Moving Money Internationally

AFR

Hi Folks!

I have a question about dollars and sterling. I am about to move to the Philippines where I will be paid half in local currency (and employers have set up a Peso account for me) and half in US Dollars.

I want to open an account here or in Manila that my dollars can be paid into and from which I can transfer money into my Sterling account to cover the rental shortfall in my mortgage. This will amount to approx $600 monthly.

After research it seems that my best bets are either Citibank or HSBC. Does anyone have any advice on which bank is best and/or cheapest? Does anyoen here have any experience on savviest way to do this?

I am currently with Lloyds TSB and will be moving all my standing orders etc to whichever bank I choose to try to make the transfers cheaper. This will be a long term thing.

Any advice is much appreciated!!!
Thanks!
Angela

bandraboy

You'll find transferring money from the Phillipines much cheaper than from here.

I think you can find out from your UK bank who they are internationally aligned with as I think this cuts down costs. Maybe wrong here. But I think some banks will charge again when the money arrives in the UK. But if Lloyds TSB have an affiliate in the Phillipines you might only get charged once.

Also if you aren't sending back lots of money - try and do a few months mortgage shortfall at a time to saving the transfer fees, they do add up.