Transferwise Anyone?

[GregZ]

Get a code to do your first transfer free. Either from me or some other user. Quite valuable if you send a large amount.

[Dave Hounddriver]

if I refer someone I get the equivalent of GBP50 and you get GBP2,000 worth of free transfers.

 

As mentioned above, I got the CSR on live chat and he said that referrals from a friend can vary:

The amount of this free transfer can vary though, from 500 GBP to 3000 GBP (or an amount equivalent in any other currency)

 

 So a free transfer of  2,000 sounds like a great way to check it out.  (Wish I'd checked this out last week.  I may have saved myself 5,000 pesos  :bash:  )

Edited January 25, 2016 by Dave Hounddriver

[GregZ]

My friend referral is for up to $2800 USD for free, or equivalent.

Edit: Super like that you'll try it now. I think you'll be real happy. I screwed up and only sent $400 on the free transfer, so don't beat yourself up. Haha. Wish I knew then. .... blah, blah, blah

Edited January 25, 2016 by GregZ

[robert k]

I have not used them, but at that exchange rate it might not be bad.

 

That is my biggest concern with Xoom.  Everyone says they only charge a $4.99 fee - which is true'ish... but the exchange rate is usually a least a peso lower than anywhere else.  So a $1,000 transfer would cost $4.99 plus losing p1,000 on the exchange... almost $20 (USD).

 

Western Union usually has a better exchange rate than Xoom, but not much.  I will have to look into TransferWise.  :tiphat:

I let Western union convert the money I sent myself to piso only one time, thereafter I only transferred dollars and exchanged it myself. I would transfer in $2,990 for $2.99.

[Onemore52]

Has anyone crunched the numbers on how WorldRemit stacks up amongst this lot?

[Sander Martin]

 

I have not used them, but at that exchange rate it might not be bad.

 

That is my biggest concern with Xoom.  Everyone says they only charge a $4.99 fee - which is true'ish... but the exchange rate is usually a least a peso lower than anywhere else.  So a $1,000 transfer would cost $4.99 plus losing p1,000 on the exchange... almost $20 (USD).

 

Western Union usually has a better exchange rate than Xoom, but not much.  I will have to look into TransferWise.  :tiphat:

I let Western union convert the money I sent myself to piso only one time, thereafter I only transferred dollars and exchanged it myself. I would transfer in $2,990 for $2.99.

 

 

Even if you transfer dollars into PI you still need to change them somewhere. In a bank or Exchange office. The exchange rates in the Banks and Currency Exchange offices are much worse than Transferwise.

 

Transferwise might take a fix % ($3 for any transfer up to $300, 1% for amounts from $301 to $5,000, 0.7% for any additional amount over $5,000), but their exchange rate is so much better, that it makes up for it.

 

Their exchange rate is the official mid market rate.

[GregZ]

Looks like Transferwise just raised their fee by roughly $2 PER TRANSACTION. They still come out on top for overall value, but I will make bigger and fewer transfers with the new pricing.

[GregZ]

Now they have lowered their fee. Before the $2 jump it was $9.90 (roughly) for $1000. It went to $11.88,now it is showing $9.08.

These are for US $ to PHP, bank to bank transfers.

[Steve & Myrlita]

Now they have lowered their fee. Before the $2 jump it was $9.90 (roughly) for $1000. It went to $11.88,now it is showing $9.08.

These are for US $ to PHP, bank to bank transfers.

Greg, how long does it take for your transfer to complete? That is one of my fears if I switch from Xoom which is 3 hours or less.

[GregZ]

If I do the transfer on a weekday the money moves in 24 hours, 1 business day. They say as soon as the ACH is effected by my bank they transfer. The money is in my bank account in the Philippines before they show it as moved in the app OR send me an email. I watch the account online.

With Xoom it moves and then they get the money in a couple days from my USA account. That is really nice but not worth the extra cost OR the time, risk and money to pickup and carry money to the bank after changing at the money changer since I was transferring in US $ to get a better rate myself.

My style anyway. Hope that all makes sense.