How can I get money from the Philippines to the UK?

[NHANORAK]

Hi,
Newby posting.

We brought a Cebu apartment in 2006. I transferred the expected cost from the UK to the Philippines, but due to currency fluctuations and playing safe, we found we had a surplus and asked HSBC to transfer it back to the UK. They said the Philippine bank rules wouldn't money transfers out.

After speaking to BPI they issued me with a bank draft which First Direct said could be converted to sterling when paid into my UK account. However, after many, many months FD said BPI would not convert the money to sterling and we ended up with it back in our peso account.

Due to a change in our financial circumstances we are now looking to sell next year, but are really concerned we can't get the money out of the Philippines. Can anyone offer advise from their experiences or knowledge?

Many Thanks

[keithAngel]

Hi Im in Cebu now with funds in the UK you dont say how much you would like to exchange and cant pm yet

if it sounds like a good idea we can exchange emails

[Terpe]

I must admit I had never considered this.
I suspect If HSBC say it can't be done bank to bank then some imagination is needed
along with some care so as to avoid any legal issues in Phils.

Just brainstorming but would paypal be a possibility??

[junior02]

Hi,
Newby posting.

We brought a Cebu apartment in 2006. I transferred the expected cost from the UK to the Philippines, but due to currency fluctuations and playing safe, we found we had a surplus and asked HSBC to transfer it back to the UK. They said the Philippine bank rules wouldn't money transfers out.

After speaking to BPI they issued me with a bank draft which First Direct said could be converted to sterling when paid into my UK account. However, after many, many months FD said BPI would not convert the money to sterling and we ended up with it back in our peso account.

Due to a change in our financial circumstances we are now looking to sell next year, but are really concerned we can't get the money out of the Philippines. Can anyone offer advise from their experiences or knowledge?

Many Thanks

It maybe of help to you. ive used forex.co.uk to transfer large amounts of cash. and i have had good service from them. you could contact them by phone or email and explain your situation, and they will give you advice on the process and more important good exchange rates, and lower charges than the main banks..

[Terpe]

It maybe of help to you. ive used forex.co.uk to transfer large amounts of cash. and i have had good service from them. you could contact them by phone or email and explain your situation, and they will give you advice on the process and more important good exchange rates, and lower charges than the main banks..

Nice info junior02. This will help me in the future also.
Just being curious but do you know why HSBC were unable to do something??

[NHANORAK]

Hi Keithangel,
New to the forum and couldn't see how to EM you.
We're expecting to get around 7 million pesos for our condo. These funds will all then need transferring.

[NHANORAK]

Thanks for the advice Junior2, I will give Forex a try.

[keithAngel]

Hi Keithangel,
New to the forum and couldn't see how to EM you.
We're expecting to get around 7 million pesos for our condo. These funds will all then need transferring.

Sorry bit more than i was thinking thought it was some surplus funds from your origional purchase if your condo sells to a overseas guy though why not get most of it in sterling

[sars_notd_virus]

Just being curious but do you know why HSBC were unable to do something??

yes it is possible if the account is in HSBC(Philippines) to transfer and convert the amount in sterling via HSBC(Uk)

[Terpe]

yes it is possible if the account is in HSBC(Philippines) to transfer and convert the amount in sterling via HSBC(Uk)

That's what I thought sars.
I have HSBC bank account in UK and Phils and I was sure they told me they could
xfer money around globally in any currency I have account in. Never used so far
but glad to know it's possible.

[sars_notd_virus]

asked HSBC to transfer it back to the UK. They said the Philippine bank rules wouldn't money transfers out.

After speaking to BPI they issued me with a bank draft which First Direct said could be converted to sterling when paid into my UK account. However, after many, many months FD said BPI would not convert the money to sterling and we ended up with it back in our peso account.


Many Thanks

We're expecting to get around 7 million pesos for our condo. These funds will all then need transferring.

I am confuse as to which bank u are into right now , is it BPI or HSBC ??

I would advice that after u are being paid with your condo put the money in bank draft and open an account with any of these banks (your choice:: BPI/ PNB or HSBC) as they got the same banks here in the uk ..u also need to open an account with the same bank you choose here in the UK ( PNB /BPI or HSBC) so to transfer ,remit,withdraw your money anytime with no hassle at all (they will just do a debit/credit memo for that)

pls note that the bank will deduct u of tax charges and it all depends on the exchange and buying rate for that day.

[Terpe]

Just as a follow to sars latest post.
The bank MAY request to xfer money in packets of 9,999 Euro equivalent to avoid delays due to money laundering regs/checks etc. Of course they will like to charge for each xfer.
Provided you have all legal documentations etc. you should not need to comply with their requests, since any checks done (once the 'red' flag is showing) will be satisfactory anyway. Loss of interest due to any delay will be far less than all the fees for xfer of small amounts.
Just for info.

[aidaaida]

I have a friend, Prince Conyou who is of Nigerian decent, who is in the Philippines right now before travelling here to the UK.
I'm sure he would be happy to bring the money (cash) to the UK for you should you need his help. All you need to do is put all the money, in 1000 peso notes, in a suitcase and hand it over to him, no questions asked, he would then bring it back to the UK, convert into sterling and deposit into your bank account. And because he is travelling here anyway he will not charge you anything for the service.
What a nice man

[Terpe]

I have a friend, Prince Conyou who is of Nigerian decent, who is in the Philippines right now before travelling here to the UK.
I'm sure he would be happy to bring the money (cash) to the UK for you should you need his help. All you need to do is put all the money, in 1000 peso notes, in a suitcase and hand it over to him, no questions asked, he would then bring it back to the UK, convert into sterling and deposit into your bank account. And because he is travelling here anyway he will not charge you anything for the service.
What a nice man

[NHANORAK]

I did try to transfer money back through the HSBC branch in Cebu. The lady there on the customer services desk categorically stated that there was no way I could transfer money out of the Philippines. She appeared to know what she was talking about.

BPI told me the same story. However, I asked about Bankers drafts and ogt one issued on HSBC (UK) advice. BPI then refused to negotiate an exchange rate for the Bankers draft with HSBC in the UK.


It would be ideal if I had a UK buyer and a sterling payment, but thats pretty unlikely.
So I'm reluctant to sell the condo if I can't get the money out of the country.
I've googled for any laws covering the transfer of money out of the Philippines, but can't find anything.

[NHANORAK]

Thanks to everyone for your responses. I have now sorted out the problem and thought I'd post a solution for anyone else who may have this problem in the future.

Couldn't get any telephone numbers for Forex. So by searching Google I found a foreign exchange company called Moneycorp. They have branches in many different countries and process 2.5 million transactions a year. They have a Philippine Peso account and you arrange transfer of the funds into their account. They then exchange the money into sterling and transfer the money into your UK bank account. The cost is £15 for the transaction.
I spoke to someone called Ozdemir Gultkin on 0800 9101604 who was very helpful and explained the above process.