You should have included Instarem which I just used last week based on your video 2 years ago. It still gives more pesos if you send $500 or more and with no fees compared to Wise. If the amount is $499 or less, Wise is better. But keep up the good work Grandpa, you're doing everyone a great service! I've already learned a lot from your videos about dual citizenship, social security and retirement in the Philippines, shipping stuff there, travel restrictions, etc. Keep them coming!
Dear Sir, I am so impressed with your extensive knowledge on so many things Phil-Am. Your content & presentation are exceptional. I couldn't have found your channel at a better time since my wife & I, are in the initial stages of a plan to retire in the Philippines. I am really grateful to you for passing on your knowledge, experience & insights.Many thanks. Be well & stay safe along with your family.
We send $1k a month to my mother in the Philippines via Western Union. We send it IN DOLLARS, NOT PESO. My mother would get it in dollars and she said it has higher exchange rate when it's exchanged into peso right there in the Philippines. Plus, the more you send, you get bonus points which can lead into zero future zero to discounted price on service fee.
If your mother have bank account and you have account bank of America, you can send peso, bank not take charge and rate high . I am not have expirens, but I am check this information website bank of America.
Grandpa, thank you for all the information. I love your channel. I live close to you right now in Philadelphia. I have only visited the Philipines twice but I fell in love with your country! I have never met so many genuinely friendly people in my life and I have traveled quite a bit. Its also the most beautiful place I have ever seen. But the people really made an impression on me. I have only seen Legazpi and the area around MNL between terminal 1 and terminal 4. As soon as I get used to being next to a smoking volcano Im sure it will seem even nicer. I just wanted to let you know that all your information especially with the constantly changing travel rules. Thank you so much. I hope you are offended that I called you Grandpa but I intended it as a term of endearment!
Excellent!!! Those who are permanent in the PI.....MUST...always do their own research with their actual transfer amounts. NEVER use Western Union....high fees and too many hoops. Grandpa....you are worth your weight in GOLD!!!
Remitly has a LOT better rates then Xoom has of this date 4/2/2022. And if your planning to retire in PH, a MUST to do before you go is make a Charles Schwab account. You can link your bank account to C/Schwab account, Once this is done, 3 clicks, money from your bank is transferred to CS account. Reimbursed international ATM charges, plus they can wire larger amounts of funds to you.
I have a passbook Account(savings) with an ATM account with the same bank here. I have a portion of my monthly U.S. pension direct deposited into my Philippine bank. I can bill pay and xfer money with my Philippine account. It has many of the same features as the major U.S. banks. My overall experience is Filipino banks are NOT truly foreign friendly as there is much more hoops to jump through just to open an account here. Also, be sure who you're dealing with inside your bank here. There are many options and services you can utilize from your bank here but many of the employees (including bank officers) lack knowledge of these things. You usually find out after the fact and it can be a letdown. And this is why most banks here are not foreigner friendly. Just something one has to adjust to. Nice informational vlog! Ingat.
Xoom has app on the phone and you can send remittance wherever you are. That is what I do when I’m in the Philippines, I send remittance to my dollar account in the philippines and have never had a problem.
When sending thru Western Union, they will charge you 3 or 4 bucks per $300.00, then the counterpart in the Philippines will deduct 35 pesos more, maybe higher today...yup lower conversion Thanks vg for the info..
Thank you fir your Vlog. However, I have an update regarding your suggestion to use a VPN for bank online transfers. Most bank online access & transactions are now able to recognize if you are using a VPN. The syatem will either not allow you to log on, or in the case of BofA, the system will turn off some features while you are connected via a VPN. Try using BofA's online check deposit if you are outside of the USA, it will not show up. Tnx & keep safe.
The WF Portfolio program mentioned at 15:32 has two tiers: Portfolio and Portfolio Plus (WFP+). The $4 ExpressSend fee is only waived for the WFP+, and not for the regular Portfolio. An overall relationship (checking, savings, brokerage, retirement funds etc.) of at least $250K is required to qualify for WFP+. In Danny’s example, the difference between Wise and WFP+ would have been reduced to only PHP122, since the $4 fee is waived. But another advantage of WFP+ is international ATM fees are waived. It is like the Schwab ATM except WFP+ waives the ATM fees on the same day of the withdrawal, instead of end of the month for Schwab. Since the ATM withdrawal in PH is based on the local bank’s exchange rate (not WF exchange rate), it is like exchanging your dollar bills at the bank, which is the best exchange rate you could get, as mentioned by Danny, but without carrying actual dollar bills. You only carry one ATM card, whether you are in the US or somewhere else in the world. We moved some of our IRA’s from Fidelity to WF to qualify for WFP+. Since it is a self-managed IRA, the fees and yields would have been the same, anyway, whether it is parked in Fidelity or WF.
I currently use western union from my credit union for a flat rate fee directly from Navy Federal Credit Union in USDollars. I do not have to worry about exchange rate as it is in US $
I've been using Western Union for a couple years for small amounts to family. NO problems. I use my bank to wire transfer larger sums to my Philippine bank, so far no problems.
The easy way and the cheapest way is to open a Philippine Bank Dollar account is to write a check on your USA bank and deposit it here to your Philippine Bank account the usual fee for this is $5.00 . Now your money is deposited in your Philippine bank in US dollars , I have written checks for as much as $30.000.00 at one time and no problem for the same $5.00 fee the only problem is that the check usually clears the US bank in 5 to 10 days this varies and then it usually takes another ten days to arrive in the Philippine account. The banks usually give a very good exchange rate but sometimes you can beat that rate on the black market, shop around a phone call is all it takes. I am sure you understand this fact but for the sake of others, The Black market is a term used for a licensed foreign exchange dealer that is not a bank, he is not some guy down a dark ally somewhere.
