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Remitly or Worldremit ?

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liquido

Been using Xoom with no problems sending money to the RP..I see there are others such as Remitly and Worldremit that look cheaper..The exchange rate of course is were they get you ..I know HSBC bank wire cost $35.00 plus exchange rate.. What are your thoughts on Remitly or Worldremit? Preference between the 3?

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Jim_in_Jax

I could be wrong but Xoom could work out to be the lowest cost.  I transfer money here in the Philippines using a credit card and have it deposited into a BDO US Dollar savings account.  The rate is something like $7.99 per $1000.  Their exchange rate if you have them convert to pesos is not very good at all.

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TimL

I find Xoom to have pretty crappy exchange rates when compared to others. I use TransferWise to send money to a BDO account here each month. Costs me around $15 to send $1,500.00 usd. 
Today’s rates TransferWise = 49.41 + $15 fee
Xoom = 47.83 + $4.99 fee

Sending $1,500.00 via TransferWise is cheaper. Once you’ve set it up and have done a transfer or two, it gets to an account that you’ve sent to before generally by the next day. Sometimes even within hours depending upon the time of day and day of the week that you’re sending it. 

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sierra01

I use BCRemit, usually a good exchange rate, with low fees.  Rates and fees are all upfront so no sneaky hidden costs.  Quick transfers but BDO can be slow to put the money into the chosen account.   

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SkyMan
Posted (edited)
On 7/7/2020 at 6:02 AM, Jim_in_Jax said:

I could be wrong but Xoom could work out to be the lowest cost.  I transfer money here in the Philippines using a credit card and have it deposited into a BDO US Dollar savings account.  The rate is something like $7.99 per $1000.  Their exchange rate if you have them convert to pesos is not very good at all.

But can you get the USD exchanged now?  I thought exchanges weren't taking USD now because with few travelers leaving the PI, no one was buying the dollars.  If you have a BPI USD account you can transfer USD to it from a US bank via their BNY-Mellon account.  They charge $6.50 per remittance but I think that is limited to p50K so about $1000 now.  I don't know if BDO has a similar method but I imagine they probably do.

I did TransferWise to BPI pesos and it was a decent rate but only on the first use where they give you a discount.

Edited by SkyMan

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Jester

How does this compare??  If sent today??

linc.PNG

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SkyMan
9 hours ago, Jester said:

How does this compare??  If sent today??

linc.PNG

Which one is that?  The XE rate right now is 49.5 so it cost you about p1500 or about $30.

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Jim_in_Jax

I just transferred USD to my BDO account on 1 July and when I picked it up they converted it to PHP for me.  Their rate is PHP .25 less than the current market exchange rate, if you have the account with them.  Much better exchange rate than what Xoom gives.  My Xoom account allows transfers up to $3,000 USD at a time so we don't ever need to transfer more than that.  For the amount we transfer here per month it is $15.99 and it would be less if we did it from our US bank account instead of a credit card.

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SkyMan
8 minutes ago, Jim_in_Jax said:

For the amount we transfer here per month it is $15.99 and it would be less if we did it from our US bank account instead of a credit card.

And the credit card probably considers it a cash advance so the interest starts right away, right?

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Jim_in_Jax
11 hours ago, SkyMan said:

And the credit card probably considers it a cash advance so the interest starts right away, right?

Mine does not treat those charges that way.  I know many of them may.  I only use the card so I can do my transfer right on the first of the month.  If you do a bank transfer it's even cheaper.

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Jester
On 7/8/2020 at 5:57 PM, SkyMan said:

Which one is that?  The XE rate right now is 49.5 so it cost you about p1500 or about $30.

Opps,  Remitly

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Jester

1856203067_westernunion.PNG.e57bc9d2eb992e9a497f3081e0373d02.PNG

So I went and looked,   if I sent $1000 US right now, WU is slightly higher than Remitly, the transfer is quicker with Remitly.    One above is WU,  below is Remitlyremitly.PNG.4b95543db8aa541b80ebe2bfe224903e.PNG

 

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Kabisay-an gid
Posted (edited)

Western Union is $29.99 only for people gullible enough to pay via credit card. Paying via bank to bank transfer, debit card or store agent (cash or debit) are all much cheaper.

My wife can send $1000 USD from her US bank account to a Philippine bank account for zero transfer fee. She can send from her bank account to an agent for cash pickup for a $4 or $5 transfer fee.  Last I checked, their exchange rate was exactly one peso lower than the official daily rate set by the Philippine central bank.

 

 

.

Edited by Kabisay-an gid

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Kabisay-an gid
On 7/9/2020 at 6:04 PM, SkyMan said:

And the credit card probably considers it a cash advance so the interest starts right away, right?

 

Western Union doesn't consider it a cash advance. They just charge an upfront set fee.

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SkyMan
1 hour ago, Kabisay-an gid said:

My wife can send $1000 USD from her US bank account to a Philippine bank account for zero transfer fee.

 

1 hour ago, Kabisay-an gid said:

Last I checked, their exchange rate was exactly one peso lower than the official daily rate set by the Philippine central bank.

That's about a $20 fee.

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Kreole

XOOM has had the same rate since PayPal took them over.  I transfer from my US bank account to myself, $2,900 +$15.99 fee.  I have always done the pick up at BDO in Fuente circle.  No extra fees. I only transfer USD and do the exchange myself in Cebu where there is some competition and much better rates than the banks. 

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