I'm living in the Philippines on a permanent basis. I do not have a Philippines bank account. I need to send myself roughly 180,000 PHP/mo from my Canadian Bank to my pocket in cash. I do not have a Canadian physical address. I don't trust other people enough to send them money and hope they'll take it out of the ATM for me.
You can use Xoom, Remitly Forex, Pangea or a host of other companies. It would be better to have the origination come from Canada then the PI. There is a lot of fraud and the companies may get skittish if they see the request coming from and to the PI.
I need a company that will allow me to use my Canadian bank as the sender and my Philippines address as my physical address. Believe it or not, there aren't a lot of companies that allow me to do this, which is why I'm asking on this forum.
Xoom will hand deliver to your door. Not sure what the costs involved are but they will do it.
From their web page:
“We partner with proven companies around the globe to provide convenient, safe, and affordable money transfers. Your recipient can have money hand delivered, available for pickup, or deposited directly (options vary by country). You can pay using your bank account, debit card, or credit card.”
You're comment is both ignorant and unhelpful. Ignorant in that you're assuming I don't know how to talk my bank and ask them for a solution (I did this before leaving Canada) And unhelpful because obviously there's still a problem. Please go troll somewhere else, perhaps the moon will be a good bridge for you to hide under.
Quent~ Thanks for the compliment I was just trying to help. So correct me if I’m wrong, you contacted your bank manager before you left telling her you would need money, and you came to no agreement on how to get the money, but you still left anyway without the resolution? I really don’t know if I’m the ignorant one. Perplexed at your hostility too. That will catch up to you in the Philippines my friend.
Quent~ Despite your other hostile attitude, I will make one for the suggestion of maybe dividend paying for you. Contact the Canadian consulate office in Manila and tell him of your problem. They will find a solution for you if indeed you’re legitimately supposed to be in the country . How hard they try depends on your attitude and prior convictions, so try and be a little bit lighter on the hostility with them as compared to me. Smile. I am gathering you’ve been the country only for a short time, given your money transfers problem. Let me part some of vice to you. Attitude is everything in the Philippines. If you snap, you may be meeting Mr. motorcycle. Good luck and safe travels.
Quent, OK come clean; why is it urgent that you not be a resident of Canada? I feel my advice on you contacting the Canadian consulate office may be wrong. You seem to want to divorce yourself from Canada completely. Problems? Warrants? Have to ask the questions because you’re quite vague.
Can you access your funds with your bank ATM/debit card in Philippines ? Use to be you can take out 200,000PHP per day, I think that has changed. My friends has his funds going into his bank in the US then he withdraws in Philippines at a ATM. But when he does have to update to a new debit bank card its sent to his friend via a call to his bank since he has no address either. In turn the bank sends it to that address he gives them over the phone in which his friend has no access (NO PIN)and Fed Ex's the card to him... for more details I can ask him for you again...
That's awesome, thank you. I'm in the same situation as your friend. The ATMs restrict me to 10k PHP per transaction and when the fees from both banks (Ph and Canofduh) are 460P per shot it gets expensive when I have to do that 18 times in a month.
Right now the only solution I've come up with is to send myself the money Western Union using my debit card at point of sale for 100k pHP per diem and see what those fees are.
Thank you for your help though, that was really nice to offer.
quent - geeez your touching about the crime thing huh ? Why ? What town you planning to live? , there could be a consulate close by , or their subs . Your Monet at your bank should NOT be an issue to get. do you have an ACR card ?
Nothin'gs stopping me from opening a Ph bank account. My Canadian bank will not do wire transfers without me personally going to a branch (only in Canada) and having a working phone number at the time of creating the wire transfer (Smart doesn't work in Canada). As weird as that sounds, the reason why I continue to do business with that bank is because I have a lot of automatic transactions (accounts received and accounts paid) without fees for the transactions.
If I set up a web portal that allows me to make a payment that deposits into another account, that technically becomes a revenue stream and I would have to pay additional taxes on it which is way more expensive than my current predicament.
Also, my Canadian bank will not allow me to create an automatic bill payment to a bank account specifically. Using my bank to direct transfer money into a Ph bank account is not an option, I'm guessing it's because they're liking these ATM fees.
