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Old Sep 7th 2017, 10:42 am   #1
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Default Remitting Money To Philippines - Change Of Rules:

As usual at the beginning of the month. I made my regular transfer of funds to my account here. Unfortunately as yet it hasn't arrived. I phoned my bankers, who were most helpful, and I promised them, I would notify as many people as possible, of the new rule. My bankers in UK have a back-log of phone calls to make due to failed transactions to the Philippines.


ALL REMITANCES MUST INCLUDE THE REASON FOR THE REMITTANCE, ELSE THEY WILL BE REJECTED, BY THE RECEIVING BANK.


Mine is in a queue of failed transactions, for this reason.


My branch here, is unaware of this new development. I will make them aware tomorrow.
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Old Sep 7th 2017, 10:53 am   #2
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Default Re: Remitting Money To Philippines - Change Of Rules:

Quote:
Originally Posted by tropicofcancer View Post
As usual at the beginning of the month. I made my regular transfer of funds to my account here. Unfortunately as yet it hasn't arrived. I phoned my bankers, who were most helpful, and I promised them, I would notify as many people as possible, of the new rule. My bankers in UK have a back-log of phone calls to make due to failed transactions to the Philippines.


ALL REMITANCES MUST INCLUDE THE REASON FOR THE REMITTANCE, ELSE THEY WILL BE REJECTED, BY THE RECEIVING BANK.


Mine is in a queue of failed transactions, for this reason.


My branch here, is unaware of this new development. I will make them aware tomorrow.
Is this with BPI, did mine ( BPI Europe>BPI here ) on Tuesday and it arrived within the usual 1 hour.
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Old Sep 7th 2017, 11:02 am   #3
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Default Re: Remitting Money To Philippines - Change Of Rules:

It covers remittances from a foreign bank. It is a rule that has only just been implemented. I think in your case, it would be seen merely as a transfer, between accounts.
I am with a British Bank, and I have an account here with my wife. In a Philippine Bank. We have had no trouble, until this month, and the change of rules.
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Old Sep 7th 2017, 9:25 pm   #4
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Default Re: Remitting Money To Philippines - Change Of Rules:

The PNB in London is inconsistent on this, their online card remittance service involves, or at least it did last year up to the time I stopped using it, checking a list of reasons. Whereas their email, and I presume phone service also, with one's funds paid into and coming from a PNB holding account they operate at Nat West Bank, do not ask for the reason.
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Old Sep 8th 2017, 1:40 am   #5
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Default Re: Remitting Money To Philippines - Change Of Rules:

BPI, just did a larger than usual transfer, no issues.
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Old Sep 8th 2017, 1:43 am   #6
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Default Re: Remitting Money To Philippines - Change Of Rules:

Quote:
Originally Posted by tropicofcancer View Post
It covers remittances from a foreign bank. It is a rule that has only just been implemented. I think in your case, it would be seen merely as a transfer, between accounts.
I am with a British Bank, and I have an account here with my wife. In a Philippine Bank. We have had no trouble, until this month, and the change of rules.
Interesting in that it says it will be rejected by the RECEIVING Bank.So I would have thought it is up to the bank this end to inform you that they had rejected a transfer of funds? Oh, sorry, forgot this is the Philippines!
If you had not called your UK bank then it seems you would still be waiting for the transfer..............
Good on them for trying to let customers know.
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Old Sep 8th 2017, 2:18 am   #7
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Default Re: Remitting Money To Philippines - Change Of Rules:

A transfer within the same bank, to and from the same person, attracts little attention. It is remittances, that they are after. I have a feeling that this is to do with the events such as in Cordova. Where the remittances are made by wire. Sadly I think a lot of OFWs are going to fall foul of this rule.


I wish I had checked with my bankers Thursday, but foolishly, I gave it another day.
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