Best Posts in Thread: money transfer

Transferwise is about as good as they get, I have used them for around 4yrs now and they have never let me down, you get the full going rate conversion and they take a commission from you, if I transfer £1000 they will take £7 from me, but now I do it in lots of £4K and it is cheaper to do that and costs me £20 in total, I guess the same applies, be it USD or Euro?, before using them I used Worldfirst, but was able cut my charges by half when I changed, great service and would recommend them.

 

TIP: If you see a good exchange rate with Transferwise on a Saturday (perhaps from late Friday even) then START the process but don't transfer the money from your bank account. You will have until early Tuesday to complete at THAT rate.

Then look at the rate on Monday - if it significantly improves, cancel your original transaction and do a new one. If it is the same or lower then continue with your original transaction by transferring the money from your bank account.

This is more useful to those who have currencies at home which are a bit volatile (like the British Pound).

 

Transferwise has been the best rates I have found, although haven't checked lately.

 

agreed. I still use xoom if I need to send to an individual who supplied a service, the main one is our internet guy to service our tower. He picks up the cash from Palawan Pawn Shop near his house. Their exchange rate is at least a peso, maybe a peso and half less than transfer wise. It may not sound like much, but it definitely adds up. Xoom is a lot faster, so sometimes the convenience is worth the couple extra bucks. Mainly now we use Transferwise as it is the cheapest so far, money gets there in about 2 business days, goes into an account that belongs to my wife and her sister. She will not take money without our approval first, which works great for us. Also when we are there, we can get money when we want and not worry about the current rates and having to go to an exchange shop.Otherwise I just use a no foreign transaction fee credit card and pay it on my US based account.

 

Xoom is good if you need to send to someone who doesn't have a bank account, as they are linked to cash pickup spots available just about anywhere in the Philippines and the remittance is usually available instantly. But they clip you on the exchange rate. If sending to a verified bank account, I agree, I'd use Transferwise.