QUENT.....not sure where you are in CANADA but if you have access to WELLS FARGO, I would suggest opening an account with WF as they have a remittance agreement with BDO and BPI, that allows you to transfer funds for $4.......all you would need to have is an account with these RP Banks.
Quent , your on the same planet - you can contact OSFI , from ANYWHERE in this world ...just phone them please and you can straighten your personal finance issues out ! They regulate ALL financial institutions in Canada and have the power to have you access YOUR money .
Quent - just phone OSFI and do us all a favour- they are the Canadian banking regulators and go between . you personal situation is quite specific . Your rudeness is quite obvious !
Just do yourself a favour and the rest of us on the board and phone OSFI . I know Canadian finance law .... If indeed your bank won't let you get at YOUR money ...on planet earth they can help. hmmm, here is some further help ; I hope your not as rude to your bank as you are with some on this board....otherwise I would say ' you reap what you sow young man ! ' ...and your money will be in limbo forever , or until you return to Canada and the clutches of its said laws :)
I guess I'm just an idiot who doesn't like being accused of being a criminal or told that I have problems which I don't.
I'm sorry for being that jerk.
I'm glad that serfingcebu is genuinely a nice guy as you say and that I'm the reincarnation of Hitler.
I'm sorry for for ruining everybody's day with my question and I was able to develop 2 solutions to my ATM fee issues.
1. Open a Ph bank account and link it to Paypal and then use my debit card to send money through the personalized donation link. 2. Use my debit card to send myself a Western Union transfer online and pickup the cash at one of the dozens of pickup locations here in Minglanilla.
I'm grateful to everyone who tried to help me with this and I apologize for my rude behaviour.
Thanks Love.. try my best - I’m far from perfect for sure . There is always an abundance of keyboard warriors these days- sign of the times . Personally I try and cut people a lot of Via typed words and slack because miscommunication can occur via text , no body language and all the rest of the communication elements. With Quent , the Canadian Office of the Superintendent of Financial Institution (OSFI) will solve his transfer problem. He has a few twists like no phone and no permanent fixed address in Canada , no one taking his mail in Locum , no temporary Canadian address, not wanting to be associated as a resident at law in any form with the country, and so on... so a few twists needless to say. This is what the OSFI is for. To act as a go-between between Canadian accountant holders and banks themselves, and regulators. In the end he is entitled to his money and should be provided a pathway for transfers , given his circumstances. Just a heads up though our CRA - Canada revenue agency, department is joined at the hip with OSFI . So if he owes any back taxes or has any dubious accounting errors, but they will be all over him. Unfortunately a highly taxed country and aggressive tax department. 90% of the people can use TransferWise or Remitly or the like without any problems. This gentleman has a few curves that make it difficult. As he claims it is his money though. He’s entitled to his money in simple terms. This of course is Without looking at any court orders or any claims for debts owed either court order otherwise.
I lived beside a guy on Negros for a while, A nice guy. I found out he had two families in the United States. Both women had claimed support for two groups of children from him. He skipped the country. USA warrants out for his arrest. He had not touched American soil five years I’m told. He also had a girlfriend in the Philippines pregnant. . My opinion kind of changed of the nice guy next-door when I found this out. I really don’t know what he’s going to do because his passport expired about a month ago. And he always took jobs outside of the USA. I digress.....
serfingcebu your statement of my legal situation is libelous. I am a Canadian citizen bound to the laws of crown and country.
I'm a non resident for tax purposes and I receive a pension from the Canadian government through Veterans Affairs Canada.
I am trying to find more cost effective solutions for my money, I have access to my money.
For a guy who's supposed to be aware of Canadian finance law and states that "Just a heads up though our CRA - Canada revenue agency, department is joined at the hip with OSFI ." you sure don't schmick about why someone would want to be a non-resident for tax purposes; better go back to CrackerJack for another finance education program.
People such as yourself are why I'm out of the Canofduh eh!
I gave an apology and you can't let it go. Your mirror must be a disappointment for you whenever you have to shave.
