Results 1 to 15 of 15

Thread: Easy way to transfer GBP to my PHP bank account?

  1. #1
    Newbie (Restricted Access)
    Join Date
    Sep 2011
    Posts
    1
    Rep Power
    0

    Easy way to transfer GBP to my PHP bank account?

    Hi guys,

    I'm in need of some help.

    Is there a company in the UK where I can transfer funds to their GBP account and in turn they will send money to my BDO account?

    Just moved to Manila and setup a BDO account and now I need to figure out the best way to transfer money across.

    Thanks


  2. #2
    Respected Member
    Join Date
    Aug 2008
    Location
    Spain since 1988. My wife has been here since June 2006
    Posts
    2,384
    Rep Power
    101
    The last time (as several times previously) I transferred funds (in pesos) this time to buy outright a house, I did it on-line from my Nationwide account in UK. The cost was 25 pounds. It arrived within a day (although Nationwide said it might take 3 weeks, it never has) and the exchange rate was pretty good.

    The problem with using the 'specialist transfer businesses' is that you are trusting them with your money, one went broke a year or so ago and everyone with money 'in the system' lost it.

    So I would suggest you ask your bank in the UK what they would charge, the rate on the day you are asking (and check on line to see how it compares with the inter bank rate) and how long it might take. it may be over all the best option.


  3. #3
    Respected Member
    Join Date
    Jan 2010
    Posts
    4,314
    Rep Power
    101
    I've used Nationwide (my own bank for 25 yrs) in the past, and agree the charges are exchange rates are very competitive. However, they don't have the correct licences to transfer the money themselves, and have to use HSBC as an intermediary.

    Several years ago this caused me a major problem as somewhere between Nationwide and HSBC they lost 45000 Euro's of my money It was eventually sorted out, but took nearly 3 weeks. However, there was a plus side, the exchange rate had fluctuated in my favour during this time and I was around £200 better off by the time the money went through


  4. #4
    Respected Member worthingmale's Avatar
    Join Date
    Dec 2010
    Location
    Worthing, West Sussex
    Posts
    552
    Rep Power
    57
    also depends on how much you transfer to the amount of investigation you will go under

    anything more than £10,000 and it pulls up a red flag by the Bank to the authorities


  5. #5
    Respected Member
    Join Date
    Aug 2008
    Location
    Spain since 1988. My wife has been here since June 2006
    Posts
    2,384
    Rep Power
    101
    Englishman is quite correct, although his post may be slightly misleading.

    No building society can access directly the banking system thus they all use a UK clearing bank. Nationwide use HSBC ( in the UK), Abbey National use Natwest bank and so on.

    However, this should not, in normal circumstances lead to any additional problems or delays, and in my opinion, certainly not the kind one might find if using a commercial money exchange company.


  6. #6
    Respected Member
    Join Date
    Aug 2008
    Location
    Spain since 1988. My wife has been here since June 2006
    Posts
    2,384
    Rep Power
    101
    Quote Originally Posted by worthingmale View Post
    also depends on how much you transfer to the amount of investigation you will go under

    anything more than £10,000 and it pulls up a red flag by the Bank to the authorities
    Worthingmale,

    Have you posted this in the wrong thread ?


  7. #7
    Trusted Member sars_notd_virus's Avatar
    Join Date
    Jan 2010
    Location
    Wiltshire,UK
    Posts
    4,955
    Rep Power
    150
    Quote Originally Posted by dev1 View Post
    Hi guys,

    I'm in need of some help.

    Is there a company in the UK where I can transfer funds to their GBP account and in turn they will send money to my BDO account?

    Just moved to Manila and setup a BDO account and now I need to figure out the best way to transfer money across.

    Thanks
    they have two BDO remittance partners (Sunrise remmitance in London and Swift remittance in Somerset )...the address and contact numbers are in this link.

    http://www.bdo.com.ph/Personal/Finan...nceOffices.pdf

    the directory is updated as of july 30,2011
    hope it helps.
    ''Don't be serious..Be Sincere''


  8. #8
    Respected Member andy222's Avatar
    Join Date
    Sep 2011
    Location
    West Midlands and Butuan
    Posts
    6,440
    Rep Power
    150
    I have a HSBC account and transfer money there. Never had a problem.


