Fund transfer from Philippines to USA

[PingLocalHostess 1]

No, it can be a peso account. For BPI, you need to put in $500 to setup a dollar account.

Opps i misread the post haha..

Btw, it works both ways... You can send from BPI to any Wells Fargo bank.

Edited October 17, 2008 by PingLocalHostess

[RIDION 0]

I dont know if it could get any cheaper than this. You just need to setup an account in any Wells Fargo Bank in the US and BPI in the Philippines. The Wells Fargo Bank wont charge you but BPI might... they said they'll charge $6 every transfer irregardless of what amount. I said "might" coz in all our fund transfers, they didnt charge me. I got the funds as it was sent.

For the beneficiary/recipient in the Philippines, go to BPI and setup an account - BPI Express Teller account. Its an ATM account. You can do so with P500. You just need to give them 1X1 pictures, proof of billing and valid ID. You need to fill up and sign some forms. In 30 minutes to 1 hour, they'll give you your Express Teller Card. They'll ask you to use their ATM machine and change the password. After 3 months, there has to be a maintaining balance of P3000 or they'll charge you.

Now for the remitter/sender look for a Wells Fargo Bank (in partners with BPI) in the US. Setup an account (of course). Then setup a Global Remittance Account or Wells Fargo ExpressSend Remittance Account. They will ask you for the name of the beneficiary, EXACT address and account number of the BPI Express account. After all of that, Wells Fargo will send you a letter (snail mail) that will ask you to confirm the setup of the Global Remittance Account. NOW you can transfer funds to the BPI account, FIRST FUND TRANSFER SHOULD BE DONE OVER THE COUNTER (security measures). After that, you can just call the bank hotline and ask them to transfer funds to the BPI account anytime (they are 24/7).

In 2-3 days, your beneficiary will receive the amount you sent. He/She can just withdraw it from any BPI ATM machine.

You can also use the BPI Express Card outside the Philippines too..... you just have to look for a cirrus ATM.

This is cool Have you ever use your BPI card here? What is the maximum amount you can transfer @ one time & how much did it cost? I am the recipient & in the US. Thank you so much.

[RIDION 0]

No, it can be a peso account. For BPI, you need to put in $500 to setup a dollar account.

Opps i misread the post haha..

Btw, it works both ways... You can send from BPI to any Wells Fargo bank.

nyeeeeeh! nakakahawa ka. But I do appreciate all the info I can get...thank you so much

[STEPHnRIA 2]

Open an account in BPI or BDO and send the atm visa card in the US. That person can withdraw money thru atm up to $400 a day for a service charge of $2 per withdrawal. That's how my parents sent me money when I was in the US for months.

Maraming salamat sa inyo. Should it be a dollar account? And in my name or anybody in my family will do?

My BDO account was in peso. The atm card should have the visa logo. Then you can withdraw thru any atm machines na may VISA logo din pero syempre, dollar lalabas sa atm sa US.

My BPI account is in dollar pero pwede din peso. Basta the atm card should be international.

[RIDION 0]

Open an account in BPI or BDO and send the atm visa card in the US. That person can withdraw money thru atm up to $400 a day for a service charge of $2 per withdrawal. That's how my parents sent me money when I was in the US for months.

Maraming salamat sa inyo. Should it be a dollar account? And in my name or anybody in my family will do?

My BDO account was in peso. The atm card should have the visa logo. Then you can withdraw thru any atm machines na may VISA logo din pero syempre, dollar lalabas sa atm sa US.

My BPI account is in dollar pero pwede din peso. Basta the atm card should be international.

B) If you don't mind, which is better in terms of exchange rate & costs, the peso or dollar account? Xnsya na kuripot ini, I got lots of mouth to feed kasi

[PingLocalHostess 1]

For Wells Fargo and BPI limit would be $7500.

Like BDO, BPI Express cards can be used in the US, just look for cirrus or maestro atms.

I think pareho lang yan kasi ginagamit nila current exchange rates.

Edited October 17, 2008 by PingLocalHostess

[Jose Rizal 1]

I think pareho lang yan kasi ginagamit nila current exchange rates.

Depende sa banko yan. Banks usually tend to be conservative (mababa) when it comes to exchange rates. It's better if it's a dollar account para wala ng conversion at bank charges na lang.

[RIDION 0]

For Wells Fargo and BPI limit would be $7500.

Like BDO, BPI Express cards can be used in the US, just look for cirrus or maestro atms.

I think pareho lang yan kasi ginagamit nila current exchange rates.

How many times can you withdraw in a month or is there a limit? Does it really cost $6/transaction even if say, I withdraw $7500? Kulit ko no Thanks again.

[RIDION 0]

I think pareho lang yan kasi ginagamit nila current exchange rates.

Depende sa banko yan. Banks usually tend to be conservative (mababa) when it comes to exchange rates. It's better if it's a dollar account para wala ng conversion at bank charges na lang.

Maraming salamat. In your experience, is the bank charge a fixed rate or bracketed and magkano/transaction?

[PingLocalHostess 1]

For Wells Fargo and BPI limit would be $7500.

Like BDO, BPI Express cards can be used in the US, just look for cirrus or maestro atms.

I think pareho lang yan kasi ginagamit nila current exchange rates.

How many times can you withdraw in a month or is there a limit? Does it really cost $6/transaction even if say, I withdraw $7500? Kulit ko no Thanks again.

Wells Fargo to BPI $6. Coz the bank thats receiving the money will be charging. I am unsure how much Wells Fargo will charge.

[rheanick 42]

You could open an international peso account in BPI with ATM card. You could use ATM anywhere in the world with Maestro, Cirrus logo.

But for transfer of fund from Philippines to US amounting to USD 10,000 or more. Its another matter.

Open an account in BPI or BDO and send the atm visa card in the US. That person can withdraw money thru atm up to $400 a day for a service charge of $2 per withdrawal. That's how my parents sent me money when I was in the US for months.

Maraming salamat sa inyo. Should it be a dollar account? And in my name or anybody in my family will do?

[RIDION 0]

...so both banks (BPI & Wells Fargo) will be charging every transaction? I remember that my son has a BPI International account, is it okey for me to just use it here? Daghang salamat kanimo.

[RIDION 0]

You could open an international peso account in BPI with ATM card. You could use ATM anywhere in the world with Maestro, Cirrus logo.

But for transfer of fund from Philippines to US amounting to USD 10,000 or more. Its another matter.

How so? Will you please elaborate on this? Thanks.

[rheanick 42]

PM me. Explain ko sayo don...

I only know usage of BPI international ATM card and BPI transfer of fund for USD 10,000 and up.

[RIDION 0]

Thank you everybody for coming to my assistance. "Pagka talagang gipit, kapwa Pinoy pa rin maaasahan." Keep it up guys. There are a lot of good ideas here and i'm going to look more into that BPI/BDO international. May the blessings of the Lord be with you always.