Compare TransferWise versus World Remit

[Mr. Bobo]

On ‎7‎/‎16‎/‎2016 at 6:39 PM, Sander Martin said:

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...

Sander,

Here are my last three withdrawal transactions from my US bank, all 20000p withdrawals

USD       peso rate after fees

430.84   46.42         20000/430.84

433.63   46.12         20000/433.63

435.70   45.90         20000/435.70

The peso rate is AFTER the local bank takes its 200p and the Visa Plus network takes its 1%. The USD amount is the amount debited from my checking account. The exchange rate looks very favorable.

[RBM]

Firstly have not read all threads but ask if anyone has compared orbit remit.

Not sure how there rate stacks up but service is outstanding, folowing day pesos in account.

[Dave Hounddriver]

1 hour ago, Mr. Bobo said:

The USD amount is the amount debited from my checking account.

Have you checked your US bank statement at the end of the month to see if there are any 'transaction fees' for those transactions?  My bank nails be $5 a transaction for those kinds of withdrawals but you don't see it until they add statement charges at the end of the month.

[Mr. Bobo]

28 minutes ago, Dave Hounddriver said:

Have you checked your US bank statement at the end of the month to see if there are any 'transaction fees' for those transactions?  My bank nails be $5 a transaction for those kinds of withdrawals but you don't see it until they add statement charges at the end of the month.

If I exceed my 10 free ATM withdrawals my bank (credit union) will charge me USD $1.50 per transaction over the limit at the end of the month and I will see that additional charge on my monthly statement. That would happen occasionally when I used an ATM with a 10000p daily max, but now that I found a BPI ATM that allows a 20000 max I never exceed the 10 free withdrawals.

[Mr. Bobo]

43 minutes ago, RBM said:

Firstly have not read all threads but ask if anyone has compared orbit remit.

Not sure how there rate stacks up but service is outstanding, folowing day pesos in account.

If I really wanted to save money I could do a one time monthly international wire transfer from my US bank into my wife's Philippine BDO account. The cost of the international wire transfer would only be USD 50 and my wife would get free ATM withdrawals from the BDO account. Being of sound mind I gladly pay the excessive US ATM withdrawal fees and maintain control of the household finances.

[robert k]

7 hours ago, Mr. Bobo said:

If I really wanted to save money I could do a one time monthly international wire transfer from my US bank into my wife's Philippine BDO account. The cost of the international wire transfer would only be USD 50 and my wife would get free ATM withdrawals from the BDO account. Being of sound mind I gladly pay the excessive US ATM withdrawal fees and maintain control of the household finances.

You most likely could set up your own bank account.

[Mr. Bobo]

1 hour ago, robert k said:

You most likely could set up your own bank account.

That is true, but I feel safer with my pension and SS funds deposited into a US Bank. If I ever had to execute my Plan B (quick exit) having my funds deposited into a US bank makes things much easier.   

[robert k]

2 hours ago, Mr. Bobo said:

That is true, but I feel safer with my pension and SS funds deposited into a US Bank. If I ever had to execute my Plan B (quick exit) having my funds deposited into a US bank makes things much easier.   

I don't blame you, I would do the same. But you could have a local bank account with whatever your risk tolerance will allow. I will set one up for emergency medical and living "cushion" possibly enough to buy a newish low milage used car if necessary. New car or big ticket items the money will be transferred in as needed for financial safety's sake.

[Sander Martin]

On 21 July 2016 at 4:56 AM, Mr. Bobo said:

Sander,

Here are my last three withdrawal transactions from my US bank, all 20000p withdrawals

USD       peso rate after fees

430.84   46.42         20000/430.84

433.63   46.12         20000/433.63

435.70   45.90         20000/435.70

The peso rate is AFTER the local bank takes its 200p and the Visa Plus network takes its 1%. The USD amount is the amount debited from my checking account. The exchange rate looks very favorable.

Hard to say if the rates were good or not when we dont know when those transactions were made (what was the midmarket rate then).

[Mr. Bobo]

10 hours ago, Sander Martin said:

Hard to say if the rates were good or not when we dont know when those transactions were made (what was the midmarket rate then).

Sander, don't forget that those rates are after the 2% fee has been deducted, 46.42 * 1.02 =  47.34. The peso has been hovering around 47 for the past few months. I would have think that the exchange rate was favorable.