Deposit Foreign Bank Cheque to Philippine Banks

The Philippines, with its friendly people and nice tropical weather, has become one of the leading destination for retiring foreign nationals and Filipino returnees (Balikbayan). There are thriving expat communities in the suburban areas of Subic, Tagaytay, Davao, and Cebu even in the busy cities of Metro Manila. Most maintain foreign bank accounts or fund source that goes through foreign banks. Otherwise, you would have to go through popular way of sending money using money transfer services from reputable agents.

If you belong to these group of people, you may want to consider using your foreign checking accounts to fund your expenses here in the Philippines. Once you are established in the Philippines and pretty well know you monthly expenditures, simply deposit dollar checks into your Philippines dollar bank account (or even peso account) for the average monthly disbursements. It takes roughly 3 weeks to clear. This is could be the least expensive way of sending money to the Philippines, as there are no wire transfer fees or internet transfer fees, depending on the local banks which you might have to confirm individually.

You may be required to more diligently manage your checking accounts, check book inventory and monthly expenses. You also have to be aware of bank foreign exchange rates in order to maximize your money's worth and value in the Philippines.