Using Usforex To Transfer Money.

[Guy F.]

Has anyone here used usforex.com to send money internationally? Their website certainly looks legit. It claims to provide faster service and charge less than banks. I went to my credit union today and was shocked to learn they charge about 6.3% to send money to a bank in the Philippines. I want to send almost $50,000 to get construction started on my retirement villa, and 6.3% of that is $3,150. Outrageous.

So I'd like to get some reassurance before I trust them with that much money. Can anyone vouch for usforex.com?

[Old55]

Guy, search the forum on large money transfers. Do not use Forex or others they would cost a fortune.

There are several ways you can transfer large amounts like you wish. There are some US and Filipino regulations to do with large money transfers. 

[Dave Hounddriver]

The money transfer company I use limits me to $10,000 at a time so if I wanted to send $50K as you do it would be a lot of piddling around.  I suggest you check the limit before giving any wire transfer service a try.

 

Your credit union is gouging you so just open a US$ account here and write a check in $US funds which you can deposit here.  You will have to wait 30 days to access the money but it won't cost you anything.  

[Czechman]

TransferWise is an app available for your Android phone or Windows computer - I believe you can use it on other operating systems too. Their exchange rate is unbelievably excellent and beats the bank's ripoff rates by a long shot! I haven't used it yet because I am still in the process of setting up a Phils bank account; have a few minor hurdles to overcome and will be good to go soon though. I am definitely going to use it as soon as I get my Phils bank account setup though.

 

For example, according to their site, if you send/transfer/transmit 1,000 USD, it will be a deposit of 44,178.75 PHP, and they claim that it's a savings of 1,632 PHP vs your bank. Check it out and decide if it's right for you: https://transferwise.com/

[Gratefuled]

Hello Guy from Wyoming,

You didn't say if you are married to a Filipina or just want to retire in the PI. There are restrictions about owning property if not married to a Filipina. You can check it out some time.

About sending money. I can send up to $10,000 monthly from my US bank to my joint account in the PI. I send in multiples of $3000 at a cost of $5 each transfer. 

There are steps to take beforehand. 

First, open a joint bank account in the PI. Next, get the Swift Code of the bank. Arrange for a first time transfer from your US bank to the designated joint account person (wife) or even yourself. Your US bank will help you with this.

You can then send money via the internet from anywhere. Even from the Philippines to yourself. 

You must first set it up properly.

Good Luck

[intrepid]

I was just checking the same thing the other day with my credit union.

My CU limites $10k per month $40. wire transfer fee.

They suggested a larger bank like Bank of America.  So I checked with BOA and they have a $50k limit per month with only a $25 wire transfer fee!  Plus you can open a BOA over the phone or net!

Good luck.

[OnMyWay]

I was just checking the same thing the other day with my credit union.

My CU limites $10k per month $40. wire transfer fee.

They suggested a larger bank like Bank of America.  So I checked with BOA and they have a $50k limit per month with only a $25 wire transfer fee!  Plus you can open a BOA over the phone or net!

Good luck.

 

I used my Chase bank account to wire 25k.  They charged $40 and then BPI charged me $6.50.  I thought this was reasonable.  Fidelity was cheaper but I don't want to have Philippines transactions there.  Normally I write checks but I needed this money right away to buy a car.

[Guy F.]

Yes I'm married to a Filipina (dual citizen) and we have a BPI account. She is in the PI now and will ask the builder if he has experience with transferwise or usforex.

[GregZ]

I've signed up for TransferWise. It does not look cheap for large amounts as they charge 1% as a transfer fee. That is for USA $ bank account to PHP bank account. For smaller amounts, like $500 US it looks like an option. $5 charge and exchanged at mid-market rate more-or-less. Technically, they avoid money changing expenses by matching your transfer TO PHP with one FROM PHP. So only the transfer fee applies.

It is slow compared to Xoom or Western Union, taking a week to complete the transaction. I like that I need no physical body on the Phils side, while I am in the USA, to complete the deposit into the bank while getting a good rate on the exchange. Plus nobody in the Phils knows how much I move in (if I had someone pickup cash US$ and exchange it, then deposit), important to me when I am out of the Phils.

Edited May 29, 2015 by GregZ

[OnMyWay]

I guess you are still in the U.S. and the wife in PH, so this is probably not helpful at this point, but I thought I would post it here.

 

I wrote a check to myself, from my U.S. Chase account to my BPI dollar account, and deposited it on May 5.  The funds were available today, May 30th.  So about 25 calendar days.

 

Checks are the most cost effective option if you can plan for them.