# Money Transfer



## Manitoba (Jun 25, 2014)

I have been experimenting a little with different ways of transferring cash here. They all have different fee structures and different exchange rates. I will give a comparison of them based on effective exchange rates which is total amount received divided by total cost. As of this writing the true exchange rate is 40.13 p to the Canadian dollar.

These transfers took place over a few weeks so there may also be some fluctuations in the basic exchange rates as well.

I have tried 4 alternatives so far.

Cash withdrawals from ATM’s is the easiest but limited to 10 000 a time. Also my cards have low daily cash withdrawal limits on them so can usually only make one withdrawal a day ( one card lets me make 2 per day, could make partial withdrawals but fees stay the same) Also hit or miss if the cards will work on any one day in any one machine. Effective exchange rate is around 39.99. This also beats the cash exchange rate at a bank which is not surprising since there is limited demand for Canadian currency outside of Canada. My experience exchanging Canadian cash outside of Canada or the near border areas of the US has always been that you will not get a good rate at all.

Western Union, limited to $1,000 a month. Quick transfers but have to go to WU agent but no real issues. Effective rate is 38.12. One of my banks would freeze my card until I called in about every second or third transfer time.

Wire transfer from my bank to my GF’s bank here. Advantage is unlimited amounts; disadvantages are several days transfer time and effective exchange rate was 36.91 due to high transfer out and transfer in fees. This might be worthwhile if I was looking to buy a house or other large purchase as the fees are relatively flat across a wide range of amounts and the money goes directly into an account so I do not need to deal with actual physical cash.

WorldRemit.com I had used them to top up my cell phone and they were usually quick. Cash is available at major banks in a couple of hours. Effective rate was 38.98. Advantage is high daily limits (just under $6,000 Canadian). Have to limit each transaction to $CDN995 but can make interact withdrawals. I note that this varies greatly depending on the country you are sending from.

Different banks will have different fee structures and different countries will also have different exchange rates but based on this, I’ll just stick with cash from ATM’s for most things, a little planning to always have some ready cash will make this a workable option. 

If I need extra above what the ATM option allows me to get I’ll use worldremit.com. 

Also if you are taking the cash advance on a credit card be aware that they will charge interest from the day you make the withdrawal until the due day of the next payment, even if you have a surplus in the account. Just stick to making cash withdrawals from chequing or savings accounts and you will be OK.

Hope this helps.


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## ROUNDHEAD1952 (Aug 18, 2014)

Go to BPI, you can draw up to P20,000 per transaction. It is still P200 per transaction, but you will save by the larger amount. Also, check xoom.com. I heard it is cheaper than most.


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## Manitoba (Jun 25, 2014)

ROUNDHEAD1952 said:


> Go to BPI, you can draw up to P20,000 per transaction. It is still P200 per transaction, but you will save by the larger amount. Also, check xoom.com. I heard it is cheaper than most.


I had looked at xoom before when I was in Indonesia. They had a really bad exchange rate at the time. 

Two ways these places make their money, the actual transfer fee and the exchange rate differential. You have to include both to get the effective exchange rate.


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## cream (Jul 2, 2014)

ROUNDHEAD1952 said:


> Go to BPI, you can draw up to P20,000 per transaction. It is still P200 per transaction, but you will save by the larger amount. Also, check xoom.com. I heard it is cheaper than most.


HSBC banks in the Philippines allow 40,000 iwthdrawals from their ATM's, here is a list of the locations of HSBC banks in the Philippines HSBC Bank, Philippines Branch & ATM Locations however I do not know if each of these banks has ATM's where you can withdraw 40,000.

I have used the one at Ayala Mall in Cebu city several times and been dispensed 40,000 every time except once when they were low on cash and they only dispensed 20,000. 

however even when I can manage larger withdrawals like 20,000-40,000 which is not very often as I do not like Cebu city much and never want to spend too much time there, I still bring roughly half the money I think I will need for the 4 months a year I am in the Philippines in British pounds, cash.


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## Manitoba (Jun 25, 2014)

cream said:


> HSBC banks in the Philippines allow 40,000 iwthdrawals from their ATM's, ........
> 
> .... I still bring roughly half the money I think I will need for the 4 months a year I am in the Philippines in British pounds, cash.


