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ATM FEES

Discussion in 'Banking - Investing - Finances' started by grandpainak, Sep 6, 2017.

  1. tanjay

    tanjay DI Member

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    I've just found a better deal. You can send up to $3,000 remittance for only $4 through Wells Fargo Express Send.
     
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  2. Rye83

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

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    Can you explain a bit not how one goes about setting this up with Wells Fargo. I have an account. Does the person receiving need to have a bank account as well?
     
  3. tanjay

    tanjay DI Member

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  4. Anonymous

    Anonymous DI Member

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    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.
     
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  5. NYC

    NYC DI Forum Adept Showcase Reviewer Blood Donor Veteran Air Force

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    Remitly.com charges $3.99 for an instant transfer from your US bank account (using your US debit card) to the Philippines...to Cebuana or M Luillier in cash or directly into a Philippines bank account (they have several banks on their list.)

    If you can wait 3 days, you can make a free transfer from your US bank account.

    There is a limit of $2,900/day, but I think you can request that to be increased once you have a track record.

    The exchange rate does not seem too out of line. But Remitly needs some way to get themselves paid.

    I tried to set up an "outside bank" transfer from my US bank to my BDO dollar account. My US bank allows this, but the transaction came back rejected by BDO saying it does not permit this type of electronic transfer INTO my BDO account.
     
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  6. Notmyrealname

    Notmyrealname DI Forum Patron Highly Rated Poster Showcase Reviewer

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    I tried most remittance companies from UK to Philippines and have to say that the MOST terrible experience was using Remitly.com.
     
  7. AlwaysRt

    AlwaysRt DI Forum Patron Highly Rated Poster Blood Donor Veteran Air Force Marines

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    I just did the ATM thing again today, used the one at Robinson Mall since I was dodging the rain (I usually go to BPI and withdraw p20k at a time). p40,000 so 4 transactions at the mall vs 2 at BPI. With the new ATM fee of 250 I was charged p1,000 for p40,000 withdrawal. HOWEVER, all ATM withdrawal fees on my Charles Schwab card are refunded to me at the end of the month so I will be net $0 on fees. What about exchange rate? I just checked xe.com and it says 51.52, the rate Schwab gave me was 51.54, as normal, higher than the current rate (usually by .02 to .13)
     
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  8. Rye83

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

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    How much of a difference was there between the real exchange rate and their exchange rate? Most of these companies make a pretty good amount of money off of their exchange rates.

    What are the transaction fees for sending USD to USD compare to USD to PHP?
     
  9. kelpguy

    kelpguy DI Senior Member

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    hey Notmyrealname,
    would you please give us the story pertaining to; the MOST terrible experience was using Remitly.com

    thanks..
     
  10. kelpguy

    kelpguy DI Senior Member

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    what's an ''outside bank''?

    please and thank you...
     
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