Quent- ok so you say you’re dodging taxes as a nonresident status so you don’t have to pay your fair share . OK I get it. I hope you find some sort of peace in the Philippines . Be gentle though , walk softly. Scan twice then walk . I’m in the RP quite a bit . Grew up here . So you actually left to a place I grew up in . I think similar to the locals by virtue of me growing up there .... so don’t dislike me too much. I hope you find and extinguish your Demond’s my friend. God be with you.
Quent most Canadians pay 48% Direct and indirect taxes.. Truly you’re getting a bargain at 33%. I see why you don’t want to be a resident of our great country. There is some people that don’t want to pay their fair share my friend. Dollars to donuts, you’ll be on the first flight back if you get seriously ill. I feel you’re the type. And we will except you, even though you’re paying about half the rate as the rest of the other Canadians. God be with you. And good health.
Morgacj2004 my exact sentiments. Poor guy came here looking for advice I had none to offer but was following along to see what was available. Next thing I know the guy is attacked as being a criminal, a tax cheat, living in Canada under false circumstances. All with zero evidence. On behalf of the dwindling number of sane members of this group I apologize. Just when we thought it safe or at least safer. WOW!
It all comes down to cost, mechanism, and practicality. If I read right...
You have existing mechanisms to send money, but you feel that they are expensive?
Can you tell me how much they cost? (Percent or fixed?)
That will also be helpful in determining alternatives.
There are about 20-30 ways (that I know of) to move money.
However, most require setup abroad (outside of the Philippines) to establish accounts because of post 911 changes (all over the world) which requirements that Banks know who they are dealing with. Those laws to prevent terrorists from funneling money can create some burdens for folks needing to move legitimate money.
From what I've read, you have an account with bank (in Canada) with limited transfer options or excessive fees. It's not practical to go abroad to establish a new account.
We've ruled out wires, bill pay, and ACH Transactions. (Those are the easy ones) with your bank.
You aren't in favor of ATM withdraws (if an option).
I strongly urge you to consider setting up a new account with an international Mega-Banks which incidentally have branches in the Philippines and Canada. I'm thinking of banks like Bank of America, Wells Fargo, Citibank, Chase, etc might be an option. You might have superior options to send money between your existing bank and an international bank that can (incidentally) be withdrawn in the Philippines or anywhere else in the world. This skirts the travel issue that would require you to turn to the West to establish the account. At worst, you could possibly jump to Japan or Hong Kong to setup the account and have a nice holiday.
There are also phone options like Android Pay, Apple Pay, Samsung Pay, Google Pay, Amazon Pay, etc. I'm not sure how you'd tap into these, though.
This your mainstream options. Let me summarize the the cost to send $1000 using a number of methods:
Billpay Using Check (Send Fee $0.00 ; Receive Fee $0.00 ; Total Cost $1,000.00 ; Source: Bank acct. ; Delivery by direct deposit ; Time: 1-3 days )
Billpay Using ACH (Send Fee $0.00 ; Receive Fee $0.00 ; Total Cost $1,000.00 ; Source: Bank acct. ; Delivery by physically mailed check ; Time: 5-12 days )
ACH Wire Transfer (Send Fee $7.00 to $45.00 ; Receive Fee $0.00 ; Total Cost $1,015.00 ; Source: Bank acct. ; Delivery by direct deposit ; Time: 1-3 days ) NOTE: Only good for one time single transfers that exceed normal transfer limits of $5000 USD.
ATM Cash from Refills on Reloadable Debit Card (Send Fee $5.00 ; Receive Fee $1.50 Varies ; Total Cost $1,006.50 ; Source: Bank acct. ; Delivery by ATM Card ; Time: Seconds )
ATM Cash from Single Issue Card Loaded and Mailed to you (Send Fee $14.99 ; Receive Fee $1.50 ; Total Cost $1,016.49 ; Source: Bank acct. ; Delivery by ATM Card ; Time: 5-7 Days )
Viamericas online (Send Fee $4.99 ; Receive Fee $0.00 ; Total Cost $1,004.99 ; Source: Bank acct. ; Delivery by Cash ; Time: Minutes to 3 days depending on time required to verify bank account )
Xoom (Send Fee $4.99 ; Receive Fee $0.00 ; Total Cost $1,004.99 ; Source: Bank acct. ; Delivery by Cash ; Time: Minutes to up to 4 days depending on time required to verify bank account )
U.S. Postal Service SureMoney (Send Fee $15.00 ; Receive Fee $0.00 ; Total Cost $1,015.00 ; Source: Cash ; Delivery by Cash ; Time: Within 15 minutes )
Wells Fargo Express Send (Send Fee $7.00 ; Receive Fee $0.00 ; Total Cost $1,007.00 ; Source: Cash ; Delivery by Cash ; Time: Same day )
Bank of America SafeSend (Send Fee $0.00 ; Receive Fee $0.00 ; Total Cost $1,000.00 ; Source: Bank acct. ; Delivery by Cash ; Time: Hours )
Western Union (Send Fee $50.00 ; Receive Fee $0.00 ; Total Cost $1,050.00 ; Source: Cash ; Delivery by Cash ; Time: Minutes )
I removed most the cash-to-cash options, because you can't walk into a place abroad to send cash. I kept Western Union "just because" it's good for comparison.
