Dumaguete Info Search


Sending money these days

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

  1. danbandanna

    danbandanna DI Senior Member Veteran Marines

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    You all do know that SSA and VA will deposit directly to some Filipino banks dollar for dollar... I have been using BDO for this 3 + years now without any problems and I then choose when to convert to my peso account... I pay a 500 peso fee for this account monthly...
     
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    ChMacQueen

    ChMacQueen DI Forum Patron Highly Rated Poster Showcase Reviewer Veteran Army

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    500p fee for which account monthly? The rest I know but I rather keep my money tied and secured in the US as well as it keeps my credit lines open.
     
  3. danbandanna

    danbandanna DI Senior Member Veteran Marines

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    The direct deposit dollar account which serves both the SSA and the VA, one charge of 10 dollars a month
     
  4. Show Pony

    Show Pony DI Forum Patron Highly Rated Poster Showcase Reviewer

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    MetroBank has US$ accounts. You need $500 US cash to open the account.
    Funds that arrive in US$ are charged $5 for incoming money.
    When US$ are converted to Pesos the conversion rate is about 0.8% below the XE.com rate.
     
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    ChMacQueen

    ChMacQueen DI Forum Patron Highly Rated Poster Showcase Reviewer Veteran Army

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    Sounds similar to BDO's. I'm not a fan of the $500 minimum balance with BDO and think MetroBank is the same. This may be the cheapest way though its seeming.
     
  6. cabb

    cabb DI Forum Patron ✤Forum Sponsor✤

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    Along these same lines are there any issues picking up money at a Western Union representative in Dumaguete? Are they open?
     
  7. Always a Poppy

    Always a Poppy DI Forum Adept

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    I've used World Remit for a couple of years now. Only issues I've had are that if the website knows your location, it won't allow for funds to be transferred within what it thinks is the same country (even though transferring from an overseas source). Workarounds for this are either use a mobile with location off or use a VPN and connect via original country server. Small inconveniences for an other wise good service. Other issue was when trying to transfer a large amount (I think they query anything over £10k GBP), they ask for proof of income/funding. I had to do this once and has been OK since. One more issue - if transferring for cash pick-up, the name details MUST be spot on, or the likes of Palawan etc will refuse collection - happened to me once for two letters the wrong way around in a first name. WR were slow to withdraw the transfer, but sorted after a few emails containing suitable language. Other than that, WR is good, tracks slightly behind the money market exchange rates, but better than most others I've looked at, and their customer service is generally good. There is a small fee for transfers on top of the rate, usually £2.99 for anything under £5k GBP.
     
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  8. Crystalhead

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

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    Should be but hours are different. Last I heard was 8:30 till 5.00
    USSC Western Union
    Money transfer service
    USSC Western Union, Colon St
    (035) 422 0102
     
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  9. Notmyrealname

    Notmyrealname DI Forum Luminary Highly Rated Poster Showcase Reviewer

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    This thread appeared before (I know this one is here because of wanting an update) but the important information still is to check Rate of Exchange PLUS Fees - too many people get attracted by a low fee and don't see how a small difference in exchange rate can make it more expensive. Obviously, companies offer low fees for that reason.
     
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    ChMacQueen

    ChMacQueen DI Forum Patron Highly Rated Poster Showcase Reviewer Veteran Army

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    With that in mind have to account for all fee's and not just the obvious as well. Such as fee's for withdrawing or transferring from a dollar account or dollar account maintaining fee (if there are), local bank exchange rates, and various other bits and pieces. My from checking it appears as if there is a 1-2k loss doing an average way that is very quick and simple vs the more budget minded way which is slower and a bit more complex. Just saying gotta account for all factors as well.
     
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