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Lucky Money remittance ?


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State Trooper

Anyone have expereince using Lucky Money for remitting funds?

At this time it appears impossible to remit money to yourself unless you do a wire transfer. Im using xoom and have a family member remit my money to me with them as the sender and then pick it up at any Lhuiller office.

I want a backup service to xoom and it seems Lucky Money is a little cheaper.

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I have found the best (fast and economical) way to remit money both into and out of the Philippines is by using bitcoin. Coins.ph is my preferred bitcoin exchange in the Philippines, although there are a few others.

 

For remittances to the Philippines:

  1. If you don't already have one, open an account at your preferred bitcoin exchange at "home" and in the Philippines.
  2. Using internet banking, transfer funds to your preferred bitcoin exchange in your home country and purchase bitcoin.
  3. Transfer your bitcoin to your preferred Philippines bitcoin exchange and have them deposit or deliver the PHP equivalent to you in the Philippines.

You will get about the XE.com rate less about 2% or 3%. With good timing, you should have your PHP cash within one banking day.

 

To remit from the Philippines:

  1. If you don't already have one, open an account at your preferred bitcoin exchange in the destination country and in the Philippines.
  2. Using internet banking or cash deposit, transfer funds to your preferred bitcoin exchange in the Philippines and purchase bitcoin.
  3. Transfer your bitcoin to your preferred destination country bitcoin exchange and have them deposit or deliver the cash equivalent.

Again you will get about the XE.com rate less about 2% or 3%. With good timing, you should have the cash within one or two banking days.

 

I have been remitting both ways for about a year now. Never had a problem.

 

REMEMBER bitcoin can be volatile in its exchange rate, but volatility works both ways. If this scares you, only hold bitcoin for the shortest period possible. Never leave your bitcoin sitting in an exchange for longer than is necessary. The safest place to store your bitcoin is in a secure wallet that only you can access.

Edited by PIM
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Paul

Have you considered MoneyGram? If you go into a bank in the US, it is $9.99 for up to $500 USD. 

Of course, I have wired (from within the US) money by using the Western Union website, a similar amount, costing only $5.00, or maybe $5.99? I may be off here. But, I believe that was the cost?

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Is that what you consider easy?

Once the accounts are set up, yes.

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Nangulo

I've used Lucky Money many times from Jax, FL.  Never a problem.  I have not used their online transfer service.  It was always walk-up.

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Aerosick

Of course, I have wired (from within the US) money by using the Western Union website, a similar amount, costing only $5.00, or maybe $5.99? I may be off here. But, I believe that was the cost?

 

Where WU costs $50.00 to sent it on-line to another state, the cost when you walk-in to an office is $12.50 for the same amount. But sending overseas is higher.

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