Transferwise

I don't understand what you are asking.

Wise is good for sending money in different currencies, and has transparent fees.

Do you mean that to want your employer to send GBP200 to your Philippine bank? If so, that should be straight forward and your employer can send GBP directly to your Philippine PHP account. There will be some bank charges (transfer fee and currency exchange fee) associated with this. You might also receive a query from your bank on the first occasion.

Transferwise might be a little cheaper and a little faster but not absolutely necessary.

I receive foreign payments frequently. I have a Transferwise account but mostly my payments go directly to my Philippine account.

It's not so easy to send PHP overseas.

Regards

Steve

Hi Dine Han, welcome to the forum.
Perhaps give a little more information on the situation and what you are trying to achieve would help members here to point you in the right direction, good luck.

Cheers, Steve.

Dine Han-If you have an account where you are already, take your checkbook with you to the Philippines. When you get here you can write a check made out to yourself/for deposit only on the back when you endorse it and takes approximately 3 weeks for it to clear. Remember that the banks here only insure 500,000 pesos so the money you put in the bank here is only insured for 10 grand. I keep 90% of all my assets in my USA bank and just live on my pension here.I keep 2-3 thousand usd in BPI and before it gets to 10,000 usd I transfer it to America. If you have more than 10 thous USD in a foreign bank like the Philippines you MUST fill out an annual FBAR report and there is a stiff penalty if you dont.I have minimized my savings here in Phil to a few thous usd. I can easily live on my pension here. I assume you are from the USA? JIMMY

capricornrising wrote:

Dine Han-If you have an account where you are already, take your checkbook with you to the Philippines. When you get here you can write a check made out to yourself/for deposit only on the back when you endorse it and takes approximately 3 weeks for it to clear.

Dine Han will have to open an account in the Philippines to deposit that check made out to himself. It's difficult to open an account without an acr-1 card which will take plus six months.

The bank will hold the check for 20 working days before making the cash available.

You are probably right Bob. Things changing here all the time.When I landed in Cebu June 2012 I had a lot of cash on me, and didnt wanna carry it around with me  so opened a BPI account Alaya branch no problem. I did have a problem getting that branch transferred to Baguio years later. JIMMY

Hi Steve,

Thank you for your response.

The situation is as follows

My employer would like to pay me from a bank account in Europe.  To receive the money I need to open a PHP account in Transferwise right? where I should transfer 20 GBP from my personal bank account to open a Peso balance.

At the moment my Bank does not support transferring money to Transferwise. Do you know any banks in the Philippines that supports money transfer to Transferwise?

I greatly appreciate your response.

As customer of Wise, you can easily setup a UK bankaccount number according to uk format.

From there you can transfer to your bank account in the Philippines or gcash or so.

I don't believe that a Uk bank would not be able to transfer into your  GBP acoount mentioned in my first paragraph.

As I stated in my earlier post.  I have not found any difficulty transferring money to the Philippines. One of my clients, pays me in GBP from the UAE! directly into my Philippine bank account.

Transferwise is also easy. As stated by emvaningen, it's possible to set up Transferwise UK bank account details and transfer to a Transferwise PHP Balance.

However, PHP is a restricted currency and it's not so easy to transfer PHP out of the Philippines. I've not found a way to transfer PHP out of the country using Transferwise. One way to transfer PHP overseas is to open a USD account at your Philippine bank and move money from PHP to USD that way. You can then transfer out the USD. Unless you are transferring to an overseas USD account, this, of course, incurs two currency exchange charges.

Dine Han wrote:

Hi Steve,

Thank you for your response.

The situation is as follows

My employer would like to pay me from a bank account in Europe.  To receive the money I need to open a PHP account in Transferwise right? where I should transfer 20 GBP from my personal bank account to open a Peso balance.

At the moment my Bank does not support transferring money to Transferwise. Do you know any banks in the Philippines that supports money transfer to Transferwise?

I greatly appreciate your response.

Firstly great info from members. I would ask if you are a Filipino citizen as your profile suggests and if so you more than likely have a bank account or 3 already here? If so why can't your employer simply deposit Pesos into your account directly from the European account? What has/where does Transferwise fit into the equation? For the last 9 years I have sent Pesos from my AUD accounts to our accounts here in PH. We have also sent Millions and millions of pesos from Australia to various other accounts for property, car and motorbike purchases and yes all in Pesos. Bigger purchases we used a broker for a better rate than the bank but here we are only talking about wages that can easily be deposited into your existing account here. We are with BDO and if we transfer less than 300,000 pesos there is no fees but for some reason over that there is a 200 peso charge that they, actually no one can tell us who gets that fee,,,,,,, yes we now always transfer less than 300K. Talk to your bank is my suggestion.

Good luck.

Cheers, Steve.