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Withdrawal options

zaragorath · 25 · 4389

zaragorath

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on: Jan 25, 2012, 10:53 PM
I was wondering how you guys withdraw from your brokers..cause i have heard that withdrawing from them to here in the philippines through credit card, we are using the bank's money; so far im using wire transfers and it is getting kind of expensive, please share your opinions :)


BFXGeneralConsultant

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Reply #1 on: Jan 25, 2012, 11:13 PM
I was wondering how you guys withdraw from your brokers..cause i have heard that withdrawing from them to here in the philippines through credit card, we are using the bank's money; so far im using wire transfers and it is getting kind of expensive, please share your opinions :)

Try mo e-currency accounts..

Respectfully yours,
BFXGeneralConsultant


papito13

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Reply #2 on: Jan 25, 2012, 11:42 PM
I go through money payment processors such as paypal and moneybooker. mas maliit kasi ang klatas. EON card UNIONBANK ang nkalink sakin. :)


Prospera

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Reply #3 on: Jan 26, 2012, 08:29 AM
It depends on the amount involved, really.

Kung substantial, mas ok ang bankwire kasi pareho lang ang charge regardless of how much you're withdrawing.Whether it's 5k or 50k, you pay around $20 (?).

With Paypal (credit or debit card), the fee is a percentage of the amount so if  it's a big amount, mas malaki ang charge.


ferrariEverest

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Reply #4 on: Jan 26, 2012, 09:23 AM
^ Ma'am Prospera,
based on your experience sa Paypal, wala ba talaga paraan para ma-minimize/ma-offset yung charges pag deposit &/or withdrawal na?

ang pangit kasi satin, iko-convert pa from USD/Euro etc. to Peso, tapos bukod pa yung Paypal charges, & probably at times may Visa/Mastercard charge/conversion pa.
Salamat!


zaragorath

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Reply #5 on: Jan 26, 2012, 12:55 PM
by 5k do you mean 5k dollars? When we withdraw with credit card kasi, we can only do so equal to how much the bank allows, so if 2k lang na pesos and you wanna withdraw 50k pesos, diba so alanganin


Prospera

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Reply #6 on: Jan 26, 2012, 01:02 PM
@zar:That was just an example, off the top of my head, to illustrate why it's more cost-effective to use bank wires if you're dealing with bigger amounts of money. Mas mataas na din yata ang limits ng mga bangko for foreign exchange transactions, besides.


Post Merge: Jan 26, 2012, 01:03 PM
@fE: Siguro, Ping could give the best answer to your question.

Ang alam ko, if you withdraw from Paypal to your bank account, libre na if you reach a certain amount (mga 7k pesos yata; not too sure). Bukod dito, wala  namang charge from Oanda sa Paypal withdrawals, if you don't do it too often. So conversion na lang from USD to PHP ang iintindihin mo.

« Last Edit: Jan 26, 2012, 01:06 PM by Prospera »


zaragorath

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Reply #7 on: Jan 26, 2012, 01:09 PM
bank wires cost me around like at least 20%-30% of the total transaction, its too big, specially kung two na banks ang kadeal niyo ng broker mo


BFXGeneralConsultant

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Reply #8 on: Jan 26, 2012, 01:11 PM
bank wires cost me around like at least 20%-30% of the total transaction, its too big, specially kung two na banks ang kadeal niyo ng broker mo

Haaa.. bakit ang laki? hindi ba 2%-3% lang...

Respectfully yours,
BFXGeneralConsultant


ferrariEverest

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Reply #9 on: Jan 26, 2012, 01:17 PM
^Sir Z,
regardless of currency... peso o dollar

base sa experience ko,
maiistuck sa credit card yung pera mo, in other words "FLOATING" lang sa loob ng credit card mo yung pera....so u have to spend it (yung winidraw mo) hanggang maubos
OR
pwede mo daw ilabas LAHAT ng winidraw mo mula sa credit card via 'cash advance' (not sure if that is the exact term?) feature... which btw incurs a an in-bank charge (parang 3% or a % of the actual amount, whichever is higher).

tingin ko mas lalabas na ok na direkta nalang sa bank account, although mas matagal ang processing nun (3-7 banking days yata)


Prospera

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Reply #10 on: Jan 26, 2012, 03:32 PM
@zar and @bfx: Hindi ba fixed ang bank fees pag wire-transfer? Yun ang karanasan ko sa BDO, for instance. Kahit magkano pa ang amount, hindi siya nagbabago ($10 yata if I'm not mistaken).

So I don't understand what you two are saying about bank charges being a percentage of the amount being transferred. We're talking about making a telegraphic transfer thru a brick-and mortar-bank to your broker, or vice-versa, right?

As opposed to  withdrawing (or funding) using other means like Paypal or by using e-currency processors, I mean.

@fE: With BDO, it only takes a couple of days, kung hindi matapat ng weekend.


BFXGeneralConsultant

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Reply #11 on: Jan 26, 2012, 03:41 PM
@zar and @bfx: Hindi ba fixed ang bank fees pag wire-transfer? Yun ang karanasan ko sa BDO, for instance. Kahit magkano pa ang amount, hindi siya nagbabago ($10 yata if I'm not mistaken).

So I don't understand what you two are saying about bank charges being a percentage of the amount being transferred. We're talking about making a telegraphic transfer thru a brick-and mortar-bank to your broker, or vice-versa, right?

As opposed to  withdrawing (or funding) using other means like Paypal or by using e-currency processors, I mean.

@fE: With BDO, it only takes a couple of days, kung hindi matapat ng weekend.

Yes, depende rin sa gamit na broker.. iba-ba pero hindi nagkakalayo.. at my minimum limit.. unlike sa e-currency pwede $1 deposit/withdraw sa iba broker..

Respectfully yours,
BFXGeneralConsultant


zaragorath

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Reply #12 on: Jan 26, 2012, 10:52 PM
sorry about the confusion, i processed with bdo an amount of 100$, it take 10$ nga, then i send it to the bank of broker, kaltas nila 20% "raw" sabi ng representative, ang natira 79$, tapos ayun, he gives me the full amount anyway of 100$ from his personal account. hehe, what'd you guys think?


jmiyake

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Reply #13 on: Jan 27, 2012, 08:02 AM
sorry about the confusion, i processed with bdo an amount of 100$, it take 10$ nga, then i send it to the bank of broker, kaltas nila 20% "raw" sabi ng representative, ang natira 79$, tapos ayun, he gives me the full amount anyway of 100$ from his personal account. hehe, what'd you guys think?

From my experience.

If you are using bank wire, I think there is a limit of how much you can send USD abroad. You need to get BSP clearance($3k upwards i think). The charges would be 3% of the total amount + transaction fee. If you are going to buy USD(meaning PHP yung pera mo), it would be based sa currency conversion nila(which is the price for the day +2). Unless dollars na ang idedeposit mo sa kanila para pang bank wire...

Preferably pag under $100 ang balak mong ipadala mag Paypal, moneybookers, or any other methods..wag lang bank wire, unless you are willing to lose up to 30% of the value of your money sa fees and charges...



zaragorath

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Reply #14 on: Jan 29, 2012, 11:52 AM
merun bang option ang paypal na non credit card?


 


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