My home bank is HSBC but my ATM withdrawl limit is significantly less than 40 000. I took the default amount when I opened the account only to find that getting it changed later was a significant process.

Also I am in Butuan, nearest branch is Davao

If I was closer to an HSBC branch I would open an account there and link it with my home account. They have a good transfer set up and it might work out to be the most economical way to move money. I'd save the 200 p local bank fee on my foriegn card as well as the $5 or so cash advance fee my bank charges. Then I could simply take out local money same fees as a local pays for a withdrawl.


The ATM option was a better exchange rate than exchanging my US cash here as well. From my days in Afghanistan, I got in the habit of having significant US dollar cash on hand as my run money. Still have it and it is still my run money just in case something happens and I gotta get out of Dodge in a hurry. I don't look at my US cash on hand as anything other than my run money and do not want to dip into my safety net for spending money.

Don't know about exchanging pounds but my last ATM action on my US dollar account was effective exchange rate of 41.82 ( 43.48 on the peso but fees reduced the effective rate). This is close to what the local bank had posted last time I looked.


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## Gary D (Oct 28, 2013)

To link your HSBC account to HSBC in THe Philippines you would need to have a premier account which requires you to hold a very large balance and pay a monthly fee. Probably not worth it unless you are rolling in money and then probably wouldn't care anyway.


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## Manitoba (Jun 25, 2014)

Gary D said:


> To link your HSBC account to HSBC in THe Philippines you would need to have a premier account which requires you to hold a very large balance and pay a monthly fee. Probably not worth it unless you are rolling in money and then probably wouldn't care anyway.


The requirement is $100k CDN for the premier account. This includes investment accounts.

That then waives the monthly fee. Drop below that amount anytime in a month and the fee applies. 

No matter how much money I have, I do not like wasting it expecially when the easiest options can be some of the most economical ones.


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## cream (Jul 2, 2014)

well the Cebu Ayala HSBC bank ATM has worked for me to make 40,000 peso withdrawals except that one time when it dispensed only 20,000, as well as numerous other people. It accepts VISA and MASTERCARD.

and I don't have any kind of HSBC account at all - never mind a premium one. 

the problem with HSBC is that there are hardly any of them - 10 in Manila and 1 each in Cebu and Davao. Citybank is the same, hardly any of them. 

the trouble with the Philippines for my purposes at least, is that travellers checks are next to useless there, whereas in especially Thailand, and to a lesser extent Malaysia and Cambodia, travellers checks are really easy and very inexpensive to use - much cheaper than ATM's especially after the banks all raised their prices after the 2008 financial crisis. When I used to spend my winters in Thailand rather than the Philippines, I just used to bring 20-25 X £GBP200 Amex travellers checks with me to cover me for the 17 weeks I was there, and that was all I needed. I never used to use ATM's at all, not once, though I did have a credit card on hand as a back up in the event of some emergency.


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## Gary D (Oct 28, 2013)

The reason there are so few western banks in the Philippines is that the law limits the number of branches each non-Philippine bank can have. So for a new branch to open an existing branch has to close.


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## cream (Jul 2, 2014)

a friend of mine who unlike me who only spends 35% of the time in the Philippines but more like 70%, uses that Orbit Remit service, he says that it works out much cheaper than rip off Filipino ATM's. You pick up the money from Western Union or Palawan Pawnshop offices I think, after sending it to yourself, online. But they have a load of anti money laundering type hoops you have to jump through to register, which seemed a bit too much like hard work to me, and put me off.


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## Cebu Citizen (Dec 13, 2013)

I am not sure if they have a WELLS FARGO bank in Canada but I absolutely LOVE their remittance program called ExpressSend.

All of my money gets direct deposited into my Wells Fargo bank back home and I can send money to the Philippines in amounts as little as $25.00 and up to $3,000.00 per day for only a very small $4.00 fee! The transfer fee is the same no matter how much you send so it pays to send a larger amount and get your $4.00 worth out of the transfer fee.

The BPI bank I use in the Philippines DOES NOT charge a fee on their end...so the entire process only cost me $4.00.

AND the money is there usually within a few hours but never more than a day! I even sent some money there on a Sunday and it was still there in my account and ready to be withdrawn early Monday morning when the bank opened.

