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mistaeric

Compass Bank 5 buck wire transfer!

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mistaeric

I had my girl in Cebu open a savings account at B.P,I, and I transfered $900.00 + 5 buck fee to her account, And it arrived in about 15 mins! Easy as pie!

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Paul

Wired through Compass Bank?

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mistaeric

Yes Paul..Bank manager said up to $3,000.00 per day,but not more then $9,000.00 per month. I think you have to do separate transfer up to the 3k limit.

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Lordblacknail

Where is Compass bank? More details please.

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ROCO22

Where is Compass bank? More details please.

 

Birmingham, AL

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mistaeric

My Compass Bank is here in Texas. I just noticed that pesky Foreign Exchange rate of $22.50 per $900.00 transfer. Is that normal or above normal?

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Headshot

My Compass Bank is here in Texas. I just noticed that pesky Foreign Exchange rate of $22.50 per $900.00 transfer. Is that normal or above normal?

 

So...in other words...it cost you $27.50 to transfer $900. I would say that is a bit pricey.

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The Mason

So...in other words...it cost you $27.50 to transfer $900. I would say that is a bit pricey.

 

Depends on the exchange rate he got. If Compass gave him market value instead of clipping him on the exchange rate he came out about even with the major remittance services. Most of the remittance services get you for about $20 in lower exchange rates on a $900 transfer, and charge $6 and up to do the transfer.

 

To the OP....what exchange rate did you get?

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David Spicer

It sounds like Compass Bank already got theirs: $5 + 2.5%. If I'm not mistaken, BPI will also likely charge about P200 for the inward remmittance. The exchange rate will be whatever BPI is offering at the time of processing; normally between 15 and 30 centavos less than the bank to bank rate shown online. So we're looking at about $32 or so here in fees.

 

As of this posting BPI's exchange rate is P42.19 for $1,000 or less. So if it all happened right now we would be looking at about a P40.53 exchange rate after fees.

 

If I were to use my US ATM card at BPI here to get the same amount, it would cost me $27.91 in fees. At HSBC, $8.95 in fees. My credit union only charges 1% and HSBC charges nothing for using it. BPI charges P200 for a maximum of P10,000 per transaction, so this would require 4 transactions.

Edited by David Spicer

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