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Cebuandrew

Is there a better way than Xoom?

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SkyMan

Damn. I feel bad now. I was complaining that it took two days for my transfers from my credit union to my Schwab account. :D

If I wanted I could have my pension sent straight to HSBC.  Or you could use Schwab for your main bank and there would be no transfer time at all.  As it is I just have a payment set up from USAA to HSBC repeated weekly that is about what I need here in the Phils.  Sometimes I don't use it as fast as it comes so I skip a payment.  Some times I need more so I add in an extra transfer.

 

 

You probably have one of the best banking system I've ever read in a long while, but HSBC branch offices in the Philippines are few and far in between where we live, but I may check into it one of these days when I open up a savings and or checking account with USAA. I now only have a credit card with USAA and the nearest HSBC branch office is in Alabang about a 30 minute drive. For now my way of banking with BPI and my U.S. bank has worked for us since 1998 and no need for me to fix anything that ain't broke, but your banking system looks promising to those who can immaculate it.

Thanks for the info!   

You don't actually need to be near an HSBC branch.  As I said, you can pull up to p10K from Metrobank no fee.  UCPB allows larger pulls, at least p20K.  Again, no fee.  So if you want p40K you can pull 4 times from a Metrobank ATM.  There may be other free ATMs as well.  Those are just the two I know for sure.

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Paul

 

 

Or you could use Schwab for your main bank and there would be no transfer time at all.

 

I had considered that. But, to be honest, I have been with this credit union since before it was - well, this credit union. (My original credit union merged with them quite a number of years ago.) Anyway, I had been doing business with them for so long, that they had become my primary banking institution. I have too many automatic deposits and automatic debits linked to it, to just go changing now. It was much easier to just preset automatic transfers to Schwab, from the credit union, every month. I adjusted to the extra two days necessary, for the transfer to complete. 

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Alk

Update on Xoom...

 

After being a loyal customer of them for over 5 years, they denied my last transaction, money i needed very much.

 

When i appealed to them via a phone call, they escalated my appeal. At that time i was not banned from using their service.

 

After reviewing my account they sent me a message saying my account was CLOSED....with some boilerplate included that it was determined that I was possibly using my account for Commercial, Drug or Sexual related purposes, which is absolute nonsense.

 

Xoom is an absolutely horrible company to do business with.   

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enoonmai

I have a US (not RP) HSBC savings account. The minimum balance is like 10 cents or something. I created the account online and funded it via web bill pay from my USAA account. It takes about 4 days for money to transfer from my USAA account where my pension is deposited to that HSBC account. I can take up to p10K from a Metrobank ATM (they're everywhere) or more than p10K (not sure how much more) from a UCPB ATM or up to p40K (per pull) from the HSBC ATM near Ayala (and can do back to back pulls there up to my account's daily limit.) No fee at all.

Want to make sure I understand. You opened a non-Premier HSBC savings acct based in the US and are using the HSBC ATM card to withdraw from MetroBank ATMs and there is no local p200 bank fee?

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SkyMan

Want to make sure I understand. You opened a non-Premier HSBC savings acct based in the US and are using the HSBC ATM card to withdraw from MetroBank ATMs and there is no local p200 bank fee?

That's correct.  I think it's this Advance Online Savings account:

 

https://www.us.hsbc.com/1/2/home/personal-banking/savings-accounts/hsbc-advance-online-savings/details

 

You fill out the app online, then you need to fund it somehow.  I sent $5 from another US account via web bill pay.  Once they have that they send out the ATM card.  That card works at Metrobank, UCPB, and HSBC ATMs wo fee.  It probably works wo fee at other ATMs too, whatever is on the same network with Metrobank and UCPB.

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enoonmai

I'll check it out thanks. One last, do they know you're living in the Phills or are you doing travel updates? Do they care?

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SkyMan

I've never told them where I am.  I use my FPO address on the account but they don't know where that goes.

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enoonmai

You don't actually need to be near an HSBC branch. As I said, you can pull up to p10K from Metrobank no fee. UCPB allows larger pulls, at least p20K. Again, no fee. So if you want p40K you can pull 4 times from a Metrobank ATM. There may be other free ATMs as well. Those are just the two I know for sure.

I finally got the HSBC card and the acct set up and got some money transferred into it. I made withdrawals at a local MetroBank and also at one of the Rural South Cebu Bank's ATMs. It's still showing "pending debit" in the online acct but there are no extra fees although there was the usual warning at the ATM that there is a p200 fee plus an additional p15 for use of network. The withdrawal amounts are the current exchange rate.

One curious thing, if I do a Balance Inquiry it shows the exact dollar amount in the account but in pesos..eg, $210 shows as P210, $400 as P400, etc and the amount on the transaction paper shows the dollar amount but no currency designation. That threw me. All my other accounts show the peso equivalent, not dollar amount.