And the BEST part...after the program is set up...you can access your account online and send yourself or a family member money at any time 24 hours a day as long as you have internet access...just login, send the money and the next day you have cash available!

It's quick, it's easy and it's very inexpensive...


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## lefties43332 (Oct 21, 2012)

Cebu Citizen said:


> I am not sure if they have a WELLS FARGO bank in Canada but I absolutely LOVE their remittance program called ExpressSend.
> 
> All of my money gets direct deposited into my Wells Fargo bank back home and I can send money to the Philippines in amounts as little as $25.00 and up to $3,000.00 per day for only a very small $4.00 fee! The transfer fee is the same no matter how much you send so it pays to send a larger amount and get your $4.00 worth out of the transfer fee.
> 
> ...


Are u sending by debit card? I have wells fargo but never used it


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## ROUNDHEAD1952 (Aug 18, 2014)

if anyone happens to have served in the US military, they should join USAA. You get up to $15.00 per month reimbursed for international atm fees. Since bpi now has P20K per transaction and the standard P200 fee (most banks have a P10K limit per transaction), you can withdrawl up to P60K per month without any fees at either end.


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## lefties43332 (Oct 21, 2012)

ROUNDHEAD1952 said:


> if anyone happens to have served in the US military, they should join USAA. You get up to $15.00 per month reimbursed for international atm fees. Since bpi now has P20K per transaction and the standard P200 fee (most banks have a P10K limit per transaction), you can withdrawl up to P60K per month without any fees at either end.


YeH my buddy uses them


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## Cebu Citizen (Dec 13, 2013)

lefties43332 said:


> Are u sending by debit card? I have wells fargo but never used it


LEFTIES...No, this is not using a Debit Card nor has it anything to do with a Debit Card...this is bank to bank transfer...a cash remittance program that simply transfers money from one bank account to another bank account.

Most every bank out there has something like this but I have never found one the is cheaper or easier or faster than Wells Fargo ExpressSend! This is a great program that allows you to keep your money safely tucked away in a US insured account under FCIA rules yet you will have quick easy and inexpensive access to your funds anytime you need it.


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## lefties43332 (Oct 21, 2012)

Cebu Citizen said:


> LEFTIES...No, this is not using a Debit Card nor has it anything to do with a Debit Card...this is bank to bank transfer...a cash remittance program that simply transfers money from one bank account to another bank account.
> 
> Most every bank out there has something like this but I have never found one the is cheaper or easier or faster than Wells Fargo ExpressSend! This is a great program that allows you to keep your money safely tucked away in a US insured account under FCIA rules yet you will have quick easy and inexpensive access to your funds anytime you need it.


Well i have western union bank acct but just as easy for me to withdraw with my debit card i believe. My buddy uses it in baretto and withdraws at lhullier. Most of my other banks charge about 20 bucks to wire to my bdo or rcbc acct


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## Manitoba (Jun 25, 2014)

Cebu Citizen said:


> I am not sure if they have a WELLS FARGO bank in Canada but I absolutely LOVE their remittance program called ExpressSend.
> 
> ......
> 
> It's quick, it's easy and it's very inexpensive...


No Wells Fargo in Canada but I do have an account with them in the USA. (Needed it for payroll purposes when working in Afghanistan for a US firm, just kept it open for just in case)

Part of the cost of sending the money is the exchange rate that the bank/remittance company charges you. Take a look at the exchange rate they offer compaired to the official rate, if the spread is more than about 2% you are getting ripped off on the exchange rate despite low fees. Not saying WF is doing that but some of the online places make a lot of money that way.



Just sent myself $2,000 Cdn, just under 79 000 p through worldremit. Went to the local LDC to pick it up, they did not have enough cash on hand to make the pay out.


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## Cebu Citizen (Dec 13, 2013)

lefties43332 said:


> Well i have western union bank acct but just as easy for me to withdraw with my debit card i believe. My buddy uses it in baretto and withdraws at lhullier. Most of my other banks charge about 20 bucks to wire to my bdo or rcbc acct


The Wells Fargo ExpressSend Remittance Program charges only $4.00 per transaction for amounts up to $3,000.00 per day. I do not have a Western Union bank account but I have used Western Union in the past to send money to various people, friends or family members over the years and I always thought Western Union was quite expensive with their fees...convenient but very expensive...the more you send, the more it costs!

