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Money Transfers

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303croissant
  5/31/2022 14:08 EST

Good day one and all..!!! I’m having difficulty getting opinions on the best ways to receive money in the Philippines. I currently use a Schwab ATM when overseas without any problems. I have heard from others in the PL that sometimes ATM machines have an “appetite” for ATM cards and could have long waits or other issues getting them back. Then I see ad’s for Wise money transfers and Remitly as well as others. Does anyone have any experience with one or the other ?? Or any other thoughts on safe money transfers without opening a PL bank account….??? Thnx for the thoughts…!!!

quinoajones
  5/31/2022 18:14 EST

I was using Xoom. Then a couple years ago Remitly tempted me with a higher conversion for the first transfer. After that Remitly still has a slightly lower fee and slightly better rate than Xoom, so I keep using Remitly.

It is good to have 2 accounts in case one service goes down on a day you really need a transfer.

In then end, I think I lose about 5% with Xoom and 4% with Remitly when I compare them with the current theoretical exchange rate. Normally sending $100 - $1000. You may lose about the same from an ATM or even bringing cash and exchanging it. They show one price but give you less for smaller bills or dirty bills. Or your bank charges you an ATM fee or crappy exchange rate.

There is no best option. But the money transfer services are fast enough and require photo ID and the transfer number to pick up. And a guy with a shotgun on security! Fun times! Some pickup locals don't have security. I would send less there. I also vary where I pick up.

DarwinBarr
  5/31/2022 21:28 EST

Hello. You can use cryptocurrency to transfer money here. In the Philippines, here you can use Coins.ph for cash out or pay some bills. Also, you can use Gcash and transfer money from Your bank to here for use.

gelynch52ph
  5/31/2022 22:36 EST

I send money by bank transfer to my GF via worldremit.com to her BPI account & it costs $1.99/transaction. When I arrive later this week I will continue to send my SSA to her at least until I get my own bank account.

ThomasP
  6/1/2022 09:06 EST

I have an account(s) withRemitly and Wise

Airkevqb1
  6/1/2022 09:49 EST

I've been using World Remit. $1.99 for transfer. I send it to her GCash account but you can send it to a bank account also

I've had no problems with them they are very prompt.

ebxebx
  6/1/2022 10:23 EST

Keep in mind all of these mobey transferring services take 2-3% of the exchange rate for additional profit.

JayT
  6/1/2022 10:32 EST

nerdwallet states: OFX, an online currency exchange platform previously known as USForex, focuses on sending transfers cheaply to 91 countries. It doesn't charge any fees and has generally low markups on exchange rates. You can also target future rates, so a transfer will be sent when the market reaches your desired rate. Delivery takes three to four business days on average.

Pros: Cheap; no maximum amount per transfer

Cons: No same-day or next-day delivery; transfers require bank accounts on both ends; minimum amount per transfer is $150

surfingcebu
  6/1/2022 11:39 EST

303- I have accounts with Remitly. Good firm . Never had a problem with them . Good mobile App too . Safe and very good management . Good rates and costs .

Surf .

EagleOz
  6/1/2022 12:22 EST

My wife and I will be moving to the Phil in 2023, not happy with violence in USA and no consequences for that violence. You said you have a Schwab account, get Schwab checks or checks from a bank you deal with in the US, assuming you are from the US. KEPT the money in the US but write a check off that account and put it into a BDO Bank account, waiting probably 2-3 weeks for it to clear so you can withdraw it as you need it from BDO.

303croissant
  6/1/2022 12:23 EST

Thank you quinoajones for your reply. I am taking notes and evaluating all responses to find the best rate and most secure transfer. Thanx again…..

303croissant
  6/1/2022 12:58 EST

Thank you DarwinBarr for your reply. Your input is appreciated. I plan on investigating all options for costs, fees and security.
Thanx….

303croissant
  6/1/2022 13:08 EST

gelynch52ph, Thank you for your input..!!! That is one heck of a great rate for transfer. I don’t have any plans in the short term foreseeable future to open a Pl. bank account or have gf there. But your recommendation is certainly worthy of investigation.
thanx again…..

303croissant
  6/1/2022 13:11 EST

Thank you ThomasP. These two are the most recommended and having more than one option is a good idea. Weighing all insights from this helpful community.

303croissant
  6/1/2022 13:20 EST

JayT, Thank you for your insight. I like all the “pros” of course, but on the “con” side I have no plan ( as of yet ) to open a Pl bank account as I will be traveling and prefer a more “flexible” mobile application than a bank. But will still investigate in case things change.
Thanx again….

303croissant
  6/1/2022 13:40 EST

EagleOz, Thanx for your reply. I too feel that is one of many reasons to leave the US. Watching the decline of our society and not wanting to EXPERIENCE it’s future effects. I do use Schwab with their atm card. I not plan currently to open a Pl bank as I will be traveling. But worth further investigation…..

UnkleJoe
  6/1/2022 14:18 EST

Remetly free when transferring over 1000 so that's what I use, never a problem. just don't send more than 3000 per transferring or might have to look fir a spot that will give it out..

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