Transferring money from Philippines to US

[Lil dash of Faith 7]

11 hours ago, MarryMe987654 said:

No. It was from my Php account. 

We were hoping to transfer it from my USD account instead to avoid the terrible exchange rate but the money was in pesos and was already deposited to my Php account.

I tried to withdraw money here $500 is the limit per transaction fee is $2 and ph bank charged me 150pesos.

It's a bit troublesome to withdraw and transfer though 😅

[MarryMe987654 245]

2 hours ago, Lil dash of Faith said:

I tried to withdraw money here $500 is the limit per transaction fee is $2 and ph bank charged me 150pesos.

It's a bit troublesome to withdraw and transfer though 😅

I haven't tried using my BPI ATM here in the U.S. Never really used my BPI ATM anywhere else except within the Philippines. I dread the fees and the terrible exchange rates.
 

When I immigrated, I brought dollars with me instead. Didn't need to use them anyway for anything as I brought my necessities with me so I don't have to spend it. If I do, I just use cash. Was surprised to know that carrying $100 bill is not normal and that's all I had that time. Haha...

 

In the end, I just deposited it to my husband's account and we kind of used it for my AOS 2 months later.

[seekingthetruth 1,248]

8 hours ago, Lil dash of Faith said:

The only thing now is I couldn't open my own personal dollar account as we are already here

This is where you might want to talk with HSBC.  They might be able to help you open accounts in PH and US.

[Adventine 3,213]

I went to BDO to convert my PHP savings to USD and open a USD savings account. 

 

I had to fill up a lot of forms and answer a lot of questions, but the staff was nice about it and I got everything done. It helped that I've had savings and investments at that BDO branch for ~10 years.

 

Next step will be testing transfers to a US domiciled bank account. 

 

[Allovertheworld 355]

I wouldn't set up any type of bank account in the Philippines.  Seems like a hassle, always see people waiting in lines to do bank transactions.

 

I am sure corruption runs deep in the banking industry in the Philippines. PDIC only insures like up to 500K Pesos or $10,000 USD.  Seems like a bad deal to me

[Lil dash of Faith 7]

On 2/5/2021 at 1:52 PM, MarryMe987654 said:

I haven't tried using my BPI ATM here in the U.S. Never really used my BPI ATM anywhere else except within the Philippines. I dread the fees and the terrible exchange rates.
 

When I immigrated, I brought dollars with me instead. Didn't need to use them anyway for anything as I brought my necessities with me so I don't have to spend it. If I do, I just use cash. Was surprised to know that carrying $100 bill is not normal and that's all I had that time. Haha...

 

In the end, I just deposited it to my husband's account and we kind of used it for my AOS 2 months later.

Yes was surprised too..

I carry cash all the time and my husband kept telling me, nobody carry cash now a days and I always tell him we'll it will be always me then 🤣

[Lil dash of Faith 7]

20 hours ago, Adventine said:

I went to BDO to convert my PHP savings to USD and open a USD savings account. 

 

I had to fill up a lot of forms and answer a lot of questions, but the staff was nice about it and I got everything done. It helped that I've had savings and investments at that BDO branch for ~10 years.

 

Next step will be testing transfers to a US domiciled bank account. 

 

Wow that's amazing, please do let us know..

[Hank_ 9,174]

I agree with seekingthetruth regarding HSBC, but it does require the premier acct.

 

With other Philippine banks you need a peso acct and USD acct to do a wire transfer without too many issues (or fees).   Not being in the Philippines makes it almost impossible to get a USD acct setup.  We got it done at BDO while there, lots of forms/requirements from BDO.

[seekingthetruth 1,248]

7 minutes ago, Hank_ said:

I agree with seekingthetruth regarding HSBC, but it does require the premier acct.

 

With other Philippine banks you need a peso acct and USD acct to do a wire transfer without too many issues (or fees).   Not being in the Philippines makes it almost impossible to get a USD acct setup.  We got it done at BDO while there, lots of forms/requirements from BDO.

I chatted with a friend who has HSBC US and Philippines accounts.  He said I can set up the U.S. account online while in the Philippines (with U.S. address and VPN) then set up the PH account at the branch.  I will give it a shot.

 

According to what I saw on the HSBC websites, you can do Global transfers with the Advance level account.  Premier has a very high min balance.  Advance is only p100,000 min bal.

 

Together, we advance

HSBC Advance Visa Debit Card

Free ATM transactions1 locally using your HSBC Advance Debit Card

Free local money transfers via PESONet using online banking

Global Transfer/ Global View

Instant global transfers between your international HSBC Accounts

Accept HSBC global transfers from your family and friends in Hong Kong, Malaysia, and Singapore

Advance Managers to help you achieve your financial goals

 

https://www.hsbc.com.ph/advance/

 

U.S. is $5000 min bal.

 

https://www.us.hsbc.com/checking-accounts/#advance

 

 

[Lil dash of Faith 7]

On 2/10/2021 at 3:44 AM, Hank_ said:

I agree with seekingthetruth regarding HSBC, but it does require the premier acct.

 

With other Philippine banks you need a peso acct and USD acct to do a wire transfer without too many issues (or fees).   Not being in the Philippines makes it almost impossible to get a USD acct setup.  We got it done at BDO while there, lots of forms/requirements from BDO.

Thank you for the insight.. appreciate it

[Lil dash of Faith 7]

On 2/10/2021 at 4:04 AM, seekingthetruth said:

I chatted with a friend who has HSBC US and Philippines accounts.  He said I can set up the U.S. account online while in the Philippines (with U.S. address and VPN) then set up the PH account at the branch.  I will give it a shot.

 

According to what I saw on the HSBC websites, you can do Global transfers with the Advance level account.  Premier has a very high min balance.  Advance is only p100,000 min bal.

 

Together, we advance

HSBC Advance Visa Debit Card

Free ATM transactions1 locally using your HSBC Advance Debit Card

Free local money transfers via PESONet using online banking

Global Transfer/ Global View

Instant global transfers between your international HSBC Accounts

Accept HSBC global transfers from your family and friends in Hong Kong, Malaysia, and Singapore

Advance Managers to help you achieve your financial goals

 

https://www.hsbc.com.ph/advance/

 

U.S. is $5000 min bal.

 

https://www.us.hsbc.com/checking-accounts/#advance

 

 

Husband and I will look into it, let me know how it is in your side and let you know how will it go with us here. 

 

Really appreciate, thank you very much.

[Lil dash of Faith 7]

To everyone who gave their insight, opinion, suggestions YOU ALL been such a help. I do appreciate it.

We are still struggling but all you suggestions and resources are helping us to understand regarding my dilemma..

 

I pray that everyone is safe and all applications are being approved so you all can be with your loved ones

 

Xoxo 

[seekingthetruth 1,248]

On 2/13/2021 at 5:17 AM, Lil dash of Faith said:

Husband and I will look into it, let me know how it is in your side and let you know how will it go with us here. 

 

Really appreciate, thank you very much.

I'm not sure this is going to work out for me.  I thought there was an HSBC branch in Pampanga, 1 hour from me, but now it appears that the nearest branch is in Manila.  There is only an ATM in Pampanga.

 

If a visit to Manila is required to open the account, I will have to be a bit desperate before I make that trip.  I will have to wait and see.

 

[angeljolie 188]

Try Citibank.