Transferring money to Phil

[johncar54]

Open an account with Nationwide Building Society and get a CASH CARD, maybe now only a DEBIT CARD is available.

Send the card to a relative in Phil, call them and give them the PIN.

If they go to an ATM with the VISA symbol they will be able to draw,. No charges to you or in Phil and the very best exchange rates (a fraction less than the inter-bank rate)

I have an on-line facility. When I want to send money, I transfer the amount to the 'Phil' account (I have three accounts). We call relative in Phil and immediately they can draw the money.

I don't think anyone can beat that, but if you can let us all know.

Also, I use a DEBIT CARD to transfer money to Spain. This morning, over the counter, in my Spanish Savings Bank (Cajamar) I transferred 3,000 euros to my Spanish account from my UK Nationwide Account.

Instant, no charge either end and I got 1.193 € to the £ (inter bank rate was about 1.195)

[stevewool]

i thought nationwide was stopping this or charging you for the service

[johncar54]

The CASH CARD is still free everywhere, but as I said; I think Nationwide are in effect phasing it out.

(I did ask that everyone contact them and express their concern, in the hope that it might be retained, I don't think many did).

The DEBIT CARD is free certainly in Spain and I believe the whole of the EU.

[stevewool]

i did and the bank i went in said its to do with visa and the atms but that lost me then plus emma will soon be here so i just closed my account

[johncar54]

In Phil banks which display the VISA symbol are free using the Nationwide CASH CARD. My wife's cousin has been drawing cash from just such a machine for almost 5 years.
Some other banks charge; BPI etc charge 3.50 US $ per transaction I believe.

[Dedworth]

Nationwide are pulling the plug on free card usage abroad

http://www.moneyavenue.co.uk/news/pr...olicy-463.html

[johncar54]

However, according to Chris Rhodes, executive director of marketing at Nationwide, the “new package of benefits offers greater value to more of our current account customers than before.”

This is priceless. They remove the service and start making charges. Obviously the think all their customers are studpid and believe in the tooth fairy too !!!!!

Although, from response I got here (negative) when I suggested a few mionths ago that if a lot of customers wrote to them and complained that they might re-think the move, maybe Nationwide is not so far off the ball !!!!

[Dedworth]

However, according to Chris Rhodes, executive director of marketing at Nationwide, the “new package of benefits offers greater value to more of our current account customers than before.”

This is priceless. They remove the service and start making charges. Obviously the think all their customers are studpid and believe in the tooth fairy too !!!!!

Although, from response I got here (negative) when I suggested a few mionths ago that if a lot of customers wrote to them and complained that they might re-think the move, maybe Nationwide is not so far off the ball !!!!

Have a look at this - might be of interest.........mentioned in the Mail financial pages - there is a tie in with Newcastle Building Society which gives you some protection

http://www.caxtonfxcard.com/

[sars_notd_virus]

Open an account with Nationwide Building Society and get a CASH CARD, maybe now only a DEBIT CARD is available.

Send the card to a relative in Phil, call them and give them the PIN.

If they go to an ATM with the VISA symbol they will be able to draw,. No charges to you or in Phil and the very best exchange rates (a fraction less than the inter-bank rate)

I have an on-line facility. When I want to send money, I transfer the amount to the 'Phil' account (I have three accounts). We call relative in Phil and immediately they can draw the money.

I don't think anyone can beat that, but if you can let us all know.

Also, I use a DEBIT CARD to transfer money to Spain. This morning, over the counter, in my Spanish Savings Bank (Cajamar) I transferred 3,000 euros to my Spanish account from my UK Nationwide Account.

Instant, no charge either end and I got 1.193 € to the £ (inter bank rate was about 1.195)

The best way to transfer money in the Philippines is to find a bank like PNB and BPI which also have the same bank as Philippines.

why??

if you open an account with PNB/BPI London its the same bank as Philippines ..no withdrawal charges becoz you are using same banks ,which could easily be transferred via online basis..... you only pay for transcaction charges like how much the amount you are sending.

* We've also used Nationwide for a couple of years but then when they start charging us for our withdrawals and transactions(even with VISA ATM machines) we gave up..waste of hard earned moneymakes the bank even more richer.*

[johncar54]

* We've also used Nationwide for a couple of years but then when they start charging us for our withdrawals and transactions(even with VISA ATM machines) we gave up..waste of hard earned moneymakes the bank even more richer.*

Until now, I have not paid anything for withdrawing cash at any 'VISA' ATM (in several countries) including RP. The charges I believe are due to START in November. Other banks, non VISA have been charging for some time, but that was never Nationwide.