I use money gram at walmart. Used them for yrs. Big funds I do a wire transfer from my bank and to my bank in the PI. Money gram is better than remittance. rate at 48.2 pesos
IF you can find a local you can trust to open a local bank account,,I use Word remit, and do a bank transfer to my account cost about $3 per transfer. Using a debit will cost 250ph per 10k.. A few bucks will add up over yrs.
In Canada, Remitly is the best when sending bank to bank and the amount is $500 or more...no fee. The only downside is it takes 5 business days to settle.
Thank you for another informative topic.I want to apologize if you have already covered the questions i am about to ask, if you have, please share that link so you do not have to repeat it here. My questions are: 1) what is the best way for a US citizen to transfer large sum of money ($165,000) safely to the Philippines in order to purchase a condo, is it to open a bank account with Philippine National Bank and Metrobank who are already doing business in the US, or it does not matter? 2) Do i need to report the large transfer of money to the IRS before making the purchase, 3) Do i need to report to the IRS after purchasing the condo in the Philippines, 4) Since i will be renting out the condo at least 9-10 months of the year, do i need to pay income tax on the rental income both in the Philippines and in the US?, 5) If it is required to pay income tax to both governments, Is the income tax paid to the Philippines government a legitimate business expense deduction for the US tax filing? THANK YOU very much in advance for taking the time to respond.
(1) It is best for you to open a bank account except that you need to be in the Philippines to accomplish this. For that sum of money, you may have no choice but to send it by wire transfer from your US bank account to Philippine bank account. There is usually no limit on the amount, but in some cases, there could be. If you are limited, send it multiple times by spreading it over several days. Just open an account with any reputable bank like BDO, PNB, BPI, etc. They do not need to be doing business in the US. (2) No, you do not need to report the transfer to the IRS before making a purchase although you may have to explain to the bank the purpose of the transfer. So, be sure to bring purchase documents with you. (3) You are subject to FATCA and/or FBAR reporting if you have that sum of money *_at any time during the year_* at the bank. After you spend the money on the condo, if you have leftover bank account of over $10,000 *_at anytime during the year_* , you may still be subject to FATCA and/or FBAR reporting. Otherwise, if all you have is real estate owned, it is not subject to reporting. That is covered in one of my vlogs. Here's the link to my channel. ua-cam.com/channels/YU70S4jYvhw0BOetMFdD6A.htmlvideos (4) Yes, you do. (5) But taxes you pay to the Philippines *_will not be a deductible item_* . Instead it will be *_credited against your US tax liability_* . I hope you know the difference between a deduction and credit. You are welcome. Glad to help.
@@vloggergrandpa2707 yes i think i know the difference between tax credit versus a deduction - i much prefer a tax credit since it is almost like a refund.
Very informative. I used Western Union. I don't used the company any longer. They are not reliable due to their machine break downs. . Walmart and Western Union charge $19.00 fee . They are available as needed. . I found out Wells fargo has the ability ,to do the work $4.00 fee on $1,000 limit per transaction. I am not a big sender. Just an info. Credit unions do not do do transfers. I do not know about other credit union in other areas. Grampa ,maraming salamat po.
I exceeded to my limit in Remitly now they only allow me $100.00 and charge me 3.99. In a way it’s good to stop sending for a while and probably find another different remittance later lol.
Always best to transfer bank to bank or directly to yourself and pick up at Cebuano or Lehmueller. Never use debit or credit card, the fees are exorbitant.
Wester Union is the worst ,any $100 to $500 is tha same fees$9.00 Then the recievers still they’re deducting fees from the money and they are offering insurance to reciever. Geee! I complained to the Head Branch they said it is wrong to deduct fees to the reciever . It always happened to me .
I can only speak from a Scandinavian point of view, Remitly and WorldRemit are reliable and the fee around 2 dollars. Used Western many years ago but its expensive.
I use Remitly, it seems to be the most balanced, but I have not used all so dont take my word on that. I want to also add that its probably not correct to use a one time exchange rate for remitly, its more like $46.91 right now
Sir Vlogger, Bank to Bank tlaga pinakasafest kailangan meron karin bank acount sa Pinas Bank remitance mas madali at makamura ka, Metro Bank to Metro Bank depende sa location mo, i live in New York thats what i do,
I hav been sending $ to peso using remitly for a year n a half trying to pay for a duplex I bought in the Philippines. Remitly will pocket 1.50 peso for every $ u send no matter what the conversion rate is. They advertise no fee.
paid Western Union a higher fee for the recipient to received the money in USD ... however ... once claimed at the remittance center/kiosk ... the recipient was handed the money in PhP. [Wrote WU about this but no response. So they’re history.]
Did you tell the WU Customer Rep that you want them to claim in dollar? Because that's why I did. and they got it in dollar, though the exchange rate in the province is lower than the actual exchange rate, unless if your family is in Metro Manila, they get the exact exchange rate.
Great information Kuya! Back in November, I sent some money for typhoon relief which used a BDO bank account. The exchange rate wasn’t great (45.68) but I wanted the recipient to receive at least 5000 Php. It cost me $109.99 using Xoom but it was very convenient and fast. If I needed to do it again, I would use them again, just for the ease of use.
I usually use Remitly and Mi Bank, at 7:42pm today Remitly shows 1 USD = 46.91 PHP, my Bank shows 1 USD = 46.953 PHP. I just sent $500 via my Bank. Remitly has a fee over that rate, the Bank does not. With Remitly you get the money in PH instantly, International Bank transfer takes 2 to 3 working days.
I have been using western union for my fiancée in the Philippines for almost 2 years and I don’t have a problem with them . I agree with another viewer on here who asked if you have ever tried western union. If you haven’t tried them don’t be saying anything bad that you can’t back up.
I used western union yes its easy but they get money out of my money sent my receiver says a thousand deduction in peso besides my ten dollars pay here so I used LBC
Its been 1 yr now i used western union. Ang USSC Western Union ay wala po charge pero ang western union na di USSc ay nasa 36 pesos something ang charge nila...yun lang napaka baba ng exchange rate ng wu from Australia kya pag dating dito sa pina malaki ang bawas. Let say if Australian dollar rate is 37.16 into peso pero pag pinadala na dito sa pinas 36.36 na lang malaki ang bawas ng wu australia.