Regarding the range of sourcing options...
Bank accounts. Some services let you take money from your bank account and deliver it to your recipient's bank. You often can arrange these transfers online or by phone by providing the account and routing numbers for both the sending and receiving banks. If only one of you has an account, you can use it for part of the transaction, whether it's to fund the transfer or receive the money. However, if a third-party sender needs to access your account to send money, it could slow down the process.
You also can use a bank wire transfer to move money from one account to another, but this method often has high fees. Bank of America charges $45, and there can be additional fees from the receiving bank. So wire transfers are best used to send large amounts that exceed the daily or monthly limits imposed by other types of money-transfer services; such limits are typically around $1,000 to $5,000, depending on the service and where the money is going.
Some banks have special remittance programs for transferring smaller amounts. For example, Bank of America's SafeSend program, available only for transfers to Mexico, lets you send money from a BOA account to more than 5,700 partner locations in as little as two hours with no fees to the sender or recipient.
Bank of Amercia's (BOA's) exchange rate is not as favorable as some other services. Another service is the Wells Fargo ExpressSend program, which has a range of sending options, including account-to-cash, cash-to-cash, and cash-to-account. I personally use Wells Fargo ExpressSend (myself).
Credit and debit cards. For some services, such as Western Union and MoneyGram, using a debit or credit card can speed up the time it takes to send the money, compared with using a bank. But using either may cost you more than paying with cash or a bank account, and you may face an extra credit-card fee from your issuer, depending on whether the transaction is processed as a purchase or cash advance. Some services, including MoneyGram, let you send money to a recipient's credit card. My complaint about these are that sending can incur "Cash Advance Fees".
Prepaid debit cards (reloadable). I don't even recommend you look at these... but some services send funds via a prepaid debit card that your recipient can use for cash withdrawals and, in some cases, purchases. The benefit is that you can replenish the card in the U.S., using cash, a checking account, debit or credit card, or direct deposit—and the money can be available within minutes. But fees can make this an expensive option.
ell phones. You can use your smart phone's browser to access a money-transfer service's website, in the same way you would use an Internet-enabled computer. Beyond that, there are several new technologies. One is a free PayPal downloadable app for the iPhone, Android, and Blackberry. It lets you text money from your PayPal account using a recipient's phone number or e-mail address. Recipients need a free PayPal account to access the money.
Another is Western Union's mobile money-transfer program that lets you transfer money directly to the mobile-phone wallets of cell-phone users in Bangladesh, Kenya, Madagascar, and the Philippines. The mobile wallets can be used to make purchases, pay bills, and get cash, turning the mobile phone into an electronic debit card. Check the PayPal and Western Union websites for more information. It's expensive, and you'll often incur cash advance fees if you are not careful about how you originate the transaction.
That's my "Kitchen Sink" summary of your options. Act on the one (or ones) that apply to your situation.
While I appreciate the time it took you to write that out as you've identified in your first few paragraphs the options you've presented that are different than the two I was able to hash out don't work for my situation.
Thank you for your efforts and I hope they help someone else in a different situation than mine.
The bank fees in question are $14.00 CAD for every $250.00 CAD withdrawn from ATM.
All RP ATMs limit me to 10,000P per withdraw and when you multiply that by 18 (the total number of withdraws to get all the money I want) those fees become just under 10,000P which is unreasonable.
