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Sending Money to Loved Ones in DGTE

Discussion in '☋ Dumaguete City ☋' started by Kuya, Feb 18, 2007.

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  1. Kuya

    Kuya DI Member

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    Good morning...

    I was curious to know if any of you with loved ones in Dumaguete have ever used remittance or money-wiring services...and if so, which ones? I have opted for MoneyGram in the past, mainly because the fee is lower than Western Union and there are a sufficient number of pick-up locations in Dumaguete.

    I have also used PNB Remittance Centers (PNBRCI). The last time I used them, they assessed a flat $9 USD transfer fee, which was waived with a transfer of $5,000 or more (yeah, like I'll ever be able to send that much). I didn't have a PNB remittance center location in my city, so I had to mail a check to the next closest center a few states away. They held the check for about a week to make sure the funds cleared. All in all, it took around 2 weeks for the funds to reach Dumaguete from the U.S. Marilyn has access to a PNB account...otherwise, I think the fees go up and possibly the waiting time as well.

    MoneyGram offers an economy service, which takes about 2 to 3 business days for a slightly lower fee. It's around $10 to send $200 - $300 this way. The instant service costs around $14, though it increases substantially as your transfer amount goes up. I'll never be in a position to send more than a few hundred USD, so MoneyGram seems to be a good option.

    Are there others that are cheaper, but just as fast?

    Thanks!
     
  2. rmlupu

    rmlupu DI Junior Member

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    We use Western Union and the fees are tough to swallow. I am looking into opening an account at PNB and setting up a regular transfer process with a local bank here that should greatly reduce the fees. I am not sure it will all work out but I am hoping that for a few dollars (USD) a transfer that it will be much better than Western Union.

    We also used to send through the folks we use for Balikbayan service but they had to suspend that service due to some sort of tax regulation in the United States I believe. That was a good service, we miss it but still use them for the boxes on a regular basis.
     
  3. OP
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    Kuya

    Kuya DI Member

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    Hello Richard...I could certainly recommend MoneyGram over Western Union for same-day transfers if you want to save on the fees. They have 7 locations in and around Dumaguete, 3 of which are open 7 days a week, so it would be conveninent for your family and friends.

    Of course, if the waiting time is not an issue then I'm quite sure setting up a recurring transfer with PNB would be the cheapest way to go.
     
  4. wak-wak

    wak-wak DI Forum Adept

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    Many banks in PI have a form of a remittance service. PNB was mentioned. I normally use them when it doesn't need to be quick. Typical check holding period is 6 business days.

    For quicker service I use Xoom. There is regular service and value service. There are many forms of payment available. I like to use a debit card or ACH in order to avoid any possible cash advance fees that credit cards sometimes have. You can send the money to a bank account which takes longer or make it available for pick-up. Their list of pick-up locations keep expanding. I think their is also a courier option, but I have never used it.

    Most people just look at fees and forget to compare exchange rates. Western Union historically has a terrible exchange rate. Also I really hate using WU simply because I hate fees which are just too much at WU.
     
  5. PhilT

    PhilT DI Member

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    Moneygram is okay, how about Allied Bank, thats okay, if you have it in other countries other than UK.
     
  6. OP
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    Kuya

    Kuya DI Member

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    Good point about the exchange rates, wak-wak. I noticed that the current peso conversion rates are as follows (for $1 USD):

    PNBRCI: 47.40
    MoneyGram: 47.20
    Western Union: 46.83
    Xoom: 46.71

    And the fees for sending $200 USD are as follows (cheapest method shown):

    PNBRCI: $7.00 (Rapid Remit Service)
    MoneyGram: $9.99 (Economy Service)
    Western Union: $10.99 (Economy Service)
    Xoom: $5.99 (Value Service)

    Same-day service fees are, of course, going to be higher. I'm not sure if PNB Remittance Centers offer same-day service, by the way.
     
  7. Tbennekik

    Tbennekik DI Junior Member

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    sending money

    Hello,

    Until a few months ago I sent money with Western Union too, but this is too expensive for me. Before I tried usual bank transfer but this took to long.

    I asked info on a Belgian-Philippine forum and they advised me to send a belgian ATM card (not a credit card) to the Phils. So what did I do: I opened a special account whithout any credit line and with a bankcard (debitcard) on my name. I sent the card to our (foster)daughter in Dumaguete and she can go to the ATM machine and take the money there. I get the bankreceipts here in Belgium, the rate Euro-peso is very good (mutch better than Western Union). the charges are mutch lower : a maximum of 10€. Because she can't go in minus I do have a good survey of the account. She can only collect the money I'll put on the account.

    She only has to say that she needs money in time (4 days ahead). Then I put money on the account by pc-banking and she can collect it a few days later. I even haven't to leave my home for it.

    Friendly regards
     
  8. vette77

    vette77 DI Member

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    money transfer

    One way I have been considering is to send a ATM card from my local bank, then all I have to do is to deposit funds here and they can withdraw as they need
     
  9. wak-wak

    wak-wak DI Forum Adept

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    I have heard of the ATM trick too, but never tried it. I rarely have rush situations, so PNB remittance works fine for me.

    I would be curious about the fees and exchange rate for the ATM method. It probably varies based on the bank and the ATM network.
     
  10. liquido

    liquido DI Member

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    I have used xoom.com for many transactions without a problem..They are fast and cheap...
     
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