I can even call my bank Navy Federal Credit Union from home here in Manila and just tell them how much dollars i want for a flat rate fee of $14.50 (no Exchange Rate) sending US $
I used western union for over 25 yr. now .i was paying $10.00 to send it because i was a member ..now come 2021 it went up to $18.00 per $1,000.00 .its crazy how it went up soo much to send money western union,but its the only one I’m used to and comfortable using ,since its very easy for family to get to ,western union
Western Union has the ‘real time’ transfer. You do bank to bank transfer, you dont pay fee, ‘nada/no’ transfer fee. Before, WU is a pain in transferring money, but recently, they were fast and i can’t believe it.
They are well known for shutting people off though so always have a backup plan. They worked fine for me for a while and I switched to TransferWise for reliability reasons.
Hi M Francisco, may I ask what are the process when transferring back to back via WU? Which Philippine banK ( been sending via WU from my bank and cash pick up in the Philippines. Pls advise, I'll be gladly appreciated it. Tx
@@shirleyandaya7115 , any bank. I have credit union bank here and i transfer to BPI, BDO, Security Bank, etc. i did a transaction again recently and it was in their account in the Philippines already. Really, fast transaction, NO FEE, bank to bank. You need to creat an account with Western Union.
There are banks in the Philippines, BDO being one of them, who have had incidents of wiping out their depositors’ accounts. When the depositors confronted them, they could not give an answer as to how it happened. Bank officials were very unhelpful and gave the depositors the runaround. Be careful in choosing your bank.
Careful with PI banks. My sister was begging for PNB to transfer her money to her bank ( with all the necessary papers already submitted) .You know what the PNB did, they transferred only 50% of the money. They told her that she needs to be home to do all this things. My sister is already 76 yrs old and yet they expect an old lady to travel home just to do the all transferring. With the pandemic still raging on, this stupid policy need to be rescind!
@@dencioz55555 Yes I agree. I would not transfer all my money to the Philippines even when I decide to move there for good. I’d rather keep my money in the US, transfer enough every so often, and do a wire transfer for big purchase such as real estate. Better yet, start a business in the Philippines and use the income as supplement.
Isn't there an advantage of opening a bank account with Philippine National Bank or Metrobank who are already doing business in the US where i can do direct deposit of my social security income (in US dollars) into the Philippines banks in the US which will be available in the Philippines, therefore, bypassing any foreign exchange fees? Whereas, if i open an account in the Philippines with a bank that has no presence in the US, then i will need to pay a transfer fee to get that money to the bank in the Philippines.
There are usually two fees you pay when you move money. The specified service fee, and the exchange rate differential. I don't know which one you are referring to when you say transfer fee. The only way you can avoid exchange rate differential is to send dollars to yourself. If you send Philippine currency, there will ALWAYS be an exchange rate differential. I don't know if some banks will allow you to send dollars. If they do, you can receive dollars and convert them in the Philippines as you need them. All you have to pay the specifically disclosed service fee. I'm aware of PNB in New York where you can have your social security checks deposited monthly, and they will forward the money to you in the Philippines for a fee of, I think, $7 to $10 per transaction. I don't know though if they will send it to you in Pesos or Dollars. If they convert it and send the money in pesos, you will also incur the hidden exchange rate differential. Also, to open an account you have to do it personally at PNB in New York. That is not convenient for me that's why I did not even pursue PNB. Each bank is different and you really have to look into what is available to you, what is convenient, and what is most financially economical.
i finally decided to pay off my scooter since i don't know when i can get back to PH with border closure, I send the money through Western Union in 2 pieces since their fee was super high for sending 50,000 peso. I think it was $60 cad fee... but if I split it in 2 payments of $600 cad it was $8 each. lol
I'm using Worlremit to send to g/f bank acount from Australia.Usually in her account within 2 minutes.Western Union has limits on how much you can send to one person each month I think.
I use Remitly. I specify to recieve us dollars then she can shop rates. but, yes there is a fee for me depending on if i use debitbor credit card. i hear Citi bank and Charles Schwab have less fees.
I think if I was going to retire in PI it would be best to direct deposit my social security to a dollar account in a Philippine bank. Am I correct? Also I have a Charles Shwab checking account with 0 ATM fee and any fee the ATM charges is refunded anywhere in the world.
PNB US to PNB Pilipinas has no limit as long you prove that it was not money laundering and a fee of $8. I sent some of the money on the proceed of sale of my house in the US, and bought a house in the Philippines.
The BIG PROBLEM with PNB is that if you write a check from a bank in the US it takes 30-business days to clear the check even though your money, sent from the US bank, is sitting in the PNB band for over two weeks.
I use wu for pesos..2.99$ if I send debit to bank directly deposit. If I send bank to bank it says 0 fee(I haven't tried yet cause I think not as fast). If I send dollars I use Xoom because I can't send dollars with the others. I used remitly a few times but they gave me a hard time when I in the Philippines after sending successfully. They insisted I send my proof of bank account and US address by sending a copy of my bank account. Lol. They had all that information when I first signed up. This was when Taal blew up and we had no power and they were using up all my phone battery.
But the exchange rate is small when you use bank to bank. We send $1k a month to the Philippines via Western Union and we send it in DOLLARS, not peso. My mother said it has a higher exchange rate when they receive it in dollars.
Thank you for the details @Vlogger Grandpa! I also heard OFX is another good one (similar to Wise, formerly Transferwise). My question is to get your input on the opposite. Example: I sold a property in the PI, but want the proceeds to be transferred to my US Bank. (I realize that I will take a hit with the exchange rate, but for personal reasons, it makes sense for me to have the proceeds transferred from the PI to the States). What would be your suggestion in this situation?
