Singapore Expats Forum

best exchange rate from singapore dollar to Philippine Peso

Discuss your views about Singapore business & economy, current policies & issues, starting a business in Singapore.
revolta
Member
Member
Posts: 28
Joined: Sat, 09 Jul 2005

best exchange rate from singapore dollar to Philippine Peso

Postby revolta » Thu, 28 Dec 2006 6:15 am

I want to transfer 10k to 20k singapore dollar to philippine.
how to get the best exchange rate?

I have already transfer some money to my friend's singapore bank, he will withdraw the money from philippine, and the exchange rate goes according to the bank rate, i believe the bank will be giving very low rate.

what is the best way of transferring large sum of money to philippine or other country to get the highest exchange rate.

if i open account with Philippine National Bank in singapore, and deposit money inside. then call my friend to withdraw the money from Philippine National Bank in Philippine. will the exchange rate given by Philippine National Bank higher then singapore bank?

Thaiclan
Chatter
Chatter
Posts: 233
Joined: Sat, 12 Aug 2006
Location: East Coast

Paypal

Postby Thaiclan » Thu, 28 Dec 2006 3:14 pm

Have you checked out paypal? You can send money for free - although there may be a limit. Check out paypal.com

revolta
Member
Member
Posts: 28
Joined: Sat, 09 Jul 2005

Re: Paypal

Postby revolta » Thu, 28 Dec 2006 3:37 pm

Thaiclan wrote:Have you checked out paypal? You can send money for free - although there may be a limit. Check out paypal.com


i thought paypal currency exchange rate is very low?

Thaiclan
Chatter
Chatter
Posts: 233
Joined: Sat, 12 Aug 2006
Location: East Coast

Not Paypal

Postby Thaiclan » Thu, 28 Dec 2006 3:50 pm

I just checked and Phillipine Peso isn't on the list of currencies that you can transact in using Ebay.
Last time I sent GBP to Thai Baht I used my bank and was charged 14.99GBP for 7,000GBP. That was with HSBC.
Good luck

User avatar
jpatokal
Moderator
Moderator
Posts: 3014
Joined: Tue, 09 Dec 2003
Location: Terra Australis Incognita

Re: best exchange rate from singapore dollar to Philippine P

Postby jpatokal » Fri, 29 Dec 2006 7:59 pm

revolta wrote:if i open account with Philippine National Bank in singapore, and deposit money inside. then call my friend to withdraw the money from Philippine National Bank in Philippine. will the exchange rate given by Philippine National Bank higher then singapore bank?

The only way to find out is to ask the bank. They will definitely charge you commission for converting SGD to pesos, and probably charge you again for transferring it out of Singapore into the Phils.
Vaguely heretical thoughts on travel technology at Gyrovague

revolta
Member
Member
Posts: 28
Joined: Sat, 09 Jul 2005

Postby revolta » Sat, 06 Jan 2007 5:10 pm

i know, the bank charging me quite alot, is there any lower charges way?

FletcherW
Newbie
Newbie
Posts: 15
Joined: Tue, 02 Jan 2007
Location: Canada

Postby FletcherW » Sun, 07 Jan 2007 3:58 am

you could try a money changer and then wire transfer the peso's, not sure if it would be cheaper, other option is to open a peso account at a bank, which I do believe you can do and than transfer the money that way.


Fletcher

vink
Regular
Regular
Posts: 112
Joined: Sat, 23 Sep 2006
Contact:

Postby vink » Thu, 11 Jan 2007 12:55 am

Your best bet is to go to Lucky Plaza and use the Remittance Centers there. The rate would definitely be much better compared to the rates given by banks

User avatar
Asian_Geekette
Reporter
Reporter
Posts: 558
Joined: Wed, 10 Jan 2007
Location: Still based in Singapore but wanders around...

Postby Asian_Geekette » Thu, 11 Jan 2007 8:44 pm

Try the I-remit place in Lucky Plaza. :) A lot of Filipinos OWs (Overseas Workers or OFWs - Overseas Filipino Workers) based in Singapore use that service.
My business is not to remake myself, but make the absolute best out of what God made. -Robert Browning

User avatar
AdamC
Regular
Regular
Posts: 110
Joined: Mon, 20 Nov 2006

Postby AdamC » Fri, 12 Jan 2007 7:36 am

may i know the purpose of the transaction?

if its meant for business funding I would not suggest remit-centre cos of the risk.

Any forgien banks operating in need to follow the R&R under MAS. It doesnt matter phili's bank or what. Cos, when You convert, it is still converted using local charges/rate.

Paypal is good. however, there's a limit. You need to understand the Paypal manual, there's a way to play around with it. :D

Escrow or something... but risky.

Overall, I believe the best is to go tru banks, You might need to do calculation on how to beat around. The diff if You send to phil's banks from local. & if You do a peso deposit tru a bank. :D

Hope that helps. :D

User avatar
Asian_Geekette
Reporter
Reporter
Posts: 558
Joined: Wed, 10 Jan 2007
Location: Still based in Singapore but wanders around...

Postby Asian_Geekette » Fri, 12 Jan 2007 10:30 am

AdamC wrote:Paypal is good. however, there's a limit. You need to understand the Paypal manual, there's a way to play around with it. :D


There's an issue regarding Paypal in the Philippines. There are limitations. Please see the link below:

http://www.paypalnow.com.ph/blog/archiv ... ilippines/

Better check whether Paypal has increase the limit from USD 100.

Cheers
My business is not to remake myself, but make the absolute best out of what God made. -Robert Browning

brightmoonx
Member
Member
Posts: 28
Joined: Mon, 25 Dec 2006
Location: Singapore

Postby brightmoonx » Wed, 17 Jan 2007 12:21 am

Try MoneyGram I saw them in the tube in London and found the agent here at Lucky Plaza.. forgot what's the name now..google it?
Live it up! :)

User avatar
Strong Eagle
Moderator
Moderator
Posts: 10413
Joined: Sat, 10 Jul 2004
Location: Off The Red Dot
Contact:

Postby Strong Eagle » Wed, 17 Jan 2007 7:17 am


User avatar
AdamC
Regular
Regular
Posts: 110
Joined: Mon, 20 Nov 2006

Postby AdamC » Sun, 04 Feb 2007 6:38 am

jus wondering... xe.com rates are based on which bank? if its based on trading, then i suppose banks will charge higher isnt it?

revolta
Member
Member
Posts: 28
Joined: Sat, 09 Jul 2005

Postby revolta » Wed, 21 Feb 2007 6:49 pm

AdamC wrote:may i know the purpose of the transaction?

if its meant for business funding I would not suggest remit-centre cos of the risk.

Any forgien banks operating in need to follow the R&R under MAS. It doesnt matter phili's bank or what. Cos, when You convert, it is still converted using local charges/rate.

Paypal is good. however, there's a limit. You need to understand the Paypal manual, there's a way to play around with it. :D

Escrow or something... but risky.

Overall, I believe the best is to go tru banks, You might need to do calculation on how to beat around. The diff if You send to phil's banks from local. & if You do a peso deposit tru a bank. :D

Hope that helps. :D



the purpose of transferring the money is to my relative, i lend him money to buy house over there, he will in turn return me the money monthly.


  • Similar Topics
    Replies
    Views
    Last post

Return to “Business in Singapore”

Who is online

Users browsing this forum: No registered users and 1 guest