Lowest cost options for sending $1-2K USD to the Philippines

[RBM]

On 8/26/2021 at 5:19 AM, Balisidar said:

I usually use transfer wise or wise as they're known now.

Never had any problems with that amount using them.  Low fees and also getting lower.

Wow....wished had heard of them earlier, always been using Orbit Remit.  Signed up with Wise, made a transfer  and received funds same day. Rate considerably better than orbit....hind site.......if only.

[Gandang Smile]

On 8/26/2021 at 5:19 AM, Balisidar said:

I usually use transfer wise or wise as they're known now.

Never had any problems with that amount using them.  Low fees and also getting lower.

(Trasfer)wise is the best in terms of cross-currency rates and costs, but there is a catch: the receiver must have a bank account. Many of the poorer Filipinos are unbanked.

[Jollygoodfellow]

13 hours ago, RBM said:

Wow....wished had heard of them earlier, always been using Orbit Remit.  Signed up with Wise, made a transfer  and received funds same day. Rate considerably better than orbit....hind site.......if only.

Transferwise has been mentioned on this forum for years in different topics. Surprised you have not heard of them. 

[RBM]

9 hours ago, Jollygoodfellow said:

Transferwise has been mentioned on this forum for years in different topics. Surprised you have not heard of them. 

Yes how ever never checked on it as orbit remit offered such a wonderful service and seem to have Kiwi market pretty much sown up.

From first peep at wise it seems one is able open an account in any currency. This could be an advantage if I go the route of retirement visa as transferring from a NZ bank is rather a rip off, fees and rates are shocking.

[earthdome]

Update. Little Dylan is  4 weeks old now and it has been a week since his open heart surgery. Finally, after 4 weeks in ICU he has recovered well enough so he can be moved into the general ward to be with his mother. Up to this point the hospital bills are around 2M pesos. I don't know if that is before or after the Philhealth discount. They will be getting some assistance from the home province where my wife's family is from and from DSW.

[earthdome]

Another update. Dylan ended up spending 2 months in the hospital, most of that in the ICU. He has been home a month now but still requires oxygen and has a feeding tube. They were going to have to spend over 10,000 pesos per month for oxygen bottles so we helped them get an oxygen concentrator for a one time cost of 35k pesos. So thankful that he is getting the loving care at home that he needs now.

[Frank from Boston]

On 8/29/2021 at 10:27 AM, Jollygoodfellow said:

Transferwise has been mentioned on this forum for years in different topics. Surprised you have not heard of them. 

Another strategy especially if sending a large cash amount once and awhile is to try a new option to send. Example, I read on this forum about WorldRemit. I downloaded it and they said that the first three transfers will have Zero fees etc.

[Jollygoodfellow]

4 minutes ago, Frank from Boston said:

Another strategy especially if sending a large cash amount once and awhile is to try a new option to send. Example, I read on this forum about WorldRemit. I downloaded it and they said that the first three transfers will have Zero fees etc.

Certainly not a new option for me as I already said I use worldremit and have for years. You will find every now and then they will give you more free transfers or discount.

[earthdome]

21 hours ago, Frank from Boston said:

Another strategy especially if sending a large cash amount once and awhile is to try a new option to send. Example, I read on this forum about WorldRemit. I downloaded it and they said that the first three transfers will have Zero fees etc.

Fees are just one part of the cost. The other is how much is taken during the foreign exchange from USD to Peso's. Bottom line is you have to look at how many USD you input vs how many Peso's get remitted. In our recent case Transferwise now Wise was the best option.

[Frank from Boston]

I used tranferwise. Once they get to see you using them consistently, you'll see that it's not as good anymore. Like anything, pay attention. If I recall, with me the exchange rate was terrible.