Comparison of Money Transfer Methods

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Posted

I agree Transferwise is much better.  I used Remitly for a couple of transfers when I first retired here and was amazed at the difference in money I was able save on my transfers when I switched over to Transferwise.

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Posted

I have been using BDO and check writing and waiting.  When there was a special need I have used Xoom to my bank account or for family "cash pickup".  What I do like about Xoom is the transfer is ready for pickup within minutes.  The fees are higher but fast.  I never used Transferwise and just checked them out for the first time.  Plugging in my numbers it stated the money would be available on April 7th, thats four days.  Is that the norm or is it faster once set up?  Most times I can wait four days but there are some times fast is needed.

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Posted (edited)
19 minutes ago, intrepid said:

I have been using BDO and check writing and waiting.  When there was a special need I have used Xoom to my bank account or for family "cash pickup".  What I do like about Xoom is the transfer is ready for pickup within minutes.  The fees are higher but fast.  I never used Transferwise and just checked them out for the first time.  Plugging in my numbers it stated the money would be available on April 7th, thats four days.  Is that the norm or is it faster once set up?  Most times I can wait four days but there are some times fast is needed.

I only really heard about Transferwise yesterday evening (Thursday). So I set up an account and did two test transfers of £50 from my UK bank using my debit card. Both arrived in my BPI account within ten minutes. Very impressive!

As a comparison I sent my usual monthly SWIFT transfer from my UK bank direct to my Phil’s account early on Wednesday morning. I am still waiting for it to arrive more than 48 hours later. 
Not at all impressive! I think I shall use Transferwise from now on. And much cheaper as well!

Edited by Huggybearman
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Posted

Interesting (and useful) but you didn't include Western Union in your spread sheet?

I use either World Remit or Western Union (mostly Western Union).

At the moment 1 AU$ buys 30.45 peso with World Remit and 30.56 peso with Western Union.

And World Remit charge $2.99 AU for a bank transfer where as Western Union do $0 bank transfers.

Which means that Western Union is also cheaper than World Remit.

 

I can't compare Transferwise because I don't have an account.

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Posted
1 hour ago, intrepid said:

I have been using BDO and check writing and waiting.  When there was a special need I have used Xoom to my bank account or for family "cash pickup".  What I do like about Xoom is the transfer is ready for pickup within minutes.  The fees are higher but fast.  I never used Transferwise and just checked them out for the first time.  Plugging in my numbers it stated the money would be available on April 7th, thats four days.  Is that the norm or is it faster once set up?  Most times I can wait four days but there are some times fast is needed.

I'm not sure about Transferwise as I have never used them.  I don't think I have done a service transfer since 2012 or 13.  All check writing except when I bought my house I had to do some wire transfers.

I hope someone else can comment as I think it is the most popular right now.

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Posted

Thanks for all the info. Just sounds a little too confusing for my old brain. I'll just stick to what has worked for me the past 17 years.:biggrin:

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Posted
11 minutes ago, GeoffH said:

Interesting (and useful) but you didn't include Western Union in your spread sheet?

I use either World Remit or Western Union (mostly Western Union).

At the moment 1 AU$ buys 30.45 peso with World Remit and 30.56 peso with Western Union.

And World Remit charge $2.99 AU for a bank transfer where as Western Union do $0 bank transfers.

Which means that Western Union is also cheaper than World Remit.

 

I can't compare Transferwise because I don't have an account.

Honestly, Western Union dropped off my list years ago and I forgot to look at them now.  Why did they drop off my list?  I think it was because I got a bad taste from them years ago in Germany or maybe early here in my Philippines years????  Super high cost was what I experienced but that may have been for counter to counter or credit card or???  And I remember back then they were still very manual and I don't think they had online services yet.

I just looked and they are pretty good now.  $2001.99 will get you  p100538.56.  No fee, exchange rate 50.21.  Transferwise will get you 100,748.11, about p210 more.  So WU is in the ballpark of World Remit and Transferwise.

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Posted

I have used western union for the last three years. I used to pay a 3.99 fee to use my debit card and direct from checking was free. The card would hit the bank here in 1 hour and 2 days for the checking. I don't know what happened last year but they both started to show up in one hour so I stoped using the card. Exchange rate is not bad.

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Posted

It is hard to compare all the methods because they change.

A month or a year from now their fees may have changed like Moneygram did to me.  A couple of years ago I had a friend in the US who would send my money to me via Moneygram.  Perhaps they had a special on but the fee was only $5 back then and I could instantly pick up US$ in cash at any L'Huillier.  With the bonus for exchanging actual US cash in the Philippines (rather than doing it through online methods) I easily made up the $5.  But now I see their fee for sending US$1,000 is up to $16

And the methods do not work the same for everyone.  My experience with both Moneygram and Transferwise is that the fee is diferrent depending on which country the sender is sending from.  That said, it is a great comparison in the opening post.  Respect to OnMyWay :tiphat:

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