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Best Posts in Thread: Sending money these days

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  1. Rye83

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

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    You can set it up but beware; pulling cash out of an ATM with a credit card is called a cash advance and will likely be subject to their interest rates, which are going to be very high, regardless if you pay it off in full at the end of billing cycle.
     
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    Rye83, Apr 6, 2020
    #35
  2. Kilam63

    Kilam63 DI Member Showcase Reviewer Veteran Air Force

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    Transferwise! www.transferwise.com found it a better deal even if you had a dollar account since you lose a bit of peso converting.
     
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    Kilam63, Mar 31, 2020
    #2
  3. Liverpool fan

    Liverpool fan DI Senior Member Showcase Reviewer

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    Taking 100 k out of Atm with Mastercard(I know max 20 k in one transaction) or send by TransferWise I save 5-6 k pesos on 100 k that's a big difference
     
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    Liverpool fan, Apr 7, 2020
    #38
  4. Liverpool fan

    Liverpool fan DI Senior Member Showcase Reviewer

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    Using Mastercard cost a fee 450-500 pesos to split between the Philippine bank and fee to the bank who issued your card, then a bad exchange rate and then 3% on the amount you take out of ATM or that what it cost me, TransferWise is god and cheap from my point of view
     
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    Liverpool fan, Apr 7, 2020
    #36
  5. Dutchjob

    Dutchjob DI Member

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    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
     
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    Dutchjob, Apr 2, 2020
    #21
  6. Notmyrealname

    Notmyrealname DI Forum Luminary Highly Rated Poster Showcase Reviewer

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    This thread appeared before (I know this one is here because of wanting an update) but the important information still is to check Rate of Exchange PLUS Fees - too many people get attracted by a low fee and don't see how a small difference in exchange rate can make it more expensive. Obviously, companies offer low fees for that reason.
     
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    Notmyrealname, Apr 1, 2020
    #19
  7. Notmyrealname

    Notmyrealname DI Forum Luminary Highly Rated Poster Showcase Reviewer

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    I have compared the amount received in pesos for a certain amount of currency (GBP in my case) - Transferwise beats everyone I checked (and I checked at the same time).

    Remitly in my experience was hopeless, totally hopeless. They asked what I wanted the money for and I told them for food and eating out. They then asked for receipts for those purchases BEFORE I HAD RECEIVED THE MONEY!

    I ended up with about 25 e-mail exchanges trying to get sense out of them. Perhaps they have now improved their service but their rate is low - I have found Transferwise to be the best rate and the most efficient service. With recipients already listed on my account it takes about 3 minutes to make a remittance and within a day (if a weekday) to receive.
     
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    Notmyrealname, Apr 1, 2020
    #8
  8. Deadeye

    Deadeye DI Junior Member Blood Donor Veteran Army

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    I USE BDO DOLLAR ACCOUNT DIRECT DEPOSIT NO MINIMUM NEEDED I HAVE USED IT FOR 4 YEARS AND I JUST EXCHANGE TO PHP THROUGH THE BANK WHEN I WITHDRAW.. IF YOU HAVE DOLLAR ACCOUNT YOU CAN CHOOSE DOLLAR OF PESO
     
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    Deadeye, Feb 19, 2021
    #44
  9. mattchu5150

    mattchu5150 DI Member

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    This is by far the best method, Chase cards give bank rate on, and at time of purchase. Some advice I can offer for Xoom, DO NOT send USD to PHP, instead send USD to USD then pick up at location and request PHP at that time, wherever you pick up will give you their current rate. It is usually less than 1 peso bank rate.
     
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    mattchu5150, May 22, 2020
    #42
  10. Always a Poppy

    Always a Poppy DI Senior Member Restricted Account

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    I just did a comparison of World Remit vs TransferWise sending £1k GBP and the receiver would get cP500 more with TransferWise, so I've signed up to them.
     
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    Always a Poppy, Apr 7, 2020
    #37
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