Singapore Expats

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?

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

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?

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

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.

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

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

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

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.

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.

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.

Hope that helps.

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.

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

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?

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

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.

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.

Hope that helps.

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.