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Foreign currency account to Peso Account transfer

firstandlast · 18 · 4506

firstandlast

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Hello PMTeers,
1. Is there any local banks na nag-aallow mag-transfer ng fund from other foreign currency account to peso account?
Plan ko kasi mag sell ng items online then pay nila thru bank sa aking foreign currency account then later ko na lang i-transfer sa aking peso account pag medyo malaki na.
2. Ano bang bank ang maganda para sa pag-open ng foreign currency account?
Thanks sa mga magre-reply.


DonT

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Reply #1 on: Aug 01, 2014, 08:05 AM
For #1, BDO does not allow this online. Of course you can do this over-the-counter.

#2, How about choosing the international banks..like HSBC, Citibank, Standard Chartered, etc. Be wary of the bank to bank charges also.

Check Paypal system.


firstandlast

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Reply #2 on: Aug 02, 2014, 05:11 AM
Thanks DonT.

#2 How much naman ang mga charges sa fund transfer from these international banks like HSBC, Citibank, Standard Chartered, etc. to local banks like BDO, BPI, PNB, Metrobank, etc.? Can someone give us a tally format or share a link?

Paypal? Mahirap yatang habulin pag may problema.
« Last Edit: Aug 02, 2014, 05:13 AM by firstandlast »


ferrariEverest

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Reply #3 on: Aug 02, 2014, 09:53 AM
For fund transfer or remittance, you can consider Bitcoin now, or PHCoin in the near future. PHCoin is Philippine Coin, dedicated sa atin sa Pilipinas! According to my research, PHCoin will offer quick transactions (minutes or seconds, not days) and zero or minimal fees (unlike banks, PayPal, Western Union, etc.). We discuss them here: http://www.pinoymoneytalk.com/forum/index.php?topic=47364

A few years ago, I did an international fund transfer via BPI Family Bank. It costs around $20-$30 back then. Took around 3-5 banking days, if I remember correctly. Kung bank, I would recommend BPI. Kaso nga, as Sir DonT mentioned, ingat sa bank-to-bank charges.

I am hoping that PHCoin will become fully operational soon, and this is why I am monitoring its developments very closely. I have relatives who live in the US (both east and west coast) and friends who work across the world. My relatives (and my mom, for many years) have been sending money back home for at least 20-25 years (alam ko kasi natulungan nila ko dati). And they all tell me the same: they want their families to receive remittance money fast and more importantly, cheap. :D Sayang kasi yung bank charges, malaki rin yun pag natipid mo.


firstandlast

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Reply #4 on: Aug 03, 2014, 04:53 AM
Thanks fE for your reply.
But I'm not interested sa Bitcoin right now. Mukhang hindi pa well established siya. Not sure about PHcoin. Unlike foreign banks in PH like HSBC, Standard Chartered, Citibank, etc., they have offices here na pwedeng puntahan in case may problem ka.
Pero in the future pag well grounded na Bit/PHcoin, why not.


DonT

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Reply #5 on: Aug 03, 2014, 08:56 AM
There are millions of companies who are transacting via the paypal system for online selling overseas. What is your apprehension with this system? Bank transfer charges can start from $10 up to $40. Thats a substantial fee if specially if you are selling low value items.


firstandlast

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Reply #6 on: Aug 04, 2014, 04:57 AM
There are more people (not only companies) who are using bank to bank transfer than paypal.
There are more complaints with paypal than banks.
$10-$40 per transfer? Well, ok na 'yon if once in a $1000 lang ako magtransfer.
As I have said, iipunin ko muna sa $ account yung sales then pag malaki na (like nasa $1K na), tsaka ko lang i-transfer.
Pero, pwede din silang dalawa (paypal at foreign currency bank in the country) ang gamitin para may diversity.
Yung mga maliliit na transaction, sa paypal. Pag medyo malaki, sa bank na.
I just want to know exactly how much are the bank charges for the transfer to peso and if it is allowed.
Another problem is the maintaining balance sa foreign currency account, medyo malaki.


mackygoof

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Reply #7 on: Aug 04, 2014, 07:57 AM
different banks has different charges including rate charges with different currency rate. you payer will need to check it out themselves by going to the bank.
if thats a million then banks are preferred. if few thousands only just go with paypal.

i think companies do use banks for the reason of being legal specially if huge amount can mean money laundering. they need all sorts of document. imo only


Terzaghi

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Reply #8 on: Aug 04, 2014, 07:59 AM
There are more people (not only companies) who are using bank to bank transfer than paypal.
There are more complaints with paypal than banks.
$10-$40 per transfer? Well, ok na 'yon if once in a $1000 lang ako magtransfer.
As I have said, iipunin ko muna sa $ account yung sales then pag malaki na (like nasa $1K na), tsaka ko lang i-transfer.
Pero, pwede din silang dalawa (paypal at foreign currency bank in the country) ang gamitin para may diversity.
Yung mga maliliit na transaction, sa paypal. Pag medyo malaki, sa bank na.
I just want to know exactly how much are the bank charges for the transfer to peso and if it is allowed.
Another problem is the maintaining balance sa foreign currency account, medyo malaki.

To give you an example, I have both peso and dollar accounts with BPI. There are no charges when transferring money from your dollar account to peso account. Just make sure to get the dollar account with atm card (not the passbook account) so that you can do this online.
As for inward remittance from overseas wire transfer, the fees are different for peso account and dollar account. But since your receiving account is dollar, then the fee would be $24.50 which would be automatically deducted from the remitted amount. But that's not the only fee involved because the person remitting the amount from overseas has to pay a separate fee also to his local bank when doing wire transfer transaction. So take into consideration also who will be shouldering that fee.


DonT

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Reply #9 on: Aug 04, 2014, 08:51 AM
@Terzaghi, are you able to account all the charges? Most of the time, i'm not able to get the amount exactly. for example, after deducting remmitter and receiving bank charges, there is a small amount which is deducted which i cannot find. This is from another persons $ account offshore to my local $ account .



pulubing_palaboy

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Reply #10 on: Aug 04, 2014, 09:32 AM
perhaps the conversion rate is the difference?


DonT

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Reply #11 on: Aug 04, 2014, 09:53 AM
perhaps the conversion rate is the difference?
Bossing, its US$ to US$...so there should be no Forex influence.


mackygoof

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Reply #12 on: Aug 04, 2014, 02:36 PM
Bossing, its US$ to US$...so there should be no Forex influence.

hidden charge. :D


Terzaghi

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Reply #13 on: Aug 04, 2014, 08:50 PM
@Terzaghi, are you able to account all the charges? Most of the time, i'm not able to get the amount exactly. for example, after deducting remmitter and receiving bank charges, there is a small amount which is deducted which i cannot find. This is from another persons $ account offshore to my local $ account .
yes boss DonT. so far, it's consistent at $24.50 with BPI (exclusive of remitter's bank charge overseas).


pulubing_palaboy

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Reply #14 on: Aug 04, 2014, 11:47 PM
Bossing, its US$ to US$...so there should be no Forex influence.
just reread your post. one $ offshore acct to local $ acct. so wala nga dapat exchange rate difference. thank you. gremlins or perhaps as we used to say in IT, went to the bit bucket.


 


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