Compare TransferWise versus World Remit

[florin1106]

Re: Canadian Money Transfers

 

In the last couple of days I have done some number crunching to figure out the plus and minus of TransferWise versus World Remit.

I have notice that each time, over different days, TransferWise is little bit better than World Remit.

 

For $1,000.00 Canadian Dollars TransferWise will give you between 200 and 500 pesos More than World Remit !

Notes:

 

-Transfer Wise will allow only Bank to Bank Transfer. One must go to their Bank here in Philippine to cash it out.

- Both Transfer Wise and World Remit will give you the very first Transaction ...FREE of charge. 

        Details on their website. If you don't see it, just ask ...help online, email etc..They do honor it !

 

- World Remit is wonderful because you can get your cash in 20-30 minutes at many locations in Philippines.

This is a Copy and Paste from their site:

   

Cash is available to collect instantly from any branch of M Lhuillier Kwarta Padala, Cebuana Lhuillier, Banco de Oro (BDO). Quote reference “WorldRemit” and transaction number.

Cash can also be collected from branches of Metrobank, LBC, PS Bank and Palawan Pawnshops. Quote reference “Metrobank” and transaction number.

Cash can be collected through BDO Remit counters in SM Malls, RD Pawnshops and other agents (see full list). Quote reference "BDO" and transaction number.

That is not bad at all !!!

Just an example of Transferring $1,000.00 Canadian Dollars this Friday morning at 7:09 AM..

With TransferWise you get 36,259 Pesos

With World Remit you get 35,846 Pesos

With Royal Bank of Canada ( the Gang of Thieves !) you get 34,650 Pesos !!!!  Here you lose...get this......

1,609 Pesos ! Helloooo!

Lesson: never, ever, ever, never transfer money thru the Bank !

Chuck

[mogo51]

Yes will be my choice in future, not that I use money  transfer often, usually bring it back from Oz with me.

But they seem to be a sound choice.  Fellow member Sander first advised me of it thankfully.

[virginprune]

I have used world remit for my exchanges, I find it easy to transfer from my account in uk to my account here with BPI. Other people have recommended Transferwise on here but as yet I have not tried it. As I only transfer around twice a year, I will probably stick with the service I use and have been happy with.

[Sander Martin]

Transferwise is easy and great way to transfer funds. I have done a few transfers from Australia into Philippines and Estonia. Last time i did Aus to Phils transfer it took me less than 36hours from the time i transfered money from my Aussi online banking for it to arrive into my BDO account. I didnt have to leave the house. Once the money was in my BDO account, i was free to use the ATM. The ammount i saved versus bringing the money in cash and changeing it here or taking it out from the ATM with my Aussi ATM card was HUGE. Meny meny meny extra San Migs for every thousand AUD i sent. I think it was an avarage of 1k extra pesos per 1k AUD transfered, but might have been more (check the Transferwise post as i wrote about it there a few months ago).

[Jollygoodfellow]

6 hours ago, florin1106 said:

With TransferWise you get 36,259 Pesos

With World Remit you get 35,846 Pesos

I use worldremit. I dont see in your post anything about Fees so before we can say one is better than the other this needs to be taken into account.  By the way, please paste as plain text when posting copy and paste. 

[florin1106]

56 minutes ago, Jollygoodfellow said:

I use worldremit. I dont see in your post anything about Fees so before we can say one is better than the other this needs to be taken into account.  By the way, please paste as plain text when posting copy and paste. 

The prices that I have listed have Already the Transfer Fees INCLUDED ..!I just did another comparison and here is what I got for $1,000.00 Canadian Dollars:

TransferWise: 36,200.00

WorldRemit:35,846.00

 

[florin1106]

1 hour ago, Jollygoodfellow said:

I use worldremit. I dont see in your post anything about Fees so before we can say one is better than the other this needs to be taken into account.  By the way, please paste as plain text when posting copy and paste. 

ok

about

PlainText.

Sorry

[i am bob]

They both offer good services but, for me, WorldRemit comes out as the better option.  I have to travel to the other side of the city to collect from TransferWise and it just takes too long unless i pay for a cab and there goes the savings...  Plus, with WorldRemit, i can access 8 different places within a 15 minute walk of my home...  Did I mention it rarely takes more than 10 minutes to have the money available to be picked up?  

[florin1106]

15 minutes ago, i am bob said:

They both offer good services but, for me, WorldRemit comes out as the better option.  I have to travel to the other side of the city to collect from TransferWise and it just takes too long unless i pay for a cab and there goes the savings...  Plus, with WorldRemit, i can access 8 different places within a 15 minute walk of my home...  Did I mention it rarely takes more than 10 minutes to have the money available to be picked up?  

You are right..World Remit is way better in terms of multitude of places that you can cash out your money almost immediately.

Besides M lhuiller and Cebuana lhuiller they have those Palawan Pawnshops ( they are everywhere ) LBC points offices the same, BDO, Metro, PS Bank, etc...

Very good indeed..

For example I did again a comparison this morning Saturday 7:33 AM..

For $1000.00 Canadian 

TransferWise you get 36,032 pesos

World Remit you get 35,999 pesos 

Both have included already the Transfer fees.

The difference between the two is only 33 pesos !

Not significant ..

Both are good but World Remit is a winner in my view because of getting your money so fast..

Chuck

[Mr. Bobo]

On ‎7‎/‎15‎/‎2016 at 2:35 PM, Jollygoodfellow said:

I use worldremit. I dont see in your post anything about Fees so before we can say one is better than the other this needs to be taken into account.  By the way, please paste as plain text when posting copy and paste. 

The World Remit doesn't look like it's any cheaper than withdrawing money using my ATM card from my US bank.

I just did a theoretical transfer of 20000 pesos on World Remit website and it looks like this:

Send amount: USD 434.09

Fees: USD 3.99

Total to pay USD 438.08

Your recipient gets: 20000p

When I Google today's USD to PHP exchange rate it is 46.81

Using World Remit it is going to cost me 438.08 USD to transfer 20000 PHP     (20000/438.08 = 45.65)

That means World Remit is giving me 45.65 pesos per USD

(today's exchange rate) 46.81– 45.65 (what World Remit is giving me) = 1.16p

World Remit is making 1.16p on every US dollar transferred (1.16/46.81 = .024)

World Remit is making a little over 2 percent (.024) of the total money transferred.

The World Remit fee is only USD 3.99 which is a little less than 1% (reasonable) but then they whack you on the exchange rate to bring their fee up to over 2 percent (.024)

If I use my US bank ATM card to withdraw 20000p here in the Philippines the local bank here changes me 200p for the ATM withdrawal and the Visa Plus network charges 1% (200p) to execute the transaction over their network, my US bank doesn't charge me for the transaction. The total cost to me is 400p to withdraw 20000p (400/20000 = .02)

Bottom line, it cost me 2% to use my US bank ATM card and it would cost me a little over 2% (.024) to use World Remit. IMO either way is pure highway robbery! 2% to transfer money? These bankers are robbing us blind, they should be put in jail!

 

PS. Please forgive me if I screwed up the math as I am getting a little long in the tooth as they say!