 3.5% or so for the money exchange service fee.


I tried to set this up yesterday and today but since they will not allow the sending of dollars, I will not bother with this. Also the limit is $3000 and at a 3.5% exchange fee, that is about a $105 exchange fee plus the $5 they charge, so surely not worth it for me to bother with but some might find it to be cost effective if they are already getting less for their exchange and paying fees.

You can check the actual exchange rate HERE that you should be getting minus their fees.

For us it is easier to have our BPI account linked to our niece in Davao's account and have her send the money via a local pawn shop wherever it might be needed within the Philippines that we are not in country.

Retired, happily married since 94 & live part time in Cebu City and the rest of the time in Florida, USA.


#29 SeeSea

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Posted 16 February 2012 - 02:04 AM

Thanks SeaSea!


I forgot to mention that Ria sends money to MLhuillier or BDO Money. Transfer time takes about 2 hrs. Your first transfer is usually free!! I think the location is in a lot of 7-11's in the USA.


#30 Fritz

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Posted 16 February 2012 - 02:50 AM

I forgot to mention that Ria sends money to MLhuillier or BDO Money. Transfer time takes about 2 hrs. Your first transfer is usually free!! I think the location is in a lot of 7-11's in the USA.

8 locations here in Metro Spokane ... all 7-11 stores.

Do they use the current market exchange rate or do they take an extra fee by discounting the exchange rate? The only thing Ria has to say about this on their website is that they give a "competitive exchange rate". That wording makes me wonder how much in additional fees is hidden in the exchange.

The adventure continues
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know it when you see it and
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... and keep it!!!


#31 cortez

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Posted 27 February 2012 - 07:17 PM

Wellsfargo is affilated with b.p.i they only charge 5$

#32 Mr. Lee

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Posted 27 February 2012 - 09:46 PM

Wellsfargo is affilated with b.p.i they only charge 5$


$5 plus the beat you up on the exchange rate, so in reality they charge much more. Western Union will give Dollars in the Philippines if you send dollars, Wells Fargo will only allow pesos, so they can make their percentage on the exchange rate as well.

Retired, happily married since 94 & live part time in Cebu City and the rest of the time in Florida, USA.


#33 melody

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Posted 01 August 2019 - 01:00 PM

Hello guys!Let me refresh this thread as I am in trouble in sending money to the Philippines by going to the western union/moneygram offices in my place. 2019 is a very busy year for me ,so I would like to find an alternative way of sending money directly from my bank account for just a click online. My experience with bank to bank sending money didn'the really work.The amount sent took 1 month to reach In the Phil.I heard that there are private (am i correct? ) agents working online for money remmittance. I asked my brother about it if he has some way to facilitate everything for both us and he can receive the money in minutes like that of moneygram and western union.I found out that he has a credit card "Cebuana Lhuillier". Is it a chain of "WorldRemit" or it is WorldRemit itself? How could i send money thru it in the Phil.using my bank account? Is it possible?

A flying kiss for any reply 😆

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Though we travel the world over to find the beautiful, we must carry it with us or we find it not.....
 


#34 melody

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Posted 01 August 2019 - 01:08 PM


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Posted Today, 10:00 AM

Hello guys!Let me refresh this thread as I am in trouble in sending money to the Philippines by going to the western union/moneygram offices in my place. 2019 is a very busy year for me ,so I would like to find an alternative way of sending money directly from my bank account for just a click online. My experience with bank to bank sending money didn'the really work.The amount sent took 1 month to reach In the Phil.I heard that there are private (am i correct? ) agents working online for money remmittance. I asked my brother about it if he has some way to facilitate everything for both us and he can receive the money in minutes like that of moneygram and western union.I found out that he has a credit card "Cebuana Lhuillier". Is it a chain of "WorldRemit" or it is WorldRemit itself? How could i send money thru it in the Phil.using my bank account? Is it possible?

A flying kiss for any reply

"Knowledge is a source of power that develope one's social,moral and sritual ability!

Though we travel the world over to find the beautiful, we must carry it with us or we find it not.....
 


#35 Fritz

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Posted 02 August 2019 - 01:22 AM

I use Remitly to send money directly to a bank account or cash pickup. "Instant" transfer from my bank account costs US$2.99. 3 or 4 business days to deliver is free. You can draw from a credit card or debit card also, but this is the most expensive option. Italy is in the list of countries whose residents are allowed to register with the service. (To see the complete list of countries they will send from, click on the country name just above the sign in button and a drop down list of countries is shown)

Xoom also allows transfers from bank or PayPal account to bank account or cash pickup. Delivery is "instant". Xoom also is usable for residents of many countries, including Italy.

If his card is tied to an account that can accept electronic transfers, then use that as the bank account to send the money to.

Both Remitly and Xoom have a limited number of partner banks, so he may need to open a new bank account to accept direct deposit remittances.

The adventure continues
Fritz

May you find what you want in life,
know it when you see it and
have the good luck to get it
... and keep it!!!


#36 melody

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Posted 03 August 2019 - 06:09 AM

Thank you gentle Fritz!
I try to check which of the two you mentioned is better for me. Best wishes to you!

"Knowledge is a source of power that develope one's social,moral and sritual ability!

Though we travel the world over to find the beautiful, we must carry it with us or we find it not.....
 





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