Sending money

[nick6147 6]

Hello all, I was wondering what anyone thinks is the cheapest way to transfer money to a loved one overseas. I plan on this being a regular event in the future so I want to find the best way. Any way to deposit usd to a foreign account for a fair exchange rate? Thanks 

[David & Diana R 1,005]

21 minutes ago, nick6147 said:

Hello all, I was wondering what anyone thinks is the cheapest way to transfer money to a loved one overseas. I plan on this being a regular event in the future so I want to find the best way. Any way to deposit usd to a foreign account for a fair exchange rate? Thanks 

Western Union, Remitly, etc...   In order for you to transfer dollars to a Philippines bank account you have to be listed on the account along with your significant other.  I know because I set up an account on my second visit there jointly with my wife in the Philippines.  I had to appear in person at the bank to open the joint account. My wife is here now so we closed that account in the Philippines on my last visit.  But to be honest it is easier and faster to use Western or Remitly.  You can save a little money by visiting your local Safeway store or other and using cash rather than doing it on-line.  But for me doing it on-line is easiest and we send money every month to my wife's family.  We just check which service is cheaper each time we are going to send money.  It is also less expensive to use a Debit Card on-line.  Just before sending we just check what the exchange rates are and the fees charged by the two services and then send based upon that.  Good luck. 

Edited May 1, 2018 by David & Zoila

[Ontarkie 14,236]

~~Moved to the PI forum, from Site Discussion - As other US/PI couples will be able to give their experience.~~

[deafguy72 99]

3 hours ago, nick6147 said:

Hello all, I was wondering what anyone thinks is the cheapest way to transfer money to a loved one overseas. I plan on this being a regular event in the future so I want to find the best way. Any way to deposit usd to a foreign account for a fair exchange rate? Thanks 

I'm with Xoom for years. Check this out if you are interested or not.

 

https://www.xoom.com/ 

[Chris Duffy 1,257]

9 hours ago, David & Zoila said:

Western Union, Remitly, etc...   In order for you to transfer dollars to a Philippines bank account you have to be listed on the account along with your significant other.  I know because I set up an account on my second visit there jointly with my wife in the Philippines.  I had to appear in person at the bank to open the joint account. My wife is here now so we closed that account in the Philippines on my last visit.  But to be honest it is easier and faster to use Western or Remitly.  You can save a little money by visiting your local Safeway store or other and using cash rather than doing it on-line.  But for me doing it on-line is easiest and we send money every month to my wife's family.  We just check which service is cheaper each time we are going to send money.  It is also less expensive to use a Debit Card on-line.  Just before sending we just check what the exchange rates are and the fees charged by the two services and then send based upon that.  Good luck. 

I have transferred large amount like over $25K to Philippines, it's called a wire transfer.  You can transfer it to any account you want,  You don't have to be on the account.  

[Hank_ 9,174]

9 hours ago, nick6147 said:

Hello all, I was wondering what anyone thinks is the cheapest way to transfer money to a loved one overseas. I plan on this being a regular event in the future so I want to find the best way. Any way to deposit usd to a foreign account for a fair exchange rate? Thanks 

Cheapest?  Hmm.

 

Of the ones I have used cheapest is REMITLY   

 

Remitly is 0 fee and the exchange is better

XOOM - their fee is $4.99 exchange rate is worse than Remitly

 

Company	Pay with Bank Account	Pay with Debit Card
Remitly	$0 Economy	$3.99 Express
Western Union	$3.99	$7.00
Xoom	$4.99	$5.99

[Hank_ 9,174]

2 minutes ago, Chris Duffy said:

I have transferred large amount like over $25K to Philippines, it's called a wire transfer.  You can transfer it to any account you want,  You don't have to be on the account.  

There is a $45 fee with that, plus a fee from the bank in the Philippines, for BDO that is + $5

[deafguy72 99]

6 minutes ago, Hank_ said:

Cheapest?  Hmm.

 

Of the ones I have used cheapest is REMITLY   

 

Remitly is 0 fee and the exchange is better

XOOM - their fee is $4.99 exchange rate is worse than Remitly

 

Company	Pay with Bank Account	Pay with Debit Card
Remitly	$0 Economy	$3.99 Express
Western Union	$3.99	$7.00
Xoom	$4.99	$5.99

Wow! I may try this one so is it involved via paypal? I will check this out and do my homework  Thanks a lot Hank

[Hank_ 9,174]

1 minute ago, deafguy72 said:

Wow! I may try this one so is it involved via paypal? I will check this out and do my homework  Thanks a lot Hank

XOOM is owned by Paypal.

 

 

[Chris Duffy 1,257]

10 hours ago, nick6147 said:

Hello all, I was wondering what anyone thinks is the cheapest way to transfer money to a loved one overseas. I plan on this being a regular event in the future so I want to find the best way. Any way to deposit usd to a foreign account for a fair exchange rate? Thanks 

 

[Cyberfx1024 7,980]

3 hours ago, Hank_ said:

Cheapest?  Hmm.

 

Of the ones I have used cheapest is REMITLY   

 

Remitly is 0 fee and the exchange is better

XOOM - their fee is $4.99 exchange rate is worse than Remitly

 

Company	Pay with Bank Account	Pay with Debit Card
Remitly	$0 Economy	$3.99 Express
Western Union	$3.99	$7.00
Xoom	$4.99	$5.99

If you use Western Union online it is more than just that.

[Hank_ 9,174]

7 minutes ago, cyberfx1024 said:

If you use Western Union online it is more than just that.

I avoid WU like the plague.

[Cyberfx1024 7,980]

22 minutes ago, Hank_ said:

I avoid WU like the plague.

I used to use them when I worked in Afghanistan because the WU on base SUCKED big time. But that is what I found is that WU Online will consistently charge you more and hold your money for "security reasons" even though you have a verified account.

[Chris Duffy 1,257]

5 minutes ago, cyberfx1024 said:

I used to use them when I worked in Afghanistan because the WU on base SUCKED big time. But that is what I found is that WU Online will consistently charge you more and hold your money for "security reasons" even though you have a verified account.

Online last time I checked was $25, that was a few years ago.

 

I go to grocery store and send WU and it's only $10

[Talako 785]

I currently use Xoom.  It is not the cheapest, and the exchange rate isn't that great.  However, a couple of clicks on the computer and the transfer is done.

 

I've used WU in past, and I wasn't a fan.