I have not experienced this yet. I suggest talking to your Philippine bank. Two or three banks told me that it is not a problem provided I can show where the money came from (e.g. sale of your home) and that the capital gains tax has been paid. I don't see that as a problem.
First of all, thank you for what you do. I salute you Sir! Do you have any information of transferring the proceeds back to the US for a sale of an inherited property in Manila? Is Bank wire transfer the most ideal way? Also, would you know if this is reportable to the IRS?
Work with your bank in the Philippines because wire transfer is the best for a large sum of money. Technically, if you are a citizen or resident, everything is reportable to the IRS.
Hello sir Danny, First of all, thank you for all your informative vlogs. It help us understand things we are not aware of. I have a friend telling me that etheir you are US or Dual citizen, once you go out from USA,you must comeback within a year., if not, you may need a re-entry visa.? How long a US or dual citizen can stay outside the country?
In the U.S., you can stay out forever if you are a U.S. citizen. If you are a *permanent resident* , you have to be back in 12 months. However, someone told me that it is now 6 months.
My wife is an US permanent resident that went over in December 2019 and then returned in early December 2020, nearly 12 months. If that changed, it had to be just recent.
Always admire Vlogger Grandpa! Sir, is there a bank here in the US that has a branch back in thr Philippines where you can just go there and withdraw your money even with a fee? I mean US banks like Wellsfargo, Chase or Bank of America. And also why is it that seems like WU is not a good choice to send money on the Pi?
I don't know about that because even foreign banks will be subject to Philippine laws. However, you can open an account at Charles Schwab online in the US and make withdrawals through ATM in the Philippines. At the end of each month, they will refund to you any ATM charges charged by the bank.
Of the 4 major US banks, only Citibank has retail banking operations in PH. BofA, WF, and Chase have a presence in PH, but they only cater to commercial/merchant clients. Citi only has 3 branches and 3 ATM centers in PH. I tried Citi in PH about 10 years ago, but due to the horrendous traffic conditions in Metro Manila, it took me almost an hour to get to the nearest branch in Eastwood, which was only 3 miles away. I just decided to do my banking with a BPI branch which was 10 minutes away from our house. It could be OK if you live very close to one of the Citi branches; otherwise, look for other options.
Grandpa, can you discuss ..what about if you want to convert Philippine Pesos to US Dollar when you're in the Philippines. Is there a limit how much US Dollar you can purchase with your Pesos?
![Opening a Bank Account in the Philippines [Applies to everyone with cash needs in the Philippines]](http://i.ytimg.com/vi/aQD1HG96B4M/mqdefault.jpg)
You should have included Instarem which I just used last week based on your video 2 years ago. It still gives more pesos if you send $500 or more and with no fees compared to Wise. If the amount is $499 or less, Wise is better. But keep up the good work Grandpa, you're doing everyone a great service! I've already learned a lot from your videos about dual citizenship, social security and retirement in the Philippines, shipping stuff there, travel restrictions, etc. Keep them coming!
Great video. This helps those of us who send money to the Philippines. Plain, clear explanation of money transfers. Thanks a bunch!
Dear Sir, I am so impressed with your extensive knowledge on so many things Phil-Am. Your content & presentation are exceptional. I couldn't have found your channel at a better time since my wife & I, are in the initial stages of a plan to retire in the Philippines. I am really grateful to you for passing on your knowledge, experience & insights.Many thanks. Be well & stay safe along with your family.
We send $1k a month to my mother in the Philippines via Western Union. We send it IN DOLLARS, NOT PESO. My mother would get it in dollars and she said it has higher exchange rate when it's exchanged into peso right there in the Philippines.
Plus, the more you send, you get bonus points which can lead into zero future zero to discounted price on service fee.
If your mother have bank account and you have account bank of America, you can send peso, bank not take charge and rate high . I am not have expirens, but I am check this information website bank of America.
Thanks Vlogger Grandpa. Very informative. More power!!!!!! God bless you and your family
Grandpa, thank you for all the information. I love your channel. I live close to you right now in Philadelphia. I have only visited the Philipines twice but I fell in love with your country! I have never met so many genuinely friendly people in my life and I have traveled quite a bit. Its also the most beautiful place I have ever seen. But the people really made an impression on me. I have only seen Legazpi and the area around MNL between terminal 1 and terminal 4. As soon as I get used to being next to a smoking volcano Im sure it will seem even nicer. I just wanted to let you know that all your information especially with the constantly changing travel rules. Thank you so much. I hope you are offended that I called you Grandpa but I intended it as a term of endearment!
No offense taken. That's what everybody calls me. 😄
I agree, wise(transferwise) is the best option in transferring money to the Philippines.
Thank you Grandpa for this simple calculation and information.
Thank you grandpa for a very good information.
Enjoy life in the Philippines.
Excellent!!! Those who are permanent in the PI.....MUST...always do their own research with their actual transfer amounts. NEVER use Western Union....high fees and too many hoops. Grandpa....you are worth your weight in GOLD!!!
amen brother!
Yes, WESTERN UNION is just so much Crap to use!
Remitly has a LOT better rates then Xoom has of this date 4/2/2022. And if your planning to retire in PH,
a MUST to do before you go is make a Charles Schwab account. You can link your bank account to C/Schwab account,
Once this is done, 3 clicks, money from your bank is transferred to CS account.
Reimbursed international ATM charges, plus they can wire larger amounts of funds to you.
I have a passbook Account(savings) with an ATM account with the same bank here.
I have a portion of my monthly U.S. pension direct deposited into my Philippine bank.
I can bill pay and xfer money with my Philippine account.
It has many of the same features as the major U.S. banks.
My overall experience is Filipino banks are NOT truly foreign friendly as there is much more hoops to jump through just to open an account here.
Also, be sure who you're dealing with inside your bank here.
There are many options and services you can utilize from your bank here but many of the employees (including bank officers) lack knowledge of these things.
