Sending Large amount of Money to PH, Advice Please

[Jeffreyyu 303]

On 9/17/2017 at 8:23 PM, IheartAsia said:

Thanks for all the concern. I have known her for about a year and spent about a month with her and her family in person. One thing I truly know is she cares more about me and our relationship together than the money. She is often times scared that by me sending so much money I am going to lose interest in her and find another girl, but I reassure her, I am loyal to her and do not worry because I know the money is going to things that are needed. Her father is a hardworking electrician who is overworked and does not have much time to spend to his family. All he wants is to be with his family and to take care of them. I took them out to Puerta Galera for a couple days for a little family retreat. It was the first time in 10 years he took time off work is what he told me. Over discussion and a little Red Horse he broke down in teers about how much he loved his family and how he just wanted them to be happy and together and gave me permission to marry his daughter even though he would miss her dearly. She is always worried she not good enough or pretty enough and I will lose interest. But I see a lot of great things in her and always reassure her that I love her.  

 

1st Pic is the house they want to buy, it is in Palar village that is why it is only $10,000. Palar is a village in Taguig that is mainly lower class housing.  

 

The next few pictures is our retreat to puerta galera.

 

 

Cute 

[Murph4865 597]

19 hours ago, Jeffreyyu said:

Cute 

I have one in western visayas that never ask for money either is all she wants is love and happiness, i send her enough each month to keep rice on table to keep family fed even though i have told her to let me know they are out of food she refuses to i have to figure it out myself.

[ekim 10]

I am using RIA to send money to the Philippines. Look for a Filipino store in your area since they have special rates than the RIA offices. If you are sending large amount of money, they need your drivers license number for documentation purposes. They want to avoid money laundering cases.

[John & Rose 7,241]

55 minutes ago, ekim said:

I am using RIA to send money to the Philippines. Look for a Filipino store in your area since they have special rates than the RIA offices. If you are sending large amount of money, they need your drivers license number for documentation purposes. They want to avoid money laundering cases.

I used Remitly for the first time last week.  I got a rate of 54 php to the dollar!!!  It was introductory and they also waived the fee.  It worked flawlessly.  They may be my new go to company for transferring money.

[Hank_ 9,174]

And there is never a fee with 3 day transfers.   

[mangkanor 1]

sorry for hijacking this thread but, is there another way of sending money from PH to US aside from sending via western union? thanks.

[IheartAsia 9]

37 minutes ago, mangkanor said:

sorry for hijacking this thread but, is there another way of sending money from PH to US aside from sending via western union? thanks.

You must be lazy, because if you read any of the post's you would realize that Remitly is the premier choice around here. It is the ideal way to go, good luck.  

[Hank_ 9,174]

51 minutes ago, mangkanor said:

sorry for hijacking this thread but, is there another way of sending money from PH to US aside from sending via western union? thanks.

From the Phils to the USA I don't know on that one.   I can do it through our bank, but for something like WU (yuck) not sure.   I zinged an email to Remitly asking about this, see how they reply.

[IheartAsia 9]

1 hour ago, mangkanor said:

sorry for hijacking this thread but, is there another way of sending money from PH to US aside from sending via western union? thanks.

My bad, didn't realize it was ph to us. Interesting scenario, good luck. 

Edited October 11, 2017 by IheartAsia

[RO_AH 1,682]

On 9/24/2017 at 4:47 AM, Murph4865 said:

I have one in western visayas that never ask for money either is all she wants is love and happiness, i send her enough each month to keep rice on table to keep family fed even though i have told her to let me know they are out of food she refuses to i have to figure it out myself.

She's a keeper. I just got married to my new wife and in the 6+ years I have known her she has never asked for a peso.

[RO_AH 1,682]

I was concerned when I read the first post, however after reading the rest and seeing the pictures it seems reasonable. I would never send that much money and have someone pick it up. I would only send that much directly to a bank account. I have used Remitly for a while now ever since Hank suggested it in a post when I first started browsing these forums.

 

Best of luck to you.

[Stevephoto 230]

On 9/18/2017 at 4:51 AM, Hank_ said:

When I am transferring larger sums I use a wire transfer to my USD account into our bank account here in the Phils, may cost $45 but it is still cheaper once the exchange rate is calculated.  The break point for using a wire transfer is $3,000 and above, at that point I save money on the wire transfer versus using a money transfer outfit.

 

 

 

Good to know...something to think about.

[Stevephoto 230]

40 minutes ago, Stevephoto said:

Good to know...something to think about.

I just did a little research and Hank makes a very good point here. For example, the bank to bank exchange per a web search is 51.14 PHP to the dollar. Remitly is offering a (I think) very reasonable exchange rate of 50.14 PHP to the dollar. I certainly do not begrudge the transfer services the opportunity to make some money, and 1 PHP per dollar certainly does not sound like much, but there is a point of diminishing returns for us, the end users. These services make a lot of sense for our small monthly remittances because the fees even with the added exchange rate profit for Remitly is way cheaper than paying a $45.00 bank to bank wire fee. However, as the amounts that we remit increase, the gap decreases to the point where the difference in exchange rate costs more than the wire fee. It seems to me that a bank to bank wire transfer for $6,000.00 winds up costing less than half of the transfer services (assuming that my math is correct--a very tenuous assumption). Thanks Hank for pointing this out.

[Hank_ 9,174]

4 hours ago, Stevephoto said:

I just did a little research and Hank makes a very good point here. For example, the bank to bank exchange per a web search is 51.14 PHP to the dollar. Remitly is offering a (I think) very reasonable exchange rate of 50.14 PHP to the dollar. I certainly do not begrudge the transfer services the opportunity to make some money, and 1 PHP per dollar certainly does not sound like much, but there is a point of diminishing returns for us, the end users. These services make a lot of sense for our small monthly remittances because the fees even with the added exchange rate profit for Remitly is way cheaper than paying a $45.00 bank to bank wire fee. However, as the amounts that we remit increase, the gap decreases to the point where the difference in exchange rate costs more than the wire fee. It seems to me that a bank to bank wire transfer for $6,000.00 winds up costing less than half of the transfer services (assuming that my math is correct--a very tenuous assumption). Thanks Hank for pointing this out.

Walang anuman kaibigan.    

 

I will add that the 1 (to 1.30) pesos that Remitly takes is also used to pay a service fee to the "pickup company", so they are not being all that greedy.

[Stevephoto 230]

34 minutes ago, Hank_ said:

Walang anuman kaibigan.    

 

I will add that the 1 (to 1.30) pesos that Remitly takes is also used to pay a service fee to the "pickup company", so they are not being all that greedy.

Yeah...I forgot about the payout on the other side. I do think that 1 peso per dollar "fee" is very reasonable (even more so now), but like you said, it doesn't make sense at the higher amounts.