Dumaguete Info Search


Remittance/Money Transfer to the Philippines

Discussion in 'Banking - Investing - Finances' started by Rye83, Jun 9, 2016.

Tags:
Best Posts in Thread
Page 1 of 7
  1. Rye83

    Rye83 with pastrami Admin Secured Account Highly Rated Poster SC Connoisseur Veteran Army

    Messages:
    13,106
    Trophy Points:
    451
    Occupation:
    FIRE
    Location:
    Valencia
    Ratings:
    +16,069 / 3,796
    Blood Type:
    O+
    Had a look at all the remittance/money transfer website's fees and exchange rates a couple days ago. I didn't actually send any money so I'm not recommending any of them at the moment. Many of them had different requirements and the few that I did look into a bit further and try to make a transfer didn't work out. My US bank address+billing address+actual location seems to raise some eyebrows and get my transactions flagged.

    Might be worth noting that many of these websites primarily deal with US banks. The transaction fees might be different or transferring money might not be available at all for Europeans. Here's what I came up with:

    "Conversion USD" prices for all websites were figured using the current exchange rate: 46.13 (7JUN2016)
    All fees listed were for a Bank-to-Bank (US to Philippines) transfer of $1,000.00.

    Transfer Wise
    Transaction fee: $9.90
    Receiving PHP: 45,742.62
    Conversion USD: $991.57
    Cost to Transfer: $18.33
    Note: My US bank is not cooperating with TransferWise for some reason. There seems to be an issue with the login credentials on the last step to send money.

    Xoom
    Transaction fee:4.99
    Receiving PHP: 44,932.50
    Conversion USD: $974.01
    Cost to Transfer: $30.98
    Note: This service was my go-to money transferring service for years until I saw these numbers.

    Wells Fargo
    Transaction Fee: $5.00
    Receiving PHP: 45,602.70
    Conversion USD: $988.54
    Cost to Transfer: $16.46
    Note: It appears you will need to or create an account (which should be able to be done online if you have a with Wells Fargo before you can transfer money. On top of that is a $10/month service fee.

    World Remit
    Transaction Fee: $0.99
    Receiving PHP: 45,468.00
    Conversion USD: $985.62
    Cost to Transfer: $18.37
    Note: Unable to add a US bank account to transfer money from and they don't accept Discover debit card; the only debit card I have that hasn't expired.

    Western Union
    Transaction Fee: $0.00
    Receiving PHP: 44,400.00
    Conversion USD: $962.47
    Cost to Transfer: $37.53
    Note: WU has always been a last resort for sending/receiving money for me. Dealing with WU online, at least for me, almost always results in me having to give them a call to verify the transaction or my account.

    PayPal
    Transaction Fee: $0.00 (:meh:)
    Receiving PHP: 44,068
    Conversion USD: $955.70
    Cost to Transfer: $44.30
    Note: No charge to send money from the US PayPal. Receiving in PH PayPal costs you 3.9% or 4.4% plus P15 and their exchange rate is not great.

    OFX
    Transaction Fee: $5.00
    Receiving PHP: 44,092.90
    Conversion USD: $955.56
    Cost to Transfer: $49.44
    Note: I was not able to get my account verified with OFX. To send money to myself the website requires me to send them a certified copy of a utility bill showing my name and address here in the Philippines (which I just don't have) that has been verified and signed by a notary or "professional" along with notarized copies of my passport/drivers license. :finger: No real loss with this company after having a look at the cost to send though.

    Sendvalu
    Transaction Fee: $16.78
    Receiving PHP: 45074.70
    Conversion USD: $978.66
    Cost to Transfer: $38.12
    Note: Don't see anything good about this one. Maybe Europeans would have a lower transaction fee since this is a Swiss company?

