Transferring Money to RP, Again

[johncar54]

Having said in the past that I used a Nationwide Cash Card and then Debit card to transfer money (a relative had a card in RP, I put the money in that account, he withdrew, for free and with a good exchange rate).

Things of course changed when Nationwide "improved" their service, withdrew Cash Cards and started charging for Debit card cash withdrawals.

I recently sent 35,000 P for family in RP. Because of maximum amount which could be withdrawn at any one time, and other problems with our relative using the ATM, the amount was withdrawn in 6 transactions. This meant 2% for the amount withdrawn and £1 per withdrawal. Total was just over £18.

Not good value in any way.

I have now transferred £2,000 (about 138,000P) to relatives 'second account' with BPI, which I can access on line. Thus he can draw the cash, hopefully without any trouble, in the amounts I specify, when I specify. Good exchange rate and a one off Swift transfer payment of £25.

I think this is a better method of sending cash, as long as one can trust the relative in RP.

[Moy]

thanks for the inf

[fred]

I recently sent some cash (2000 Pounds out of the R.P via BPI.. The charge was 8 Dollars.

[Bluebirdjones]

Wouldn't the Global Filipina card issued by PNB achieve the result you need ?

You set up the account (apply for the card)
You send the card to the Philippines.
You call PNB from time-to-time and transfer money into the "Global" account
Your relative in the Philippines puts the card in the ATM, punches in the pin number, and hey presto, he/she withdraws the money.

From what I recall, there's no withdrawal fee, and the money is available virtually immediately.
PNB's rate are very competitive, and they just debit your (UK) current account.

[toging]

I recently sent some cash (2000 Pounds out of the R.P via BPI.. The charge was 8 Dollars.

we are using the same too...its very convinient (online transaction),reliable, but its not as fast as WU or xoom it can take to 24 hour....but far much cheaper!

[simplyme28]

xoom has a low rates in sending money and has low exchange rates too.. not good..

[johncar54]

Further to post 1.

Nationwide managed to screw up the transfer so were 48 hours late in sending it, however, it arrived in under 24 hours from the time they did send it.

The rate was 67.512 P to the pound, plus as I said the £25 fee (the inter bank rate according to HIFX was 69.266)

As a result of their failure to send the Swift when first requested, I had to send 156,000P by Western Union. That worked out at a cost of £130, i.e. £105 more than Nationwide.

[johncar54]

Up date

When I persisted with Nationwide that they had screwed up, they finally agreed. accepted £250 compensation plus refund of the £25 fee. (equivalent to around 80 P to the pound).

[Aingeall]

Hi ! Just a recommendation: Most of the Filipino Nurses here in UK send money through CBN London Ltd or i-remit with a charge of £4.00 if the recipient has BDO card & £5.00 for any other Philippine Bank account. The said charge will cover any amount. They do phone banking transfer & internet transfer. CBN Phone# is 02074623000. i-remit phone# is 0203 384 5084/ 0207 993 6151/ 0207 993 6152. Hope this will help.

[johncar54]

Aingeall

Although I am in Spain thus UK based bank accounts are normally not open to me, it would be interesting for me, as well as others, to know what their exchange rate is on a particular day, and how that compares with the rates quoted here (below).

In order to know the real vale of any transmission service one needs to know what one gets net for a specific sum. A very low charge with a poor exchange rate, or a high charge and a good rate, are different, as are those which carry a charge in Phil.

[Aingeall]

Hi johncar54! The daily exchange rate on these two companies are transparent to anyone who wish to send money back home. The date you lodged in your remittance either phone banking or internet transfer will be the rate of the day. No charges will be added in the Philippines. Even if you're in Spain as long as your account is a UK account you can transfer it through internet banking, then just ring which ever company you decide that you've lodged a remittance to your beneficiary in the Philippines & they will sort it out for you. They'll give you a UK bank details to lodge it in & they'll do the transfer. Most of the immigrant nurses use these companies coz they are reliable. The exchange rate wouldn't be a problem coz they are quite competitive with the local banks, plus you don't pay much for the transfer.
If you wish you can contact them yourself & ask how it works. I personally uses CBN Belfast Branch for 9years, and never had a problem with the exchange rate. If your beneficiary is a BDO account holder, it'll be in their account in 5mins.

[Aingeall]

Hi johncar54! I just noticed that there is CBN Grupo remittance in Barcelona & Madrid. Please check their website www.cbngrupo.net.
CBN REMITTANCE CENTER S.A.
Calle Pelayo 56 1º 1ª 08001 Barcelona, Spain
Tel no.: +(34) 93 412 3653 / +(34) 93 412 3952
Email add : cbnbarcelona@cbngrupo.net#

Hope this will help.

