CHEAP WAY TO SEND $$$ MONTHLY BACK HOME

[TravellingNomad 12]

Hi VJ'ers,

Just wanted to share a cheap way to send money to your loved ones (if you send monthly allowances) via Wells Fargo.

I have an account with WF and i send my wife and kids' allowance using my WF's checking account. If your loved ones back home has an account with BPI, you can set up your WF fargo checking account for out-of-the country funds transfers. the fee is only $2.50 (up to a transfer of $2K i think) which is by far the cheapest one i've found (and trust me, i've looked!). it's sure as hell cheaper than LBC and if i send money using remittance services of BPI remmittance and the likes. and when i send money to my wife before 8 a.m. Cali time, the funds i sent is already in her account by the time she wakes up. im pretty sure there are other banks that WF have a remittance agreement with, not just BPI. but you can always ask the teller/representative at the branch. and the good thing about this is....i send the wife's allowance using WF's online banking!

hope this helps other members. i know it's expensive to have our loved ones so far away from us...any savings we can get each month helps.

[Markieboy 104]

Very nice! That IS the cheapest transfer charge I have seen.

Did you set up the account on WF online? Or did you need to visit one of their branches?

Great looking out, btw!

[TravellingNomad 12]

i went to my local branch. you have to fill out a form so that they can set your account up for the remittance. i was so excited when the teller mentioned it to me when i was telling her about the family being back home still. thinking about it...when i set it up a few months ago, teller told me that they agreement was with BPI at that time. k'se that's why i had the wife open a BPI account back home. but she only opened the most basic account which has, if i remember correctly, P3K monthly maintaining balance. which was ok with us.

when/if you decide to set up the remittance on your WF account, WF will need the BPI account number, how the name is on the account, and i think the address of the BPI account so when they set up your WF account and do a test, their system can find and verify the BPI account. it takes several days for the verification process. but once it's set up...you're set to go. you can even set it up via the online banking to do the remittance automatically each month.

but yeah...$2.50 compared to $10 (LBC, BPI/PNB/Metrobank remittance service) is a good saving. the exchange rate is the published rate...which really isn't all that much different with the other remittance places. i've noticed about $0.20 cents or so difference (yes..i also compare..hehehe). i can live with that with a monthly savings of $7.50. if you don't have a WF account...you can set up a free checking (the one without a monthly maintaining balance) just to use for this service.

(btw...i don't work for WF or in any getting paid for this shameless plug. i just wanted to pass on to other members the good deal im getting with them )

Edited October 15, 2010 by TravellingNomad

[BB & MJ 3]

Thanks for sharing. I wish I knew this earlier. LOL!

[TravellingNomad 12]

Thanks for sharing. I wish I knew this earlier. LOL!

no problem. it's my own way of helping out my fellow VJ'ers for all the help i get from the site

[Gumbolette 58]

This is indeed the cheapest way to send money back home so far.

And I wish there is a local WF branch around here.

Thank you for sharing!

[roseTX 0]

me and my husband used Wells Fargo too to send money in the philippines,, i let my sister open an account to BPI,, it is called an atm remittance,, it is also fast for them to received it. it just take few hours after you send it but if you send it friday here in the US,, the family received it by monday already.

[roseTX 0]

me and my husband used Wells Fargo too to send money in the philippines,, i let my sister open an account to BPI,, it is called an atm remittance but the atm being opened by my sister does not need a maintaining balance but if the atm will not be used for 2 months they will closed it autmatically,, it is also fast for them to received it. it just take few hours after you send it but if you send it friday here in the US,, the family received it by monday already.

[Jimmyzr1 36]

I use xoom and with a coupon it allows you to send it for $3.99 and is there in less than 1 minute. My question is what the exchange rates for the Wells Fargo xfer? I think xooms are too expensive.

[SuperDuper! 230]

I also heard a couple things about WF remittance.

First, they also now have an agreement with BDO, so nanay can pick up the money there.

also, you don't have to have a BDO acct, nanay can just walk in with the transaction # and related info you give her, and she gets the cash in pesos.

finally, although there is only a $2.50 service fee, I heard that WF conversion rate was about 38 pesos per dollar, when the open market rate was 42 or 43 pesos to the dollar.

And, Xoom fees are now $7.99 if you use your checking acct

[Atencio 43]

Hey does it make any difference in cost if I sent myself money to a BPI account that is all ready in my name?

edit: wow that exchange rate sucks Hopps. Rather stick with Xoom if that is the case.

Edited October 16, 2010 by Atencio

[roseTX 0]

I also heard a couple things about WF remittance.

First, they also now have an agreement with BDO, so nanay can pick up the money there.

also, you don't have to have a BDO acct, nanay can just walk in with the transaction # and related info you give her, and she gets the cash in pesos.

finally, although there is only a $2.50 service fee, I heard that WF conversion rate was about 38 pesos per dollar, when the open market rate was 42 or 43 pesos to the dollar.

And, Xoom fees are now $7.99 if you use your checking acct

it is not true that WF conversion rate is 38 pesos per dollar,, we have been using Wells Fargo for about more than a year now,,,what is the exchange rate of the open market is also their exchage rate, no changes at all...

[SuperDuper! 230]

it is not true that WF conversion rate is 38 pesos per dollar,, we have been using Wells Fargo for about more than a year now,,,what is the exchange rate of the open market is also their exchage rate, no changes at all...

Sometimes the truth is not what we want to hear.

Here it is. See for yourself.Sorry to burst your bubble,

Dollar for Peso Converted Amount 38.17 piso (PHP) = 1.00 dollar (USD)

https://www.foreigne...erviceType=rate

Edited October 16, 2010 by Hopp

[Matt and Evieve 1]

I use xoom and with a coupon it allows you to send it for $3.99 and is there in less than 1 minute. My question is what the exchange rates for the Wells Fargo xfer? I think xooms are too expensive.

What do you mean coupon? Xoom has new rate now, it's $7.99

[Atencio 43]

What do you mean coupon? Xoom has new rate now, it's $7.99

there is a 50% off coupon: PHFIFTY