Easy way to transfer GBP to my PHP bank account?

[dev1]

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

[johncar54]

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.

[Englishman2010]

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

[worthingmale]

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

[johncar54]

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.

[johncar54]

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 ?

[sars_notd_virus]

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.

[andy222]

I have a HSBC account and transfer money there. Never had a problem.

[Dakila]

Hi dev1,

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

[Terpe]

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.

[johncar54]

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.

[Rory]

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

[Dakila]

Hi Rory,

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

[johncar54]

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)

[aim_angel]

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.