Is there a better way than Xoom?

[Cebuandrew 441]

Been here 14 months and love how easy Xoom has been (always fast and easy), but their fees really add up. If the exchange rate is 44.50 for example to the U.S. dollar, then Xoom is around 43.3. If I Xoom over $2,000 in a month in 2 payments, overall, it is costing me p2,880 in fees...which is around p34000 a year.

 

I understand that if I can get a bank account here and write a check from my U.S. account, it is much cheaper, but I'd need to wait 3-4 weeks for it to clear. 

 

Is there another way?

[KennyF 3,849]

Xoom is without a doubt the WORST you could use.

 

KonC

[Irenicus 7,812]

 

 

I understand that if I can get a bank account here and write a check from my U.S. account, it is much cheaper, but I'd need to wait 3-4 weeks for it to clear.    Is there another way?

 

That's the best way, Andrew.  Just make sure you budget yourself correctly, and you'll be fine.

 

Have a CC as an emergency backup in case something crazy arises.

 

I would only use a remittance company as a last resort - their costs are just not worth it.

[AshleighGirl 46]

check out World Remit...can pick up money with mllhuilier and Cebuana mllhuilier.

[contraman 29,013]

Xoom is without a doubt the WORST you could use.

 

KonC

You appear to have been lucky with Xoom so far.

 

You may wish to read this

http://www.xoomcomplaints.net/

[Cebuandrew 441]

Thanks, never heard of World Remit. Just did a comparison and for a $1,000 transfer right now, World Remit will give me p340 more than Xoom.

[RPretire? 134]

Calculate remithome(dot)com.  I do not live there (yet) and send a few pesos to the Out-Laws   I like your (style of looking at Total Expenses and as a percentage they can really ADD UP)!  As stated earlier the cheapest has been writing the every 30 days check then wait 3 to 4 weeks.  I just hope something better is available in the next 4 to 5 years for me

 

Keep us posted

[Paul 55,110]

You appear to have been lucky with Xoom so far.

 

You may wish to read this

http://www.xoomcomplaints.net/

 

Man, I don't think I have EVER been more pissed off, than I was that day. Because of me sending them the links to the websites I put up about xoom, they blocked me from ever being able to send, or receive, money via XOOM. I told the feckers they had done me a favor. 

[Cebuandrew 441]

Sounds bad Paul. At least you didn't kick the chair out from under an aggressive street vendor

[Kabisay-an gid 6,600]

Check this out:

https://www.westernunion.com/us/en/send-money-to-philippines.html

[Raptor 319]

 

 

Is there another way?

 

ATM

[NOSOCALPINOY 1,864]

Calculate remithome(dot)com.  I do not live there (yet) and send a few pesos to the Out-Laws   I like your (style of looking at Total Expenses and as a percentage they can really ADD UP)!  As stated earlier the cheapest has been writing the every 30 days check then wait 3 to 4 weeks.  I just hope something better is available in the next 4 to 5 years for me

 

I do not do money remittances to anyone anymore, because I took the "gravy train" off it's tracks long time ago!

We've jut been writing out U.S. personal checks for deposit into our joint RP USD savings account for many years now and it doesn't cost a thing, except for the 25 days waiting period for our check to clear, but we only write  out checks for deposit every other month.

For over 20 yrs now, I haven't yet found a way to transfer my money from bank to bank or by any remittance places that did not have a service fee and or low exchange rate! We only use our local and or international ATM debit/credit cards only when we have to, because we only take out enough USD/Pesos to last us a few months at a time. I know lots of people don't like carrying around a lot of cash on their person, but we don't mind, because we carry just enough to get by for our monthly living expenses and when out and about for the day. Each to their own, which pockets to use or not!   

[Bill H 6,575]

I guess I'm the only person here who has never had a serious problem with XOOM.  They are not an inexpensive option, but I've never had a problem with them and I've been using them since 2010.  That said, I think the best way to move money is to write a personal check on your home country account and deposit that check in your Philippine Bank account.  It takes about 3 weeks before the money is available, but you get the least cost results of moving the money, including the best exchange rate.  All of the XOOM, Western Union etc. type services make their money by giving you a poor exchange rate.  By writing a personal check and depositing it in your Philippines account, you've eliminated all the fees, and secured a decent exchange rate at most banks..

[NOSOCALPINOY 1,864]

Check this out:

https://www.westernunion.com/us/en/send-money-to-philippines.html

Check this out also, sounds like XOOM too: 

http://www.consumeraffairs.com/finance/western-union.html

Edited June 3, 2015 by NOSOCALPINOY

[NOSOCALPINOY 1,864]

ATM

It's great, only if no extra service fees are involved, but some banks refunds those other extra service fees,

if one has a lot of money deposited into their accounts. Even credit card companies charges a daily interest

charge on one's unpaid balances. 

There are seldom free ATMs anymore, unless it's with your bank. Use other bank ATMs other then your own,

there are always service fees involved.