[Maria B]

Hi ! Just a recommendation: Most of the Filipino Nurses here in UK send money through CBN London Ltd or i-remit with a charge of £4.00 if the recipient has BDO card & £5.00 for any other Philippine Bank account. The said charge will cover any amount. They do phone banking transfer & internet transfer. CBN Phone# is 02074623000. i-remit phone# is 0203 384 5084/ 0207 993 6151/ 0207 993 6152. Hope this will help.

That's what I'm using & some of my Filipino friends in Wolverhampton. Mostly call centre agents are Filipina from the Phils so we talk tagalog in doing transaction. I applied a Cash card here in England by just sending the forms to CBN, after a month the family got their cash cards (it's a debit card as well where they can use the card to shop at SM). Call centre agents are very helpful 24 hrs. Before, I applied BDO Debit card in the Phils for them but now I realized cash card is better. So flexible with the service like phone banking (if i'm at work) but I always do it through internet banking (when I get home from work). If u send cash before 12 noon they will get it the following day. AFter the cut off the family will get it after 2 days (mostly in the morning) which is not bad. Everytime you phone the 24 hours service, u just say your CBN member ID, money to be send & the name of your relative (which u register when u applied) & that's it. U will just register the name of the relatives whom u want to send the cash. The exchange rate is better too. U can always check the exchange rate everyday by phoning the numbers given of the above. I'm happy with CBN London Ltd. coz it's design to all Filipinos abroad. I highly recommend it too Try it.

[Maria B]

Hi johncar54! I just noticed that there is CBN Grupo remittance in Barcelona & Madrid. Please check their website www.cbngrupo.net.
CBN REMITTANCE CENTER S.A.
Calle Pelayo 56 1º 1ª 08001 Barcelona, Spain
Tel no.: +(34) 93 412 3653 / +(34) 93 412 3952
Email add : cbnbarcelona@cbngrupo.net#

Hope this will help.

Yes there is also in Barcelona, Spain, Madrid, Athens, Dublin, London, Belfast as u can see in the website.

[tone]

Excuse my Stupidity please..
So with the CNB do you have to sign up for this cash card in Phils?
from time to time I may need to send money over (using debit card from uk bank acct now) so should I get my Mahal to sign up for this there - then I can load the cash card from a UK bank account? Its friday and I am s-l-o-w.. or do I sign up online?
Thanks
Tone

[Maria B]

Excuse my Stupidity please..
So with the CNB do you have to sign up for this cash card in Phils?
from time to time I may need to send money over (using debit card from uk bank acct now) so should I get my Mahal to sign up for this there - then I can load the cash card from a UK bank account? Its friday and I am s-l-o-w.. or do I sign up online?
Thanks
Tone

No worries tone. Hotline is 24/7.
Try to check their website to email or much better phone them. Hope the address below helps. I did applied for Banco de Oro in the Philippines but when I found CBN London Ltd...at the same time I just applied cash card for the family here in the UK. Try to contact them & for sure they would be of help.

At first I phone them & I was allowed to send money for the first time eventhough I wasn't a member yet. So the money was send from my halifax debit card to the family's BDO bank account in the pHils. They asked my full details & address and they sent me the form. I fill up the form with my passport photocopy (signed & certified correct from my employer) & a passport photo. U may register 3 names of the family for the CASH card application.

Here's the contact details:
for uk
CBN LONDON LTD
GROUND FLOOR 50 MARGARET STREET LONDON W1W 8SF
Tel no.: +(44) 0207 099-4280 / 0207 462-3000
Email add: cbnlondon@cbngrupo.net

for spain
CBN REMITTANCE CENTER S.A.
Sor Angela de la Cruz 36 Planta Baja Madrid, Spain 28020
Tel no.: +(34) 915 671 533 / +(34) 915 705 090
Email add : cbnmadrid@cbngrupo.net

[Maria B]

Recommend this one: U may phone for enquiry (24/7) or print out the form to register from the website & send it to the address below.
CBN LONDON LTD
GROUND FLOOR 50 MARGARET STREET LONDON W1W 8SF
Tel no.: +(44) 0207 099-4280 / 0207 462-3000
Email add: cbnlondon@cbngrupo.net

Here's the contact details:
CBN REMITTANCE CENTER S.A.
Sor Angela de la Cruz 36 Planta Baja Madrid, Spain 28020
Tel no.: +(34) 915 671 533 / +(34) 915 705 090
Email add : cbnmadrid@cbngrupo.net[/QUOTE]

CBN LONDON LTD
GROUND FLOOR 50 MARGARET STREET LONDON W1W 8SF
Tel no.: +(44) 0207 099-4280 / 0207 462-3000
Email add: cbnlondon@cbngrupo.net

[johncar54]

........ So the money was send from my Halifax debit card to the family's BDO bank account in the Phils.

Maria.
Not wishing to split hairs but I believe you would have sent the funds to CBN using your Halifax card. The funds would have then been in the CBN system. They then made the transfer to Phil., using their banking facilities.