    Transfast
    Transaction Fee: $4.99
    Receiving PHP: 45,050.00
    Conversion USD: $976.00
    Cost to Transfer: $28.99

    Placid
    Transfer fee: $0.00
    Receiving PHP: 46,250.00
    Conversion USD: $1,002.60
    Costs to Transfer: +$2.60
    Note: Not sure what they were thinking with the name but this was the best deal I could find. This company is currently running a no fee promo. Not sure what their normal fees and exchange rates are but they were the only company that said in the small print "we may or may not make money off of the exchange rate". Even without the promo these guys are likely the cheapest. You do need a US cell phone number to verify your account. I used an Android app call "Talkatone" to get a free number and receive texts. Unfortunately they do not accept transactions from all US states for some reason. I will check back in the future.

    Ria
    Transfer Fee: $0.00
    Receiving PHP: 45,307.12
    Conversion USD: $982.16
    Cost to Transfer: $17.84
    Note: Can only register and send money from a US IP address. Problem easily resolved with Chrome proxy addon. However, if you had a transaction flagged for review you might run into some issues for circumventing their location restrictions.

    Lucky Money
    Transfer Fees: $3.00
    Receiving PHP: 45,120.00
    Conversion USD: $978.10
    Cost to Transfer: $21.90
    Note: Site looks kinda shady and I don't care for the word "Lucky" to be in anything involving money transferred. Mixed reviews online about their service. (All of these companies receive mixed reviews online though.)

    PNB Web Remit
    Transfer Fees: $3.98
    Receiving PHP: 45,220.00
    Conversion USD: $980.27
    Cost to Transfer: $19.73
    Note: You do not need a PNB account to transfer money with this company.
     
    • Informative Informative x 4
    • Winner Winner x 1
    Last edited: Apr 6, 2017
    Rye83, Jun 9, 2016
    #1
  2. KINGCOLE

    KINGCOLE DI Senior Member Highly Rated Poster

    Messages:
    686
    Trophy Points:
    271
    Occupation:
    RETIRED
    Location:
    BATINGUEL
    Ratings:
    +984 / 443
    Blood Type:
    A+
    KINGCOLE, Jun 10, 2016
    #2
  3. horizon155

    horizon155 DI Forum Adept Showcase Reviewer Blood Donor

    Messages:
    348
    Trophy Points:
    190
    Occupation:
    Information Tech
    Location:
    Negros Oriental - Dumaguete City
    Ratings:
    +121 / 44
    Blood Type:
    A+
    I didnt read all the posts so I may be way off topic but I don't see what the big deal is with transferring money from overseas.... I simply opened a free BPI Savings account with ATM Card, and Linked my USA Wells Fargo bank account to my BPI Account. I go on wells Fargo online banking, transfer money to my BPI Account in the Philippines, and it takes 20 minutes. I can then use my BPI Atm card to withdraw whatever or simply go into a branch and withdraw. Its so easy I've been doing it for years with no problem ever.
     
    • Agree Agree x 1
    • Informative Informative x 1
    horizon155, Jun 10, 2016
    #3
  4. OP
    OP
    Rye83

    Rye83 with pastrami Admin Secured Account Highly Rated Poster SC Connoisseur Veteran Army

    Messages:
    13,106
    Trophy Points:
    451
    Occupation:
    FIRE
    Location:
    Valencia
    Ratings:
    +16,069 / 3,796
    Blood Type:
    O+
    My banks do not offer online transfers. I looked at opening a Wells Fargo account but they want me to pay them $10/month for the privilege of having an account with them and letting them loan my money out to other people. I find that ridiculous. My current bank pays me for having a checking and savings account with them.
    ? A bit confused....all three in that article have been closed.
     
    Rye83, Jun 10, 2016
    #4
  5. Dave & Imp

    Dave & Imp DI Forum Patron Highly Rated Poster Showcase Reviewer

    Messages:
    1,887
    Trophy Points:
    306
    Ratings:
    +1,703 / 884
    I sent $1,000 USD to BDO dollar bank account on June 1 with Xoom (currently owned by PayPal). It was a dollar US bank (Chase) to dollar transfer (BDO dollar) account. The cost was $7.99 USD. Typical transfer time is about 10 minutes or less. I get email notifications. I never let the transfer company exchange dollars for pesos, as that is where they make most of their money. Then I go to money changer in Rob Mall and get the current exchange rate they are giving. I have not had problems with them for years, but setting it up was a little difficult because they seemed concerned about the amount I would be transferring. I would recommend starting with small amounts and the increasing a you need, so they do not give you a lot of problems at the beginning. .
     
