Comparison of Money Transfer Methods

[Gator]

On 4/5/2020 at 8:23 PM, OnMyWay said:

Question for those who use these services.  If you are using them to get your money for living needs, what is the typical amount you transfer?

The reason I ask is that I am going to update the charts and instead of doing two, one for 2000 and one for 5000, I will just do one.  I was thinking 3000 usd might be a good example amount.  Too much?  Not enough?

Thanks for doing the charts OMW! Very useful info. 

I was sending about 2-3k USD for the few months a year I stay there. But I have sent more for larger purchases. For example when I bought my motorcycle, some appliances and furniture I sent almost 5k USD. No issues getting it, but I did go to a larger branch of MLhuillier in Angeles to pick it up. I had also registered with them and got their “Diamond” card. Much easier then having to bring a passport every time (my ACR card had expired - new one still being processed, but that’s another story, lol). 

I do like the idea of having a Dollar account and sending dollars, then exchanging at a typically better rate then the remittence services offer. Think I’ll do that with BDO when I return this fall. 

[intrepid]

Can you send US dollars through  TransferWise to pick up US dollars?  I searched their site and see many currencies to receive but dollars were not on the list.  As I said in the past we had used to Xoom to send dollars to dollars and pick up at BDO where we have both a dollar account and Peso account.  When I did use Xoom it was a direct Xoom cash pick up and not deposited into our dollar account.  Since the amount is over $1000 usd, the bank ask us to reserve a day in advance.  We just do this with a text message.  However, before our last transfer we noticed our preferred money changer is closed due to covid-19.  So we used Xoom and sent Pesos to our BDO peso account with no issue. 

So after now learning about TransferWise it seems to be cheaper to send Pesos.  However, to send $2100. USD to USD using Xoom then changing to Peso at our money changer at today's rate would yield P105,546 with a total cost of $2100 + $15.99 for a total of $2115.99

To receive that same P105,546 using TransferWise would cost $2108. + $20.50 fee total $2128.5

In this case Xoom wins over TransferWise at a savings $12.51

It seems to receive Pesos TransferWise is a nice savings.  However the best yield is Xoom USD to USD if you have a good money changer.

[OnMyWay]

51 minutes ago, intrepid said:

Can you send US dollars through  TransferWise to pick up US dollars?  I searched their site and see many currencies to receive but dollars were not on the list.  As I said in the past we had used to Xoom to send dollars to dollars and pick up at BDO where we have both a dollar account and Peso account.  When I did use Xoom it was a direct Xoom cash pick up and not deposited into our dollar account.  Since the amount is over $1000 usd, the bank ask us to reserve a day in advance.  We just do this with a text message.  However, before our last transfer we noticed our preferred money changer is closed due to covid-19.  So we used Xoom and sent Pesos to our BDO peso account with no issue. 

So after now learning about TransferWise it seems to be cheaper to send Pesos.  However, to send $2100. USD to USD using Xoom then changing to Peso at our money changer at today's rate would yield P105,546 with a total cost of $2100 + $15.99 for a total of $2115.99

To receive that same P105,546 using TransferWise would cost $2108. + $20.50 fee total $2128.5

In this case Xoom wins over TransferWise at a savings $12.51

It seems to receive Pesos TransferWise is a nice savings.  However the best yield is Xoom USD to USD if you have a good money changer.

Guinea pig wanted.  See my post about Moneygram.  Apparent unbeatable deal.

[intrepid]

1 hour ago, OnMyWay said:

Guinea pig wanted.  See my post about Moneygram.  Apparent unbeatable deal.

Using Money Gram to receive that same comparison of P105,546 you would have to send $2,083 and the lowest fee is $0 using online Bank Account and Direct to Bank account.  Their exchange rate is 50.65 which is very good.

