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Bill H

For those who hate Xoom, here is a possible alternative...Wells Fargo

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Bill H

Xoom rate was Wells Fargo now has a money remittance program for the Philippines and elsewhere.  It cost $5 and the exchange rate they offer is better than Xoom.  Today the Xoom rate was 44.0270 the Wells Fargo rate was 44.4784.  I just heard about this today and happened to have just sent some money via Xoom, so I cancelled the Xoom transfer and gave the business to Wells Fargo.  The downside was the initial transaction has to be done in person at any Wells Fargo branch.  After that, everything can be done online.  You can transfer any amount from $25 to $3,000 to the Philippines.  You also have the option of transferring cash or directly into your banks account.  Same cost for both services.  Most major banks in the PH are covered.

 

I will keep you posted on how it goes once she's picked up the money.  Oh, you can also choose to pick up at the Cebuana and L Lhuillier locations.

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ex231

I quit using Wells Fargo because of their exchange rate and was/am sending through xoom to a dollar account. I think it's like $12 for the transfer but BPI's rate today was .42p better than WF, saving 1260p on $3k. With that said I don't like using either one of them.

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Bill H

Perhaps you are thinking about some other Wells Fargo program.  The fees I posted are correct, $5USD and the exchange rate is much better than Xoom.  On a normal transfer I figure I will save 500p over Xoom.

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easy44

Wasn't Xoom just bought out by Paypal?

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ex231

Perhaps you are thinking about some other Wells Fargo program.  The fees I posted are correct, $5USD and the exchange rate is much better than Xoom.  On a normal transfer I figure I will save 500p over Xoom.

My point was that I send over dollars via xoom and then transfer into a peso account at a 42 centavo better rate than WF

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Monsoon

I have the arrangement with WF but rarely use it due to the mentioned exchange rate differential. That is where they make their money. They attach a seemingly insignificant service charge to hide their real profit.

 

The best solution I've found is to use my brokerage account to wire directly to my Philippine dollar accounts. I can even use it as a go between if I want to move from another U.S. Bank account as I can ACH from any account owned by me for free then a few days later wire it to myself. All can be free depending on what type of account you have.

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