Anyway, thanks, this is very valuable if I can eliminate all the p200+15 fees.

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ex231

I had considered that. But, to be honest, I have been with this credit union since before it was - well, this credit union. (My original credit union merged with them quite a number of years ago.) Anyway, I had been doing business with them for so long, that they had become my primary banking institution. I have too many automatic deposits and automatic debits linked to it, to just go changing now. It was much easier to just preset automatic transfers to Schwab, from the credit union, every month. I adjusted to the extra two days necessary, for the transfer to complete. 

 

I'm in just about the same boat except that I'm still struggling to get the Schwab account up and running. When I was in the US I went into a Schwab office thinking it would be easier that way .. well, I'm still working on it lol Actually the attitude I got from the lady in the office was that I was an annoyance because there really wasn't anything in it for her. I think it will be good for me once I get it sorted out though.

I've been using your favorite money transfer service  :sarcasm:  and they got real hinky on me a couple of weeks ago and I had to call them and jump through a lot of hoops to satisfy Habib on the phone. I'm anxious to be rid of them, soon I hope.

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SkyMan

 

 

I made withdrawals at a local MetroBank and also at one of the Rural South Cebu Bank's ATMs.

 

there was the usual warning at the ATM that there is a p200 fee plus an additional p15 for use of network.
Was that at the rural bank, Metrobank, or both?  And was it just in the text somewhere or did you have to hit a button to accept it?  I've never seen that on a Metrobank ATM but I tend to punch through the buttons faster than the machine can ask them.  I like to show the locals that happen to be watching how long it should take rather than what they normally do.  Fumble around with their card, read each line of instruction, ask the guard over to help them....wonder why it isn't giving them money, guard walks them through a balance inquiry, no money.....get out another card....
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enoonmai

Was that at the rural bank, Metrobank, or both? And was it just in the text somewhere or did you have to hit a button to accept it?

It was at both ATMs and I had to accept the p200 notification charge or cancel the transaction. Same with the p15 charge. As long as they don't actually charge me I don't care what the ATM says. What's very odd is the Balance Inquiry showing the correct dollar amount but in pesos...not the equivalent amount, the same amount in pesos. It was the same at both banks so it has to be an HSBC issue. Next time you withdraw do a Balance Inquiry first.

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hookedtothenet

Remitly.com works well also

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SkyMan

 

 

What's very odd is the Balance Inquiry showing the correct dollar amount but in pesos...not the equivalent amount, the same amount in pesos. It was the same at both banks so it has to be an HSBC issue.
Yes, I remember seeing that.  I think that's true of all ATMs in the RP.  The ATM asks how much money is in the account and the bank replies 1000 (dollars) and the ATM spits out 1000 and puts Pesos on it.  Then you ask for p10K and the ATM asks the bank if p10K is ok and the bank says yes.

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Mandingo

We use Remitly.   So fecking happy to not be using WU or XOOM.  

We do too, the exchange rate is not the best but it is completely hassle free and their customer service is great. I accidentally sent money to the wrong sister, one phone call from me and 5 minutes later it was fixed and the receiver had the money about 15 minutes later.

Edited by Mandingo

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enoonmai

Yes, I remember seeing that. I think that's true of all ATMs in the RP. The ATM asks how much money is in the account and the bank replies 1000 (dollars) and the ATM spits out 1000 and puts Pesos on it. Then you ask for p10K and the ATM asks the bank if p10K is ok and the bank says yes.

No, that’s not what I mean and I think this is a little off-topic but I’ll try one more time to explain. If my current HSBC balance is, for example, $454.66 and I do a Balance Inquiry from the local ATM it will display P454.66 on the screen. I checked this on 2 different banks. Obviously, that’s not right and a little disconcerting if you have hundreds (or thousands) of dollars in your account and are seeing far less. It really threw me since I had pending transactions and didn’t know what was available. If I do a Balance Inquiry with my Cap 1 debit card it shows the equivalent amount in pesos. This is a glitch, no big deal now that I know.

 

Even though the screen warns that there is a p200 plus p15 fee they don’t appear on my account. Since I use cash for almost everything here, eliminating the local bank and network fees for each withdrawal means saving hundreds of dollars a year. This is great info and I appreciate your sharing it.

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Cipro

No, that’s not what I mean and I think this is a little off-topic but I’ll try one more time to explain. If my current HSBC balance is, for example, $454.66 and I do a Balance Inquiry from the local ATM it will display P454.66 on the screen. I checked this on 2 different banks. Obviously, that’s not right and a little disconcerting if you have hundreds (or thousands) of dollars in your account and are seeing far less. It really threw me since I had pending transactions and didn’t know what was available. If I do a Balance Inquiry with my Cap 1 debit card it shows the equivalent amount in pesos. This is a glitch, no big deal now that I know.

