Transfer Wise

[gabgab]

Just to update, I ended up opening an account with PNB, just received the TransferWise deposit and there seems that no fee was charged by the bank.

 

I think we can assume that no fees are charged by PI banks on TW deposits.. unless someone steps forward and tells a different story.

[Jack Peterson]

I ended up opening an account with PNB, just received the TransferWise deposit and there seems that no fee was charged by the bank.

 

As Long as you are in your holding balance with PNB yes, No Charges on incoming Stuff but be careful to maintain that Holding balance.

 

 Jack :)

[Steve & Myrlita]

A TW question. I'm considering TW in the future. Now with XOOM, they add the fee to the send amount ie: Send 1000 direct to peso bank account. They then add 4.99 thus amount charged to you is 1004.99 . With TW however, I noticed the fee fluctuates with the amount sent. My question is, is the amount you send add the fee as XOOM does or is it included in the total and the fee is deducted from the amount transferred?

Edited February 18, 2016 by Steve & Myrlita

[Sander Martin]

The fee with TW is a fixed % of the money you send. That might sound like a bad deal, but its not! They use the midmarket rate, so you get the best exchange rate in the market. Banks and places like paypal might have a fixed transfer rate, but the exchange rate they give you is crap. The so called banks "hidden fees".

 

I just transfered some money from my Australian bank account to my European. Transferwise gave me 0,645 euros per dollar while my bank offered 0,610.

Edited February 18, 2016 by scott h
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[Sander Martin]

If you send 1000USD you will be charged 1000USD. The transfer fee will be taken out of 1000USD before its converted into PHP.

[Dave Hounddriver]

The fee with TW is a fixed % of the money you send.

 

I shall surely investigate more when the time comes to transfer more money, but this statement raises a question:

 

If the exchange rate they give is 47.5 to 1 and the fee is a fixed percentage (lets say 1% for simplicity sake) then is this not the exact same thing as offering an exchange rate of 47 to 1?  It seems to be merely playing with words and numbers but I will give it a fair look in the near future.

[Jack Peterson]

 

The fee with TW is a fixed % of the money you send.

 

I shall surely investigate more when the time comes to transfer more money, but this statement raises a question:

 

If the exchange rate they give is 47.5 to 1 and the fee is a fixed percentage (lets say 1% for simplicity sake) then is this not the exact same thing as offering an exchange rate of 47 to 1?  It seems to be merely playing with words and numbers but I will give it a fair look in the near future.

 

Ahh! the Language of Bankers  :)  A Language I wouldn't mind learning  :thumbsup:

[AlwaysRt]

The fee with TW is a fixed % of the money you send. That might sound like a bad deal, but its not! They use the midmarket rate, so you get the best exchange rate in the market. Banks and places like paypal might have a fixed transfer rate, but the exchange rate they give you is crap. The so called banks "hidden fees".

 

I just transfered some money from my Australian bank account to my European. Transferwise gave me 0,645 euros per dollar while my bank offered 0,610.

 

It depends on what bank and what currency you are converting from/to. I don't remember exactly but the last time I withdrew pesos at a BPI ATM from my US account, the rate I got was 47.93 - a little better than the 47.88 spot rate on xe.com.

[GregZ]

The fee with TW is a fixed % of the money you send.

I shall surely investigate more when the time comes to transfer more money, but this statement raises a question:

If the exchange rate they give is 47.5 to 1 and the fee is a fixed percentage (lets say 1% for simplicity sake) then is this not the exact same thing as offering an exchange rate of 47 to 1? It seems to be merely playing with words and numbers but I will give it a fair look in the near future.

Exchange rate of roughly 47 in your example is correct. Much better than 46.5 plus fee. If transferring $1000 US for instance your cost is $10 instead of $26.50 via Xoom if you figure in the money lost on exchange.

Do the math for your situation to see just how you would fare. Include fees AND the difference of amount received.

$2000 US

TransferWise $19.90

Xoom $47.55

Real cost for me. Your results may vary. Plus, no picking up large amounts of cash anywhere. No line. It just appears for use at your Philippines account.

You can save some by transferring $US and exchanging yourself but then the safety issues and time, money running around come into play. Not worth it to me.

EDIT: Liars figure and figures lie.

Edited February 19, 2016 by GregZ

[Sander Martin]

The fee with TW is a fixed % of the money you send.

I shall surely investigate more when the time comes to transfer more money, but this statement raises a question:

If the exchange rate they give is 47.5 to 1 and the fee is a fixed percentage (lets say 1% for simplicity sake) then is this not the exact same thing as offering an exchange rate of 47 to 1? It seems to be merely playing with words and numbers but I will give it a fair look in the near future.

They give you the exact estimate on how much you get on their webpage and how much is charged as a fee. Edited February 19, 2016 by Sander Martin