Remit to Philippines

[Celebi 136]

Hey everyone.

What's the best way to remit money to the Philippines nowadays? My mom has a dollar account with BDO.

Would bank-to-bank transfer be better in terms of taxes/ fees/ exchange rate?

 

[SteveInBostonI130 3,467]

Transferwise, now just called "Wise".  Wise.com, I believe.  Very good fees and exchange rates.

[top_secret 2,440]

I'll second "Wise".  Unbeatable for the exchange rate and transfer cost.  Takes a little effort to set up and a Philippine bank account but incredibly easy and cheap after set up.  It's almost too easy sending money.🤣😂

[jskibo 588]

16 hours ago, Celebi said:

Hey everyone.

What's the best way to remit money to the Philippines nowadays? My mom has a dollar account with BDO.

Would bank-to-bank transfer be better in terms of taxes/ fees/ exchange rate?

 

If you're sending to a dollar account then the whole "who has the best exchange rate" doesn't apply.  Bank to Bank transfer would work.  

[Palawan 131]

 

16 hours ago, Celebi said:

Hey everyone.

What's the best way to remit money to the Philippines nowadays? My mom has a dollar account with BDO.

Would bank-to-bank transfer be better in terms of taxes/ fees/ exchange rate?

 

 

At one time if you had a Chase Bank Account you could transfer US dollar for like $3 per transaction to BDO. CHase and BDO has or had a relationship that provided that.  It been years since had Chase Bank account, so you may want to look into that and see if they still offer that service.

[Palawan 131]

16 hours ago, Celebi said:

Hey everyone.

What's the best way to remit money to the Philippines nowadays? My mom has a dollar account with BDO.

Would bank-to-bank transfer be better in terms of taxes/ fees/ exchange rate?

 

The best way is to open a Charles Schwab account, you can do it online.  Get your debit card and fedex/DHL it to here in Philippines.  She can use any ATM in the Philippines to withdraw money, they have excellent exchange rates, She can take out up to $1000 US Dollars per day, and the best thing is all your ATM fees worldwide are credited back to your account.

 

 

[Palawan 131]

15 hours ago, SteveInBostonI130 said:

Transferwise, now just called "Wise".  Wise.com, I believe.  Very good fees and exchange rates.

Wise fees are very high, plus you can't send more than like $9000 USD, not allowed

 

US dollar accounts have no such thing as an exchange rate

 

1 US Dollar = 1 US Dollar

[SteveInBostonI130 3,467]

18 minutes ago, Palawan said:

Wise fees are very high, plus you can't send more than like $9000 USD, not allowed

 

US dollar accounts have no such thing as an exchange rate

 

1 US Dollar = 1 US Dollar

 

Really?  How high are their fees?

 

Last time I checked it was $7 or $8 for a  US $1000 transfer, which is much less than $25 my bank charges.

[Palawan 131]

30 minutes ago, SteveInBostonI130 said:

 

Really?  How high are their fees?

 

Last time I checked it was $7 or $8 for a  US $1000 transfer, which is much less than $25 my bank charges.

I looked at 7k transfer an it was like 60 bucks

 

 

[Palawan 131]

1 hour ago, SteveInBostonI130 said:

 

Really?  How high are their fees?

 

Last time I checked it was $7 or $8 for a  US $1000 transfer, which is much less than $25 my bank charges.

I can do a Western Union for $1000 to Philippines and it only cost me $8, It isn't traceable, since you can use any name to send with WU.

 

I suspect using stuff like Wise, Remitely etc they want a bank account to send.  

 

 

[Celebi 136]

3 hours ago, jskibo said:

If you're sending to a dollar account then the whole "who has the best exchange rate" doesn't apply.  Bank to Bank transfer would work.  

Sometimes, I'm not the brightest one in the room 🤦‍♀️😆

[Celebi 136]

Thank you everyone. I'm going to look into Wise, WU, Charles Schwab and Chase. 

Have a great weekend to all!

 

[Palawan 131]

Look at Remitly also.

 

I think at the moment most are not charging any fees, I guess they are all competing with each other to get new customer since the exchange rate is at record highs

[Bugs 455]

Wells Fargo has a bank to bank transfer service called ExpressSend which we have been using for over a decade.  $4 or $5 per transfer.

[Celebi 136]

37 minutes ago, Bugs said:

Wells Fargo has a bank to bank transfer service called ExpressSend which we have been using for over a decade.  $4 or $5 per transfer.

Wow. I just started working at WF and had no idea about this. Thank you!