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#1 Gregg

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Posted 03 February 2018 - 04:43 PM

Hi, 

 

Lanie will be traveling to the phils for vacation next month. What is the consensus these days for how to transfer cash from US to the Phils. In the past we used an ATM but had to pay the associated fees and international transfer taxes etc. I suppose we could still do that. Alternatively she could bring cash (a bit riskier) and go to a bank and exchange for pesos. We've done that too. Another alternative would be to use a company such as Remitly or Xoom. 

 

She'll probably end up spending a total of around $3,000.  Too much cash to bring. 

 

What should we do to minimize risk and associated fees and not get ripped to much on exchange rates?

 

 


03/22/08 Met on CB
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........K1 TIME LINE......

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#2 Mr. Lee

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Posted 03 February 2018 - 08:43 PM

Depending on where in the Philippines, only because we like using HSBC machines, because they dispense up to p40,000 at a time, we use our Fidelity ATM card at machines with a Visa logo like the one in HSBC and there were no charges and even if there were, Fidelity Reimburses them and I found the exchange rate at HSBC to be very close the the money changer rates. 

 

Another option would be to open a Charles Schwab checking account, they too reimburse fees charged by ATM machines and the exchange rate is close.

 

Also when using a Cap One credit card there for purchases there are no fees and if using a Fidelity Visa credit card for purchases in stores and restaurants that take cc's, there is a 1% fee, but they give 2% back, so a win win, so possibly a way to cut back on the amount of cash needed in total. 

 

For sending money here is a special one of my friends is using, right now they are paying p53 to one with no fees for new customers, so maybe you send once and then have a family members send once, etc, etc, but even their fees are not too bad. 

 

Hopefully others can chime in with better ways, I prefer to use our U.S. ATM card and CC's when we are there, to cut back on needing a lot of cash.

 

Hope Lanie enjoys her trip, if she happens to be in Cebu, or if any members happen to be in Cebu mid Feb to mid May, have her/them, or you look my wife and I up via this forums message center, we are always happy to meet people and help out if needed ,whenever or wherever we can.


Retired, happily married since 94 & live part time in Cebu City and the rest of the time in Florida, USA.


#3 rbacon

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Posted 04 February 2018 - 04:08 AM

I've found XOOM to be most reliable and fee-reasonable.  I've been using them for several years and send 3 or 4 remittances a month, directly from a dedicated account, and it goes into a designated bank account at the other end in a matter of minutes.  Money can also be picked up at scores of locations, including M.Huiller and other remittance/banking chains.  Fee for each remittance has been $4.95 the last couple of years.  Go to:  http://www.xoom. com

 

--RayB



#4 Gregg

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Posted 05 February 2018 - 12:43 AM

Thanks.. I guess just using the ATM is the way to go. Opening a new bank account doesn't seem practical.  


Edited by Gregg, 05 February 2018 - 12:45 AM.

03/22/08 Met on CB
09/12/08 Met in person
09/15/08 Engaged
10/16/08 Annulment filed
09/16/09 2nd trip
01/26/11 Annulment granted finally!

........K1 TIME LINE......

01/29/11 K-1 packet mailed to Dallas TX
02/05/11 Package delivered
02/14/11 Received NOA1
05/20/11 Received NAO2 APPROVED!
05/27/11 Received case #
06/15/11 Medical - Sputum cultures ordered - result positive
07/13/11 TB treatment started
09/11/11 3rd trip to Philippines
01/14/12 TB treatment at Saint Luke's Completed
02/10/12 Results of final sputum culture negative
02/14/12 Re-medical
02/26/12 Medical clearance obtained
03/27/12 Embassy interview - Approved!
04/12/12 Visa Received!! - What a great day!!
04/24/12 CFO stickers obtained
04/27/12 Arrive at O'Hare at 8:40 AM via Japan Airlines
05/10/12 Wedded Bilss!

#5 Gregg

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Posted 05 February 2018 - 12:46 AM

I've found XOOM to be most reliable and fee-reasonable.  I've been using them for several years and send 3 or 4 remittances a month, directly from a dedicated account, and it goes into a designated bank account at the other end in a matter of minutes.  Money can also be picked up at scores of locations, including M.Huiller and other remittance/banking chains.  Fee for each remittance has been $4.95 the last couple of years.  Go to:  http://www.xoom. com

 

--RayB

Good idea too. I think Remitly has a better exchange rate than Xoom - at least last time I remitted. 


03/22/08 Met on CB
09/12/08 Met in person
09/15/08 Engaged
10/16/08 Annulment filed
09/16/09 2nd trip
01/26/11 Annulment granted finally!

........K1 TIME LINE......

01/29/11 K-1 packet mailed to Dallas TX
02/05/11 Package delivered
02/14/11 Received NOA1
05/20/11 Received NAO2 APPROVED!
05/27/11 Received case #
06/15/11 Medical - Sputum cultures ordered - result positive
07/13/11 TB treatment started
09/11/11 3rd trip to Philippines
01/14/12 TB treatment at Saint Luke's Completed
02/10/12 Results of final sputum culture negative
02/14/12 Re-medical
02/26/12 Medical clearance obtained
03/27/12 Embassy interview - Approved!
04/12/12 Visa Received!! - What a great day!!
04/24/12 CFO stickers obtained
04/27/12 Arrive at O'Hare at 8:40 AM via Japan Airlines
05/10/12 Wedded Bilss!

#6 Fritz

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Posted 05 February 2018 - 11:28 PM

If you plan ahead and send yourself what you will need a week later, Remitly has a free option (draws from bank account)... the catch being that it takes 4 business days to arrive.  If you need money instantly and can reach a L'Huilliers or other supported agent Remitly charges $3.99 for instant transfers (Debit/Credit card)... Ready for pickup in a few minutes.  The delay is waiting for the transaction to post in the agent's computer system.

 

Visa exchange fee is 1% off the current FOREX (international money market) rate.  Use a card that doesn't impose additional ATM withdrawal fees and it will be competitive with the money changers.  

 

If she will have easy access to ATMs, Visa is the better option.  If she will be in the Province a long way from the ATM, then Remitly's $3.99 may be the less expensive option (bus fare to the ATM needs to be taken into account)

 

Remitly is the one offering P53 to new customers.  Limited to the first $999 sent

 

The adventure continues

Fritz

 


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know it when you see it and
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#7 rbacon

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Posted 11 February 2018 - 05:50 AM

Good idea too. I think Remitly has a better exchange rate than Xoom - at least last time I remitted. 

Gregg,

 

Look beyond the "exchange rate."  Factors to consider are: 

1.  Options for obtaining sent funds by recipient

2.  Amount of time it takes the money to reach recipient

3.  Reviews by users of the service

 

--Ray B






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