I still think Nationwide will still be competitive. I believe it will be a 2% charge (no minimum amount) and a flat rate of £1 per withdrawal.

Whether one method is better that another relies on the what you start off with and what remains. Example no commission is great but that often means a poor exchange rate.

With Nationwide last week I withdrew cash (ATM in Spain) at 1.205 euros to the pound, no charges either end. The bank rate was 1.208. I got the inter-bank rate less 3 cents on £100


Sars: When you say BPI etc are the same bank in UK and RP, I assume you know that as a fact. Usually banks with the same name in different countries are not the same bank. Added as edit, see next post.

[johncar54]

Addition re PNB (Europe) Plc.

I just called the bank. They are the same bank in UK and RP.

Only a Filipino Passport holder can open an account in Phil.

I was told if I had an account in UK I could transfer today at 71.30P to the pound ( for ref. quoted here today in forum as 71.58 P) to say my Filipino wife's account in RP and that the CHARGES are £6 up to £1,000 and £7 for £2,000 to £3,000.

This means on £100 I would pay 6% charge, £200 3% etc. the more transferred the cheaper per pound.

[sars_notd_virus]

[I]*

Whether one method is better that another relies on the what you start off with and what remains. Example no commission is great but that often means a poor exchange rate.

I agree with you to this but.... NO BANK will ever last if they incur NO CHARGES policy otherwise,no sense as they will not be earning ...its just the right of every clients/customers of every bank to read the small prints all the time otherwise,it maybe misleading or going nowhere

[I]*
With Nationwide last week I withdrew cash (ATM in Spain) at 1.205 euros to the pound, no charges either end. The bank rate was 1.208. I got the inter-bank rate less 3 cents on £100

i thought u were talking about 'transferring money in the Philippines?'

..based on my experience we tried Nationwide at first it was good....but when they started charging me even if i withdraw in VISA atm machines (June) i asked to close my account with them as they are starting to earn more from me ,and i dont like that...

[johncar54]

[QUOTE=sars_notd_virus;239161] I thought u were talking about 'transferring money in the Philippines?'QUOTE]

I was that's why I said,

"Until now, I have not paid anything for withdrawing cash at any 'VISA' ATM (in several countries) including RP. The charges I believe are due to START in November. Other banks, non VISA have been charging for some time, but that was never Nationwide."

[sars_notd_virus]

[I]*

Sars: When you say BPI etc are the same bank in UK and RP, I assume you know that as a fact. Usually banks with the same name in different countries are not the same bank. Added as edit, see next post.

yes i know,affiliate banks u mean? but i also got an account with BPI europe and PNB london which is the best for me and is highly recommended for filipinos to transfer money coz of no withdrawal charges.

[I]*
Addition re PNB (Europe) Plc.

I just called the bank. They are the same bank in UK and RP.

I've worked with PNB for 5years in the Philippines so i know that when i say PNB LOndon and PNB Philippines it is the same name of bank for me which means you have no charges when you withdraw online on the same cashpoint in the Philippines.

[johncar54]

Sars I added the edited note after I had spoken to PNB in London. As you see we appear to agree. I clearly said in the next post they are the SAME bank.

The PNB in London told me of the transfer charges which I have quoted.

As you tell us, they did not say there was any charge to a customer, with an account in RP, to receive the transfer

Please correct me if I have missed something pertinent.

[Steve.r]

Only a Filipino Passport holder can open an account in Phil.

.

How come I have a PNB account then? I opened it last time I was there

[johncar54]

How come I have a PNB account then? I opened it last time I was there

OK so the person I spoke to in PNB London does not know how their banks works. (maybe they are not the same banks, but Sras says they are so that musty have been correct)

Don't blame me I am only the messenger passing on what the bank told me.

[Steve.r]

OK so the person I spoke to in PNB London does not know how their banks works. (maybe they are not the same banks, but Sras says they are so that musty have been correct)

Don't blame me I am only the messenger passing on what the bank told me.

Not shooting John, But these are the same bank, I made sure of that as I wanted to send money over quickly. For me it's a no brainer, simple quick, efficient. I don't know why more people don't do it this way, so hassle free.

[sars_notd_virus]

PNB and BPI is the bestest to send money in the Philippines for me

[johncar54]

If you wanted to send say £50 the transfer fee would be £6 that 12%.

By Nationwide it will when the charges apply, be 2% plus £1 so thats total £2.00, thats 4%.

