Thoughts #9: On Remittances

I hate my bank [HSBC] in the Philippines... first, they wanted to convert our existing PHP mortgage loan to USD since we are no longer living in the Philippines. So I have to faxed them copies of our valid Philippine passport just to let them know that we are still very much Filipino citizens. And of course I insisted that that loan has been approved when we were still in the Philippines.

Then, come the time when they wanted to tax my USD account, again because we are no longer living in the Philippines. So I closed my USD account and just decided to maintain my PHP account for the mortgage.

Recently, I've remitted money to our account in the Philippines. I used PNB-Toronto to remit, so that it will be easier. This is the second time I used PNB-Toronto and I have no problem with our first remittance. Now, they are "rejecting" my remittance, reason being "we are non-resident". Duh??? The money I'm remitting is being converted to PHP in Canada, so once it reached my account in Manila, it will be in PHP. This is fine since my account with them is in PHP.

I sent them 4 emails before I got an answer. I was finally informed me that they will only accept my remittance in foreign currency since I am a non-resident and not in PHP. My account is in PHP, it only seems reasonable to send money in PHP, right?

When I told PNB-Toronto about the reason they gave me, the lady told me that this is the first time they've encountered problem like mine. If this is a ruling of BSP [Bangko Sentral], as claim by my bank, then why is it that PNB have never heard of it? And none of my friends have ever encountered such a problem?

Have you ever encountered such problems?


LhadY_miTcH said...

i ever encountered that problems... wow 1st akoh... malapit na christmas. advance merry christmas to u.

dangkin said...

hmmm...know what i'm thinking? they might just wanted some "juice" so your transaction will run smoothly :) --sama tlaga ng isip ko! =)

Raquel said...

Bakit naman ganun, in the first place PHP naman ang value when you had that mortgage loan. I agree with dankin din. Alam mo na USD eh, mainit talaga at magandang investment sa kanila.

Joy said...

Hi JO,

I have not heard of such ruling before. What I can suggest is, ask from the bank itself the BSP ruling about it. Don't adhere to them unless you've seen it clearly stipulated in black and white. I find this annoying. They just want more money from you. Fight for your right!

HiPnCooLMoMMa said...

that's the sad part, what our local banks are doing to pinoys living abroad...they are making it hard for them, hanggang sa mag-give in na, dahil ang hirap nga naman ng communication, mahirap makipagtalo ng hindi kaharap. Good for you Jo, you have all the patience to deal with them. keep it know your rights =)

iskoo said...

napakasalimuuot ng bangking system ngayon. minsan nagreklamo na rin ako ang sabi sa akin, maingat daw sila sa money laundering simula nung nagkakaso si erap tungkol dito.

JO said...

Hi Mitch,
Merry Christmas din sa yo.

Hi Dangkin and Raquel,
I think so too.

Hi Joy,
I sent an email to BSP, still waiting for an answer. Eh since holiday season, I guess they will forget about it too.

JO said...

Hi Girlie,
They are indeed taking advantage of my situation. Maybe I should just use a Philippine mailing address so that they will think I am in the Philippines.

Hi Iskoo,
Di naman milyones ang remittance ko eh... and this is my second time to remit in 5 years time... paano naman magiging money laundering yan??? I think they are just taking advantage of my situation.

LhadY_miTcH said...

ellow how are u? advance merry christmas and happy new year i have a gift for u i hope you like it..

Soulful_SensitiveStreak said...

Banks can sometimes use every loop hole they know to get more out of their clients. Sa dami ng charges nila, parang sila lang ang nakikinabang at kumikita.

Hope you can find a way to fix the situation on your favor.

Happy Holidays!


tintin said...

I've read so many blogger accounts of problems with banks and remmitances. You'd think with all the foreign money pumping the economy the banks there would make it easier. Sheesh!

Francesca said...

Di naman ako expert pero I think ganito nangyayari dyan. Yung PNB Toronto took your dollars, send the payments to hsbc in pesos. Talo nga naman hsbc don, kasi yung PNB nanenok ng few pesos mo, kasi they can change any currency they want, meaning they gave 49 pesos per dollar to HSBC when hsbc could get your money in US, panalo sila sa rates. Ay oo, iba na yung dollar ang recieved ng bank kesa pesos pa rin.
Or, ayaw na nila ng us dollar kasi mababa. try mo i remit euros, panalo sla. lakas ng euros ngayon compare sa usd.
Ang thailand bath, may problem din.
Ingat. Perang pinaghirapan yan.
Kulitin mo sila.

Or inquire atty pulido:
free consultation siya. She is my lawyer:

JO said...

Hi Mitch,

Hi Rach,
I diverted the money to my inlaw's account and they will just make a deposit to my account. At least it will come out as regular deposit and not as remittance.

Hi Tintin,
I thought mine was an isolated case. Pikon no?

Hi Francesca,
Ganoon nga ang ginawa ng PNB, mas ok na din sa akin kasi alam ko na ang conversion dito pa lang. But HSBC wants to receive it in USD.

Analyse said...

wow, what a mess! hope everything will be alright soon.

merry christmas to you and the family, jo!

Mmy-Lei said...

Wow, what a problem! Im using PNB-Laguna, both PHP&USD but i didnt encountered any single problem with them.

Hope it will ends well.

Happy Christmas to you and to your family!

Bugsy said...

Hi Jo! If the banks make it so difficult for all OFWs or any Filipino to remit money, then no wonder that many prefer the non-traditional way of sending money to the Philippines. One of my OFW friends and I (and my siblings) have this arrangement: we order anything through her, she buys it for us, put them in a balikbayan box and we convert all her purchases to pesos at the time we receive the goods and send this amount to her family here in the Philippines. That way, she saves on bank charges. Pretty difficult and sometimes not very practical but it's one way out of all the difficulties that our stupid banking system gives us.

JO said...

Hi Analyse,
Thanks! Same to you!

Hi Mmy-Lei,
PNB doesn't cause any problem... and I don't think other banks too... itong bangko ko lang talaga ang may problema!

Hi Bugsy,
I have to send them cash because its for the payments of our mortgage with them. We plan to take out a line of credit here to pay off the mortgage in the Philippines, that way, we will just be paying it off here. I hope I'd get to do this before I renew my contract with them. Napipikon na talaga ako sa HSBC!