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Transferring large amount of money from BDO to UK bank account.

Discussion in 'Money Matters' started by royal, Oct 8, 2020.

  1. royal
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    royal Member

    As per the thread title, does anyone know the best way to do this please.
    I am aware the bank here will first change the Pesos into USD before transferring to the UK account, at a loss for me.
  2. oss
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    oss Somewhere Staff Member

    BDO should offer an International Wire transfer facility.

    After some searching I found that they should offer this service if you have a BDO dollar account.

    You will need data like the IBAN number of the receiving account in the UK and probably some other details of the receiving account, I don't know but depending on the amount being transferred there might be money laundering checks that you have to pass.

    I guess it depends how much a large amount is?

    I don't know how reliable this link is, the site does not look great, the comments note that there could be issues like needing to have a TIN number (BIR Tax Number).

    https://www.banksphilippines.com/20...sfer,Your recipient has a bank account. More
  3. royal
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    royal Member

    Hi @oss Many thanks for your reply and information link.

    The lady at BDO this morning didn't seem too sure about her facts, and certainly didn't mention opening a dollar account.

    The info required on the site is not a problem, and we have a TIN number. I'll go back to BDO and ask about the dollar account.

    Basically, I'm transferring funds back to the UK, to the bank where they originated.
  4. norn iron
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    norn iron New Member

    I am trying to transfer too,any updates on the situation please.
  5. royal
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    royal Member

    @norn iron

    BDO have told me I need to put physical dollars into a dollar account.
    Minimum balance is $200
    I can transfer the equivalent of P500,000 per transaction.
    They will not sell us $’s
    She advised us to buy dollars on the black market and then put them in our dollar account.
    Hope this helps.
  6. oss
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    oss Somewhere Staff Member

    Surely the money changers would sell you dollars if you were to say you were going on holiday to the US, they clearly change dollars when people bring them into country, i've watched loads of OFW's waving 100 dollar bills around at duty free :) I realise the government may well have rules on the amount that can be exchanged as being a poorer country foreign exchange balances will matter a lot to the country.

    I knew someone a long time ago who walked out of the country with close on 40 thousand dollars on him, that was a monumentally dangerous thing to do but he had his reasons this was well over a decade ago but he must have had a way to withdraw that money in dollars at that time.
  7. royal
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    royal Member

    Yes, they would. But we won’t be here to buy them.
    We’re transferring money as and when needed.
  8. norn iron
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    norn iron New Member

    I am trying to transfer too,any updates on the situation please.
    Thank You for the info,,,much appreiated.
  9. royal
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    royal Member

    Glad to help.
  10. Druk1
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    Druk1 Well-Known Member

    Friend of mine was caught at Heathrow with a sum of cash, ended up losing it and serving a year in prison for money laundering :oops:

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