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Sending money to the Philippines


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           Just a bit of info for anyone interested, we need to send money to the Philippines from time to time for various reasons. We have done it a few ways but have found western union to be the best, we have a on line account and send the money direct from out Australian account using the Poli option on WU direct tp our BPI account in the Philippines. The cost is $4 AUD and the money is there in a few minutes.  

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Jim_in_Jax

Xoom works really well.  I've been using it for years and never had an issue once.  I think the fee is less than Western Union and the recipient can pick up the money from hundreds of Lhuillier places all over the country.  There may be more Lhuillier places than Jollibees, I don't know.

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sugbu777
42 minutes ago, Jimone said:

           Just a bit of info for anyone interested, we need to send money to the Philippines from time to time for various reasons. We have done it a few ways but have found western union to be the best, we have a on line account and send the money direct from out Australian account using the Poli option on WU direct tp our BPI account in the Philippines. The cost is $4 AUD and the money is there in a few minutes.  

We've tried many, but WU has been the most reliable for us also for person to person. $6.00 USD fee from Guam. When we lived in Washington State, we used to use LBC money transfer. WU fees were a lot more in Mainland US than here on Guam for some reason. I heard it is because our WU branches are run out of the Australia office, vice the US office. I am not sure if that is true, though. 

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45 minutes ago, Jimone said:

The cost is $4 AUD and the money is there in a few minutes.  

What about the exchange rate ?

 

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sugbu777
6 minutes ago, Woolf said:

What about the exchange rate ?

 

Lately here on Guam, the WU rate has been bank rate. The folks we send to in PI will text when received and tell us the amount received and what the exchange rate was. When the WU folks ask us if we want to send in Piso or USD we always say USD. Even though it is paid out in Piso, it seems they get a higher rate if we do this.

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Use Remitey once in a great while. No fee but it takes at least three business days to transfer.

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I use   https://www.orbitremit.com/

costs $4.00, but the exchange rate is about 0.2 cents lower than what Google shows

Depending when I do the transaction ( time of day ), it can arrive the same day, or next

Very happy with it.

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29 minutes ago, Woolf said:

What about the exchange rate ?

 

  I sent some money this morning and got 1 AUD = PHP 37.68 ,, the posted rate on XE was 1 AUD = PHP 38.52, so not to bad ,, better than any bank would give you..  

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Goetz1965

I checked out TRANSFERWISE yesterday - they have a much better exchange value than WU or Azimo.

I also found that BPI has a german based service BPI Gemini - where you can send any amount like it looks and its just 8 Euro for the transfer. You just need identity proof done, but that can also be done via lawyer here or in any BPI branch.
Just check out if your bank may has that kind of branch in your home country too

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Kabisay-an gid

I prefer Western Union.

I live on the east coast of the USA. I can send up to $1000 USD from an agent location here to a bank account in the Philippines for a fee of only $8 USD. The exchange rate to pesos is virtually the same as the official rate established by the Philippine central bank - I've never seen the WU rate more than 1 peso below the official rate.

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death_by_cupcake

I send money to the family each money via Paypal.  Why don't more people use this option?  I sent 500,000p last month and it cost about $34 total.  

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shadow
5 hours ago, death_by_cupcake said:

I send money to the family each money via Paypal.  Why don't more people use this option?  I sent 500,000p last month and it cost about $34 total.  

Interesting. I use Paypal quite a bit to receive money in the Philippines. By the time it gets to our bank account it has cost me 2% just in the exchange rate difference (the difference on P500,000 would be about $250). Depending on how the person sent it, it costs me up to about 8% in fees and exchange rate, but most always at least 4% or so. I consider it an expensive way to send money, but like the convenience so chalk it up to the cost of doing business.

 

From the PP site;

"Here’s how we set our exchange rate:

  • We receive a wholesale rate quote from our bank twice a day and add 2.5% to determine the retail foreign exchange rate to apply to transactions that involve a currency conversion."
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The WU exchange rate is never very good.  And the transfer fee depends on the amount being transferred.  Then you have to make sure that your pickup location will have the USD on-hand.

So when I use WU, I first reserve the amount of USD that I'm transferring at the WU location in Rustans Ayala (I text the woman that works there most days to tell her the amount I am going to transfer before I transfer it.  She tells me if she has it on-hand or if I will have to wait until the next day.  I make the transfer and text her the WU transaction number and she reserves the USD for me).  I collect the USD at WU, take the 3 steps to the FX booth next to WU and exchange for PHP.

So it's a bit of a hassle I guess, but always worth at least 1 PHP per USD. *shrug*

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shadow
36 minutes ago, Mikal said:

The WU exchange rate is never very good.  And the transfer fee depends on the amount being transferred.  Then you have to make sure that your pickup location will have the USD on-hand.

So when I use WU, I first reserve the amount of USD that I'm transferring at the WU location in Rustans Ayala (I text the woman that works there most days to tell her the amount I am going to transfer before I transfer it.  She tells me if she has it on-hand or if I will have to wait until the next day.  I make the transfer and text her the WU transaction number and she reserves the USD for me).  I collect the USD at WU, take the 3 steps to the FX booth next to WU and exchange for PHP.

So it's a bit of a hassle I guess, but always worth at least 1 PHP per USD. *shrug*

It must be dependent somewhat on the individual agents, the WU offices in Dumaguete (USSC) give a very competitive rate on $ sent. It has to be sent in $ though, if WU converts it, it's not so good.

We were banned from WU about 5 years ago. It took several years to figure out why, WU is designed for people to send remittances to friends and family, not for business transactions.  since were were receiving from many people, they decided we fit into the business category.

Oh well, their loss. Xoom, Moneygram, and Paypal are quite happy with that decision on their part. For years WU was my favored method, probably several million pesos had been sent to us WU over the years.

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1 hour ago, Mikal said:

The WU exchange rate is never very good.  And the transfer fee depends on the amount being transferred.  Then you have to make sure that your pickup location will have the USD on-hand.

So when I use WU, I first reserve the amount of USD that I'm transferring at the WU location in Rustans Ayala (I text the woman that works there most days to tell her the amount I am going to transfer before I transfer it.  She tells me if she has it on-hand or if I will have to wait until the next day.  I make the transfer and text her the WU transaction number and she reserves the USD for me).  I collect the USD at WU, take the 3 steps to the FX booth next to WU and exchange for PHP.

So it's a bit of a hassle I guess, but always worth at least 1 PHP per USD. *shrug*

Thats seems like a lot of work for a bad rate.

Whenever I was pesos quickly,  I use WorldRemit, send to myself and pick up at Cebuano Mhluillier within 2 minutes, all for a decent rate.

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