Best Posts in Thread: Sending money these days

I used TransferWise over the weekend and have yet to see how it works speed and cost wise vs using a foreign Debit card in a local ATM.

My foreign Debit card expired and the replacement card was sent USPS which translates into delivery by the PhilPost.

Getting access to the foreign money in my account without a Debit card was impossible.

In normal times I would use my foreign Debit card in the local ATMs to withdraw my monthly expenses incurring all kinds of charges.

Locally P20,000 is all you can get with one swipe. Each local bank ATM adds P250 to your withdrawal if you are using a foreign Debit card so if you are requesting P20,000 it is shown as P20,250. There is also a 1% charge added for the interbank charge for converting the Piso to what ever local currency your foreign account uses. Your foreign bank also adds a charge for using your Debit card in ATMs they don't control. My bank charges a dollar.
Your foreign bank doesn't have to be open to use your foreign Debit card and the network always remembers your latest balance.

TransferWise requires your foreign bank to be open so they can fetch the money and distribute it within a day but if the bank is closed it doesn't appear to be able to fetch your money.

Lots of international companies and governments are paying their workers using ACH. Your TransferWise funds use the same mechanism to put your funds in a local bank. With shortened banking hours for example funds transmitted in the morning will be available to be withdrawn by noon or the next morning.

Local Debit cards have a P10,000 limit per swipe. two swipes are permitted with a limit of P20,000 per banking day unless you make arrangements with your local bank to increase your daily limit. Using a different bank's ATM is ok your local bank will only charge you P10 or P15 per swipe.

I am still analyzing using TransferWise and retiring my foreign Debit card.

shakey

 

And so I had till the moment the chip on my atm card did not work properly any longer and have to renew the card. While on a trip to Cebu it was a good idea to do so. The replacement procedure itself not that complicated as only to wait for one week be4 the new card should be available. Back after one week and surprise.....card not there to pick up @the branch near Ayala. My request to send the card by courier as they did be4 was neglected, why, new rules , no more home delivery. Though I was very happy all those years with that euro account did not have to think much to cancel the account. @HSBC they thought I am an idiot to go up and down from Negros to Cebu as if it was a trip by tricycle from Why Not to Lee Plaza.
Now happy with an euro account @Commerce Bank.

 

another vote for transferwise.

I pay myself from the company account to transferwise every month, then from there spend either directly using their mastercard, or transfer to my local peso account. With their borderless account you can maintain balances in multiple currencies and exchange money back and forth whenever you think the rates are good. I even do wire transfers to third parties in the Philippines (school fees,rent) from transferwise because their fees are lower than my local banks' fees.