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Remittance/Money Transfer to the Philippines

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

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  1. robert k

    robert k DI Forum Patron Highly Rated Poster Veteran Army

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    I deposited a check with PNB and it took 46 calendar days to clear. I gave up on that.
     
    robert k, Jun 17, 2016
    #21
  2. dknapp100

    dknapp100 DI New Member

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    If you have a Western Union Account and use your US Bank bill Pay to settle the transfer, it can be done for $2.99, USD to USD. Then, as others have said, go to the money changer. What I do is deposit my US bank check into my AUB dollar account and and it's clear in 30 calendar days. Then I have then change the USD's to PHP's. Their rate is as good as anyone's, give or take a centavo or 2. Another strategy is with Schwab Bank. They reimburse all your atm fees. In April, they paid me $86 in fee reimbursements. Just sayin'.
     
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    dknapp100, Jun 21, 2016
    #22
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    Rye83

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

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    I picked up some money from Western Union the other day and they snatched P30 from the amount I was supposed to get. It said it was some sort of "document preparation" fee. I couldn't find anything on their website that explains where that fee came from (the only P30 fee I could find online is for cash deliveries outside of their office but I sat in their office for 45 minutes waiting for the ONE PERSON in front of me to have their transaction finished....and for them to stop shooting the sh*t with each other). I'd rather pay an extra $6 and do the USD to USD through Xoom and pick up at a pawn show than deal with Western Union's 5-7 day wait period, excessive paperwork/information requirements and extremely slow service. WU will remain an absolute last resort for my money transfer needs.

    That 30 day clearing option isn't really for me either. I'm far to irresponsible and forgetful and would end up begging for food for 29 days waiting for my money to clear. :rolleyes:
     
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    Rye83, Jun 21, 2016
    #23
  4. NYC

    NYC DI Senior Member Showcase Reviewer Blood Donor Veteran Air Force

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    Well, after reading all of this, my conclusion is that there is no "best" way to accomplish getting dollars in a US bank account (or currency from other countries in those bank accounts) to finally show up as pesos in your pocket in Dumaguete. But there are a gazillion less-than-perfect ways to accomplish it.
     
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    NYC, Jun 21, 2016
    #24
  5. robert k

    robert k DI Forum Patron Highly Rated Poster Veteran Army

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    I think reliability is the most important factor. If your way lets you down, change it. $5-10 a month shouldn't break you. It's always good to have a back-up plan / cash on hand / in a local bank. I kept cash at home.
     
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    robert k, Jun 22, 2016
    #25
  6. artpepper88

    artpepper88 DI Member Showcase Reviewer

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    I have to agree. I opened a Philippine account with the same bank I use in Australia and simply transfer funds from Australia to the Philippines when needed. Done on the spot, but incurs bank charges of about $A50 regardless of the amount transferred. There is a way I can link the accounts in both countries to avoid this fee, but I'm not there yet... By the way, I opened the Philippine account before leaving Australia.
     
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    artpepper88, Jun 24, 2016
    #26
  7. Jens K

    Jens K DI Senior Member

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    Jens K, Jul 25, 2016
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  8. Shawn44

    Shawn44 DI New Member

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    I use remitly. I called them while in USA telling them my travel plans also called visa and told them. Provided filipino contact number and uploaded copy of my passport to remitly website. I sent peso from my usa bank account to lhueller pawnshop across from rm building. To my self using my bank card. 3.99 service charge
     
    Shawn44, Jul 26, 2016
    #28
  9. robert k

    robert k DI Forum Patron Highly Rated Poster Veteran Army

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    I hadn't heard of that one. What is the exchange rate like?
     
    robert k, Jul 26, 2016
    #29
  10. Shawn44

    Shawn44 DI New Member

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    They mainly try to peg their rate a little above xoom. But unlike xoom they let u send money to urself from ur own bank account while u are in the ph
     
    Shawn44, Jul 26, 2016
    #30
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