Cheapest way to get cash from Wells Fargo here

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Posted

I know there is many methods to getting cash out . I am wondering from you experienced people which ways you think are the cheapest and quickest way to get cash. 

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Posted

The cheapest is to write yourself a check and deposit into your dollar account here.  Definitely not the quickest as it takes about 30 days or so for the funds to become available.

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Posted
28 minutes ago, Mike J said:

The cheapest is to write yourself a check and deposit into your dollar account here.  Definitely not the quickest as it takes about 30 days or so for the funds to become available.

What do you mean my dollar account. I tried to get an account but couldn't on a tourist visa 

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5 hours ago, Scooter said:

What do you mean my dollar account. I tried to get an account but couldn't on a tourist visa 

Without an account it won't work of course.  In the upper right corner of the screen, click on the looking glass.  It will open a search screen.  Enter "how to send money to the Philippines" then click the search button.  This topic comes up fairly frequently and you should find lots of info and suggestions.

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43 minutes ago, Mike J said:

Without an account it won't work of course.  In the upper right corner of the screen, click on the looking glass.  It will open a search screen.  Enter "how to send money to the Philippines" then click the search button.  This topic comes up fairly frequently and you should find lots of info and suggestions.

Last post on the topic was about a year ago. TransferWise seemed like the go to answer. Still valid ?

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Our Philippine experience, to get the best rate, is to bring cash in crisp, new $100 bills.  There is a currency dealer in Makati giving a good rate.  Most of the pesos are deposited in my niece's account set aside for the family trust (she is the treasurer).  Withdrawals through her are made as needed.  We have a Wells Fargo debit card for ATM withdrawals on a global basis.  They are no ATM fees by Wells Fargo and the foreign bank (Wells Fargo reimburses).  Unfortunately, the exchange rates are not good.  

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3 hours ago, Scooter said:

Last post on the topic was about a year ago. TransferWise seemed like the go to answer. Still valid ?

Still highly rated but the name is just Wise now.

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Posted
8 minutes ago, OnMyWay said:

Still highly rated but the name is just Wise now.

Perfect thanks 

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Posted
4 hours ago, JJReyes said:

Our Philippine experience, to get the best rate, is to bring cash in crisp, new $100 bills.  There is a currency dealer in Makati giving a good rate.  Most of the pesos are deposited in my niece's account set aside for the family trust (she is the treasurer).  Withdrawals through her are made as needed.  We have a Wells Fargo debit card for ATM withdrawals on a global basis.  They are no ATM fees by Wells Fargo and the foreign bank (Wells Fargo reimburses).  Unfortunately, the exchange rates are not good.  

Thank you, JJ.  I will have to check that out re the special Wells Fargo ATM card to be used for global ATM use, if I understand you correctly.

Having just returned to the USA after a 30 month stay at our home in Capiz, I got my new WF debit card since it expired a year before I returned to the USA and I didn't need to use it there.  Nor wanted to because with my regular WF debit card, they were charging me $5/transaction fee plus the PI bank charged their P200 fee as well for any ATM withdrawals. So that added up to $9/per ATM withdrawal plus you were given about one piso less per dollar than the current exchange rates as well.

I couldn't avoid the lower exchange rate, but when I used my WF on-line account, I could directly transfer money from my account to my Pinay's BDO or Metro accounts for a fee of $4 USD using their 'transfer money'/send to another country' system on their menu. About 5-7 years ago they set that up and radically lower the cost from their previously much more expensive transfer cost system, which I never used for that reason. Cheaper alternatives were and still are available now with many international money transfer companies, but now I find it quite easy and not extremely expensive to use the WF system which I use to pay my ongoing USA bills with via their 'bill pay' system while living in the PI as well of course.

I will have to see about their global ATM card before I return so I can avoid their ATM fee while living there and only have to pay the P200 per ATM withdrawal.

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Posted
12 hours ago, Scooter said:

What do you mean my dollar account. I tried to get an account but couldn't on a tourist visa 

Years ago I couldn't get an account with a tourist visa either so that hasn't changed.

You asked about transferring from Wells Fargo. You can transfer to another person with a peso account online but the exchange rate is not good. You can transfer on line via wire transfer to a dollar account the fee is $45.00 but it is instant. Transfer Wise is cheaper but it takes a few days, dollar for dollar if transferring to a dollar account but if transferring to a peso account don't expect the best exchange rate. I have both dollar and peso accounts with Metrobank. My transfer decisions are this. 1. No hurry? I write myself a check and deposit. I wait up to a month and Metro charges me $2.50 per check. 2. A little hurry? I use Transfer Wise. They charge from $11.00 to $17.00 depending on whether it is an ACH transfer or debit card takes about 3-5 banking days.  3. In a big hurry? I transfer money online from my USAA account to Wells and then use Wells Fargo online wire transfer. [USAA does not offer online wire transfer] All these examples involve transferring dollars to dollars as I find that I get a better rate exchanging at the local bank they I do with the online exchange rate.

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