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Sending money these days

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

  1. shakey

    shakey DI Member Veteran Navy

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    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 With shortened banking hours for example funds transmitted in the morning will be available to be withdrawn by noon or the next morning.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
     
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    Last edited: Apr 5, 2020
  2. Crystalhead

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

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    Visa and Mastercard are widely accepted in the Philippines. Discover cards have 'moderate' acceptance rates - you can use them at Citibank, SB Card, and BDO Unibank ATMs, but not elsewhere. Amex cards can be used in BDO ATMs, so if that's your main card you'll want to get familiar with local branches.
     
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  3. SkipJack

    SkipJack DI Forum Adept

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    I have never used a credit card in an ATM. I assume you get a pin from the CC company. What are the fees?
     
  4. Crystalhead

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

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    This is about a Mastercard that is not that of the Philippines. A Canadian, an American etc. When one travels to the Philippines, notify your credit card company of doing so. Listed in my previous post are the places that accept and deal with such. Fees should be no different than that at home (or less) Same Pin # upon issuance / If your Mastercard allows for a 1 million peso (converted equal to your home Country credit for EG:smile: cash advance (you can always Google current interest rate). Of coarse in any Mastercard Cash advance, attempt to get online and pay the balance off within 24 hours to avoid (insane interests)
    Also....... Best thing I ever did was have (more than a couple) sit downs with my Bank Manager. When a Bank Manager in the Philippines of any Branch, has confidence and understanding of whom you are, how you roll, what your background entails, they can do about anything for you.
     
  5. Rye83

    Rye83 with pastrami Secured Account Highly Rated Poster SC Connoisseur Veteran Army

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    You can set it up but beware; pulling cash out of an ATM with a credit card is called a cash advance and will likely be subject to their interest rates, which are going to be very high, regardless if you pay it off in full at the end of billing cycle.
     
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  6. Liverpool fan

    Liverpool fan DI Senior Member Showcase Reviewer

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    Using Mastercard cost a fee 450-500 pesos to split between the Philippine bank and fee to the bank who issued your card, then a bad exchange rate and then 3% on the amount you take out of ATM or that what it cost me, TransferWise is god and cheap from my point of view
     
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  7. Always a Poppy

    Always a Poppy DI Forum Adept

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    I just did a comparison of World Remit vs TransferWise sending £1k GBP and the receiver would get cP500 more with TransferWise, so I've signed up to them.
     
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  8. Liverpool fan

    Liverpool fan DI Senior Member Showcase Reviewer

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    Taking 100 k out of Atm with Mastercard(I know max 20 k in one transaction) or send by TransferWise I save 5-6 k pesos on 100 k that's a big difference
     
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  9. OP
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    ChMacQueen

    ChMacQueen DI Forum Patron Highly Rated Poster Showcase Reviewer Veteran Army

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    I have a US Bank account also and a platinum one as its free for veterans. You don't get reimbursed for all fee's but just the ones on the US Bank's side which is generally like $2.50 and sometimes double for certain situations. The exchange rate though from them is very poor as is with all US based banks as the exchange is done at their end and the foreign atm fee isn't included included in the reimbursement.

    Things you get changed for generally. (Note 1. and 2. can happen together and be a double fee)
    1. Using a non bank branch atm (charge from your bank)
    2. Using a foreign atm (charge from your bank)
    3. The foreign atm's charge (change from the atm's bank) (NOT reimbursed)
    4. The atm / US banking systems exchange rate which is horribly bad often losing 2-2.5p per dollar. (not reimbursed)

    Still sometimes you just gotta suck it up but it should never be the go to option.
     
  10. dadof3at1ce

    dadof3at1ce DI Junior Member Veteran Marines

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    I have used Xoom a lot to send money from USA to relatives in the Philippines, but I have checked out Transferwise the last two times. You definitely get more money out of Transferwise than Xoom. The fees are greater on transferwise, but you still end up with an exchange rate of roughly 50.6-50.7 today, where as fees are a lot less on Xoom, especially if you do a bank to bank, but the exchange rate you get is in the 48 range.

    I have credit cards that have no foreign transaction fees and will probably use them frequently when I retire and pay them using my US based account. I will have to look into exchange rates for them, but I would think they would have to be at or near the market price. If they are lower, it might not be such a good deal as I think. But Hypermart, most stores in Robinsons, Citi hardware, Du Ex Sam among others all take credit cards and as long as you pay them off every month can be a great thing.
     
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