best bank with no fees

[The-Journey 21]

What bank in the PH can my asawa open that doesn't have any fees for withdrawing any money, also no monthly fees, does this exist? She is in Cavite, looking for an account that I can transfer money into and she can withdraw for free.

[payxibka 10,044]

6 minutes ago, The-Journey said:

What bank in the PH can my asawa open that doesn't have any fees for withdrawing any money, also no monthly fees, does this exist? She is in Cavite, looking for an account that I can transfer money into and she can withdraw for free.

No such account exists that covers all the services you mention for free.  Banks need to make money, fees for transfers and currency exchange cannot be avoided.

[Hank_ 9,173]

33 minutes ago, The-Journey said:

What bank in the PH can my asawa open that doesn't have any fees for withdrawing any money, also no monthly fees, does this exist? She is in Cavite, looking for an account that I can transfer money into and she can withdraw for free.

Very simple.  Open a savings w/ATM at BDO .. no monthly fees and no charge if withdrawing from a BDO ATM.   I would bet that BPI has the same type of account.

Edited December 29, 2017 by Hank_

[Grant PDX 183]

I have a US account with Wells Fargo and have set up international transfers to Phils.  My family in Phils has an account with BDO (like Hank said, I'm sure BPI and others have similar no fee accounts).  I just checked Western Union (47.7 pesos/dollar), Xoom (48.53), and Wells Fargo (48.92) for exchange, assuming instant transfer for immediate pickup or deposit.  Online fees are WU $4.99, Xoom $4.99-$5.99, and WF $4.  Western Union has a better rate (48.85) for bank to bank transfers but need 4-5 days.

 

Long story short, for my money the Bank to Bank transfer from my local bank to BDO (or others) gives the best low-cost option.  My family in Phils doesn't pay anything for their account, either to have it or to use the ATM.

 

 

[Hank_ 9,173]

  I do bank to bank transfers using REMITLY ,  currently at P48.63 and ZERO fees.    

 

With larger amounts ( break point is $2500 > ) direct wire transfers are the cheapest, but you need a USD acct in the Philippines to make this the best deal.   

Edited December 29, 2017 by Hank_

[Grant PDX 183]

Just looking at Remitly, Hank.  For the Zero fee, it's a 4 business day wait, is that correct?  Otherwise it's a $3.99 fee.  For quick turnaround, using my bank is still slightly better, but if I don't mind the wait Remitly is tops.

 

It does look like Remitly has an introductory deal right now, no fee and higher exchange (53:1) but likely a one time thing. <this is NOT an ad for Remitly, just noticed it on their site>

[Hank_ 9,173]

22 minutes ago, Grant PDX said:

Just looking at Remitly, Hank.  For the Zero fee, it's a 4 business day wait, is that correct?  Otherwise it's a $3.99 fee.  For quick turnaround, using my bank is still slightly better, but if I don't mind the wait Remitly is tops.

 

It does look like Remitly has an introductory deal right now, no fee and higher exchange (53:1) but likely a one time thing. <this is NOT an ad for Remitly, just noticed it on their site>

3 business days.  You had me wondering for a second so I had to go look.   What is weird is they don't take the money out of my bank account until it is time to send it, so not sure of the wait, but I have no issue with the three days

 

With Remitly Economy it will always take 3 business days. 

[Hank_ 9,173]

25 minutes ago, Grant PDX said:

Just looking at Remitly, Hank.  For the Zero fee, it's a 4 business day wait, is that correct?  Otherwise it's a $3.99 fee.  For quick turnaround, using my bank is still slightly better, but if I don't mind the wait Remitly is tops.

 

It does look like Remitly has an introductory deal right now, no fee and higher exchange (53:1) but likely a one time thing. <this is NOT an ad for Remitly, just noticed it on their site>

That special fee is what you get when you are a first time customer.  Nice perk!      REMITLY

[Greenbaum 12,258]

I use Wells Fargo to BDO. Money is in the BDO account and available within 15 mins or less. Good rates and no waiting three days or beating your brains out trying to save a few centavos.

[Chris Duffy 1,256]

Simple Solution:

 

Don't send money back to Philippines.

 

About the only time I send money there is if I am traveling there and send a few Western Union to myself so I can replenish my wallet.

 

Always look into the family you are about to marry, if they are poor you may want to re think your marriage.

[Greenbaum 12,258]

3 hours ago, Chris Duffy said:

Simple Solution:

 

Don't send money back to Philippines.

 

About the only time I send money there is if I am traveling there and send a few Western Union to myself so I can replenish my wallet.

 

Always look into the family you are about to marry, if they are poor you may want to re think your marriage.

How is it that those who send money to the PI have married into a poor family? Your logic is flawed. There are so many other reasons to send money, yours is but one.

[Hank_ 9,173]

11 hours ago, Greenbaum said:

I use Wells Fargo to BDO. Money is in the BDO account and available within 15 mins or less. Good rates and no waiting three days or beating your brains out trying to save a few centavos.

Only issue there is you NEED to have you banking at Wells Fargo, and Wells Fargo banks are not everywhere, and some would rather not have their banking at WF ..  just saying.  Whereas with a normal money transfer outfit you don't need to change your banking.   

[Hank_ 9,173]

21 minutes ago, Greenbaum said:

How is it that those who send money to the PI have married into a poor family? Your logic is flawed. There are so many other reasons to send money, yours is but one.

Totally agree.

 

Main reason on this forum for sending money back is to pay for the medical, visa fees and other fees related to the visa process.   

 

Then for those more established, the reasons for sending money can vary dramatically ... none of which relate to "poor family"

[Chris Duffy 1,256]

1 hour ago, Hank_ said:

Totally agree.

 

Main reason on this forum for sending money back is to pay for the medical, visa fees and other fees related to the visa process.   

 

Then for those more established, the reasons for sending money can vary dramatically ... none of which relate to "poor family"

Maybe for a one time for visa related, but many people in 3rd world countries are always finding an excuse to ask for money from the American Citizen or their PI spouse.   Either it's a medical emergency,  School tuition shortage, late on rent/mortage, etc

 

I don't give, I have heard every excuse in the book

[Chris Duffy 1,256]

2 hours ago, Greenbaum said:

How is it that those who send money to the PI have married into a poor family? Your logic is flawed. There are so many other reasons to send money, yours is but one.

It's pretty common knowledge.  The poorer the family the more they will want and pressure the girl to ask the US bf or husband for money.

 

You give them money and then they become parasites.