    • Like Like x 3
    • Informative Informative x 1
    • Genius Genius x 1
    Last edited: Jun 10, 2016
    Dave & Imp, Jun 10, 2016
    #5
  6. OP
    OP
    Rye83

    Rye83 with pastrami Admin Secured Account Highly Rated Poster SC Connoisseur Veteran Army

    Messages:
    13,106
    Trophy Points:
    451
    Occupation:
    FIRE
    Location:
    Valencia
    Ratings:
    +16,069 / 3,796
    Blood Type:
    O+
    Is your BDO account a dollar account? I have a peso account with rcbc and I'm not sure what would happen if I transferred dollars into it.

    I also don't really care for the extra step of going to a money changer in Robinsons...its worth an extra $10 for me to be able to avoid going to the mall.
     
    Rye83, Jun 10, 2016
    #6
  7. Dave & Imp

    Dave & Imp DI Forum Patron Highly Rated Poster Showcase Reviewer

    Messages:
    1,887
    Trophy Points:
    306
    Ratings:
    +1,703 / 884
    My BDO account is a dollar account, so I am doing a dollar to dollar transfer.

    I could do the peso for dollar exchange at the BDO. However my BDO branch is in the Robinson Mall (rear plaza) and I have to walk to my MC in the front, so I just go upstairs to the food court area to make the exchange on my way to my MC. . The rate is a little better than the rate of BDO, but I could just make the exchange at BDO for pesos if I did not want to go through that part of the process at the money exchanger. There is additional paperwork at BDO. I like the hours of BDO till 6:30 PM six days a week. If I pick up my money after 6 PM then I do the exchange at BDO because the money exchanger use to close at 6 PM. I think they stay open later now but I do not take that chance as it is somewhat hard to exchange dollars for pesos after 6 PM to my acknowledge.
     
    • Like Like x 1
    • Thanks Thanks x 1
    Dave & Imp, Jun 10, 2016
    #7
  8. blueskies

    blueskies DI Forum Adept

    Messages:
    254
    Trophy Points:
    165
    Location:
    Gorgeous Valencia Negros Oriental
    Ratings:
    +204 / 35
    TransferWise is not accepted for checking account in Calgary, Canada. So i'm still with Western Union which charge 750pesos/ transactions of below 100,000pesos.

    BDO dollars account only charge 10$ per transactions(any amount) when sending from Phils to any parts of the world(i have sent Europe and China account). The only reason i can't use it for Canadian account because they charge taxes to the receiver.
     
    • Informative Informative x 1
    blueskies, Jun 10, 2016
    #8
  9. blueskies

    blueskies DI Forum Adept

    Messages:
    254
    Trophy Points:
    165
    Location:
    Gorgeous Valencia Negros Oriental
    Ratings:
    +204 / 35
    If you want to open a BDO dollar account in Colon st (opposite public fruit stand) just look for "Weng" at the left side counter or ask the guard.
     
    • Informative Informative x 1
    blueskies, Jun 10, 2016
    #9
  10. horizon155

    horizon155 DI Forum Adept Showcase Reviewer Blood Donor

    Messages:
    348
    Trophy Points:
    190
    Occupation:
    Information Tech
    Location:
    Negros Oriental - Dumaguete City
    Ratings:
    +121 / 44
    Blood Type:
    A+
    Yeah I have a dollar account also at BPI, my fee is only $5 to do a transfer of any amount no other taxes, nothing. I dont have to pay any monthly or annual fee's to any of my banks including Wells Fargo in the USA. Works out great for me..Even if I do transfer it to my Peso account I get the current exchange rate and a confirmation email with the rate and the conversion.. like I said, never had a problem in over 2 years and I transfer weekly.
     
    • Informative Informative x 1
    horizon155, Jun 10, 2016
    #10
Page 1 of 7
Loading...