However on a cautious note:

This is an extract from CBN website:-

Unlike other private owned remittance companies, we operate in a professional banking environment. Our associates are well versed in all aspects of financial trading, Anti Money Laundering policies, and customer service.

We pride ourselves on our proven track record for effectively capturing a majority of the European OFW remittance market and we are continuously working to improve our services.

Our management is dedicated to ensure that all our business requirements are met within allotted restraints and time schedules.

Thus they appear to be an business independent of any bank. "we operate in a professional banking environment" To me that does not mean anything. When we use any bank we all do that (even Nigerian fraudsters do ! ).

They do not show that funds transferred to them, for onward transmission, are protected by 'reputable insurance or by a bank group' etc. thus if they were to go broke (as one such company did, it was reported in a thread) you would loose any funds 'in their system.'

For me I would not entrust funds to anyone without a cast iron guarantee that they were protected.

[Maria B]

Maria.
Not wishing to split hairs but I believe you would have sent the funds to CBN using your Halifax card. The funds would have then been in the CBN system. They then made the transfer to Phil., using their banking facilities.

my apology johncar54....YesThat's the process. Sorry I didn't elaborate it further & gave the website for everybody to check it out. Hope u still have your split ends intact ......................and I am sending the family today through online. Phone CBN London agent & they will transfer the same procedure from my halifax to Natwest (they have 3 banks).

I've been using CBN for almost 3 years now as well as my filipino friends...just like Aingeall, she's been using CBN as well. For us, it's reliable and we are happy with the service. It's really a choice to everybody. CBN agents are Filipino & we just talk tagalog everytime we do transactions. Like u, I was also hesitant at first but when I phone them, they are very helpful and allow me to transact eventhough I'm no registered yet. They sent me form to sign in & sent it back to them & that was 2008.... 2010 I applied cash card for the family here in the UK & CBN London sent the cards to my loved ones. (ooopppsss mentioned this already )

[johncar54]

Maria sorry but you seem to have taken my post as some sort of criticism of you. It was not so intended but a note of caution.

Every business which provides a useful service is wonderful, until they go broke. It happens to many companies, large and small. In such an event without a guarantee the clients are left without their funds.

This is the reason why the government guarantees deposits up to £85,000 per customer in UK banks and building societies, to protect the clients and why travel companies are member of ATOL and ABTA, to guarantee the funds of their customers.

This means if you transfer, using a UK bank you are protected up to £85,000



A few example of 'great companies' going bankrupt:-

First Solution Money Transfer was a UK based private limited company which provided a money transfer service, providing expatriates the facilities to transfer money back to their family in Bangladesh.

In June 2007, the company went into liquidation owing nearly GB£2 million pounds to the public, the majority of whom were from the Sylhet region of Bangladesh.

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CHRISTMAS has been ruined for families after Farepak, a festive saving club, went into administration.
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Britain’s travel industry certainly isn’t enjoying the warmth of summer. Since the beginning of 2009, over fifty of the nation’s leading travel companies have been forced to close their doors due to weak revenue and dwindling profits, leaving thousands of holidayers stranded overseas and an even larger number out of pocket.

The latest failure is Kiss Flights – a large flight and holiday sales group.

[Maria B]

Maria sorry but you seem to have taken my post as some sort of criticism of you. It was not so intended but a note of caution.

opps johncar54...sorry. It's not really my intention. Gosh, I was carried away. My apologies again

[Aingeall]

For me I would not entrust funds to anyone without a cast iron guarantee that they were protected.

Thousands of Filipino Immigrants in UK & Ireland use CBN coz they are reliable. I myself has been sending money through this company since January 2003. In every transaction you made, you'll get a receipt & it's even kept in their system. So far, I never had a problem w/ my account. I use my HSBC/Halifax debit cards in sending money online.
I even had an experience setting up a new account for my mum & got the account number wrong. They phoned me immediately telling me to check the account, as it was invalid.
It may be a risk, but it's a risk worth trying for me, as I've been their client for nearly a decade.

[Aingeall]

"Excuse my Stupidity please..
So with the CNB do you have to sign up for this cash card in Phils?
from time to time I may need to send money over (using debit card from uk bank acct now) so should I get my Mahal to sign up for this there - then I can load the cash card from a UK bank account? Its friday and I am s-l-o-w.. or do I sign up online?
Thanks"

Hi Tone!

You don't necessarily need to sign up for a BDO cashcard in the Philippines, as you can send money in any bank. The advantages of it are you charge cheaper for the remittance, the money you transferred will be available within 5mins of transaction & that they can use the BDO cashcard in any SM department stores nationwide. Plus, you can apply the cashcard for up to three persons/beneficiaries from here. Then they'll send the cards to them for free.
Why not try to ring them to ask for more info & an application form. All you need to do is submit it to them with a copy of your passport or your Mahal's passport, a proof of address and a passport sized photo. Once approved they'll send you an ID number for your transactions. You can even send money immediately without waiting for your application. You can do it online or telephone banking.