I know which I would choose

[Steve.r]

Sometimes the odd penny pinching just isn't worth the trouble though John. I know who I am happy with.

[johncar54]

Just like me you are happy with what you do.

Free with Nationwide, with the very best rates and instant transfers on line and instant possibility to draw the cash in RP without any charge has been my choice.

But for someone who is short of cash, choosing the right one can make a lot of difference. After all, its the person at the other end who gets less money if you don't get the best deal. £4 is 300P and thats what PNB costs over Nationwide on £50.

[fred]

OK so the person I spoke to in PNB London does not know how their banks works. (maybe they are not the same banks, but Sras says they are so that musty have been correct)

Don't blame me I am only the messenger passing on what the bank told me.

Not true!!
13a holders without R.P passports (Like me!!) can open an account in any Philippine bank.
That said,it can be difficult for none Phil citizens and non residents to open bank accounts..But not impossible,which is why Steve.r has one.

[johncar54]

Not true!!
13a holders without R.P passports (Like me!!) can open an account in any Philippine bank.
That said,it can be difficult for none Phil citizens and non residents to open bank accounts..But not impossible,which is why Steve.r has one.

Fred. As I was given apparently the wrong info when I called, and you know that to be true, may I suggest you call PNB (Notting hill Branch, open 7 days a weeks) on
(0044) 02075923037 and tell them of their error so that other members will not be confused and inconvenienced.

Maybe you could confirm the charges too in case they got that wrong as well.

[fred]

John..I dont think there is any need as they simply assume that you will be travelling on either a tourist visa or a BB privilege in which case the advice given you would have been correct..Im pretty sure that if you mention to them that you are a R.P resident then they will advise that opening an account is fine.
I have heard of a few guys on travel visas here(like steve.r) that have R.P bank accounts in their name..
This is obviously a banking grey area and of course PNB would have a no comment policy on that.
In regards to the charges..PNB service suits me personally as we only ever have them send us larger amounts (enough for say a land purchase) which costs me 7 Quid..
These British bank cards are fine when they are working but a huge pain when they are not..Our Barclay card was stopped for no apparent reason and so I was forced to speak to an Indian call center agent..He read out a code number that had been pinned to our card and explained that I would have to visit my local branch to have it removed..He couldn't care less that I am in the Philippines.

[David House]

I used my Nationwide card extensively on my last extended stay in the Phil, and it was by far the best way then, but not now. You got exactly the mid market rate and no charges. Now they charge quite a chunky deduction, although not as much as some.
I have now taken out a BPI Europe "star" account which is linked to a BPI Phil peso savings account. I can transfer up to £300 by "faster payments" into the "star" account from one of my other UK based accounts, or unlimited amounts by BACS. The "faster payments" clear within an hour or two, the BACS take 3 or 4 days. Once cleared I can immediately transfer into the peso account, for which I have a local ATM card. I had no problem being given these accounts. The charge is £5 per transaction, irrespective of the amount so it only makes sense for medium to large transfers. You get the prevailing days rate, no other deductions.
An alternative is to remit money online to a remittance service (I use PesoExpress, part of RCBC) and email them with instructions to pay yourself in the Philippines. You get a collection number and then can collect your cash the next day in any branch of a nominated bank. The cost for around £500 is £6. This works too and like my BPI account can be managed from whereever you are provided you have internet access. I manage my UK bank accounts, and these methods whilst I am in the Phil, just like I do whilst here in the UK. If I have any problems I call the bank in the UK via Skype and sort it out.

[dontpushme]

Has anyone ever tried Paypal? I know sending money over Paypal is free. I just don't know which banks in the Philippines have Paypal bank codes. I know my sister in Manila can receive money thru Paypal though.

[johncar54]

Has anyone ever tried Paypal? I know sending money over Paypal is free. I just don't know which banks in the Philippines have Paypal bank codes. I know my sister in Manila can receive money thru Paypal though.

I use PayPal for a few small things (example; VOIP account 10 euros at a time) but I have found the exchange rate is not that close to the 'inter bank rate.' Thus whilst one might save on charges they may well loose on the exchange rate.

It is necessary when considering which method to use that one looks at the over all cost. That is, the total amount you start with compared with the total amount are left with.

That is how the 'no commission' exchange shops make their money, a rotten rate.

[Steve.r]

Yes, I was going to say that nothing is for free. Watch the xchange rates

[dontpushme]

I actually checked the exchange rates for Paypal and for the other money-sending options I had. Paypal was the best one. Then again, that could be because I'm in a small town in the middle of nowhere and my options are severely limited anyway.