You usually find out after the fact and it can be a letdown.
And this is why most banks here are not foreigner friendly.
Just something one has to adjust to.
Nice informational vlog! Ingat.
It is always helpful to watched your videos, thank you so much God bless po and stay safe!
Xoom has app on the phone and you can send remittance wherever you are. That is what I do when I’m in the Philippines, I send remittance to my dollar account in the philippines and have never had a problem.
Wow thank you for this
No problem, but it costs you more.
@@Amen.22 no fee if it’s bank to bank. There’s a certain fees if it goes to MLullier etc
When sending thru Western Union, they will charge you 3 or 4 bucks per $300.00, then the counterpart in the Philippines will deduct 35 pesos more, maybe higher today...yup lower conversion
Thanks vg for the info..
Thank you fir your Vlog. However, I have an update regarding your suggestion to use a VPN for bank online transfers. Most bank online access & transactions are now able to recognize if you are using a VPN. The syatem will either not allow you to log on, or in the case of BofA, the system will turn off some features while you are connected via a VPN. Try using BofA's online check deposit if you are outside of the USA, it will not show up.
Tnx & keep safe.
The WF Portfolio program mentioned at 15:32 has two tiers: Portfolio and Portfolio Plus (WFP+). The $4 ExpressSend fee is only waived for the WFP+, and not for the regular Portfolio. An overall relationship (checking, savings, brokerage, retirement funds etc.) of at least $250K is required to qualify for WFP+. In Danny’s example, the difference between Wise and WFP+ would have been reduced to only PHP122, since the $4 fee is waived.
But another advantage of WFP+ is international ATM fees are waived. It is like the Schwab ATM except WFP+ waives the ATM fees on the same day of the withdrawal, instead of end of the month for Schwab. Since the ATM withdrawal in PH is based on the local bank’s exchange rate (not WF exchange rate), it is like exchanging your dollar bills at the bank, which is the best exchange rate you could get, as mentioned by Danny, but without carrying actual dollar bills. You only carry one ATM card, whether you are in the US or somewhere else in the world.
We moved some of our IRA’s from Fidelity to WF to qualify for WFP+. Since it is a self-managed IRA, the fees and yields would have been the same, anyway, whether it is parked in Fidelity or WF.
Thank you for doing all of this! Very thorough job and well done!
Yes, Vlogger Grandpa, I use wells Fargo Express send for years now and no regrets
I currently use western union from my credit union for a flat rate fee directly from Navy Federal Credit Union in USDollars. I do not have to worry about exchange rate as it is in US $
I've been using Western Union for a couple years for small amounts to family. NO problems. I use my bank to wire transfer larger sums to my Philippine bank, so far no problems.
But western charge alot. You pay here in us then they charge also the recipient in the ph. Remitly is best
The easy way and the cheapest way is to open a Philippine Bank Dollar account is to write a check on your USA bank and deposit it here to your Philippine Bank account the usual fee for this is $5.00 . Now your money is deposited in your Philippine bank in US dollars , I have written checks for as much as $30.000.00 at one time and no problem for the same $5.00 fee the only problem is that the check usually clears the US bank in 5 to 10 days this varies and then it usually takes another ten days to arrive in the Philippine account. The banks usually give a very good exchange rate but sometimes you can beat that rate on the black market, shop around a phone call is all it takes. I am sure you understand this fact but for the sake of others, The Black market is a term used for a licensed foreign exchange dealer that is not a bank, he is not some guy down a dark ally somewhere.
Some banks prevent logging in with a VPN. But it's a good thing to have and use regardless.
I use money gram at walmart. Used them for yrs. Big funds I do a wire transfer from my bank and to my bank in the PI. Money gram is better than remittance. rate at 48.2 pesos
IF you can find a local you can trust to open a local bank account,,I use Word remit, and do a bank transfer to my account cost about $3 per transfer. Using a debit will cost 250ph per 10k.. A few bucks will add up over yrs.
I’ve been using Xoom for years without any issues . Thank Goodness 🙏🙏🙏
Another excellent informative video Grandpa..
Thank you Grandpa for this great video. Very helpful and informative. ❤️
World Remit is the best...the lowest fee of 1.99 and exchange rate may not be the highest all the time but always competitive
In Canada, Remitly is the best when sending bank to bank and the amount is $500 or more...no fee. The only downside is it takes 5 business days to settle.
I have always had success with Wells Fargo and BPI, using ExpressSend from Wells Fargo. BPI gives me dollars on my Wells Fargo ExpressSend.
Thank you for another informative topic.I want to apologize if you have already covered the questions i am about to ask, if you have, please share that link so you do not have to repeat it here. My questions are: 1) what is the best way for a US citizen to transfer large sum of money ($165,000) safely to the Philippines in order to purchase a condo, is it to open a bank account with Philippine National Bank and Metrobank who are already doing business in the US, or it does not matter? 2) Do i need to report the large transfer of money to the IRS before making the purchase, 3) Do i need to report to the IRS after purchasing the condo in the Philippines, 4) Since i will be renting out the condo at least 9-10 months of the year, do i need to pay income tax on the rental income both in the Philippines and in the US?, 5) If it is required to pay income tax to both governments, Is the income tax paid to the Philippines government a legitimate business expense deduction for the US tax filing? THANK YOU very much in advance for taking the time to respond.
(1) It is best for you to open a bank account except that you need to be in the Philippines to accomplish this. For that sum of money, you may have no choice but to send it by wire transfer from your US bank account to Philippine bank account. There is usually no limit on the amount, but in some cases, there could be. If you are limited, send it multiple times by spreading it over several days. Just open an account with any reputable bank like BDO, PNB, BPI, etc. They do not need to be doing business in the US.
(2) No, you do not need to report the transfer to the IRS before making a purchase although you may have to explain to the bank the purpose of the transfer. So, be sure to bring purchase documents with you.