Flying to another part of the world to open a bank account to make access to the third party transferring agents has two very glaring flaws: 1. A second physical address is necessary to create an account or 2. A second physical address is necessary to transact and 3. The money still has to come out of my BMO account in Canada which is why I can't do wire transfers in the first place.
Again, you have some good ideas for someone who is not in my situation.
1) Get an International Mega-Bank account using your local address in the Philippines (Wells Fargo, Citi, Chase).
2) Transfer money from your Canadian bank to Megabank using a bank-to-bank transfer.
3) Withdraw the money from the Mega-Bank in person or using their ATM which doesn't have those horrible fees.
These are my assumptions: A) Your ATM issues (Fee, LImitiations, Maximums) are specific to your Canadian bank.
B) Most of your other issues relate to "Foreign withdrawls from your Candian Bank".
C) Bank to Bank Transfers should be possible -- Candian Bank to Mega-Bank (even if you have a foreign address on the forgen bank) because all you need is an ACH Routing Number and a Bank Acct Number for most transfers.
D) Withdrawing from the Mega-Bank will be easier.
E) Even if Wires are the only option, you could do lest frequent "Single wires" (for a high dollar amount) from the Canadian Bank to the Mega-Bank, then withdraw at your leisure.
That was the outline of my plan. It's like changing to a 2-connection route instead of a direct flight. You just have to bounce your money through a mid-point that your Canadian Bank doesn't really scrutenize very much.
The "Primary bank Secondary Bank Withdraw" route is your best option without changing Primary Banks entirely.
If you already understood (and dismissed this), I apologize.
Wow. (Just wow.) That seems like an immovable constraint.
I'll be curious if you can come up with anything, then.
At this point, I think it becomes a cost-benefit analysis.
Option 1: The ongoing cost of pulling money out at those exorbinate fees
Option 2: The cost migrating to a new primary bank with less oppressive restrictions. (Which might include the cost of international travel, hotels, lots of paperwork for anyone depositing funds there, etc).
I have one last "Zanney" idea. I'm reaching as far out of the box as I can.
Charles Shaub has a product called the Schwab Bank High Yield Investor Checking® Account:
One of it's features is unlimited international ATM Withdrawls with no fee.
As I understand it, it is an checking account linked to a brokerage account. And, it's designed for folks who travel (or live abroad) for long periods.
Consider if there is any way to move to this product or integrate it with your BMO account. If don't know if your funds are liquid, part of an income stream, or what.
Based on my research (and what I personally use), I have this earmarked as my future "go to solution". I intend to park cash equivalent 2-3 years worth of expenses in this account for easy access. Then replenish it when the markets are up (or the balance falls too low).
Whatever you figure out, Please report back. I'm curious what you can find. I'm out of ideas after this one.
Quent please phone OSFI ...they are the regulators in YOUR country. the face to face thing is a requirement with certain conditions when they suspect fraud AND past bench fines, legal issues , and/or warrants not satisfied . If this is not the case ( or in any case) please phone them. they will act as Ombudsperson so you can rightfully access your unclaimed money . Case closed! They will help you if indeed it is possible. We have put men on the moon my friend . Put the Rubics cube down and call for help ! You case is curvy as based on what you need .
My Canadian Bank is CIBC also. You can set up an Australian Forex account (they have a good App). Their rates are OK from the Loonie to the Peso. You have to transfer a minimum of $800. I also have a Scotia Bank line of credit. I shift $999 from CIBC as a payment to my ScotiaLine account which takes 3 business days. Then I transfer the $999 to my Scotia Bank checking account, and call them. They have a Western Union Transfer Service which has better rates than WU (or Forex) and cheaper fees. I ask the Scotia Bank representative over the phone to do the WU Transfer as it’s much cheaper that way than from their electronic banking menu. The $999 converts to just under 40,000 peso, sometimes more. It cost $9.45 Canadian. Takes 1 & 1/2 hour. They read you a disclosure, give you the exact amount and the WU MTCN#. Been doing it 8 years twice a month. Just sending the pesos to myself. For larger sums, I use Forex to my BDO savings account. I recently transferred 650,000 peso for a 2014 Ford Everest 2.5 diesel. No problemo.
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