Transferwise Best rate Lowest fee Mostly same day on my pnb account. Super simple site or app. See no reason why to look for another service
My transfers via Transferwise (I also use BCremit) involve exchange rate + fee only. If people have to pay other charges then, of course, they should be factored in.
another vote for transferwise. I pay myself from the company account to transferwise every month, then from there spend either directly using their mastercard, or transfer to my local peso account. With their borderless account you can maintain balances in multiple currencies and exchange money back and forth whenever you think the rates are good. I even do wire transfers to third parties in the Philippines (school fees,rent) from transferwise because their fees are lower than my local banks' fees.
Interesting, i dont use a lot of local banktransfers but since instapay and pesonet works fine, fast and to most banks directly i wonder what local fees you mean? I will look into obtaining the transferwise card. I mostly use my dutch credit card because of the excellent rate and no fees but having more options is always good.
My local bank is HSBC (because of an existing relationship with them elsewhere) and they charge PHP 140 per local bank transfer. In the past it even happened that in addition to that, the receiving bank deducted anything between 100 and 300 Pesos from the amount I sent, leading to funny discussions with the receivers of the money who thought I sent couple hundred pesos less. That didn't happen in a while, though. Transferwise is the same speed and costs around PHP 50. Still steep compared to back home where such things are free across the whole Euro zone though.
And so I had till the moment the chip on my atm card did not work properly any longer and have to renew the card. While on a trip to Cebu it was a good idea to do so. The replacement procedure itself not that complicated as only to wait for one week be4 the new card should be available. Back after one week and surprise.....card not there to pick up @the branch near Ayala. My request to send the card by courier as they did be4 was neglected, why, new rules , no more home delivery. Though I was very happy all those years with that euro account did not have to think much to cancel the account. @HSBC they thought I am an idiot to go up and down from Negros to Cebu as if it was a trip by tricycle from Why Not to Lee Plaza. Now happy with an euro account @Commerce Bank.
I opened a Charles Schwab brokerage account that comes with an Investor Checking Debit Card. All Fees for every transaction is credited back to my account once a month, so it cost me nothing to access my money. Sent from my SM-A205GN using Tapatalk
ATMs for smaller amounts. I get reimbursed for all fees. For larger purchases I would do a wire transfer from my US Bank. If a person didn't have a bank account I wouldn't trust them enough to hand over a large sum of cash. I also pay with credit cards wherever possible to avoid dealing with cash.
I've been using TransferWise for more than a year now and it's simply the best way to send money to your own account wherever in this quarantined world! You get the best (interbank) rate which is more than the overall charges so it's practically free! And they just lowered the charges for transferring the pesos to your bank account to under 90 pesos per transaction. Surely works for me and the best part is that you can exchange the money within TransferWise whenever the rate is good for you and you don't have to leave your home, except if you want to withdraw from the ATM but you can also just use your local debit card for shopping. Any questions or keen for a referral code in order to earn $50, just send me a PM. Happy, effortless and virus free money transfers, guys! And remember to social distancing & stay safe. God bless!
