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CaptainJackson

Ways of sending money

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CaptainJackson

Xoom

Western Union

Bank transfers

Joint bank accounts

 

 

What are some of your good, or bad, experiences with sending $$$ to the Philippines?

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philinvegas

Several years ago I had great success with MoneyGram. I sent money by MoneyGram to my wife recently when she visited Badjian. She had no problem with the pickup. Photo ID required, naturally.

 

Now, because the sending fee is less than MoneyGram, I send for my monthly lot payment and for my wife every month thru my best friend's PNB account. I go to the nearest PNB Remittance Center here in Vegas and the staff there all know my face, so they just ask me "Sending to Clyde?" I filled out paperwork only once. My fee is usually $8 or $9. I was surprised when my last send on 8/22/96 that the fee was $7 on $650, (PP32,922.50). I think the $7 is for above $600.

 

That day's PNB send rate was 50.65, and last quote on XE.com just before I left home was 51.13 I think.

 

FYI, XE quote now is 51.3855/$1

 

____________

 

Last October my buddy was sent money from US via Zoom...We waited over an hour to get the money...what a hassle...delay after delay after delay, etc, We snickered and joked of "typical Filipino Way". My buddy said he would tell the sender to never again use Zoom. Not easy nor quick to pickup.

 

On the other hand, hehe, it would be a good way to send money to someone you didn't like...

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CMR
Xoom

Western Union

Bank transfers

Joint bank accounts

What are some of your good, or bad, experiences with sending $$$ to the Philippines?

 

WU 100% works fine but averages out to about an 18% charge!!! Also be sure to specify $$ on the receiving end or get bit another 2-5% on ripoff exchange rates.

 

Bank transfers: Done 3 or four times. Works great, relatively cheap for larger amounts. Gets the best exchange rates. Takes 24+ hours

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Busted Dick
Xoom

Western Union

Bank transfers

Joint bank accounts

What are some of your good, or bad, experiences with sending $$$ to the Philippines?

 

Have tried Xoom - found it quick and convenient.

 

Western Union, ditto but very expensive.

 

Bank Transfers - too expensive for small amounts of money.

 

Personally I have a second bank account and left an ATM card for this account with someone in Cebu. I only pay the amounts I wish to transfer into the account; the person in Cebu can then withdraw up to this amount using the ATM card. The bank does charge me for the withdrawals but I find this the cheapest, quickest and most reliable method.

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WorldlyPatriot

XOOM has been reliable for me, especially if the money is not needed immediately. In terms of price, I feel WU is far too expensive, but in an emergency, they are one of the best.

 

XOOM allows a transfer of funds directly from a USA checking account. I'm not sure if they allow transfers from checking accounts in other countries. Using this method, the fee for sending $150 USD is $3.80, plus the routine conversion penalty, which is not exorbitant when compared to WU. After the first transfer using a USA checking account, it takes about three days for the funds to appear in an Equitable PCI account in RP.

 

Of course, you can transfer by XOOM using a credit card, the cost is still reasonable, and the transaction time is quicker.

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CaptainJackson

Great information people, thanks.

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Nangulo

Xoom has a lower transaction fee that looks nice up front, but they also have a lower exchange rate. LuckyMoney.com has somewhat higher transaction fees but a better exchange rate.

 

For small amounts, Xoom costs less, overall. As you go over about $300, the lower exchange rate negates Xoom

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freeheeler

I've been using xoom for about 3 months now, the money comes directly out of my bank and they deliver to it to my g/fs door at no extra expense. She also lives out in the back end of nowhere which helps a lot. It normally takes about a week for this depending on what day you arrange the transfer.

 

I tried ikobo but they were terrible, their customer service was very poor and literally accused my g/f of being a liar when she told them that fed ex had charged her extra for taking delivery of the card they sent

 

 

 

 

Xoom

Western Union

Bank transfers

Joint bank accounts

What are some of your good, or bad, experiences with sending $$$ to the Philippines?

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Steve

I'm about to start using Xoom myself. Western Union is ok for an occasional/emergency transfer but their fees are nuts. Remithome.com appears to be decent as well. What's everyones opinion / experience with them?

 

Xoom

Western Union

Bank transfers

Joint bank accounts

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Nangulo

Your exchange depends on three things: transaction fees, exchange rate (from the carrier) and amount of transaction. Xoom.com starts cheap but has a lower exchange rate. LuckeyMoney has a relatively hefty transaction fee but a better exchange rate. RemitHome.com has a constant transaction fee and a middling exchange rate.

 

Quick formula: (Remittance + transaction fee) / company exchange rate = PHP/$

 

 

Right now (25 AUG 2006)

 

$100 remittance:

 

Raw FX = 51.58

Xoom = 48.41

Lucky Money 46.62

Remit 45.86

 

$500 remittance

 

Raw FX same

Xoom 49.31

LuckyMoney 47.95

Remit 49.46

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Ginamos

Wtih Bank transfers, how quickly the money is received, seems to depend on which Philippine Bank you use.

 

I've noticed that PNB transfers took about 5 days, BPI about 3 days. This may have just been the luck of the draw, anyone else notice this?

Edited by Ginamos

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Jim Sibbick
Wtih Bank transfers, how quickly the money is received, seems to depend on which Philippine Bank you use.

 

I've noticed that PNB transfers took about 5 days, BPI about 3 days. This may have just been the luck of the draw, anyone else notice this?

 

 

 

It may depend on who your bank has arrangements with.

 

 

 

My bank in Australia has arrangements with PNB so when I transfer money, it is available next day. But if I was sending to a different bank in the Philippines, my bank would probably send it to PNB first for them to send on to the other bank, thereby causing a delay.

 

 

 

I hope this helps!

 

 

 

 

 

Regards; Jim

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Ginamos
It may depend on who your bank has arrangements with.

My bank in Australia has arrangements with PNB so when I transfer money, it is available next day. But if I was sending to a different bank in the Philippines, my bank would probably send it to PNB first for them to send

 

Thanks Jim. I'm sending it via CommBank in OZ, I'll have to ask them who they have an arrangement with.

 

Nick

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CMR
Wtih Bank transfers, how quickly the money is received, seems to depend on which Philippine Bank you use.

 

I've noticed that PNB transfers took about 5 days, BPI about 3 days. This may have just been the luck of the draw, anyone else notice this?

 

Good lord man those are really bad times. So far in four transfers to MetroBank the shortest time has been about 6 hours and the longest time 1.5 days because of timezone mismatch. 3 days is possible if it is was a weekend and 5 days if you hit national holidays in both countries. Somebody is doing you wrong on this.

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Ginamos
Good lord man those are really bad times. So far in four transfers to MetroBank the shortest time has been about 6 hours and the longest time 1.5 days because of timezone mismatch. 3 days is possible if it is was a weekend and 5 days if you hit national holidays in both countries. Somebody is doing you wrong on this.

 

It was getting so slow with PNB that we switched accounts to BPI, still took 3 days. However I've only done one transfer with BPI and the person setting up the account did say that transfers should be available next day (subject to time zones etc).

 

Thanks for the heads up guys, I'll have to check with the bank.

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