Sending money whilst living in the Phils.

[gm47]

I am going to live in the Phils for 7 months this year, how easy/difficult is it to open a bank account there. Also what is the best way to send money.

I have done a search before someone makes that comment.

Regarding the sending of money, there has been lots of suggestions on that when I searched but everyone seemed to concentrate on the actual charge for sending without mentioning how good/bad the exchange rate is.

My bank is willing to transfer £15k for only £17.50 which sounds great but the exchange rate is poor ( I think) if their rate is even 2 pesos less than I can get in the Phils/elsewhere then that is actually costing me £300 in real terms.

Any sensible suggestions/advice welcome especially if you have done something similar.

GM47

[walesrob]

I understand that non-Filipino nationals cannot open a bank account, what the exact rules are I don't know, as banking regulations differ from the UK. Having said that HSBC have a presence in the Philippines (branches only in Manila & Cebu, but access to ATM's throughout Philippines) so it may be worth talking to them, they have the main branch at Ground Floor, Enterprise Tower, Ayala Avenue (nearly opposite the Stock Exhange), Makati. Elsa has acccounts there, and they are very helpful, nothing is a problem. HSBC also operate in the UK an "International Bank Account" so theres something else to consider.

[fred]

Having a residence permit and ACR card will allow me to open an account in any R.P bank so its not a matter of being a Filipino national..
I know of some guys that have managed to open accounts without even that.
One quick,easy way is to open a Nationwide flex account in the uk..
They give you a debit card which can be ued at ATM`s in R.P.
The exchange rate is good and the service is free.

[joebloggs]

iam wondering if you can open a PNB account here in the uk, as they have 2 branches in london. and access the money in the philippines..

might be worth giving them a call or look on thier website..

http://www.pnbeurope.com/

their exchange rate is 91.4 php to £

or use online banking and transfer money each month from your uk bank to pnbeurope, as the do a door to door del and other services.

[fred]

iam wondering if you can open a PNB account here in the uk, as they have 2 branches in london. and access the money in the philippines..

might be worth giving them a call or look on thier website..

http://www.pnbeurope.com/

their exchange rate is 91.4 php to £

or use online banking and transfer money each month from your uk bank to pnbeurope, as the do a door to door del and other services.

Some of their UK sterling interest rates are pretty good too...
I might put a wedge there myself!


Amount
1 month
3 months
6 months
9 months
12 months
£250,000 +
6.34
6.41
6.52
6.59
6.65
£100,000 - £249,999
6.19
6.26
6.37
6.44
6.50
£50,000 - £99,999
6.04
6.11
6.22
6.29
6.35
£10,000 - £49,999
5.89
5.96
6.07
6.14
6.20
£5,000 - £9,999
5.75
5.81
5.92
5.99
6.05

[gm47]

walesrob.. thanks I am still checking HSBC out, I looked at one of their "International Bank Account" but that required a min of £60,000 but they must have other accounts that don't need as much.


fred... " One quick,easy way is to open a Nationwide flex account in the uk.."
Thanks Fred, It looked good until they quoted me an exchange rate of 78 pesos to the pound... so won't be using them.


joebloggs, http://www.pnbeurope.com/ Thanks am checking it out to see if it is poss and if the rate is good. 91 sounds ok to me but could probably still do better if I could take it all in cash to the Phils and exchange it there !! But that would probably cause me other problems.

Thanks again all, any more suggestions would be welcome.

Gerry

[andypaul]

91.4 is quite a good exchange rate at the moment, like you say i would be careful taking huge sums of money out and into a country.
As well as all the tax regulations etc of both uk, any transit country and phill, a customs officer or airport official along the way may take there share.

Hsbc or pnb would be the way the missus or i would transfer over big sums. We also use phill rem to transfer money to the wifes account at equitable pci the rate and comission is not quite as good as pnb but quicker for her pci account.
Worth enquiring both in the UK and phil about hsbcs accounts as im sure Rob and elsa don't have 60,000 spare to put into account and a 10th of that would be a fairly huge sum in phill.

[fred]

fred... " One quick,easy way is to open a Nationwide flex account in the uk.."
Thanks Fred, It looked good until they quoted me an exchange rate of 78 pesos to the pound... so won't be using them.

What do you mean,"They quoted you"?
Who quoted you? What?

With a nationwide flex account , you don't get charged for using your card abroad and the exchange rates are pretty much as good as they get..
Your call.

[baboyako]

I think if I were to live in the fil for 7 months, I would struggle to spend over 100/week ( i.e. 3grand). unless you spend the entire time traveling or staying at resorts..

[walesrob]

Ok, I'm not trying to push HSBC on to people, honest, but I got curious about this HSBC International Bank Account and did some more research. If you were to live in Philippines, HSBC UK would open an account for you at HSBC Philippines, before you leave the UK, so you can use this account as soon as you arrive (subject to local terms and conditions*). There is a fee of £100 though, (free if you do the leg work yourself!). Gerry, I couldn't see anything about a minimum 60K balance on the HSBC website. Elsa has a "checking" account with HSBC Philippines, and there is a nil minimum maintaining balance.

While I cant be 100% sure about this, if you were to approach HSBC in Makati, they will surely be able to open some kind of account for you, even if its a basic savings type account with ATM card access.

Heres the page I was looking at : http://www.hsbc.co.uk/1/2/personal/travel-international/leaving-the-uk;jsessionid=0000ijOOk283sk99XZesUmxaRpT:11j71s4j3

[gm47]

What do you mean,"They quoted you"?
Who quoted you? What?

With a nationwide flex account , you don't get charged for using your card abroad and the exchange rates are pretty much as good as they get..
Your call.[/quote]
Fred,
Thanks again, I spoke again this evening to the nationwide and the quote that I was given earlier by one of their staff for comparison was the travel rate. The normal rate is about standard so I may indeed go with the nationwide. Thanks

[gm47]

I think if I were to live in the fil for 7 months, I would struggle to spend over 100/week ( i.e. 3grand). unless you spend the entire time traveling or staying at resorts..

My rent in Makati is going to be around £4500 alone without anything else.:yikes:

[gm47]

If you were to live in Philippines, HSBC UK would open an account for you at HSBC Philippines, that sounds good.
I couldn't see anything about a minimum 60K balance on the HSBC website.

I was looking at the Premiere account for moving abroad, it says
To qualify for Premier, you simply need to save or invest £60,000 (or currency equivalent) with HSBC Bank International. Ready to apply? (http://www.offshore.hsbc.com/1/2/international/hsbcpremier/applyold/ways-to-apply-premier)

I will have another look at this.

Thanks to all as I now have a couple of viable options.

Maybe you all could answer my next question on having to have a departure flight booked. I will open it as another post.

[fred]

My rent in Makati is going to be around £4500 alone without anything else.:yikes:

we have some apartments in Imus cavite from phP5,000/15,000 a month..
PM me if interested.(about 40 mins to Makati)
Some pics here...
http://apartmentphilippines.2ya.com/

[bornatbirth]

nice place fred,i take it ur there full time.
how much work did you put into it? and there real cheap too!
i was thinking the same thing with the house prices in dorset so much!