Possible To Send Money To A Rural Bank From Abroad?

[Thomas]

You can send it to a bank as well but this way is faster and less issues.  Banks will take 2 or 3 business days.  Cash pick-up is almost instantly.  Or you can have the money delivered to them at home as well - obviously this will cost a bit more  but I don't know how much.

Yes. If they have a WorldRemit payer where they live.

(If not  -  if I have understood corect -  the fee is much higher if the reciever isn't a bank acount.  3 - 4 times difference for small amounts, much more for biger amounts.)

[i am bob]

 

You can send it to a bank as well but this way is faster and less issues.  Banks will take 2 or 3 business days.  Cash pick-up is almost instantly.  Or you can have the money delivered to them at home as well - obviously this will cost a bit more  but I don't know how much.

Yes. If they have a WorldRemit payer where they live.

(If not  -  if I have understood corect -  the fee is much higher if the reciever isn't a bank acount.  3 - 4 times difference for small amounts, much more for biger amounts.)

 

No, they do not need WorldRemit where they live...

 

You log in to WR, arrange to send the money and then either (1) it is sent to one of the 2 companies that the people you are sending it to can pick it up at; (2) the money is sent to a bank for them to get it from; or (3) it will be sent to a company that will deliver it to them personally at the address you provide.  This last one will cost more than having them pick up the cash themselves as obviously the company has to hire someone to deliver the money and this company is also responsible for ensuring that only the person you send it to gets this money and that includes all of the money that you send them.  WR is just the company that send the money for you, does the currency conversion and ensures that that the people in the Philippines actually get the money to you at no further cost than what you pay them.  It works this way with most companies with the possible exception of Western Union.  And I only exclude WU as I have not used them in years and at that time the person receiving the money had to go to a specific WU office to pick it up.  Some other companies may not include the delivery - others may not allow for personal pick-up and others may only deal with banks only but you will find out by going to these sites and looking to see what they offer.

 

One thing to also look at is how much is the service charge as well as the currency conversion together.  I know that, for me, WR is almost always cheaper than my bank to send money until I start getting into the much higher values.  As well, there is a daily limit on how much I can send with WR - for me in Canada, that is $850 a day max - anything more has to wait 24 hours.  

 

And before somebody wonders if I am pushing WR, NO I AM NOT!  This is the company that I have experience with, will be looking at to do my transfers monthly with once I am in the Philippines and I have done my homework on.  There are other companies just as good and maybe even better - just for my situation, I have not found one yet.  So if anyone is interested in WR, check them out and then check out the competition.  If you find a company that is better, please let us know!

 

And, for y'all in the US?  Sorry - you will have to find another company...  But then you have Xoom which is similar as well as a few others too.

[Dave Hounddriver]

the money is sent to a bank

 

You really need to be here to see what a 'Rural Bank' is.  It ain't your CIBC,  It is just some rural farmer or merchant (or scammer) or group of same who decide to call themselves a bank.  Dozens of them go broke every year.  Many/most respectable businesses do not deal with them.

 

Read more here.  Or just do a search.  There is one way that they are like a bank in that money on deposit is supposed to be guaranteed for up to 500,000 pesos by the PDIC.  But even the PDIC hesitates to pay out on them when the go broke.

 

Purpose of this post is to remind that this thread is about Philippine RURAL banks and I doubt very much World remit or any one else would send to them.

Edited May 3, 2013 by Dave Hounddriver

[i am bob]

 

the money is sent to a bank

 

You really need to be here to see what a 'Rural Bank' is.  It ain't your CIBC,  It is just some rural farmer or merchant (or scammer) or group of same who decide to call themselves a bank.  Dozens of them go broke every year.  Many/most respectable businesses do not deal with them.

 

Read more here.  Or just do a search.  There is one way that they are like a bank in that money on deposit is supposed to be guaranteed for up to 500,000 pesos by the PDIC.  But even the PDIC hesitates to pay out on them when the go broke.

 

Purpose of this post is to remind that this thread is about Philippine RURAL banks and I doubt very much World remit or any one else would send to them.

 

 

This is one of the things that I queried them on when I first started to look at WR for transferring my monthly pension cheque from Canada.  I don't have the list anymore as I realized I could deal with the larger banks in the places I wanted to go to BUT I do remember there were several Rural Banks listed for the Philippine Banks they would deal with.  If the Rural Bank of Tudela is on that list I cannot say right now.  

 

Still my original point was that he could send it through for pick-up and avoid the banks all together and save money on the administrative side as well.  And, yes,  WR is represented through M Lhuillier in Tudela for this so cost is minimal for the sender.  They are one of the 2 companies that do all the payouts on a personal basis throughout pretty well the entire Philippines and, no, there is no further charge to pick up the cash there.

[Thomas]

 

 

You can send it to a bank as well but this way is faster and less issues.  Banks will take 2 or 3 business days.  Cash pick-up is almost instantly.  Or you can have the money delivered to them at home as well - obviously this will cost a bit more  but I don't know how much.

Yes. If they have a WorldRemit payer where they live.

(If not  -  if I have understood corect -  the fee is much higher if the reciever isn't a bank acount.  3 - 4 times difference for small amounts, much more for biger amounts.)

 

No, they do not need WorldRemit where they live...

 

You log in to WR, arrange to send the money and then either (1) it is sent to one of the 2 companies that the people you are sending it to can pick it up at; (2) the money is sent to a bank for them to get it from; or (3) it will be sent to a company that will deliver it to them personally at the address you provide.  

 

 

 

 

Still my original point was that he could send it through for pick-up and avoid the banks all together and save money on the administrative side as well.  And, yes,  WR is represented through M Lhuillier in Tudela for this so cost is minimal for the sender.  They are one of the 2 companies that do all the payouts on a personal basis throughout pretty well the entire Philippines and, no, there is no further charge to pick up the cash there.

Good. Then that can be used.

 

 

the money is sent to a bank

 

You really need to be here to see what a 'Rural Bank' is.  It ain't your CIBC,  It is just some rural farmer or merchant (or scammer) or group of same who decide to call themselves a bank.  Dozens of them go broke every year.  Many/most respectable businesses do not deal with them.

 

Read more here.  Or just do a search.  There is one way that they are like a bank in that money on deposit is supposed to be guaranteed for up to 500,000 pesos by the PDIC.  But even the PDIC hesitates to pay out on them when the go broke.

 

Purpose of this post is to remind that this thread is about Philippine RURAL banks and I doubt very much World remit or any one else would send to them.

 

ok. I better use WorldRemit then. 

 

--

(But now they say they can wait until my planned visit in autumn, if they don't manage to solve the problem themselves before that, so the problem is solved  :)     But good to know the WordRemit through MLhuillier solution anyway e g if my visit will be delayed.)