Sending money to Philippines

[Kathy and Jesse 16]

Hello again! I need an advice. For those who have sent money back home, what method did you use to send over $10,000? Can the funds be available immediately on their bank?

[Hank_ 9,174]

Most all the money transfer companies start with much lower limits.

 

I requested a high limit with REMITLY, had to answer a few questions over the phone to get the higher limit but over all it was fairly simple

[JeanneAdil 6,633]

If the person has a bank account in Philippines,  i suggest money wire transfer bank to bank

anytime monies over $2000 are sent out of the US , we have to fill out about 4 pages of documents for the US government 

this is because of things like money laundering and other fraudulent activities 

bank transfers include showing how the money was earned and who it goes to to satisfy federal officials 

 

BTW it will also be noted if you send $2000 5 times  in a row thru any agency like western union

and i really dislike western union because i would look up money exchange on the day i sent and at the other end ,  it was always less than stated on federal banking page 

[Kathy and Jesse 16]

45 minutes ago, Hank_ said:

Most all the money transfer companies start with much lower limits.

 

I requested a high limit with REMITLY, had to answer a few questions over the phone to get the higher limit but over all it was fairly simple

I thought about remitly but might be heard for them to pick up a large amount of money.

[Adventine 3,210]

We've been using Wise (formerly TransferWise) for some years now and are satisfied with the service.

 

Is your concern primarily about sending the $10,000, or them being able to withdraw $10,000 immediately?

[Joe Kano 327]

1 hour ago, JeanneAdil said:

If the person has a bank account in Philippines,  i suggest money wire transfer bank to bank

anytime monies over $2000 are sent out of the US , we have to fill out about 4 pages of documents for the US government 

this is because of things like money laundering and other fraudulent activities 

bank transfers include showing how the money was earned and who it goes to to satisfy federal officials 

 

Incorrect

 

I sent 20K from my Bank Of America to a BDO in Philippines a few years ago for a purchase, never had to fill out 4 pages of documents and never was asked how the money was earned.

[Joe Kano 327]

3 hours ago, Kathy and Jesse said:

Hello again! I need an advice. For those who have sent money back home, what method did you use to send over $10,000? Can the funds be available immediately on their bank?

Bank transfer was the best way I found, I was charge like $12 USD for amount over 10K,  I recall it took about 3 business days.  

 

International Wire transfers are not same day like domestic wires inside the USA

[Kathy and Jesse 16]

1 hour ago, JeanneAdil said:

If the person has a bank account in Philippines,  i suggest money wire transfer bank to bank

anytime monies over $2000 are sent out of the US , we have to fill out about 4 pages of documents for the US government 

this is because of things like money laundering and other fraudulent activities 

bank transfers include showing how the money was earned and who it goes to to satisfy federal officials 

 

BTW it will also be noted if you send $2000 5 times  in a row thru any agency like western union

and i really dislike western union because i would look up money exchange on the day i sent and at the other end ,  it was always less than stated on federal banking page 

How long does the money take to process and becomes available?

[Kathy and Jesse 16]

38 minutes ago, Adventine said:

We've been using Wise (formerly TransferWise) for some years now and are satisfied with the service.

 

Is your concern primarily about sending the $10,000, or them being able to withdraw $10,000 immediately?

They need the funds this week to pay for the land they are buying so both are concerns

[Kathy and Jesse 16]

12 minutes ago, Joe Kano said:

Incorrect

 

I sent 20K from my Bank Of America to a BDO in Philippines a few years ago for a purchase, never had to fill out 4 pages of documents and never was asked how the money was earned.

Ok so what did they need or you needed to send money? My friend told me I would need a swift code. Will it be picked with PHP currency?

[StrawberryKiss 170]

42 minutes ago, Adventine said:

We've been using Wise (formerly TransferWise) for some years now and are satisfied with the service.

I agree. Can really recommend Wise and saved a lot of money by not using my bank‘s regular wire transfer and having to pay for their transfer fees. 

[Joe Kano 327]

8 minutes ago, Kathy and Jesse said:

Ok so what did they need or you needed to send money? My friend told me I would need a swift code. Will it be picked with PHP currency?

Mine was sent to Philippines bank and was picked up in PHP. I didn't have to secure the swift code, I let my bank handle all of that.

[JeanneAdil 6,633]

14 minutes ago, Kathy and Jesse said:

How long does the money take to process and becomes available?

Bank to bank?    immediately

we send our payment this way for mother to pay for our apartment in Casablanca

need:

 

account #

routing # 

and BIC/Swift code # of foreign bank

 

https://wise.com/us/blog/making-an-international-wire-transfer#:~:text=To complete a SWIFT international,money market%2C etc.).&text=The recipient's bank's

 

most of the time people send $9999 to stay under the $10,000 but some institutions only require paperwork if amount is $10,001 and over (part of this is federal banking laws and the other is your bank rules)

 

 

But always follow the info what people from your country have advised as they know and gave best advice

each country is so different 

Edited August 29, 2021 by JeanneAdil

[Carpe Vinum 2,330]

I was just looking at the Wise site and playing with the numbers. The most a recipient can receive is 480,000php. I guess you could do multiple transfers. I know if I was sending that much I would do a bank wire transfer.

[Joe Kano 327]

29 minutes ago, StrawberryKiss said:

I agree. Can really recommend Wise and saved a lot of money by not using my bank‘s regular wire transfer and having to pay for their transfer fees. 

I am doing the math what am I missing.

 

I sent 20K USD couple years ago through Bank Of America,  Wise is saying it $63 so double that your looking at $126 for $18K.  Bank of America charges  $35 since I sent the money in Philipines peso.  I am sure they had to pay a small amount in Philippines or incoming fee say around $15 USD. 

 

So I can go to my Bank and and send $20K USD and it gonna cost $40 USD, versus having to use Wire and do two different transactions since they only allow $9,000 + USD per transfer, I will be paying at least $126 going thru wire.

 

$40 vs $126 means Wire is 3x more expensive, and if you sending larger amounts then it really stupid expensive