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Banking advice

pinghk · 5 · 1266

pinghk

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on: Oct 20, 2014, 04:08 PM
I am a Taiwanese National will be starting to work for an international nonprofit organization in Manila soon, I need to move my pension fund in USD to a bank in Philippines and exchange part of it to pesos for living expenses and investment, can you suggest what will be a good local (preferred over international) bank that offers good investment options for short term and long term investments as well as favorable exchange rates? I will also need investment advices once I have money transfer to this local bank.
Right now I have HSBC premiere accounts which allows Global transfer at no cost, but Philippines' HSBC has daily transaction limits at 2,999 USD or there will be a charge and the exchange rate is not very good.

Thanks in advance for all your help.


TulogSaPancitan

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Reply #1 on: Oct 21, 2014, 03:42 AM
Hi. About the banking I can qualify BPI for good service and accessibility. I have all my deposits, checking and investments with BPI, both peso and usd. For investment banking alone BDO is better, but their online services sucks big time (platform is probably managed by drunken monkeys) hence I moved everything now to BPI despite more favorable returns of uitfs from BDO.
Don't make currency change in banks. That's a big No No. My tip is open a PH account and send money transfer via overseas transfer partner of that bank. They offers better rates.
And also as far I have experienced BPI don't have transaction limits. Only extra verification is requested when you send over a million peso (per AMLA rules). Passport copy and proof of fund source is all they ask. Not much of hassle.


pinghk

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Reply #2 on: Oct 21, 2014, 07:32 AM
Thank you very much for your reply, since I am not familiar with these local Philippines' banks, do I need to go to the overseas transfer partner of that bank in order to to send money via overseas transfer or can this be done online if I use BPI?  or is it possible that I transfer fund in USD from my (Taiwan or Philippines HSBC account which one will be better?) HSBC premiere account to my BPI Peso account at the same time exchange USD for Pesos? I know there will be a charge of fees for about $40 USD for wire transfer to a different bank other than HSBC. And how do you exchange USD to pesos when you have all your fund in BPI? Thanks again for all your help.
« Last Edit: Oct 21, 2014, 07:38 AM by pinghk »


TulogSaPancitan

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Reply #3 on: Oct 21, 2014, 05:29 PM
Thank you very much for your reply, since I am not familiar with these local Philippines' banks, do I need to go to the overseas transfer partner of that bank in order to to send money via overseas transfer or can this be done online if I use BPI?  or is it possible that I transfer fund in USD from my (Taiwan or Philippines HSBC account which one will be better?) HSBC premiere account to my BPI Peso account at the same time exchange USD for Pesos? I know there will be a charge of fees for about $40 USD for wire transfer to a different bank other than HSBC. And how do you exchange USD to pesos when you have all your fund in BPI? Thanks again for all your help.

Hi. First you have to have a PH account to be able to send money via overseas partner. We call it remittance centers. The remittance centers process your payments and send it to your PH account in local currency already. I believe you can arrange to automate your pension payments to the remittance partner so you don't need to do anything. This may take some work to set-up though.

You may also send usd money to any PH bank via bank transfer. If your PH bank is in peso, it will automatically converts any incoming foreign currency to local currency by the published rates which is a bit low plus the transfer charge. In this case bulk transfer is advisable so you can save on charges.

Please note that I'm speaking on my own experience. It is of course best to go to your preferred PH bank to inquire. Don't worry they are very accommodating. For BPI you may see their website https://www.bpiexpressonline.com/.

I used to bank with HSBC but I closed since they are not meeting my expectation for international banking and remittances. Not to mention conversion rates are pitifully low. 40 usd? That is too much for a single transfer. The last time I send money to Japan I was charged only 10 usd by bank here in MidEast.


brians

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Reply #4 on: Nov 03, 2014, 10:52 AM
for your review here are my top banks for me

1. metrobank
2.bdo
3. bpi
4. security bank
5. pnb
6. chinabank - just resigned 2 yrs ago


 


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