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Sending money these days

Discussion in 'Banking - Investing - Finances' started by ChMacQueen, Mar 31, 2020.

  1. ChMacQueen

    ChMacQueen DI Forum Patron Highly Rated Poster Showcase Reviewer Veteran Army

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    I know its been covered before but its been awhile and things seem to be changing since. Question is what are the common ways you guys are sending money to yourselves these days for expenses here?

    I've used Xoom for years myself and was alright with it as it was a little more expensive but the slight exchange wasn't a big deal due to convenience. Now since the newest nightmare has started their take has increased even further to 2 peso's to the dollar. So $2k and you lose $100 but they tout *free* money transfer from USD to PHP.

    My US account doesn't offer me any cheap solution and I have a BDO account but PHP. Debating getting a BDO dollar account but the $500 requirement min balance is annoying but doable since at least its still in USD. Not sure which remittance places in town carry USD let alone allow $2k range of transfers as well.

    Gotta find a new solution that's not such a loss as xoom has gotten greedier. Loss is about double now.
     
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  2. Kilam63

    Kilam63 DI Junior Member Veteran Air Force

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    Transferwise! www.transferwise.com found it a better deal even if you had a dollar account since you lose a bit of peso converting.
     
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  3. OP
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    ChMacQueen

    ChMacQueen DI Forum Patron Highly Rated Poster Showcase Reviewer Veteran Army

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    How long does it take?
     
  4. OzeMike

    OzeMike DI Member

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    Next day if a week day
     
  5. Crystalhead

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

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    I use a few methods. If I want a large amount like 25K USD or more than I send a personnel check to my old employer back in the West (someone I trust) using FedX ...and in 3 days I have the money in my PNB account here as my old employer does a wire transfer (He is better than Family to me). For small amounts, I use my online banking I set up at my bank before I came here and they added a (western union) also (USSC) transfer option. It costs me 22$ per K and I get it in 1 hour, There can be limits with Western Union based on origin of Country. What I have set up amounts to 3K (3 transfers in 7 days) or the MAX which is up to 7K USD limit over a 30 day period.

    -Added note. Also when I travel to the Philippines I bring an amount that needs to be declared. Done it twice with 6 figures. That really saves all the nonsense that occurs with trying to get funds, Also have wired via phone with my bank no limit amounts to my Wife's account when I was back in the West. Saves a lot of hassle.

    Hope that helps
     
    Last edited: Mar 31, 2020
  6. Notmyrealname

    Notmyrealname DI Forum Luminary Highly Rated Poster Showcase Reviewer

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    Is there any danger they will class this as a gift - the sender and recipient being different - and so tax it at 6%?
     
  7. btd

    btd DI Member

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    I switched from Xoom after I started having problems with transfers a few years ago. I've been using Remitly ever since and always had a good experience. Took a little while to get to the point where I can do transfers without a verification process though. But it's seamless now ever since. Rate is usually better than Xoom. There's a fee for immediate transfer. It's free if you don't mind waiting a few business days.
     
  8. Notmyrealname

    Notmyrealname DI Forum Luminary Highly Rated Poster Showcase Reviewer

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    I have compared the amount received in pesos for a certain amount of currency (GBP in my case) - Transferwise beats everyone I checked (and I checked at the same time).

    Remitly in my experience was hopeless, totally hopeless. They asked what I wanted the money for and I told them for food and eating out. They then asked for receipts for those purchases BEFORE I HAD RECEIVED THE MONEY!

    I ended up with about 25 e-mail exchanges trying to get sense out of them. Perhaps they have now improved their service but their rate is low - I have found Transferwise to be the best rate and the most efficient service. With recipients already listed on my account it takes about 3 minutes to make a remittance and within a day (if a weekday) to receive.
     
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  9. SkipJack

    SkipJack DI Forum Adept

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    Furthermore, Transferwise has a borderless account feature that everyone gets. They essentially allow you to use their bank accounts as yours. This way you can do "in country" bank to bank transfers in many different countries.
     
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  10. Crystalhead

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

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    The check I send my employer is from my checking account. In the memo section I write (for retirement to be wired) When they get the check they deposit it in their account and before it clears on their end, they wire it right then. They still must give reason on their end and reason is
    (this money is Mr. ********* 's from his long standing savings account for retirement) no tax, and no hiccups. I do need to ensure that I go online and transfer from my savings into my checking so there is no bouncing. The digital and paper trail reflects that it's my money going to me.
     
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