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great new money transfer service

Discussion in 'Expat Section' started by filmguy, Feb 2, 2021.

  1. Notmyrealname

    Notmyrealname DI Forum Luminary Highly Rated Poster Showcase Reviewer

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    The subject of which system of transferring money is best arises frequently, as one would expect, and I think people just like certain companies they feel comfortable with by previous experience.

    But on a financial aspect, I do not believe the usual rate for Remitly is as good as Transferwise - although it may only be significant to most people for larger amounts. I would have liked to do a comparison for existing customers but Remitly's first page is showing an inflated conversion rate and a deflated fee (of zero) for new customers.
     
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  2. redhorse

    redhorse DI Forum Adept

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    When we are in the Philippines ourselves we use Transferwise to send to my wife's PI bank account, as it's better total return for every dollar you send. But we have been using Xoom for several years to send smaller amounts to relatives who either don't have bank accounts or who can't seem to get the correct account details to us. We've had very few issues, and the money is usually available to them almost instantly. Of course the exchange rate is terrible, but it doesn't hurt as much on the smaller transactions.
    We did take advantage of the Remitly promo recently as it was an attractive deal. But be aware that the no fee promo with the great exchange rate was for their "standard" (slow) service. They tell you right away the date when the money will be transferred, which was about a week later. It worked fine, and the delay was no problem for us on this transaction. Have not yet tried their for fee service, but from what I hear it's comparable to Xoom.
    Other than that, it seemed like Xoom and Remitly were comparable on the net for each dollar you send, with maybe a slight advantage to Remitly under some circumstances. I like having active accounts with all three services in case of emergencies.
     
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  3. Always a Poppy

    Always a Poppy DI Senior Member Restricted Account

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    Not sure if anyone else is watching the GBP vs PHP exchange rate at the moment, but the rate is going up as the pound strengthens. For £1k transfer with Transferwise, the banked amount after fees today is PHP900 more than one week ago and PHP3,000 more than three weeks ago. Rate on Transferwise today after fees is PHP68.4 to the pound. Unsure whether other currencies are also seeing this buoyancy vs the peso as I don't track them.
     
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  4. Notmyrealname

    Notmyrealname DI Forum Luminary Highly Rated Poster Showcase Reviewer

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    I have been monitoring it for years and took the risk (by stopping remittance over a year ago) that it would rise after Brexit was concluded - then Covid came along. So far, no total disaster on Brexit and a good vaccination progress is pushing up the £/PHP.

    It has been going up, slipping back and then repeating the cycle over fairly short periods recently - but at sometime it will reach its high point (if anyone can tell me when then I'll buy them a drink*). I feel it has further to go, but who knows for sure. I would feel a little bad to remit too much only to see it soar. As a currency pairing, it is, of course, also affected by the strength of the peso (thus Philippine economy and other factors) - I really do not wish anything bad for this country (they have enough issues to cope with already) but am not sure the Covid situation will go well here in the short to medium term and that may cause a further surge in the GBP. I am hoping for something around 74 php per £ but am realistic that there are too many unknowns ahead.

    * Terms and conditions apply - for a full list see www.thereistoomuchsmallprinttoreadandsoyouwillneverreaditanyway.com
     
  5. Crystalhead

    Crystalhead DI Senior Member ★★ Forum Sponsor ★★ ★ No Ads ★ Highly Rated Poster Showcase Reviewer Veteran Army

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    Call me old fashioned, but I wrote a check well over 25,000 Canadian and mailed it to a trusted and financially secure friend back in Canada and they sent it to my account here in the Philippines within a few days... no fees accept a few pennies on the check.
     
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  6. Always a Poppy

    Always a Poppy DI Senior Member Restricted Account

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    Hi CH. You should also consider what exchange rate you get from your/your friend's bank. That's why I use Transferwise as it's better value than transferring directly from my bank to BDO account here.
     
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  7. Notmyrealname

    Notmyrealname DI Forum Luminary Highly Rated Poster Showcase Reviewer

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    Hi MY VERY GOOD FRIEND.

    Not necessary to send a check all the way to Canada - you have a FRIEND here very willing to take 25,000 Canadian and give you a few pennies (or did I misunderstand that part?).

    Oops - just read the "trusted and financially secure" part. d*mn - there's always a catch!
     
  8. Notmyrealname

    Notmyrealname DI Forum Luminary Highly Rated Poster Showcase Reviewer

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    I note that Transferwise is now rebranding itself as Wise - said to be because they have become more than a transfer service and have moved into banking.

    I guess it might be done for (or, to help) today's youngsters who have grown up with text-speak and would find a 12 letter word 2 much to cope with. They should have gone for just W (or V as half of W or / as half of V).

    (Old age showing! :smile: )
     
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  9. Catabisis

    Catabisis DI Member Infamous

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    Doesn’t the 3-5 dollars depend on the amount being sent with the fee being higher according to the sent amount?
     
  10. IggyPop

    IggyPop DI Member Showcase Reviewer

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    Does anyone know which online service provides money exchange and transfer to a US bank account from the Philippines?
     
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