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International Money Transfers

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Foreigner:
I\'ve been doing some browsing on the Internet about the best and cheapest way to transfer money from Australia to PI and came across a site called \'Exchange4free\'. 

Its a UK company that is offering free money transfers from most countries in the world to to various destinations (including PI) at the best possible exchange rate.  The only catch I can find is that the amount to be transferred has to greater than 700 GBP (or approx 50,000 PHP) in order to obtain the free cost.

Reading through the site information it seems a very good option to me, but maybe too good to be true (always the sceptic).

I\'m just curious whether any other forum members have used \'Exchange4free\' in the past and what was there experiences.

Cheers

Gavin

Foreigner:
I did some more research and their exchange rates are competitive, at least for AUD.

They are only able to transfer to a limited number of banks in PI; BDO, Metro being 2 notable examples. If I had a bank account in PI I would try it, but as I\'m not there yet and only researching, its not possible at the moment.  I\'m sure many here would offer their PI accounts for me to try though  ;D

Their site is informative and answered many of my concerns. Have a look for yourselves, just google \'exchange4free\', if interested.

BTW I\'m not involved in any promotion of their service, I\'m just passing on information that I thought may be useful.

Cheers

coleman2347:
Hi, I never tried them as I am from the States, however I can tell you what works for me.  If you have Wells Fargo in AU they have an online banking system that has worked great for me here.
I just set up the account for overseas transfers before I left and every month transfer what I need for about $3 usd.  My WF card also works great here except there is a $3.50usd charge  every time I use it
I just usually transfer what I need at the beginning of the month and TRY to make myself live on that.  Sometimes successful sometimes not

Foreigner:
The Wells Fargo deal sounds pretty good to me. I\'ll check it out as well.

For everyone\'s information, Exchange4free is available in US as well I believe.

I\'ve been doing some more trawling on the Internet concerning international money transfers and I found a forum that provides recommendations on different products. The people (mostly from UK and South Africa) on this forum gave a glowing report for Exchange4free, which prompted me to apply. I have to provided a scan of my passport and proof of my address before being accepted and given an account.  This is to satisfy anti-laundrying legislation as I understand.

The forum also gave good reports on OzForex and ClearFX as other companies that provide a similar service, ie free of charges and commissions and competitive exchange rates.  However, unlike Exchange4free they restrict the transfer to larger amounts; ie greater than $3000 AUD for OzForex and greater than $2000 AUD for ClearFX.

Cheers

brett4gam:
I found Exchang4free on a Facebook page today and ran it through to find out what their exchange rate was.  They quoted 44.857 piso to the AU$1.00 with no fee.

I compared this to the method I have been using for about one year now to send money from Australia to a BDO account here in RP.  The company I use consistently gives me an exchange rate of 0.40 piso lower than the current exchange rate on xe.com, which at the time of my comparison was 45.761, thus I would get my money sent here at 45.3, if I were to use Exchange4free I would loose around PHP1,500.00

For this I am charged a flat AU$8.00 and once my money has hit their ANZ account by online transfer it will be available in our BDO account in piso 2-3 hours later, usually the whole transaction is completed within 6 hours from the time I transfer it.  From the ANZ account (a Sari Sari store in Chatswood, NSW) it goes to RIA FINANCIAL who actually do the international transfer.

Hope this is helpful to anyone in Aus.  Not sure how it would work in other countries, but could be looking into.

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