Expat Community > Philippines

Sohmers
Joined 2016
Posts: 3

Banking

8 years ago

I can wire money from my U.S. Broker account at no cost if it is less than $10,000. If it is more than $10,000, like the $11,000 I just sent last week, then the Philippine bank charges me $15. Some Philippine banks do not charge at all. The money is deposited into a U.S. dollar savings account. We withdraw the money a couple of days later and change it into Pesos and deposit it into our Peso checking account.

That is it. It takes 24 hours for the wire transfer and a day hold at our Philippine bank, and a day to notified the bank how much we will withdraw. So 3 to 4 business days. I try to send the money out on Monday or Tuesday and by the end of the week I have converted it into Pesos.

Sherwood

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