Need to change your pesos in the Philippines
and receive US$ in the USA?

Are you still wondering what to do with those peso balances left in some savings or checking account with a Philippine Bank? Are you holding off selling that property in the Philippines because you do not know what to do with your pesos in the Philippines? Are you a retiree from the Philippines, and continue to receive your pension checks (e.g. GSIS and SSS retirement checks) denominated in pesos, and are wondering what to do with the peso checks here in the USA?

PNB New York Branch can change your pesos in the Philippines and you can then receive the equivalent US$ here in the USA where you can use the funds immediately!

A Brief Background

Bangko Sentral ng Pilipinas Circular No. 85 dated the 29th of August 1995 amended Section 2 of CB Circular No. 1389 as follows:

Section 2. Sales of Foreign Exchange by AABs (Authorized Agent Banks). AABs may sell foreign exchange to residents (including the Government, its political subdivisions/instrumentalities and government-owned and controlled corporations), for any non-trade purpose, without need of prior Bangko Sentral ng Pilipinas (BSP) approval, provided that:

• for sales of foreign exchange exceeding US$25,000.00, the AAB shall require a written application and supporting documents from the purchaser of the foreign exchange; and,

• for sales of foreign exchange not exceeding US$25,000.00, no written application or supporting documents shall be required from the purchaser who need only to disclose to the AAB concerned the specific purpose for the purchase and the AAB shall report the sale under FED Form 1 using the appropriate code.

For sales of foreign exchange for payment of obligations that are either foreign loan- or foreign investment-related, the AAB shall require purchaser's presentation of proof of BSP approval and/or registration for each loan or investment, whenever required by existing rules.

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What do these Circulars mean for you?

If you have substantial peso balances in either your savings account, checking account, time deposit or placements in Treasury Bills/Notes, PNB New York can help you convert your peso balances and remit these funds to the USA where you will receive the proceeds in US$. Our handling charge for this service is US$25.00.

Kindly note that you need to indicate a specific purpose for purchasing the US$. You will also need to furnish us with at least two valid and current picture IDs (e.g., current driver's license, passport, etc.) and we need to see your original Social Security Card. Please contact our Treasury Unit at (212) 790 9626 or (212) 790 9627 for further information and clarifications.

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