BPI Europe Ceases Remitting to Philippines
BPI are stopping remittances to Philippines from UK.
" Effective 23 December 2019, we will no longer be providing remittance services to the Philippines through our Earl’s Court Branch and the BPI online banking platform. Furthermore, if you wish to retain your deposit account with us, we will be imposing a minimum amount to be maintained to keep your account open." That minimum balance required is £5,000 so I can see a flurry of accounts being closed. Has anyone good experiences with other banks/remittance companies? |
Re: BPI Europe Ceases Remitting to Philippines
Originally Posted by Stokkevn
(Post 12752641)
BPI are stopping remittances to Philippines from UK.
" Effective 23 December 2019, we will no longer be providing remittance services to the Philippines through our Earl’s Court Branch and the BPI online banking platform. Furthermore, if you wish to retain your deposit account with us, we will be imposing a minimum amount to be maintained to keep your account open." That minimum balance required is £5,000 so I can see a flurry of accounts being closed. Has anyone good experiences with other banks/remittance companies? After that spray about banks, the only one I have experience with is Halifax. I don't have any problem transferring funds from that account to my Aussie one, but that's because I set that up before I left the UK. I can't make any payments at all from that account now (local or international) unless it's someone I sent money to while I was living in the UK. To do that, I'd need a mobile phone with a UK number so the bank could call me and verify, I think it comes under anti money laundering regs. Hope you can find a bank or similar that can help :fingerscrossed: |
Re: BPI Europe Ceases Remitting to Philippines
Stokkevn
"Has anyone good experiences with other banks/remittance companies?" I remit money from my UK bank to my Philippine bank using Transferwise.com Better rates than bank to bank transfers. Total transaction time less than 4 hours usually about 2 hours. |
Re: BPI Europe Ceases Remitting to Philippines
Originally Posted by spouse of scouse
(Post 12752658)
After that spray about banks, the only one I have experience with is Halifax. I don't have any problem transferring funds from that account to my Aussie one, but that's because I set that up before I left the UK. I can't make any payments at all from that account now (local or international) unless it's someone I sent money to while I was living in the UK. To do that, I'd need a mobile phone with a UK number so the bank could call me and verify, I think it comes under anti money laundering regs. Hope you can find a bank or similar that can help :fingerscrossed:
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Re: BPI Europe Ceases Remitting to Philippines
I use XE currency company. No problems once you have registered. You need proof of a UK address and must have a UK Bank account and a Philippine Bank account in your name. You cannot send money to a third party. There are no charges and the rate is considerably better than the main banks. I have sent amounts of 30- 50 this and UK £s and never had any problems. When I get my UK pension next year I Will let it build up then transfer using XE when its worth sending. |
Re: BPI Europe Ceases Remitting to Philippines
Ok ths is a disaster for us
I will have to get my funds send direct from my pension providers to here anyone done this as my only UK bank account is BPI |
Re: BPI Europe Ceases Remitting to Philippines
Originally Posted by Bealinehx
(Post 12752662)
Stokkevn
"Has anyone good experiences with other banks/remittance companies?" I remit money from my UK bank to my Philippine bank using Transferwise.com Better rates than bank to bank transfers. Total transaction time less than 4 hours usually about 2 hours. |
Re: BPI Europe Ceases Remitting to Philippines
I have asked BPI Europe to provide my IBAN as I was going to transfer some money from my Swiss investments ( that they already knew about ) to transfer here. They have refused to provide it. I have now reported BPI Europe to the FSA which by their reply wording have taken a very dim view of BPI Europe actions.
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Re: BPI Europe Ceases Remitting to Philippines
We have been watching a company called Kabayan Remit lately, they look to have the best rates at the moment.
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Re: BPI Europe Ceases Remitting to Philippines
If it helps.....my UK Military pension comes direct to my PH BPI account. I just filled out a form which was available on line. As far as i can see a normal pension can do the same, just go on line to the pension pages for UK gov. (i will do this when the time comes)
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Re: BPI Europe Ceases Remitting to Philippines
I have just used Transferwire, bit long winded but seemed very efficient, good exchange rate and low fee. They emailed me a special offer for anyone who transfers using a link in the email they sent me, a £500 fee free transfer so if anyone wants it pm me with an email address I can send it to. First come first served.
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Re: BPI Europe Ceases Remitting to Philippines
I want to cut out the middleman and get rid of any and all banks etc including transferwise i the process
Has anyone arranged a monthly pension transfer from a non uk government pension fund direct to a BPI account in the Philippines, in pesos? Worst part is my stock broker funds are now locked away!! transferwise need a UK bank account as a source of funds. My £ funds come in from new york where the broker is based!! They went via Barclays international who were the BPI UK correspondent bank. Thank you BPI for being a huge let down |
Re: BPI Europe Ceases Remitting to Philippines
If your broker is in New York why can't arrange for a dollar transfer to a BPI dollar account? Or any other Philippine Bank.
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Re: BPI Europe Ceases Remitting to Philippines
Originally Posted by Bealinehx
(Post 12761591)
If your broker is in New York why can't arrange for a dollar transfer to a BPI dollar account? Or any other Philippine Bank.
I can open barclays account int with £25,000 and send funds there, then send to here etc but that is a lot of dead funds |
Re: BPI Europe Ceases Remitting to Philippines
Originally Posted by mikemike
(Post 12761593)
because they have a base currency requirement which in my case is £, I am not able to use $ for this reason, nor transfer direct to here. UK expats broking restrictions are very harsh i have to use Interactive brokers a US based company as no UK company will allow me to open a broking account from here
I can open barclays account int with £25,000 and send funds there, then send to here etc but that is a lot of dead funds If they do it I am sure there are others doing it as well. |
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