Sending Large amount of Money to PH, Advice Please

[me55592a 8]

I sent my wife 11.25 million pesos over 7 years and not once got scammed. They have been in the us since 2013. The wife and daughters aos and roc without any issues. They received there 10 yr gc this june.

 

We used citi bank. When i went over i openned and international account and just deposited the money in citi bank here and her issued a debit card.

[Hank_ 9,174]

1 minute ago, mrsphillips said:

Hi OP! I believe the best way for you to do is to deposit the money directly to the seller's bank account via Xoom.

 

As for paying one time, if anyone of her sisters are working and are contributing to Pag-ibig, you can avoid this. They can apply for the housing loan thru Pag-ibig and then you can pay for it in terms/monthly ammortization. Just please be ready to pay processing fee and 20% of the property amount as they only allow you to loan 80% of the property value. Pag-ibig offers the lowest interest rate compared to banks.

 

OP, Taguig is full of propoerty that are acquired thru RIGHTS. Please make sure that the property they are buying are land for sale and not rights for sale. They cannot file for a loan if the original owners only have rights on the land.

 

 

 

 

Wouldn't use XOOM, exchange is worse and they charge a fee.

[IheartAsia 9]

8 minutes ago, Hank_ said:

Sending $6,000 or even more is easily done with Remitly.  I have my account setup to send $6,000 and I could have it changed to much more if I wanted.  It does require calling Remitly.  There is a button within your account to request the increase, this will get the ball rolling.   If your asawa's father has a bank account, yes have Remitly deposit there (I do this also)... much safer.

 

We have a home in Taguig, which is considered part of Metro Manila, it would be a small house for sure at $10k.  Paying in cash is not unusual, fairly common actually, especially for smaller amounts ($6k is smaller).  One payment is not unusual either.. cash sale .

 

Things to watch for;  1)  Make sure the deed for the land/house is in the name of the person selling the house/land, if not DON'T buy.  2) Make sure there are no liens on the land, they should be listed on a page of the deed, most land around Taguig is Torrens Titled, some are not.. this would require a try to R-D (Registry of Deeds) which is now on the upper floor of Aura mall.  

 

Get P54 on the $1 .. in your dreams.   Prime is like 51.34 (this is cost to BUY dollars) at the moment, Remitly is currently P49.83

http://www.xe.com/currencycharts/?from=USD&to=PHP&view=1D

 

 

Not sure I covered all your questions..

I am grateful for your response Hank, this is the kind of info I was looking for. Remitly is currently doing a promotion (that is where I got (P54-$1) for first time users, I don't know if that would work with making a new account. Remilty can be deposited to bank accounts? I just have her go to market it and get it there, I didn't know it could be transferred to bank accounts. Also, you will see picture of house up for purchase in my reply earlier. Thanks, Hank. 

Edited September 18, 2017 by IheartAsia

[IheartAsia 9]

10 minutes ago, mrsphillips said:

Hi OP! I believe the best way for you to do is to deposit the money directly to the seller's bank account via Xoom.

 

As for paying one time, if anyone of her sisters are working and are contributing to Pag-ibig, you can avoid this. They can apply for the housing loan thru Pag-ibig and then you can pay for it in terms/monthly ammortization. Just please be ready to pay processing fee and 20% of the property amount as they only allow you to loan 80% of the property value. Pag-ibig offers the lowest interest rate compared to banks.

 

OP, Taguig is full of propoerty that are acquired thru RIGHTS. Please make sure that the property they are buying are land for sale and not rights for sale. They cannot file for a loan if the original owners only have rights on the land.

 

 

Thank you mrsphillips, much appreciated!

 

 

 

[Hank_ 9,174]

2 hours ago, lovewins2016 said:

1. If they are only going to rent, then there is no such thing as a one-time payment. There is an advance payment which is usually just up to 6 months or a year. But a real one-time payment for rent? Impossible.
2. If they are buying the house with just a $10,000 one-time payment, I would agree with what @Ehri&Mark has posted. It is way too cheap for a house located in Taguig. If what they meant by "one-time payment" is actually a "down payment," then for sure, there will be more payments needed.

Please be careful. Ask them questions. $10,000 is half a million pesos, and that is, by all accounts, already considered a large amount of money in the Philippines. Good luck.

 

EDIT: We use Xoom to send money to PH. It works best if wired to a BDO account as the transfer is almost real-time. With BPI, there is a delay of a few hours (4-5 hours max, based on my experience.)

You use XOOM, then you are losing money on the exchange, plus paying a transfer fee ... compared to Remitly.

[mrsphillips 3]

Just now, Hank_ said:

You use XOOM, then you are losing money on the exchange, plus paying a transfer fee ... compared to Remitly.

I use Xoom to send USD and then my dad convert it to current market rate to deposit to my account.

[lovewins2016 73]

@IheartAsia I am sorry to hear about your girlfriend's living conditions. I apologize, too, if I had offended you in any way by my previous response.