Using Money Gram to send $2100 usd to usd fee is $4.99 which is still better than all the others.  However, I did notice they only offer cash pickup for dollars.  No Bank Deposit or Debit Card Deposit.  Thats okay for me.  Maybe I will give them a try in a week or so.

 

[OnMyWay]

56 minutes ago, intrepid said:

Using Money Gram to receive that same comparison of P105,546 you would have to send $2,083 and the lowest fee is $0 using online Bank Account and Direct to Bank account.  Their exchange rate is 50.65 which is very good.

Using Money Gram to send $2100 usd to usd fee is $4.99 which is still better than all the others.  However, I did notice they only offer cash pickup for dollars.  No Bank Deposit or Debit Card Deposit.  Thats okay for me.  Maybe I will give them a try in a week or so.

 

Is there a reason you need to receive dollars?  Rates are down again but if Moneygram follows this pattern, you are not going to find a better x-rate at a money changer or bank.  No one give the mid-market rate.  Once in a while a money changer can get close.

Moneygram is still 50.65.  XE has dropped to 50.52.

 

[jpbago]

Western Union has no fees now during the CV-19. For me, today WU, WorldRemit, and Transferwise were all within 50 pesos to send $300 bank to bank.

 

[Jollygoodfellow]

10 hours ago, Gator said:

Same with me. Only twice that I can recall were there any issues with them. Both times were delays of about 2-3 days, otherwise the funds are available within minutes of sending it. In case there is an issue, I like that they have local customer service lines to call from many different countries; including the Philippines. 

I believe the call is still answered in the Philippines call center near Ayala mall Cebu.

[intrepid]

9 hours ago, OnMyWay said:

Is there a reason you need to receive dollars?  Rates are down again but if Moneygram follows this pattern, you are not going to find a better x-rate at a money changer or bank.  No one give the mid-market rate.  Once in a while a money changer can get close.

Moneygram is still 50.65.  XE has dropped to 50.52.

 

The only reason I mentioned dollars was because in the recent past it had been the way to yield the most payout on a transfer.  However, with the high exchange rate Moneygram is offering I agree we will not find a better rate.  The next question is for how long will they be offering the high exchange rate and low fees.  The reason we had stuck with Xoom for a while now is we have experienced excellent service with no issues.  I hope Moneygram can match the service because I will be giving them a try soon.  I'll update after.

[OnMyWay]

2 hours ago, intrepid said:

The only reason I mentioned dollars was because in the recent past it had been the way to yield the most payout on a transfer.  However, with the high exchange rate Moneygram is offering I agree we will not find a better rate.  The next question is for how long will they be offering the high exchange rate and low fees.  The reason we had stuck with Xoom for a while now is we have experienced excellent service with no issues.  I hope Moneygram can match the service because I will be giving them a try soon.  I'll update after.

Yes, if it is not urgent I prefer to send dollars, then pick the time to exchange at the best rates.  That works good when rates are trending up.  Not so good when they are trending down!

Also, right now, many money changers are closed, so getting pesos, or dollars, put directly in your bank account is the way to go.  We are not allowed to exit the freeport and there is only one money changer in the freeport, and I'm fairly certain they are closed.  Two of our three BPI branches in the freeport are closed and for some reason they chose the smallest with no parking to keep open for limited hours.  So online exchange at BPI is my only option right now.  Luckily, I deposited a large dollar check last month and have plenty of dollars in my BPI account.

I just checked again.  XE 50.52.  Moneygram 50.65!  I wish I had some dollars to send but I would have to get them from my Roth IRA.

[StayAtHomeDad]

On 4/3/2020 at 4:53 PM, gbmmbg said:

I have used western union for the last three years. I used to pay a 3.99 fee to use my debit card and direct from checking was free. The card would hit the bank here in 1 hour and 2 days for the checking. I don't know what happened last year but they both started to show up in one hour so I stoped using the card. Exchange rate is not bad.

Hi. How do you use WU to send money to yourself here in the Philippines? How do you verify address, account and other information? Thanks