Itís Your Money > Money Exchanging

Using paypal to paypal to send money to the Philippines

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JoeLP:
I was really bored today and was just bouncing around my book marks when I got curious on how paypal could help save money on sending my money over.  I know that Paypal owns xoom.com, which is my current setup for bringing money over when I need it.

Anyway, I go to paypal and ask the question in the help search and I am taken to a page where they show all the ways you can send money.  Most of the setups are via xoom.com and I was already familiar with such.  But then paypal to paypal was an option and I looked it up.  Basically the good things is it costs .50% of the money you are sending.  So, 50 cents for every $100 I sought to send.  That is a savings over what I was doing.  Not a lot, but some what of a savings.  But the negative is that despite being an instant transfer, it states that getting it into a bank account can take a couple days. 

I guess it's up to weather or not you have a paypal, and if your better half wants to open one of their own.  And also do you mind waiting a couple days.  In the end, it's not worth the switch to me, but decided to post this in case someone else would want to go down this road. 

Lee2:
Thank you for posting this, IMO, the more ways that are available to get money over, the better.

Steve & Myrlita:
Yes Paypal is a quick way. If you have a PP debit card, the sender can just transfer it to you in seconds. There is a catch though. The ATMs in the PH will charge you P250 and since PP charges $1 or P50, that's P350. But.....Since ATMs can't dispense in 50s, round up. So it will cost P400 to get the money. Whatever the bal is, deduct 400. ie P10,000-400=9600. Since it's in real time, you must withdraw 9600.

BTW: This is how my family sends to me.

Gray Wolf:
I've been using Xoom for years. It's the cheapest and fastest way I've found. I have a PayPal account but it's hard to beat a $4.99 flat fee for up to $2000, and the Lhuillier office is only 2-3 minutes from the house. Just sent $135 earlier today. Exchange rate was 50.05. I'll have to look into the PayPal thing. It might come in handy down the road to send myself some extra money

bigrod:

--- Quote from: Gray Wolf on February 02, 2018, 05:23:58 AM ---I've been using Xoom for years. It's the cheapest and fastest way I've found. I have a PayPal account but it's hard to beat a $4.99 flat fee for up to $2000, and the Lhuillier office is only 2-3 minutes from the house. Just sent $135 earlier today. Exchange rate was 50.05. I'll have to look into the PayPal thing. It might come in handy down the road to send myself some extra money

--- End quote ---

I use Transferwise.  I sent money yesterday with FX rate of 51.48.  Cost to send is just under 1% of sent amount.  Example $2000 minus $20, send amount $1980 received amount in BDO php account 101930.40.

Xoom would be $2000 at php 50.05 received php 100100. Plus the $4.99 charge.

I get about $40 more by using Transferwise versus Xoom.  Plus Transferwise updates the XE rate constantly during the day.  Which allows you to cancel and resend if the rate would change drastically while they finalize the transaction.  I processed my transaction about 2:30 pm and it was in my account by 4:30 pm. 

Chuck

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