Itís Your Money > Money Exchanging

Sending Money to the Philippines

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ronnsb:
I use Remitly (remitly.com) to send money to the Philippines and I plan on sending myself money just before I go. Here is an example of their rates:
Sending $330.00 (U.S) = P14,412.3 (current exchange rate of P43.6736 = $1 )
Remitly will send at exchange rate of P42.77 = $1
It will cost P303 ($6.90) + Remitly service fee of $3.99 = $10.89 (P475.6) which works out to approximately 3.3%
So sending $330 plus $3.99 service fee ($333.99 total) will give you P14,114.10
My daily limit to send through Remitly (which I hope to never go over!) is $2,999 You can request a higher send limit.
The person you send money to can pick up the pesos within seconds of sending it at various places including Cebuana.
If you decide to send money and the person does not need to pick it up for 3 days, then there is no service fee which is approximately 2.1%
I hope this helps!  :)

Lee2:
I bring enough cash for at least one months living and then write a US check and deposit it into my Philippine bank dollar account and wait the 21 business days for it to clear, that way I then withdraw that when it becomes ready and at the same time deposit another US check and that has worked for us for approx 20 years, although I have changed banks a few times.

Also I call the money changer to meet us at the bank or use their off site money changer if they have similar rates to those I can find around town and thus never leave the bank with any cash. Once the exchange is done, I deposit most of the pesos into our Philippine ATM account and then live of that for the month.

My way costs me nothing in exchange or sending fees, and if just doing it for a visit, then no big deal paying the extra but if doing it over a long period of time, then I would rather that extra money is in my pocket to be used for a night out on the town or many nights out on the town over the years time, all depending on how much is to be sent.

In the example you used above, the savings is $13.73 if my math is correct, thus x12 that comes out to $165 a year, now I can think of a lot of things to do with an extra $165 or thereabouts.

trev.:
We are living in the Philippines since 2009. Both my pension checks are deposited in our U.S. bank. B of A. We used our ATM. for withdrawal. Which is quite expensive. B of A charges $5.00 per transaction of $200.00. The bank here in the PH. then charges another $2.00. so that is $7.00 per. transaction. Recently i notice that the Ph. bank is now charging $7.00 per transaction. The bank here in the province only allow a limit of P10,000. per withdrawal. But the limit for the day is P20,000. At present we are in California and we sent money to pay bills. Cost us $8.00 to send $600.00 by money gram. We did this via the internet. So my plan is . When we return to the Ph. I will send money to myself using money gram.
 

Lee2:
Or you can open an account with USAA Bank who supposedly refunds up to 10 fees a month, or Charles Schwab bank who supposedly does not charge fees or Fidelity Investments who is supposed to reimburse fees but does charge 1% exchange fees. All these might be for you or others to check yourselves as I have read online of many people living in the Philippines who are doing that but have not bothered to do it that way since my way is totally free and seems to be the easiest for me. 
https://www.usaa.com/inet/pages/bank_main?akredirect=true
http://www.schwab.com/public/schwab/investing/pricing_services/fees_minimums
https://www.fidelity.com/cash-management/atm-debit-card

Gray Wolf:
We've been using Xoom for the last few years.  I sent $1500 the other day to help pay for the funeral and burial expenses for my father in law.  The fee was $4.99.  The exchange rate on this transaction was 42.7005.  The money is ready for pickup immediately.  The family uses the local Lhuillier office for the cash pickup.  Too easy.    ;)

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