Banks recommended

You will need to use a bank that trades internationally. Save your self some running around and go to CITI BANK or BPI (Bank of the Philippine Islands) Check the requirements you need now. The banks have made it hard to have an account. I had to have a 13a Visa before they would even talk to me about opening  a US Dollar Account. An SSRV  (for single/married retired folks would probably get you a US Dollar Account to. I have read some folks set up a relation ship with a bank before leaving their country.

I usually leave my money in North Carolina and then about every six months deposit a check to my US Dollar account. It takes about 21 something business days to clear. Totally free, no charges. or you can use your US debit cards to withdraw from ATMS. They charge you around $4 per transaction and 10,000 Pesos is the limit per transaction. You won't get US Bucks from an ATM.
We have found that SM Mall and Robinson Place Malls and BPI all have close to the same exchange rates and no fees.
There is heaps of money changers everywhere you go, usually for a slightly lower rate but not much difference. A WORD OF WARNING. If you bring US Dollars in cash with you, make sure they are in excellent condition. Most money changers can be picky. We have had bills rejected because of a little writing or tiny tear on it. They like $100 bills the most and MIGHT offer you a lower rate for smaller bills.

Mike Wei wrote:

What bank would you recommend to have you money in?  How do you move your money down to the Phillippines?  Also what are the best places to convert your money to the peso?

For the past 5 years I been simply sending money from my own u.s. account to myself here in the Philippines using xoom.com   its only 4.99 if you send up to 3000. usd.   it takes about 30 seconds and you can have your money sent in dollars or pesos.  you can pick it up at hundreds of locations or you can get door to door delivery for no extra charge.  I had a bdo account when I first arrived in the Philippines but they charge you for every transaction if its not the same location as the one you opened your account in. xoom is easy, fast and very cheap. no need to convert at a money changer

Hi Mike Wei,

As you are asking quite an interesting question here, i created a new topic with your questions on the Philippines forum  for a more effective communication with the other members.

Thank you,

Priscilla

its really hot time in philippines to do online bank transactions, i tried my best to send money to india , no answer yet other than western union. Please guide if anyone found some solution to do transation to india, thanks

Much thanks to all the respones that I got.

Mike I opened an account with the BDO bank in Dumaguete with no problems, and all I needed was my passport, ID card, and my address, so as I can get my pension paid directly into it.
Centrelink pay my pension straight into this account now, with no fee`s and the rate I got for my last pension ( Australian dollar) was 39.9 so I was happy with that, and now I have no ATM fees using my Australian bank anymore, so now I am more happy. haha.
Cheers.

Hi Mike,

If I were you, I would open an account at BPI or CitiBank as suggested by Munchie. However, I would open peso accounts and after establishing yourself as a client, then open a dollar account. I am not a fan of BDO bank. The same owner of the largest retail stores/malls in the Philippines are also the owners of the bank. Not too mention I have had some bad service with them (more than once). I also do not use direct or wire transfers to any banks in the Philippines. It seems there is a limbo once the money leaves the U.S. banking network. Sometimes, it can be efficient, but more times than not, I have had trouble tracking and having my account credited. This is with numerous banks, here in the Philippines. However, if you can open or have a Bank of America account, you can link it with a BPI account and have money transferred immediately online through the Internet. I believe the transfer is from dollars to peso bank account though (I have a friend that used that service, but he is back in the U.S. now.). Xoom is good if you are in Manila, but their rates increase, if you are outside the region. I also had some delays and difficulty in receiving my monies. So I do not use them either. At this time, I use Western Union online to send money ($2,999 is maximum for free), as the service is relatively free. There is a document tax which is about $4 but I can live with it. I must also wait 3-5 business day, but that is good for me also. If I need more than $3,000, I space it out so I receive consecutive days or whatever.  I receive dollars and then I go to the money exchanger where exchange rates are quite reasonable. I refrain from using the mall exchange services because they tend to be a little lower on conversion. It may not seem much, but upon my calculation it could be about $100 or more, depending on the amount you have converted. It actually all depends on how much you will be sending each month and of course your expenses here in the Philippines. ATMs are a killer, because the Philippine bank and your U.S. bank both charge for foreign fees, but the Philippine banks only allow a maximum of P10-15,000 (depending on the bank ATM used) per transaction and they charge P200 for each transaction. So if you need P100,000, you would have to withdraw 10-times, which is P2,000. When I first moved here over 10-yrs ago, I did not think of how much I was being "nickel-ed and dimed". But all those fees quickly add up, you could use that money for traveling, buying a house, car, etc. My advice is to stay on your toes, when doing any type of financial transaction. It's not a worry, but wise financial management.

Yes, transacting via BDO can be a pain. As much as possible, I do all my transactions via BPI. BDO will always be my last option.

bring it thru citibank... in USD. best rates are offered in block market not by the banks.

From Australia the best way to do money transfer is Orbit Remit or LBC.  Always check exchange rates.  I have just transferred a large amount without trouble.  Never use Banks or credit cards.

I had the money sent to my nominated account at BPI  ,SM branch without trouble so i would reccommend this bank

i will be getting my pension put in my AU account and will transfer it for $10 fee at good exchange rates. 3 weeks ago i got AU$1-PHP41.3 using Orbit Remit. To me this seams very good as if it suits me i can then transfer it online every 3 months.

you may put up business here and save from the trouble