Jollygoodfellow Posted July 16, 2016 Posted July 16, 2016 1 hour ago, Mr. Bobo said: The World Remit doesn't look like it's any cheaper than withdrawing money using my ATM card from my US bank. Maybe so but in my case I send money to the wife so a remittance service is the best option from overseas. 2 Link to comment Share on other sites More sharing options...
florin1106 Posted July 16, 2016 Author Posted July 16, 2016 1 hour ago, Mr. Bobo said: ........., my US bank doesn't charge me for the transaction.... You are lucky Bobo ! Your US Bank doesn't charge any fee on your withdrawals with ATM Card. My Canadian Royal Bank (or Toronto Dominion too) are charging $5,00 for any International Withdrawals plus the 200 pesos the charging here at ATM Machines.. So for me World Remit or Transfer wise is better. With Transfer wise for example I get the rate almost close to the Prime rate.. Have a good one .. Chuck 2 Link to comment Share on other sites More sharing options...
Mr. Bobo Posted July 16, 2016 Posted July 16, 2016 9 minutes ago, florin1106 said: You are lucky Bobo ! Your US Bank doesn't charge any fee on your withdrawals with ATM Card. My Canadian Royal Bank (or Toronto Dominion too) are charging $5,00 for any International Withdrawals plus the 200 pesos the charging here at ATM Machines.. So for me World Remit or Transfer wise is better. With Transfer wise for example I get the rate almost close to the Prime rate.. Have a good one .. Chuck Chuck I am a member of a relatively small credit union and they give me 10 free ATM withdrawals a month. I am sure if I was with a major bank it would be a different story. The five dollar fee that the Canadian Royal Bank charges for a withdrawal is almost criminal in my opinion. I have just resigned myself to the fact that as long as I am living in the Philippines 2% of my monthly budget goes to the bankers. 2 Link to comment Share on other sites More sharing options...
i am bob Posted July 16, 2016 Posted July 16, 2016 it could be worse... i haven't looked in a while but, when i first came over in 2014, RBC was charging a $17 cdn fee to transfer to the philippines... ouch! Link to comment Share on other sites More sharing options...
florin1106 Posted July 16, 2016 Author Posted July 16, 2016 49 minutes ago, Mr. Bobo said: Chuck I am a member of a relatively small credit union and they give me 10 free ATM withdrawals a month. I am sure if I was with a major bank it would be a different story. The five dollar fee that the Canadian Royal Bank charges for a withdrawal is almost criminal in my opinion. I have just resigned myself to the fact that as long as I am living in the Philippines 2% of my monthly budget goes to the bankers. Yes, it's criminal ...it's like Bank terrorism ! he he ! $5.00 fee, 200 pesos here and plus their horrendous rate of change ! Hmmmm! 10 free withdrawals per month..Very sweet deal my friend..Stick with it.. Take care Chuck Link to comment Share on other sites More sharing options...
florin1106 Posted July 16, 2016 Author Posted July 16, 2016 16 minutes ago, i am bob said: it could be worse... i haven't looked in a while but, when i first came over in 2014, RBC was charging a $17 cdn fee to transfer to the philippines... ouch! Right now Royal Bank is charging ( for any amount up to $2,500.00 ) $13.50..! Toronto Dominion / Canada Trust is not even allowing any kind of International transfer online. Only you can do so by going to any teller in person ! Kinda communist approach ! One time I asked why this ?.. They justify this saying ...we are trying to prevent < money laundering > ! What a whopping lie..! I use them for transferring money before. One day though, I sign up here in this Forum and Learn from all these nice members about Transferwise and World Remit.I didn't know about this before! A big Thank you guys ! Chuck 2 Link to comment Share on other sites More sharing options...
Sander Martin Posted July 16, 2016 Posted July 16, 2016 (edited) 11 hours 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? Why do you have to go somewhere to collect the money with TW? They just deposited the money into my BDO account and i never had to go anywhere (except the ATM when i wanted cash). You can use TW to send money from your account into your wifes etc Filipino account... No walking anywhere involved and you dont need to carry a large sum of money around... Edited July 16, 2016 by Sander Martin 2 Link to comment Share on other sites More sharing options...
Sander Martin Posted July 16, 2016 Posted July 16, 2016 (edited) 1 hour ago, Mr. Bobo said: Chuck I am a member of a relatively small credit union and they give me 10 free ATM withdrawals a month. I am sure if I was with a major bank it would be a different story. The five dollar fee that the Canadian Royal Bank charges for a withdrawal is almost criminal in my opinion. I have just resigned myself to the fact that as long as I am living in the Philippines 2% of my monthly budget goes to the bankers. What about the exchange rate? Bank exchange rates are crap and most banks use their own exchange rate when you use your ATM card... Thats where they will make their profit.. If you transfer a larger sum of money, then the few dollar fees aren't important. The important part is the exchange rate as thats where banks etc make their big profits off... Edited July 16, 2016 by Sander Martin Link to comment Share on other sites More sharing options...
i am bob Posted July 16, 2016 Posted July 16, 2016 11 hours ago, Sander Martin said: Why do you have to go somewhere to collect the money with TW? They just deposited the money into my BDO account and i never had to go anywhere (except the ATM when i wanted cash). You can use TW to send money from your account into your wifes etc Filipino account... No walking anywhere involved and you dont need to carry a large sum of money around... that's easy... i don't have a bank account here... lol! i can get my WorldRemit deposited into a BDO account also but i don't bring in that much at a time... just enough for bills, rent and expenses... if i run out? i send more but i'm trying to live within a set budget and save my money in Canada where i can do better than here... Link to comment Share on other sites More sharing options...
florin1106 Posted July 17, 2016 Author Posted July 17, 2016 16 hours ago, Mr. Bobo said: << 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) >> Good morning Bobo.. I have re-read your post where you try to compare your Bank in US and World Remit.. I have not understood something and for the sake of having a conversation please allow me.. In order to get 20,000 pesos: You said your Bank is not charging you for 10 withdrawals..Good ! You make 2 withdrawals here in Philippine and you get charged 400 pesos ..( 2x200P) That is good too.. but...but is your Bank not using their Rate of Exchange ( Bank Rate) and give you way less than World Remit? Have you tried to punch here 20,000 pesos ? How Many US Dollars were you debited ? $438.08 ? Or maybe I misunderstood..Your Bank will definitely won't give you the Prime Rate..They will use THEIR Rate..which is usually way lower ! I know that in general Banks are not that generous ! Hope you have a great Sunday Chuck 1 Link to comment Share on other sites More sharing options...
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