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

[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??

[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.

[NHANORAK]

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