(3) You are subject to FATCA and/or FBAR reporting if you have that sum of money *_at any time during the year_* at the bank. After you spend the money on the condo, if you have leftover bank account of over $10,000 *_at anytime during the year_* , you may still be subject to FATCA and/or FBAR reporting. Otherwise, if all you have is real estate owned, it is not subject to reporting. That is covered in one of my vlogs. Here's the link to my channel. ua-cam.com/channels/YU70S4jYvhw0BOetMFdD6A.htmlvideos
(4) Yes, you do.
(5) But taxes you pay to the Philippines *_will not be a deductible item_* . Instead it will be *_credited against your US tax liability_* . I hope you know the difference between a deduction and credit.
You are welcome. Glad to help.
@@vloggergrandpa2707 yes i think i know the difference between tax credit versus a deduction - i much prefer a tax credit since it is almost like a refund.
I’ve been using Xoom since 2010 monthly basis until now i dont have any problem at all.
Haven't had any problems with xoom. I even lost my password & they logged me in through email. Their customer service has improved by a ton.
No problem, but it costs you more.
Thank you!Always very informative all the vlog you do,specially the health insurance policy for out of the country and out of states
Very informative. I used Western Union. I don't used the company any longer. They are not reliable due to their
machine break downs. . Walmart and Western Union charge $19.00 fee . They are available as needed.
. I found out Wells fargo has the ability ,to do the work $4.00 fee on $1,000 limit per transaction. I am not a big sender. Just an info. Credit unions do not do do transfers. I do not know about other credit union in other areas.
Grampa ,maraming salamat po.
I exceeded to my limit in Remitly now they only allow me $100.00 and charge me 3.99. In a way it’s good to stop sending for a while and probably find another different remittance later lol.
I had issues with Xoom where they would put it on a 3day hold so I now use World Remit
I always go to the local money exchanger, they give the best rates.
Your 100% correct
AWESOME Info. :)) THANKS ...... 4 Ur WISDOM And ASSISTANCE On the MATTER !!!!!!!!!!
Good info again thank you. I used Western Union before.
Always best to transfer bank to bank or directly to yourself and pick up at Cebuano or Lehmueller. Never use debit or credit card, the fees are exorbitant.
Thank sir 🌺🌷❤️🌷🌺
Wow! Thanks for sharing your helpful Vlog! I used before Western Union
Now MoneyGram so easy thru my MoneyGram app! Salute!
Less than $1000. I used western union. Then I have 2 banko de oro account. Works for me. Never used remitly or Xoom.
Is Moneygran better than Western Union? How much is the remittance fee?
I use Xoom before and got into fight with them there . I use moneygram now for awhile get very good rate going to NY wife bank account now it 48.058😁
Wester Union is the worst ,any $100 to $500 is tha same fees$9.00
Then the recievers still they’re deducting fees from the money and they are offering insurance to reciever. Geee! I complained to the Head Branch they said it is wrong to deduct fees to the reciever . It always happened to me .
I belong to 2 credit unions. They have both quit doing international money transfers within the last year.
I can only speak from a Scandinavian point of view, Remitly and WorldRemit are reliable and the fee around 2 dollars. Used Western many years ago but its expensive.
Thanks for sharing your info.
I use Remitly, it seems to be the most balanced, but I have not used all so dont take my word on that. I want to also add that its probably not correct to use a one time exchange rate for remitly, its more like $46.91 right now
$22 fee on second and further transactions for remitely ??? Weird, Im using remitely mostly and always pay 3.99
Sir Vlogger, Bank to Bank tlaga pinakasafest kailangan meron karin bank acount sa Pinas Bank remitance mas madali at makamura ka, Metro Bank to Metro Bank depende sa location mo, i live in New York thats what i do,
What if wala pong bank account sa Philippines?
I hav been sending $ to peso using remitly for a year n a half trying to pay for a duplex I bought in the Philippines. Remitly will pocket 1.50 peso for every $ u send no matter what the conversion rate is. They advertise no fee.
remitly can do pesos to pesos. i used to send $ to P but i find it more precise if pesos to pesos.
paid Western Union a higher fee for the recipient to received the money in USD ... however ... once claimed at the remittance center/kiosk ... the recipient was handed the money in PhP.
[Wrote WU about this but no response. So they’re history.]
Did you tell the WU Customer Rep that you want them to claim in dollar? Because that's why I did. and they got it in dollar, though the exchange rate in the province is lower than the actual exchange rate, unless if your family is in Metro Manila, they get the exact exchange rate.
Great information Kuya! Back in November, I sent some money for typhoon relief which used a BDO bank account. The exchange rate wasn’t great (45.68) but I wanted the recipient to receive at least 5000 Php. It cost me $109.99 using Xoom but it was very convenient and fast. If I needed to do it again, I would use them again, just for the ease of use.
...thank you Sir for the infos...God Bless...
I usually use Remitly and Mi Bank, at 7:42pm today Remitly shows 1 USD = 46.91 PHP, my Bank shows 1 USD = 46.953 PHP. I just sent $500 via my Bank. Remitly has a fee over that rate, the Bank does not. With Remitly you get the money in PH instantly, International Bank transfer takes 2 to 3 working days.
I always send money back in the Philippines using Remitly, so far I didn’t have any problem. & their fee is just $3.99 only
I have been using western union for my fiancée in the Philippines for almost 2 years and I don’t have a problem with them . I agree with another viewer on here who asked if you have ever tried western union. If you haven’t tried them don’t be saying anything bad that you can’t back up.
Did I say that you will have a problem with Western Union? I said compare the exchange rate based on the formula I explained. And, there's my proof.
I used western union yes its easy but they get money out of my money sent my receiver says a thousand deduction in peso besides my ten dollars pay here so I used LBC
We used MoneyGram to send money in the Philippines.
