Latest business news, company disclosures, and analysis on stocks, forex, and cryptocurrency. Visit http://bullrunners.ph
My jowa sent me this screenshot sa fb about a forex seminar dito sa Baguio this Friday. Told my jowa na gusto ko pumunta since nagkainterest ako sa investments lately dahil na din sa commercial laws na subject namin. Nagpareserve ako ng seat since interesado nga pero sa registration sa site nila, yow bakit parang hindi welcome ang mga students? Biruin mo required i-check yung box that says na working ako. Red flag sakin to for some reason lol. Nagsearch ako onti and behold, may nakita akong post dito sa subreddit natin issuing a warning about learn to trade ph. Gusto ko mag unsubcribe sa email listings nila pero ayaw (sad kabado meh ehh). Anyways, yan ang story ko haha. Natamaan ako sa sinabi ng taklesa naming prof, sabi ba naman, madalas law students at mga abogado pa ang naiiscam. Ano say ninyo sa lumalaganap na investment schemes dito sa Pinas?
submitted by From what I've heard forex trading is illegal In the Philippines and ive done my research and got some unclear answers can someone clarify this?
submitted by Just a random thought from all these happenings in our country; Philippines with trillions of debt, incompetent governance, daily record-breaker of new COVID19 cases, PHILHEALTH corruption etc etc. Is it still advisable to invest /trade in the local stock market? Or would it be better to start investing globally? How about forex trading?
submitted by This is a response to u/sgicruz*'s post:*
Best way to receive USD payment into a USD savings account? I created a post since this is a bit long comparison. If you are transferring large amounts of USD from Paypal (i.e. >USD 2,000 at a time), you are forced by Paypal to withdraw in PHP, since you cannot withdraw USD directly to Philippine-based USD accounts. Instead, you can use the
TransferWise Borderless Account. The Borderless Account allows you to hold multiple currencies on the account, and also provides USD US Bank Account details (also GBP, Euro, AUD, NZD) which can receive funds via local ACH (automated clearing house). Paypal can withdraw USD funds via US ACH. (There is a verification step before being assigned bank account details: see footnote at the bottom of my post)*
For comparison, below are three scenarios:
- Paypal (USD) -> Local PHP Savings Account (PHP)
- Paypal (USD) -> TransferWise Borderless Account -> BDO USD Savings Account (USD)
- Paypal (USD) -> TransferWise Borderless Account -> Local PHP Savings Account (PHP)
---------------------------
1. Paypal -> (Withdraw to PHP Bank Account) -> Local PHP Savings Account Associated fees (sample computation for USD 2,000):
- Paypal withdrawal from USD balance to PHP Bank Account = free for amounts >= 7,000; PHP 50 for amounts <7,000 (flat fee)
- BDO Incoming Paypal PHP Remittance = PHP 200 (flat fee)
Total fees: PHP 200 (for USD 2,000 sample computation)
(Note: if you use GCash,
I think total fee is always PHP 0, subject to wallet and transaction limits)
Exchange Rate (sample for May 8, 2020): 1 USD => PHP 48.9414
Net PHP received thru bank: PHP 97,682.70 (BDO) or PHP 97,882.70 (GCash) Paypal's PHP-USD buy/sell spread is horrendous at around ~3.0-3.5% compared to the mid-market rate. But this is still a valid option if (1) you are withdrawing small amounts, or (2) you need instant access to cash.
---------------------------
2. Paypal -> (Withdraw to US Bank Account) -> TransferWise Borderless Account -> (Send USD via SWIFT) -> BDO USD Savings Account Associated fees (sample computation for USD 2,000):
- Paypal withdrawal from USD balance to US Bank Account = USD 35.00 (flat fee)
- TransferWise fee for USD transfer over SWIFT = USD 1.40+3.20 = USD 4.60 (flat fee)
- SWIFT intermediary/correspondent bank fees = USD 15.00 (flat fee, but can vary from 0-60 USD depending on route taken and on int'l bank relationships your local USD bank has)
- BDO Incoming SWIFT Remittance = USD 5.00 (flat fee)
Total fees: 59.60 USD
Net USD received thru bank: USD 1940.40 If your ultimate goal is to get the funds in PHP, we can try exchanging the USD to PHP via BDO
Exchange Rate (sample for May 8, 2020): 1 USD => PHP 50.0000 (
BDO USD Buy rates)
Net PHP received thru bank: PHP 97,020.00 There are a lot of fixed fees, so this will only be economical for large amounts of USD (probably >USD 3,000). In addition, BDO's PHP-USD buy/sell spread is around ~0.5-1.0% compared to the mid-market rate.
