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dev1
4th November 2011, 05:38
Hi guys,

I'm in need of some help.

Is there a company in the UK where I can transfer funds to their GBP account and in turn they will send money to my BDO account?

Just moved to Manila and setup a BDO account and now I need to figure out the best way to transfer money across.

Thanks :)

johncar54
4th November 2011, 11:29
The last time (as several times previously) I transferred funds (in pesos) this time to buy outright a house, I did it on-line from my Nationwide account in UK. The cost was 25 pounds. It arrived within a day (although Nationwide said it might take 3 weeks, it never has) and the exchange rate was pretty good.

The problem with using the 'specialist transfer businesses' is that you are trusting them with your money, one went broke a year or so ago and everyone with money 'in the system' lost it.

So I would suggest you ask your bank in the UK what they would charge, the rate on the day you are asking (and check on line to see how it compares with the inter bank rate) and how long it might take. it may be over all the best option.

Englishman2010
4th November 2011, 12:05
I've used Nationwide (my own bank for 25 yrs) in the past, and agree the charges are exchange rates are very competitive. However, they don't have the correct licences to transfer the money themselves, and have to use HSBC as an intermediary.

Several years ago this caused me a major problem as somewhere between Nationwide and HSBC they lost 45000 Euro's of my money:cwm23: It was eventually sorted out, but took nearly 3 weeks. However, there was a plus side, the exchange rate had fluctuated in my favour during this time and I was around 200 better off by the time the money went through:xxgrinning--00xx3:

worthingmale
4th November 2011, 14:05
also depends on how much you transfer to the amount of investigation you will go under

anything more than 10,000 and it pulls up a red flag by the Bank to the authorities

johncar54
4th November 2011, 14:12
Englishman is quite correct, although his post may be slightly misleading.

No building society can access directly the banking system thus they all use a UK clearing bank. Nationwide use HSBC ( in the UK), Abbey National use Natwest bank and so on.

However, this should not, in normal circumstances lead to any additional problems or delays, and in my opinion, certainly not the kind one might find if using a commercial money exchange company.

johncar54
4th November 2011, 14:14
also depends on how much you transfer to the amount of investigation you will go under

anything more than 10,000 and it pulls up a red flag by the Bank to the authorities

Worthingmale,

Have you posted this in the wrong thread ?

sars_notd_virus
4th November 2011, 18:01
Hi guys,

I'm in need of some help.

Is there a company in the UK where I can transfer funds to their GBP account and in turn they will send money to my BDO account?

Just moved to Manila and setup a BDO account and now I need to figure out the best way to transfer money across.

Thanks :)

they have two BDO remittance partners (Sunrise remmitance in London and Swift remittance in Somerset )...the address and contact numbers are in this link.

http://www.bdo.com.ph/Personal/FinancialServices/Remittance/pdf/BDORemittanceOffices.pdf

the directory is updated as of july 30,2011
hope it helps.

andy222
11th November 2011, 20:37
I have a HSBC account and transfer money there. Never had a problem.

Dakila
14th November 2011, 18:47
Hi dev1,



Is there a company in the UK where I can transfer funds to their GBP account and in turn they will send money to my BDO account?

Try this company: http://www.gemremittance.com/

They only charge 4.90 for their service. All you need to do is to register as a client with your details (for AML purposes), and forward the money to their HSBC account here in the UK.

I just transferred money a last week and had an exchange rate of 69.15 and it was all done within 24 hours. Do call them first though and check what their current exchange rate is.

Regards,
Daks

Terpe
14th November 2011, 19:16
Hi dev1,



Try this company: http://www.gemremittance.com/

They only charge 4.90 for their service. All you need to do is to register as a client with your details (for AML purposes), and forward the money to their HSBC account here in the UK.

I just transferred money a last week and had an exchange rate of 69.15 and it was all done within 24 hours. Do call them first though and check what their current exchange rate is.

Regards,
Daks

That looks a good link Daks :xxgrinning--00xx3:
I checked it out and it does offer some useful services which I could use.

johncar54
15th November 2011, 10:57
But still be aware.

With transfer companies you giving them your money which they then transfer. If they go broke then your funds may be lost. It has happened and with the problems generally in business it will happen again.

I prefer to use bank to bank, and banks in UK have a government guarantee, private businesses do not.

Rory
28th December 2011, 23:21
I have a Natwest account in the UK and my other half has a Metro Bank account in Cebu, what is the best way to transfer small amounts each month. When i say small amounts i mean about 20,000 peso

Dakila
18th January 2012, 12:37
Hi Rory,


what is the best way to transfer small amounts each month. When i say small amounts i mean about 20,000 peso

How much does Natwest charge for international payments? As mentioned previously I have been using GEM Remittance for transferring money to a BDO account monthly. They also only charge 4.90 per transaction to Metrobank accounts and the money is transferred within 24 hours.

Regards,
Daks

johncar54
18th January 2012, 15:02
I have used my Nationwide DEBIT card in Phil over the last couple of days and have got just over 67 P to the pound. (they do charge 2% and if for cash a further one pound per transaction, but over all I did better that changing pond notes, which I also did at around the same time and got 64 P to the pound)

aim_angel
18th January 2012, 15:07
I have a Natwest account in the UK and my other half has a Metro Bank account in Cebu, what is the best way to transfer small amounts each month. When i say small amounts i mean about 20,000 peso


Why don't you try the Metro Remittance? they have Metrobank in London , it only takes about 30 mins and they can withdraw the money in Phils.