Thanks grandpa! 🤗
Its been 1 yr now i used western union. Ang USSC Western Union ay wala po charge pero ang western union na di USSc ay nasa 36 pesos something ang charge nila...yun lang napaka baba ng exchange rate ng wu from Australia kya pag dating dito sa pina malaki ang bawas. Let say if Australian dollar rate is 37.16 into peso pero pag pinadala na dito sa pinas 36.36 na lang malaki ang bawas ng wu australia.
I can even call my bank Navy Federal Credit Union from home here in Manila and just tell them how much dollars i want for a flat rate fee of $14.50 (no Exchange Rate) sending US $
I used western union for over 25 yr. now .i was paying $10.00 to send it because i was a member ..now come 2021 it went up to $18.00 per $1,000.00 .its crazy how it went up soo much to send money western union,but its the only one I’m used to and comfortable using ,since its very easy for family to get to ,western union
I'm in the same situation as you so i'll have to figure out other ways to save money. I'm still looking around.
Thank you again for sharing
Yes They play with us the rates sometimes we have to checkwisely which the best rates
Wells Fargo is ok. I will check out Zoom. I prefer to send money to be received in dollars in the Philippines.
Xoom is a PayPal service and they have the best cyber security hands down.
Western Union has the ‘real time’ transfer.
You do bank to bank transfer, you dont pay fee, ‘nada/no’ transfer fee. Before, WU is a pain in transferring money, but recently, they were fast and i can’t believe it.
They are well known for shutting people off though so always have a backup plan. They worked fine for me for a while and I switched to TransferWise for reliability reasons.
Hi M Francisco, may I ask what are the process when transferring back to back via WU? Which Philippine banK ( been sending via WU from my bank and cash pick up in the Philippines. Pls advise, I'll be gladly appreciated it. Tx
Information should be online. Try it.
@@shirleyandaya7115 , any bank.
I have credit union bank here and i transfer to BPI, BDO, Security Bank, etc. i did a transaction again recently and it was in their account in the Philippines already.
Really, fast transaction, NO FEE, bank to bank.
You need to creat an account with Western Union.
im using xoom n remitly before but now i use world remit so far the best rate and just as fast
Yes Xoom is a good money transfer. We do send 1000k every month of our condo in the Phililppines it take couple minutes.
My experience is that XOOM does not provide the best exchange rate when sending pesos to the Philippines..
@@albertthomas7295 That is why you must send it in American dollars via XOOM. They offer the option to send it in dollars.
Thanks for sharing.
There are banks in the Philippines, BDO being one of them, who have had incidents of wiping out their depositors’ accounts. When the depositors confronted them, they could not give an answer as to how it happened. Bank officials were very unhelpful and gave the depositors the runaround. Be careful in choosing your bank.
Careful with PI banks. My sister was begging for PNB to transfer her money to her bank ( with all the necessary papers already submitted) .You know what the PNB did, they transferred only 50% of the money. They told her that she needs to be home to do all this things. My sister is already 76 yrs old and yet they expect an old lady to travel home just to do the all transferring. With the pandemic still raging on, this stupid policy need to be rescind!
@@dencioz55555 Yes I agree. I would not transfer all my money to the Philippines even when I decide to move there for good. I’d rather keep my money in the US, transfer enough every so often, and do a wire transfer for big purchase such as real estate. Better yet, start a business in the Philippines and use the income as supplement.
I have an account with BDO and I can’t get any online access or a bank statement in 3 years now
@@kennethseif970 If they would not even provide you a statement, you should close out your account and move your money elsewhere.
@@kennethseif970 BDO freezes your account if there’s no movement. That’s why it is so frustrating dealing with any Philippine banks.
Thanks for the good info.
Isn't there an advantage of opening a bank account with Philippine National Bank or Metrobank who are already doing business in the US where i can do direct deposit of my social security income (in US dollars) into the Philippines banks in the US which will be available in the Philippines, therefore, bypassing any foreign exchange fees? Whereas, if i open an account in the Philippines with a bank that has no presence in the US, then i will need to pay a transfer fee to get that money to the bank in the Philippines.
There are usually two fees you pay when you move money. The specified service fee, and the exchange rate differential. I don't know which one you are referring to when you say transfer fee. The only way you can avoid exchange rate differential is to send dollars to yourself. If you send Philippine currency, there will ALWAYS be an exchange rate differential.
I don't know if some banks will allow you to send dollars. If they do, you can receive dollars and convert them in the Philippines as you need them. All you have to pay the specifically disclosed service fee.
I'm aware of PNB in New York where you can have your social security checks deposited monthly, and they will forward the money to you in the Philippines for a fee of, I think, $7 to $10 per transaction. I don't know though if they will send it to you in Pesos or Dollars. If they convert it and send the money in pesos, you will also incur the hidden exchange rate differential. Also, to open an account you have to do it personally at PNB in New York. That is not convenient for me that's why I did not even pursue PNB. Each bank is different and you really have to look into what is available to you, what is convenient, and what is most financially economical.
@@vloggergrandpa2707 Thank you for the clarification!
Be careful some also want to charge a fee, for the person receiving the money as well as a fee for sending it...
Oh man I tell yeah. The day I stoped sending western union, is the day my ex wife left me. That's life my friend. Be well.
😆😆😆😆😆😆
You know it wasn’t because of Western Union, it was because you stopped sending right? 😡🤭😭
Going to a black market in the Philippines but as soon as you walked out someone is following behind you and rob you!
i finally decided to pay off my scooter since i don't know when i can get back to PH with border closure, I send the money through Western Union in 2 pieces since their fee was super high for sending 50,000 peso. I think it was $60 cad fee... but if I split it in 2 payments of $600 cad it was $8 each. lol
I get the exchange rate posted for the actual forex rate at the close of trading for that day.
I believe if you have a Charles Schwab account they transfer money with no fee.
