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Goetz1965

I Found Another Fast Way To Send Money To The Philippines

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Goetz1965

I just sent money from my German EUR account to my philippine PHP bank account - and it was done in just 1 Minute !

Ok its not the cheapest way as the handling fee is about 6% - so I recommend it for emergencies 
But I guess it will work the same for any bank account worldwide

What is needed:
- a Skrill.com Account (or any service that offers electronic wallets)

- Globe GCash


I deposit money in my skill.com account by credit card - instantly
Then I transfer money from Skrill to my Cash Wallet - also instantly
From my Cash wallet I "Send Money" to my philippine bank account - also instantly

This 3 transactions can be done in under 1 minute 

 

Its NOT the cheapest as the fees are like this:

- 1% for credit card transaction

- Exchange rate of Skrill is not the best 1 EUR with Skrill was only 57,54php (same time  Transferwise gave me 59,81php and Azimo 59,06php)

- also theres cost at GCash  for 1000 EUR that would be 14,50 EUR

Thats how I say it ends up with 6 % fees (1000 EUR send - 10 EUR credit card - 14,50 EUR Cash - 2000php exchange rate = 34,50EUR)

 

But I guess in case of emergency where you need the money really fast there's no better way.

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Woolf

Take my Danish Mastercard 

go to BPI atm  withdraw 20000 php ( can do at least 2 transaction in 24 hours )

cost about 5% 

instant cash in hand 

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lamoe

Amount wasn't specified

Cheapest I've found

At home transfer online from Chase to Schwab  - go to HSBC withdraw up to $1,000 USD (50+ KP right now) - get very close to web listed exchange rate

Can use Chase (monthly direct deposits with them)   but 4%  - $400 USD = $16 fee

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RangerUp
2 hours ago, lamoe said:

At home transfer online from Chase to Schwab  - go to HSBC withdraw up to $1,000 USD (50+ KP right now) - get very close to web listed exchange rate

Or just skip all that and use an HSBC bank account, no fees

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lamoe
19 minutes ago, RangerUp said:

Or just skip all that and use an HSBC bank account, no fees


True - I'm a creature of habit

All my direct deposits go to Chase - also daughter / ex-wife  have access in an emergency

 

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nameg1111
3 hours ago, Woolf said:

Take my Danish Mastercard 

go to BPI atm  withdraw 20000 php ( can do at least 2 transaction in 24 hours )

cost about 5% 

instant cash in hand 

HSBC ATM Give you 40000 PHP in one Transaction I Think less fee, If you are around Ayala

 

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Woolf
1 hour ago, nameg1111 said:

HSBC ATM Give you 40000 PHP in one Transaction I Think less fee, If you are around Ayala

 

I am too lazy to drive from Talisay to Ayala, just to get cash

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HeyMike
32 minutes ago, Woolf said:

I am too lazy to drive from Talisay to Ayala, just to get cash

Lol... I take the bus into the City from Barili just to get cash from the HSBC atm, and I'm the laziest person I know.... Well, maybe the 2nd laziest person I know (wink).

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Goetz1965

Ok I did some more checking - so SKRILL was the worst but I found that Azimo, TransferWise and Worldremit also allow to send money to "Mobile Money Transfer" or eWallet oder GCASH.

AZIMO I sent 100 EUR and got 5899,85php within a minute 
Transferwise would have been 5,867.77php
Worldremit would have transferred 5843.00php

The actual exchange rate on google is 60,39php for the EURO so the fee for AZIMO would be at 139,15php = 2,30 EUR oder 2,3%

To all of you saying I use my creditcard and have the money in an hour - just imagine you are at home in the USA and your wife calls that your son in in hospital and she urgently needs more money - and its maybe 2am in the philippine province.

Then you sure will agree that "within a minute" is by way better than "in an hour" - before a doctor starts the treatment.

Edited by Goetz1965

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Gus

I use Transferwise Aust to Thailand takes 24 to 36 hrs .. Better rates and exchange rate ,than bank to bank.

Use WorldRemit Aust to Philippines ..its instantaneous and they will pay out in cash at remitters like Palawan, Cebuana,MLhullier etc. ( or into a bank account )

Sent from my vivo 1713 using Tapatalk

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Woolf

My wife has a danish MasterCard debit card

when I am in Denmark I just transfer money to that debit account

and she can go to an atm and get cash,

I keep a some money on that account for emergency, but as soon as I know more is needed I can transfer 

from my bank account to that debit account online, I would say instant cash

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lamoe
4 hours ago, nameg1111 said:

HSBC ATM Give you 40000 PHP in one Transaction I Think less fee, If you are around Ayala

 

Gives me 40 KP per transaction up to the limit I set on my debit card

So, need two during same trip to get 53KP $1,000, could have established higher - maybe 10 min ride to bank  (non-rush hour)

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to_dave007

Pension deposit to HSBC Canada, $25,000 RRSP retirement funds (like 401K) on deposit there at ~2%/yr, gets me free transfers.

Auto XFER monthly to HSBC Cebu for free, in CDN$.  Transfer to peso online when the rates are good.

Bring funds by managers cheque to local UCPB branch in Tuburan, and take it out via tellers counter when I need it

Maintain a float at UCPB, so I only need to go to HSBC once every few months to bring money out here.

No ATM transactions.  No fees end to end.

Losing 5% or 6% monthly of the top to fees, in ADDITION to whatever transport costs required to do it, would really bother me.  Feels too much like a voluntary tax.

Edited by to_dave007

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Woolf

I think op is about fast transfer, like for emergency, nothing is faster for me than using ATM  & danish mastercard debit or kredit

 

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