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Finance & Legal How to send money in the cheapest way from Europe

Discussion in 'Businesses - Services - Products' started by Justice911, Feb 13, 2018.

  1. Justice911

    Justice911 DI Member Showcase Reviewer

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    Hi Forum-Members, I am married to a much younger Filipina and according to the statistics I will die earlier than my wife. She will get 2/3 of my pension as a physician from the Physicians-Pension-Company in Germany monthly as a widow's pension.

    Of course she has Pesos-and Euro-Bank-Accounts in the Philippines. But it is impossible to get a German Bank-Account for her. All the German Banks want her to make a Post-Ident-Procedure in Germany, but she is not in Germany and all the offers to make an Ident-Procedure at the PNB or the Metro-Bank in the Philippines were denied until now.
    So I would like to learn to know, how YOU, the forum-members, can get regularly money from European institutes to the Philippines in a in a favorable way. Thanks.
     
  2. Notmyrealname

    Notmyrealname DI Senior Member Highly Rated Poster Showcase Reviewer

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    Getting large amounts of money can be a hassle due to the amount of documentation they often require - one company asked me for proof of how I will be (i.e. in the future) spending my money and I had to tell them that no shop or restaurant will give a receipt BEFORE a purchase. They didn't get it!

    Anyway, bank transfers IN THE SAME CURRENCY can be very inexpensive but never use a bank to send in a different currency as they kill you in the currency conversion. I am not sure which of these remittance companies operate in Germany but after much experience I rate: KabayanRemit (often the best cost when combining exchange rate and fees BUT have to phone them if sending more than about 1300 euros); BCRemit (just behind Kabayan in costs due to higher fees BUT can send via their website and they are very efficient); Transferwise (rate is based on current market rates at the PRECISE moment you send, so may be higher or lower than the two above depending on currency movements - can be sent via their website and they allow larger amounts to be sent than the two above).
     
  3. RR_biker

    RR_biker DI Senior Member Highly Rated Poster Veteran Marines

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    Western Union. An amount of 5k euro is only 2,90 euro transfer fee and the rate of exchange above average, when sending from a Dutch bank account via WU to any peso account in the Phils.
     
  4. Notmyrealname

    Notmyrealname DI Senior Member Highly Rated Poster Showcase Reviewer

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    Really? WU is known as offering terrible currency rates.
     
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  5. semtex

    semtex DI New Member

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    I don't know.
    i would say transferwise or acemoneytransfer
     
  6. DAVE1952

    DAVE1952 DI Member

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    I have used Transferwise many times now and have had no problems with them, usually the money arrives here in our account in 36hrs, they give the best rate available and charge 0.99% commission=less than £10 for £1000 pretty good I think?
     
  7. RR_biker

    RR_biker DI Senior Member Highly Rated Poster Veteran Marines

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    That was also my perception a long time until I did visit their website and checked it out. Should I made a transfer right now the exchange rate offered is: 1 euro versus 63,8384 peso. My opinion not bad @all.
     
  8. OP
    OP
    Justice911

    Justice911 DI Member Showcase Reviewer

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    Dear Forum-members, I thank you so much for all the good suggestions:thumbsup:, so I have many choices now, but my problem is, my Filipina needs a German bank-account, so that after my death (the age-difference is much:wink: ), the German Doctors-Pension-Company can send the widow-pension on the German Account or to an European-account with an "IBAN"-number. The German Account or European-Bank-Account should have a credit-Card, so that she can mostly live from savings over the credit-card. But the problem is: As she is not in Germany, until now, no bank will give her a German-Bank-Account, because they want her to do a "Post-ID-Procedure" in a German Post-Office. The DKB (Deutsche Kreditbank) for example did not accept a legitimation, Identification-Proof here by a philippine Major or philippine Attorney or philippine Bank like PNB or Metrobank. The German Banks do not trust any proofs, what comes from the Philippines :chicken:. How Do YOU, the forum-members, get your pensions, if you have, to the Philippines ?
     
    Last edited: Feb 14, 2018
  9. Show Pony

    Show Pony DI Senior Member Highly Rated Poster Showcase Reviewer

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    Could your embassy in Manila be of any help? Can you have a will (last testament) authenticated by your embassy?
    If your partner has a bank account in Germany and she needs to go to the bank for some reason I foresee a big problem.
     
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  10. Notmyrealname

    Notmyrealname DI Senior Member Highly Rated Poster Showcase Reviewer

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    I found this difficult to believe so I checked. I must admit that WU was not as terrible as I thought, but if sending £1000 and taking into account the rate of exchange and the fees, you would receive the following amount of pesos:

    KabayanRemit: 71,870
    Transferwise: 71,780
    Western Union: 70,919

    So for sending £1000 and NOT using WU, you would receive an extra P951 using Kabayan and an extra P861 using Transferwise. And Transferwise is so quick and extremely efficient that there is really no disadvantage compared with WU.

    This averages about an extra P900 by NOT using WU and I think many on this forum can tell us what to do with an extra P900 (like 18 SMLs in a bar).
     
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