Anybody heard about LBC? I send dollars through LBC. Seems reliable to me. Never had a problem. Portland Oregon
Wells Fargo. Charges a lot to send a wire(40+). But if I use my credit union they will send via Wells Fargo for $25...crazy
True. Best rate is in Manila. Not in provinces
excellent advice
I'm using Worlremit to send to g/f bank acount from Australia.Usually in her account within 2 minutes.Western Union has limits on how much you can send to one person each month I think.
I use Remitly. I specify to recieve us dollars then she can shop rates. but, yes there is a fee for me depending on if i use debitbor credit card. i hear Citi bank and Charles Schwab have less fees.
Yes, I forgot to mention that. I have that account also but for purposes of using the Charles Schwab ATM card in the Philippines.
I think if I was going to retire in PI it would be best to direct deposit my social security to a dollar account in a Philippine bank. Am I correct? Also I have a Charles Shwab checking account with 0 ATM fee and any fee the ATM charges is refunded anywhere in the world.
PNB US to PNB Pilipinas has no limit as long you prove that it was not money laundering and a fee of $8. I sent some of the money on the proceed of sale of my house in the US, and bought a house in the Philippines.
The BIG PROBLEM with PNB is that if you write a check from a bank in the US it takes 30-business days to clear the check even though your money, sent from the US bank, is sitting in the PNB band for over two weeks.
@@Captford seems like a problem if you don't budget and know your monthly flow.
I use wu for pesos..2.99$ if I send debit to bank directly deposit. If I send bank to bank it says 0 fee(I haven't tried yet cause I think not as fast). If I send dollars I use Xoom because I can't send dollars with the others. I used remitly a few times but they gave me a hard time when I in the Philippines after sending successfully. They insisted I send my proof of bank account and US address by sending a copy of my bank account. Lol. They had all that information when I first signed up. This was when Taal blew up and we had no power and they were using up all my phone battery.
World Remit has served me well for several years.
You can just do a money transfer from bank to bank in usd and change it there in the Philippines
Which banks? Any type of fees?
But the exchange rate is small when you use bank to bank. We send $1k a month to the Philippines via Western Union and we send it in DOLLARS, not peso. My mother said it has a higher exchange rate when they receive it in dollars.
@ Ro PineappleHead Ask any bank then use the computation method to compare your real exchange rate.
Western Union is horrible!
Thank you for the details @Vlogger Grandpa! I also heard OFX is another good one (similar to Wise, formerly Transferwise). My question is to get your input on the opposite. Example: I sold a property in the PI, but want the proceeds to be transferred to my US Bank. (I realize that I will take a hit with the exchange rate, but for personal reasons, it makes sense for me to have the proceeds transferred from the PI to the States). What would be your suggestion in this situation?
I have not experienced this yet. I suggest talking to your Philippine bank. Two or three banks told me that it is not a problem provided I can show where the money came from (e.g. sale of your home) and that the capital gains tax has been paid. I don't see that as a problem.
@Vlogger Grandpa, maybe some of the different types of taxes foreigners can incur in the Philippines would be another topic you could cover!
Great video. Glad I discovered you. Is there a minimum amount to open an account in the PI?
Yes, and it depends on the type of account you're opening and the bank you are dealing with.
First of all, thank you for what you do. I salute you Sir! Do you have any information of transferring the proceeds back to the US for a sale of an inherited property in Manila? Is Bank wire transfer the most ideal way? Also, would you know if this is reportable to the IRS?
Work with your bank in the Philippines because wire transfer is the best for a large sum of money. Technically, if you are a citizen or resident, everything is reportable to the IRS.
Have you tried western union? It's been good for me and money is there same day!
Western Union rewarded my years of patronage by suspending my account, with out even courtesy of a notice.
I'm trying to find out what the limit of money which can be transferred through Remitely from the US to the Dominican Republic either dollars or DOP.
Don't know. But you can find out from Remitly's webside.
Hello sir Danny,
First of all, thank you for all your informative vlogs. It help us understand things we are not aware of. I have a friend telling me that etheir you are US or Dual citizen, once you go out from USA,you must comeback within a year., if not, you may need a re-entry visa.? How long a US or dual citizen can stay outside the country?
In the U.S., you can stay out forever if you are a U.S. citizen. If you are a *permanent resident* , you have to be back in 12 months. However, someone told me that it is now 6 months.
My wife is an US permanent resident that went over in December 2019 and then returned in early December 2020, nearly 12 months. If that changed, it had to be just recent.
Always admire Vlogger Grandpa!
Sir, is there a bank here in the US that has a branch back in thr Philippines where you can just go there and withdraw your money even with a fee? I mean US banks like Wellsfargo, Chase or Bank of America. And also why is it that seems like WU is not a good choice to send money on the Pi?
I don't know about that because even foreign banks will be subject to Philippine laws. However, you can open an account at Charles Schwab online in the US and make withdrawals through ATM in the Philippines. At the end of each month, they will refund to you any ATM charges charged by the bank.
@@vloggergrandpa2707 thank you. I will check that one.
Of the 4 major US banks, only Citibank has retail banking operations in PH. BofA, WF, and Chase have a presence in PH, but they only cater to commercial/merchant clients. Citi only has 3 branches and 3 ATM centers in PH. I tried Citi in PH about 10 years ago, but due to the horrendous traffic conditions in Metro Manila, it took me almost an hour to get to the nearest branch in Eastwood, which was only 3 miles away. I just decided to do my banking with a BPI branch which was 10 minutes away from our house. It could be OK if you live very close to one of the Citi branches; otherwise, look for other options.
The last time I used my Schwab card (and that was Dec 2019) I got my ATM fee right away.
Grandpa, can you discuss ..what about if you want to convert Philippine Pesos to US Dollar when you're in the Philippines. Is there a limit how much US Dollar you can purchase with your Pesos?
I will definitely do that when the time comes. 😉
Thanks, do you have any information on Charles Schwab,l have heard there's no charges on the atms when you use there
That is true. Here's the link: www.schwab.com/public/schwab/investing/accounts_products/accounts/account-step2.html?checking