It’s Your Money > Banking

Banking

<< < (2/3) > >>

bigrod:

--- Quote from: mikbal on October 10, 2018, 08:52:58 AM ---Just fyi, pulled 10000P from the metrobank atm this morning.  There was a 250 fee and the rate was 54 to a dollar

Mike

--- End quote ---

Not knowing what type/bank card makes it hard to determine if your final rate was 54.  Was it a card with no foreign transaction fee and no bank fee?  If not then then what actually received for a rate would be reduced by those fees.  For example if I used my BoA debit card I would end up paying the 250 php fee, $5 BoA fee and the foreign transaction fee 3%.  Very costly for 10k pull.  Now if you have a card that doesn't have those fees and refunds the 250 Php it is a good deal.  Cheapest way I have found is to deposit a USD check cost at most local banks for a $5 fee and wait the 20 banking days for it to clear.  My BDO manager waives the $5 fee for my deposits. If I were to use a card to withdraw then I would use an HSBC ATM since they are in my area and withdraw 40K per withdrawal.  Other option if I needed cash immediately is Transferwise which charges about 1% of the transaction total to deposit directly into my local piso account.  They use the mid-market exchange at the time you process the transaction, which changes constantly throughout the day.

Using foreign cards to make withdrawals is probably one of the most expensive ways to get money here unless you have a card that waives the various fees.

Chuck

mikbal:
I wiil go into more detail.  I use USAA cards. USAA will refund the fee but will charge a 1% fee on foreign trasactions on debit cards. USAA does not charge a foreign transaction on credit cards. Since I used a debit card, the metrobank exchange rate was 54 but with the foreign transaction fee of 1% my effective exchange rate was about 52.25. We're only here for 4 weeks and would probably use a different method if we lived here full time.

bigrod:
Mikebal you got a fair deal.  FYI if you were here full time this is what you would get with Transferwise right now for a $1000 send, fees are included in $1000.  Current exchange rate 54,26 you end up with rate of 53.58663.  I lose approx .67 centavos per $1, but don't have to fight traffic, line at bank, etc.  It is deposited directly in my local Php account in a few hours on normal business day.  Cheapest is still to deposit USD check to a dollar account and wait for it to clear. 

How much would you like to transfer?
You send

1,000
Show fee breakdown
- 12.41 USD  Total fees
54.26000  Guaranteed rate (24 hrs)
Recipient gets

53,586.63

Chuck

sussexrob:
Scotspine,

I have just spent a few weeks in the Philippines , as I do at least twice a year at present.  Moving permanently in a couple of months time.   I never use banks to send money, it is far easier to send via a remittance company, the rates offered by the banks are usually very poor and by using a remittance company the rate is greater, and the charges are minimal, especially for a new user, they are very often free.  Last week I wanted to send an amount equivalent to over 19k in British pounds to purchase a new vehicle.  I split this via 4 different companies I use regularly.  When the rate went up to 70.75 by sending this way I averaged 70.50 after all charges ! I have used these companies for over 10 years and NEVER once had a problem.

Robert

David690:

--- Quote from: sussexrob on October 11, 2018, 04:17:27 PM ---Scotspine,

I have just spent a few weeks in the Philippines , as I do at least twice a year at present.  Moving permanently in a couple of months time.   I never use banks to send money, it is far easier to send via a remittance company, the rates offered by the banks are usually very poor and by using a remittance company the rate is greater, and the charges are minimal, especially for a new user, they are very often free.  Last week I wanted to send an amount equivalent to over 19k in British pounds to purchase a new vehicle.  I split this via 4 different companies I use regularly.  When the rate went up to 70.75 by sending this way I averaged 70.50 after all charges ! I have used these companies for over 10 years and NEVER once had a problem.

Robert

--- End quote ---
I tend to agree Robert.  Up until now, I haven't faced any issues in sending amounts up to P2M, but my latest transfer is proving a bit more difficult.  Trying to send P8m and the bank here wants to know the source of the funds, plus other documentation.
Bit of a pain to be honest.

Navigation

[0] Message Index

[#] Next page

[*] Previous page