Paypal withdrawal to US bank account takes around 1-2 banking days, while SWIFT transfers take around 1-5 banking days.
---------------------------
An alternative is to send PHP directly from TransferWise. This is cheaper than Paypal or even the USD route described above. This is because TransferWise's exchange rate uses the mid-market rate, and they have transparent fees. In addition, TransferWise -> Local PHP Savings Account settles in minutes, as opposed to the SWIFT USD transfer above (which can take anywhere from 2-5 banking days).
3. Paypal -> (Withdraw to US Bank Account) -> TransferWise Borderless Account -> (Send PHP via ACH [this means Bancnet]) -> Local PHP Savings Account Associated fees (sample computation for USD 2,000):
- Paypal withdrawal from USD balance to TransferWise US Bank Account = USD 35 (flat fee)
- TransferWise fee for PHP transfer over ACH (Bancnet) = USD 12.01
Total fees: USD 47.01
Net USD for conversion: USD 1952.99
Exchange Rate (sample for May 8, 2020): 1 USD => 50.4800 PHP
Net PHP received thru bank: PHP 98,586.93 Paypal withdrawal to US bank account takes around 1-2 banking days, while TransferWise USD-PHP ACH (Bancnet) settles in minutes.
---------------------------
*To receive your own USD bank account details,
you're required to "Add Money" at least GBP 20 or its equivalent (maybe USD 25). This is their verification requirement. I recommend adding money using Visa/Mastercard Debit Card: TransferWise has around 4.5% fees for the Debit Card Add Money option, so it's going to cost around ~PHP 60 in fees. I recommend using
CIMB ATM card if you have, since they currently (as of May 8, 2020) do not charge forex conversion fees. If not, any Visa/Mastercard debit card will do (including BDO Visa ATM cards).
---------------------------
TLDR; For relatively small amounts, withdraw directly from Paypal to PHP bank account. Best choice is
Paypal -> GCash (no inward remittance fee).
For larger amounts, withdraw USD from Paypal to
TransferWise Borderless Account, then
send PHP via ACH (Bancnet) to Philippine PHP Savings account.
But if you want to keep the amount as USD: withdraw USD from Paypal to
TransferWise Borderless Account, then
send USD via SWIFT to Philippine USD Savings account.
submitted by Source: REUTERS' FOREX CLOSING PRICES as of NY Time - 24-Sep-2020 * Various banks in Bahrain as quoted in Reuters' Screen ** As *** Effective 01 Jan 2008 Venezuela's official exchange rate was changed to 2.15 bolivars per dollar from 2,150 per dollar Run date/time: 25-Sep-2020 09:16 AM ... FOREX.com is a registered FCM and RFED with the CFTC and member of the National Futures Association (NFA # 0339826). Forex trading involves significant risk of loss and is not suitable for all investors. Full Disclosure. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. Forex trading, when you login to your forex trader account, you’ll see a bunch of graphs. And it is what comprises of the forex market. And it is what comprises of the forex market. These graphs tell stories of how the price of a particular currency pair moved throughout the day, week, hour, months or year. This currency rates table lets you compare an amount in Philippine Peso to all other currencies. 1. All Forex sales by BPI are subject to client's submission of a duly accomplished Foreign Exchange Transaction Form and supporting documents, as applicable, and compliance with applicable Forex regulations, among others. 2. The rates reflected here are indicative only and may change without prior notice. Rates are quoted in Philippine Peso. 3.
Free Forex Money: http://www.freeforexmoneynodeposit.com/ My Facebook: https://www.facebook.com/BibianoForex Join Forex PH Group: https://www.facebook.com/gr... Welcome to Forex Philippines, ang youtube channel na gawa ng Pinoy para sa Beginner Pinoy Forex Trader in the Philippines! This channel is created to help Fi... Module 1: How to Trade Forex Philippines for Beginners Step by Step TAGALOG Tutorial - Duration: 53:30. Bibiano ForeX 95,481 views. 53:30. Tagalog Forex Trading Course ... Watch my new tutorial for Forex Trading Part 1-3 Mas advance at madaling maintindihan. Watch Here: https://www.youtube.com/playlist?list=PLM6czgOawRQfzH6tzhN...
![[World] - Asia in 3 minutes: bad reviews for a Jackie Chan movie in India, Philippine police and China’s forex | South China Morning Post](https://b.thumbs.redditmedia.com/BEY6q9fb8Got5gknTrdYo9IoUom9oVdRWgIMBpQ62TM.jpg "[World] - Asia in 3 minutes: bad reviews for a Jackie Chan movie in India, Philippine police and China’s forex | South China Morning Post")
