Best Posts in Thread: ATM FEES

I've been using Transfer Money Online | Send Money Abroad with TransferWise to send money to the Philippines, the fee is usually around 1% for a direct transfer to a local account in the Phils which takes about 4 hours to complete, as your money doesn't leave the country in order to be transferred abroad, there is no fee upon receiving the funds and no withdrawal fee if you use the receiving bank's ATM. A very fast and reliable service, and best of all, there is an 'exchange rate guaranteed' option. This is my preferred choice.

I have also been experimenting with BTC (Bitcoin) by using one of the local operators (Payment App, Bitcoin Exchange, and Wallet App | Coins.ph). The transfer is pretty much instantaneous, it's extremely simple to use, just a few clicks on your phone and it doesn't cost anything, in fact on my last transfer I actually made 5 pesos! That's unheard of in any sort of bank transfer. However, there is miner's fee, which Coinbase will pass on to you, but this is a negligible amount, in the vicinity of about US$1.
In addition, you can hold BTC in your virtual wallet until the exchange moves in your favour before cashing in. You can then transfer funds directly from coins.ph to BDO, BPI or some other account in order to withdraw pesos from a regular ATM.

Most banks is Aust. charge a minimum AUD$20 for an international "telegraphic" transfer, this can take up to 10 days. Nevertheless, Citibank offers free transfers to anywhere in the world. However, BDO will charge a 300 peso processing fee upon receipt (regardless of the amount) and it takes only a couple of days to show up in your account. If you have a Citibank account in the Philippines there is no fee at all. However, Citibank Manila would expect you to have one million pesos in your account at all times.

 

I've just found a better deal. You can send up to $3,000 remittance for only $4 through Wells Fargo Express Send.

 

After 1 year living here in Tanjay City I was always told there was only 1 ATM location place PNB. They charge 200 pesos for 10,000 pesos. There is always long lines there. Last week
I found another place in front of Prince Hypermart. It is a Metro Bank ATM charging 250 pesos for 10,000 but no line. So happy to pay the extra 50 pesos and not wait half hour in line.

 

Yes Steve, I heard the Charles Schwab alternative before, excellent if it works like that for customers of that bank. However, I believe they have a minimum required balance of 25,000 US$ (information from their website), which would probably make that option a no go for many people.