 

@Hank_ I only saw Remitly on Facebook ads and comments from first-hand users are not so good that's why we didn't use it. I will try to use it next time. Thank you for the tip. 🙂

 

 

 

 

 

[Hank_ 9,174]

23 minutes ago, IheartAsia said:

I am grateful for your response Hank, this is the kind of info I was looking for. Remitly is currently doing a promotion (that is where I got (P54-$1) for first time users, I don't know if that would work with making a new account. Remilty can be deposited to bank accounts? I just have her go to market it and get it there, I didn't know it could be transferred to bank accounts. Also, you will see picture of house up for purchase in my reply earlier. Thanks, Hank. 

Yes Remitly deposits into bank accounts, that is how I move money here from my acct in the states.  You will need the swift code for the bank (like the routing number, but they call it a swift code) and account number.

 

Ah .Palar Village ... that is mostly a squatter village, it is right along the C-5.  Most do NOT own the land.  Very likely what is being bought is the house that is sitting on Government land... government wants to use that land one day.. all those houses will become landfill.    There will most likely be NO deed, just a "contract" for "rights to the house".   

 

Property in Taguig for lower end sell for close to P15,000/sq.m. and goes UP from there.   

 

 

15 minutes ago, mrsphillips said:

I use Xoom to send USD and then my dad convert it to current market rate to deposit to my account.

Do that with Remitly also,  I have a USD account here.

Edited September 18, 2017 by Hank_

[IheartAsia 9]

5 minutes ago, lovewins2016 said:

@IheartAsia I am sorry to hear about your girlfriend's living conditions. I apologize, too, if I had offended you in any way by my previous response.

 

@Hank_ I only saw Remitly on Facebook ads and comments from first-hand users are not so good that's why we didn't use it. I will try to use it next time. Thank you for the tip. 🙂

 

 

 

 

 

Thanks m8, no worries.

[John & Rose 7,241]

You have had all of the warnings and I'm sure most of us here are speaking from experience.  You know your heart and your future family.  I wish you all the best.

 

I started using Ria for money transfers.  They are the lowest fees I've seen so far and it has worked flawlessly (as did others).  I have sent P50,000 on a few occasions for only $2.99!!!  I am making sure she is ready for the medical and other fees that she will face.  I am also sending P200,000 for an additional floor on her house.  I am designing it.  It is amazing how far money goes there compared to the states...

 

Check out Ria but I'm sure that whatever route you go, you will make your future family proud.

 

I got scammed a few years ago from a woman in Davao.  She was married and she was getting money from many other men from all over the world.  Please dont be offended if people question her motives.  The Philippines is very well known for romance scammers.  

[Hank_ 9,174]

44 minutes ago, John & Rose said:

You have had all of the warnings and I'm sure most of us here are speaking from experience.  You know your heart and your future family.  I wish you all the best.

 

I started using Ria for money transfers.  They are the lowest fees I've seen so far and it has worked flawlessly (as did others).  I have sent P50,000 on a few occasions for only $2.99!!!  I am making sure she is ready for the medical and other fees that she will face.  I am also sending P200,000 for an additional floor on her house.  I am designing it.  It is amazing how far money goes there compared to the states...

 

Check out Ria but I'm sure that whatever route you go, you will make your future family proud.

 

I got scammed a few years ago from a woman in Davao.  She was married and she was getting money from many other men from all over the world.  Please dont be offended if people question her motives.  The Philippines is very well known for romance scammers.  

RIA charges fees?  Ouch!       No fee is cheaper.   

 

How is their exchange rate in comparison?

 

I have been using Remitly for about 5 years now, have yet to find another that is actually cheaper once fees and exchange rates are considered.   

 

When I am transferring larger sums I use a wire transfer to my USD account into our bank account here in the Phils, may cost $45 but it is still cheaper once the exchange rate is calculated.  The break point for using a wire transfer is $3,000 and above, at that point I save money on the wire transfer versus using a money transfer outfit.

 

Money transfer outfits are like dandelions .. always a new one popping up.

 

 

[John & Rose 7,241]

2 minutes ago, Hank_ said:

RIA charges fees?  Ouch!       No fee is cheaper.   

 

How is their exchange rate in comparison?

 

I have been using Remitly for about 5 years now, have yet to find another that is actually cheaper once fees and exchange rates are considered.   

 

When I am transferring larger sums I use a wire transfer to my USD account into our bank account here in the Phils, may cost $45 but it is still cheaper once the exchange rate is calculated.  The break point for using a wire transfer is $3,000 and above, at that point I save money on the wire transfer versus using a money transfer outfit.

 

Money transfer outfits are like dandelions .. always a new one popping up.

 

 

Right now Ria pays 50.0578 per dollar.  Western Union is 48.9065.  World Remit is 50.07341. Right now World Remit is the cheapest with the highest rate at $3.99 for the transaction.

[Hank_ 9,174]

WU is always the worse.  Don't know about World Remit .. only looked at their website one time.

 

50.05 is pretty good, the prime is at 51.10 when I checked.   

 

[IheartAsia 9]

I consider myself to not be very gullible and a good judge of character. My concern is not of the integrity of my fiancee or her family, but of there well-being. 

[John & Rose 7,241]

7 hours ago, IheartAsia said:

I consider myself to not be very gullible and a good judge of character. My concern is not of the integrity of my fiancee or her family, but of there well-being. 

That is a wonderful way to be. They are lucky that you came into their lives.