  9. #9
    Respected Member Dakila's Avatar
    Join Date
    Jul 2010
    Location
    Uxbridge, Greater London
    Posts
    113
    Rep Power
    54
    Hi dev1,

    Quote Originally Posted by dev1 View Post
    Is there a company in the UK where I can transfer funds to their GBP account and in turn they will send money to my BDO account?
    Try this company: http://www.gemremittance.com/

    They only charge £4.90 for their service. All you need to do is to register as a client with your details (for AML purposes), and forward the money to their HSBC account here in the UK.

    I just transferred money a last week and had an exchange rate of 69.15 and it was all done within 24 hours. Do call them first though and check what their current exchange rate is.

    Regards,
    Daks


  10. #10
    Moderator
    Join Date
    Aug 2010
    Location
    Marikina City
    Posts
    26,786
    Rep Power
    150
    Quote Originally Posted by Dakila View Post
    Hi dev1,



    Try this company: http://www.gemremittance.com/

    They only charge £4.90 for their service. All you need to do is to register as a client with your details (for AML purposes), and forward the money to their HSBC account here in the UK.

    I just transferred money a last week and had an exchange rate of 69.15 and it was all done within 24 hours. Do call them first though and check what their current exchange rate is.

    Regards,
    Daks
    That looks a good link Daks
    I checked it out and it does offer some useful services which I could use.


  11. #11
    Respected Member
    Join Date
    Aug 2008
    Location
    Spain since 1988. My wife has been here since June 2006
    Posts
    2,384
    Rep Power
    101
    But still be aware.

    With transfer companies you giving them your money which they then transfer. If they go broke then your funds may be lost. It has happened and with the problems generally in business it will happen again.

    I prefer to use bank to bank, and banks in UK have a government guarantee, private businesses do not.


  12. #12
    Respected Member Rory's Avatar
    Join Date
    Dec 2011
    Location
    York / Argao
    Posts
    783
    Rep Power
    70
    I have a Natwest account in the UK and my other half has a Metro Bank account in Cebu, what is the best way to transfer small amounts each month. When i say small amounts i mean about 20,000 peso


  13. #13
    Respected Member Dakila's Avatar
    Join Date
    Jul 2010
    Location
    Uxbridge, Greater London
    Posts
    113
    Rep Power
    54
    Hi Rory,

    Quote Originally Posted by Rory View Post
    what is the best way to transfer small amounts each month. When i say small amounts i mean about 20,000 peso
    How much does Natwest charge for international payments? As mentioned previously I have been using GEM Remittance for transferring money to a BDO account monthly. They also only charge £4.90 per transaction to Metrobank accounts and the money is transferred within 24 hours.

    Regards,
    Daks


  14. #14
    Respected Member
    Join Date
    Aug 2008
    Location
    Spain since 1988. My wife has been here since June 2006
    Posts
    2,384
    Rep Power
    101
    I have used my Nationwide DEBIT card in Phil over the last couple of days and have got just over 67 P to the pound. (they do charge 2% and if for cash a further one pound per transaction, but over all I did better that changing pond notes, which I also did at around the same time and got 64 P to the pound)


  15. #15
    Member aim_angel's Avatar
    Join Date
    Oct 2011
    Location
    Swindon
    Posts
    81
    Rep Power
    0
    Quote Originally Posted by Rory View Post
    I have a Natwest account in the UK and my other half has a Metro Bank account in Cebu, what is the best way to transfer small amounts each month. When i say small amounts i mean about 20,000 peso

    Why don't you try the Metro Remittance? they have Metrobank in London , it only takes about 30 mins and they can withdraw the money in Phils.


Thread Information

Users Browsing this Thread

There are currently 2 users browsing this thread. (0 members and 2 guests)

Similar Threads

  1. International Bank Transfer - Lloyds Bank
    By eddiek in forum Loose Talk, Chat and Off Topic
    Replies: 3
    Last Post: 21st September 2014, 23:28
  2. best bank account, saving account that suits you
    By stevewool in forum Loose Talk, Chat and Off Topic
    Replies: 2
    Last Post: 20th January 2013, 09:29
  3. How to transfer money from Liberty Reserve to my bank account ?
    By Oliver howel in forum Questions & Answers On Anything
    Replies: 0
    Last Post: 8th June 2012, 06:20
  4. How to transfer money to BDO bank account ?
    By grahamw48 in forum Questions & Answers On Anything
    Replies: 40
    Last Post: 9th May 2012, 23:11

Tags for this Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  

Filipino Forum : Philippine Forum