Perhaps having a bank account with them is more reasonable than their world wide money sending network.

There are so many ways to send money these days and every bank has a program that is sure to fit each of our individual needs. I am glad the Debit Card works well for your needs. For me though, I do not have to go anywhere to use a Debit Card to make a withdrawal...I can do all my transferring from my computer and not have to leave the comforts of my home.


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## Cebu Citizen (Dec 13, 2013)

Manitoba said:


> No Wells Fargo in Canada but I do have an account with them in the USA. (Needed it for payroll purposes when working in Afghanistan for a US firm, just kept it open for just in case)
> 
> Part of the cost of sending the money is the exchange rate that the bank/remittance company charges you. Take a look at the exchange rate they offer compaired to the official rate, if the spread is more than about 2% you are getting ripped off on the exchange rate despite low fees. Not saying WF is doing that but some of the online places make a lot of money that way.
> 
> ...


I am not sure what the exact exchange rate is at the present time but I just transferred some funds this past Friday and the online exchange rate was being reported as 45.0740php per US Dollar and Wells Fargo gave me the rate of 45.0916php per US Dollar transferred...so I actually got a little bit better rate than what I saw reported online with the World Monetary Conversion Tables.

Every time I transfer funds, I check the banks available rate against what is being listed online and Wells Fargo is always in line with what is being reported.


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## wilgoster (Dec 14, 2011)

Xoom has been successful with $4.99 transfer fee plus their exchange rate costing you about 1 peso per dollar. I've sent a ton of money with them. Now (today) WU has offered the same rate, but it's site has a lot of deceptive * and superscript, so much so that it discouraged me from looking further. Xoom transfers bank to bank or bank to pickup. 

Xoom was careful at first about the money-laundering threat, but after a month, their transfers are instantaneous. In thailand, CIMB transfers to Phils beat the pants off WU, both in fee and in exchange rates. Good luck!


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## Manitoba (Jun 25, 2014)

You will also get a good exchange rate just using your credit/debit card for payments without having to use cash.

It is a worthwile option to look at. With the chip embedded cards that the rest of the world outside the USA uses fraud is greatly reduced.


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## cvgtpc1 (Jul 28, 2012)

Manitoba said:


> You will also get a good exchange rate just using your credit/debit card for payments without having to use cash.
> 
> It is a worthwile option to look at. With the chip embedded cards that the rest of the world outside the USA uses fraud is greatly reduced.


Find a card without intl transaction fees though.....Chase, at least the version I have, doesn't have them. I've found most have those fees which can kill your exchange rate.


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## lefties43332 (Oct 21, 2012)

cvgtpc1 said:


> Find a card without intl transaction fees though.....Chase, at least the version I have, doesn't have them. I've found most have those fees which can kill your exchange rate.


I have chase premier military acct and they do charge atm fee 5 bucks overseas


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## Cebu Citizen (Dec 13, 2013)

Manitoba said:


> You will also get a good exchange rate just using your credit/debit card for payments without having to use cash.
> 
> It is a worthwile option to look at. With the chip embedded cards that the rest of the world outside the USA uses fraud is greatly reduced.


MANITOBA...very good point to make about the embedded microchips found in many debit and credit cards around the world...HOWEVER...I do not understand why the US banks are so slow to use the microchip cards because fraud and credit card theft are threw the roof in the US!

You would think that security of their customer accounts would be of the highest priority, (next to their annual profits of course!).


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## Manitoba (Jun 25, 2014)

Cebu Citizen said:


> .........I do not understand why the US banks are so slow to use the microchip cards because fraud and credit card theft are threw the roof in the US!
> 
> You would think that security of their customer accounts would be of the highest priority, (next to their annual profits of course!).


Not sure what the US rules are on credit card fraud but in Canada we are only responsible for the first $50 on any card. (or less if we notify company that it is lost or stolen before the $50 limit is reached)

It is in the company’s best interest to make the card as secure as possible. All I can think of is that in the US the customer is responsible for more of the loss not the credit card company.


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## Manitoba (Jun 25, 2014)

cvgtpc1 said:


> Find a card without intl transaction fees though.....Chase, at least the version I have, doesn't have them. I've found most have those fees which can kill your exchange rate.


Pay for the ATM fee but no fee for international usage.


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