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Transferring money to the Philippines

Are there any money transfer experts on here?

I have recently set up a new small business in the Philippines. Most of its money comes from our UK office. I regularly have to transfer sums of around £5000-£10000 or more from UK to Philippines. I get robbed by my UK bank as they do not recognise Philippine Pesos as a legitimate currency. The receiving bank in Philippines deals in US Dollars, so I expect I am getting doubly ripped off as it goes through two currency transactions - GBP > USD > PHP.

Does anyone know a cheaper way to do this that is 100% legal and not dodgy in any way?

Comments

  • edited July 2014
    Hi TMA

    Not sure who your bank are but they are wrong. It is feasible to do and my company can do it for you 100% legally. We will also guarantee you a much better rate than elsewhere.

    www.axiafx.com

  • Brunello said:

    Hi THM

    Not sure who your bank are but they are wrong. It is feasible to do and my company can do it for you 100% legally. We will also guarantee you a much better rate than elsewhere.

    www.axiafx.com

    Thanks, Brunello. Much appreciated.
  • Hi TMA,

    www.moneycorp.com do GBP/PHP fx deals and pay PHP directly to Philipines.

    If you are going to be trading/making payments from a private account, call 0207 589 3000 (option 1) or if it is going to be made from a Business account then call 0207 823 7400 and they can assist in opening an account for you.

    Unfortunately PHP is not one of the 30+ currencies you can trade online yourself via Moneycorp Online portal, so you would need to phone in and speak to your dealer to book the physical deal.

    Just to advise, for compliance/AML the first time you pay to any specific account in Philipines, you would be asked to provide documentation showing reason for transfer i.e if paying to a business an invoice that references both remitter and receiver, or if going to an individual some photo id such as passport/id card plus something with an address on it such as utility bill or copy of the bank statement that funds are being paid to. This is only required for the initial payment to each indivual beneficiary, future payments to the same bank details would not require the additional documentation.

  • MrOneLung said:

    Hi TMA,

    www.moneycorp.com do GBP/PHP fx deals and pay PHP directly to Philipines.

    If you are going to be trading/making payments from a private account, call 0207 589 3000 (option 1) or if it is going to be made from a Business account then call 0207 823 7400 and they can assist in opening an account for you.

    Unfortunately PHP is not one of the 30+ currencies you can trade online yourself via Moneycorp Online portal, so you would need to phone in and speak to your dealer to book the physical deal.

    Just to advise, for compliance/AML the first time you pay to any specific account in Philipines, you would be asked to provide documentation showing reason for transfer i.e if paying to a business an invoice that references both remitter and receiver, or if going to an individual some photo id such as passport/id card plus something with an address on it such as utility bill or copy of the bank statement that funds are being paid to. This is only required for the initial payment to each indivual beneficiary, future payments to the same bank details would not require the additional documentation.

    Thanks for your help......
  • I transferred money to the woman I met in the Philippines, she asked for £100k for a flight to the UK.

    She booked it, but apparently the flight was delayed for 10 years...

    I didn't believe her until she said she booked with Ryanair.
  • dizzee said:

    I transferred money to the woman I met in the Philippines, she asked for £100k for a flight to the UK.

    She booked it, but apparently the flight was delayed for 10 years...

    I didn't believe her until she said she booked with Ryanair.

    Dammit, I was coming on here to make a joke along these lines!
  • I know MrOneLung works for Moneycorp, but i dont, but i can vouch for them - been very good to me in my Rand transfers over the years.
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