 

Even though the screen warns that there is a p200 plus p15 fee they don’t appear on my account. Since I use cash for almost everything here, eliminating the local bank and network fees for each withdrawal means saving hundreds of dollars a year. This is great info and I appreciate your sharing it.

 

This is common in my experience, I suspect what's going on is simply that the ATM performs a balance query for informational purposes and such a query doesn't invoke the mechanics of determining the currency type, let alone exchange rate. In other words, for that function the print formatting is probably fixed. 

 

When a money is extracted, the conversion has to be done.

 

No proof this is the case but it seems to be so. 

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Enuff

I have never used xoom, only western union. bank to bank moving and usually in my account within 2 days.

 

I just did a move with worldremit.com to test and see the price difference

 

here are the details

western union - sending $455.63 = receiving p19913.08

world remit - sending $455.63 = receiving p20000

p86.92 difference

 

only difference is I couldn't send world remit using my bank account, only using credit card .............. which will give me cash back too.

 

depending on the length of time I might be switching to world remit.

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Bill H

Our experiment has ended successfully.  We had a small glitch at the bank because they've never done this before, but now they know how to do it, so future transactions should be easier.  I could have sent it through the money stores who would not have had that problem, but I like the idea of being able to send the funds directly into my PH account.  I saved 200p, that is good enough for me, we will discontinue Xoom and shift the transfers to Wells Fargo.

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NOSOCALPINOY

Been there and done all that long time ago! I know you all have heard all this before, but I just write out our U.S. personal checks for deposit into our RP local bank joint USD savings account once or twice a month and it's free, but have to wait 25 days for our check to clear and post into our account that has ATM and internet access.  

So, that answers the question, "Is there a better way than Xoom"?

 

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AB2000

We've been using Wells Fargo for a couple years now. If you have a PMA account, the fee is only $2.

 

I just checked right now for today...Xoom 44.01PHP/USD, World Remit 44.32, Wells Fargo 44.33. This was only for $100USD, maybe you can get a better rate with a higher transaction?

 

Also I noticed you cant send through World Remit from California and a few other states.

Our experiment has ended successfully.  We had a small glitch at the bank because they've never done this before, but now they know how to do it, so future transactions should be easier.  I could have sent it through the money stores who would not have had that problem, but I like the idea of being able to send the funds directly into my PH account.  I saved 200p, that is good enough for me, we will discontinue Xoom and shift the transfers to Wells Fargo.

Edited by AB2000

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ex231

We've been using Wells Fargo for a couple years now. If you have a PMA account, the fee is only $2.

 

I just checked right now for today...Xoom 44.01PHP/USD, World Remit 44.32, Wells Fargo 44.33. This was only for $100USD, maybe you can get a better rate with a higher transaction?

 

Also I noticed you cant send through World Remit from California and a few other states.

And at this moment the BPI rate is 44.86. If you want to use Xoom then fine, but you'll come out ahead if you open a dollar account here and send dollars not pesos.

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arentol

 

 

The problem I find is that the remittance comapines check your ip address and if you intiiate a transaction from the PHL and you have a US bank account they will shut you down. So I have to give my banking info to a family member who creates a remittance acct in my name so they have access to my bank acct and then handles the transaction from a US based ip address. Ive been with xoom for a few years and have not had problems but Ive recently had a Remitly acct set up as a backup.

 

As a workaround, you may want to use an anonymous VPN service with a U.S. server -- it basically assigns a U.S.-based IP address to you so that it looks like you're from the U.S. Just thought I'd throw that out there in case it's useful.

 

Strong VPN

Listing of 5 VPNs

 

 

Aren

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fordtech

There were a few bumps in the beginning but now Remitly is working good for me. Its deposited into my BPI dollar account within 2 hours. 

 

https://www.remitly.com/philippines

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AB2000

And at this moment the BPI rate is 44.86. If you want to use Xoom then fine, but you'll come out ahead if you open a dollar account here and send dollars not pesos.

The key being I need to be there to open up a dollar account, which I do plan on doing the next time I'm there.

 

Charles Schwab Bank reimburses all fee from ATM use.

How does the exchange rate on ATM's compare to the remitting services? I just opened up a Schwab account so will be using that when I get there as well, but curious how the exchange rates are.

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NOSOCALPINOY

There were a few bumps in the beginning but now Remitly is working good for me. Its deposited into my BPI dollar account within 2 hours. 

 

https://www.remitly.com/philippines

I just had a chat on-line with a live person with Remitly. She says since I live in the Philippines permanently, I can not send money to myself using Remitly. They only service members who resides in the U.S. 

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