andre007 Posted March 18, 2012 Posted March 18, 2012 (edited) One thing I have been trying to find out is can I send money to myself. I could not find anything on their site saying No so I sent them a queerie to find out. I"ll let everybody know what I get back for the answer. The simple answer for me is Paypal. I have a Paypal account in the US and a Paypal account using my Union Bank account here. Simple send from one account to the other. It is totally legal and their is no fee when sending Paypal to Paypal..This may give you another alternative. Edited March 18, 2012 by andre007 2 Link to comment Share on other sites More sharing options...
OnMyWay Posted March 18, 2012 Posted March 18, 2012 I have not used Xoom yet, but it appears to a lot cheaper. A great review. I have a couple of points that may help. Xoom used to have a maximum transaction (for me anyway) of $1,000 (but they since decided to cancel my account so that is all academic now). XE gives me a limit many times that, which can and does work out cheaper, for me, when I watch the trends on the exchange rate and send a lot of money when the rates are good. Not everyone is able to do that, though.Right! I meant to mention that XE might be more cost effective at higher amounts. Xoom allows up to $2999 for one fee of $5.99. Link to comment Share on other sites More sharing options...
Garpo Posted March 18, 2012 Author Posted March 18, 2012 One thing I have been trying to find out is can I send money to myself. I could not find anything on their site saying No so I sent them a queerie to find out. I"ll let everybody know what I get back for the answer. The simple answer for me is Paypal. I have a Paypal account in the US and a Paypal account using my Union Bank account here. Simple send from one account to the other. It is totally legal and their is no fee when sending Paypal to Paypal..This may give you another alternative.How does PayPal handle the exchange rate when you use them? Link to comment Share on other sites More sharing options...
andre007 Posted March 18, 2012 Posted March 18, 2012 One thing I have been trying to find out is can I send money to myself. I could not find anything on their site saying No so I sent them a queerie to find out. I"ll let everybody know what I get back for the answer. The simple answer for me is Paypal. I have a Paypal account in the US and a Paypal account using my Union Bank account here. Simple send from one account to the other. It is totally legal and their is no fee when sending Paypal to Paypal..This may give you another alternative.How does PayPal handle the exchange rate when you use them?Well as they say their rates are competitive. Actually I do not use often and can't remember because of my last transaction I will send Dollar to Dollar then when I want to withdraw it will convert on that day. I left my monies in Dollars because I was making Paypal transactions. But let me quote you from their website:Transacting in Multiple CurrenciesPayPal launched Multiple Currencies to facilitate payments among our diverse base of international members. PayPal is pleased to offer conversion rates that are competitive with those of other consumer services.The most readily available information on currency exchange rates is based on "interbank exchange rates". Interbank exchange rates are established in the course of currency trading among a global network of over 1,000 banks, and are not available through consumer or retail channels. Consumers may use these rates as a reference, but should not expect to use interbank rates in transactions that involve currency conversion. To obtain actual retail rates, contact your local financial institution or currency exchange, or check the rate displayed in your PayPal transaction.Displaying Conversion Rates PayPal will always provide information on transactions that include a currency conversion. The currency conversion rate will be displayed each time you: Send a payment in a non-local currency Accept and automatically convert a payment to your primary currency Withdraw funds in a non-local currency to your local bank account Transfer funds between currency balances In addition, you can go to History to review the currency conversion calculations from previous transactions.There is no currency conversion for transactions where you: Send a payment using a funding source in the same currency Receive a payment in a currency for which you hold a balance (you do not need to have funds in the currency balance) Withdraw funds in local currency to your local bank account Link to comment Share on other sites More sharing options...
MikeB Posted March 18, 2012 Posted March 18, 2012 I will send Dollar to Dollar then when I want to withdraw it will convert on that day. So the UnionBank acct is a dollar acct, not peso? Link to comment Share on other sites More sharing options...
andre007 Posted March 18, 2012 Posted March 18, 2012 I will send Dollar to Dollar then when I want to withdraw it will convert on that day. So the UnionBank acct is a dollar acct, not peso?No sorry let me clarify. The money is going Paypal to Paypal first. So therefore if I am sending Dollars it will only receive dollars. Once I transfer to my account which is only a peso account it will be converted..I will assume if you had a dollar account at one of the banks that uses Paypal that you can receive it in dollars once you transfer it.I hope I did not get you even more confused.. Link to comment Share on other sites More sharing options...
Garpo Posted March 18, 2012 Author Posted March 18, 2012 Do you have a waiting period or clearance delay with PayPal? How long does it take to get the funds into your Philippine bank account? Link to comment Share on other sites More sharing options...
MikeB Posted March 18, 2012 Posted March 18, 2012 I hope I did not get you even more confused Not at all, this looks like a good option but I can't do it with my current account because it's not a MC/Visa so I need to set up another peso one here. Thanks for the info. Link to comment Share on other sites More sharing options...
andre007 Posted March 18, 2012 Posted March 18, 2012 Do you have a waiting period or clearance delay with PayPal? How long does it take to get the funds into your Philippine bank account?It takes 2 to 3 business days... 1 Link to comment Share on other sites More sharing options...
i am bob Posted March 18, 2012 Posted March 18, 2012 I don't want to sound like the proverbial party pooper here but there are several members on here (myself included) who will have nothing to do with PayPal. PayPaL will not admit fault for any errors and you will be out your cash. I have a friend - a single mother - who was trying to support herself and her young son by making and selling a better grade bracelet through Ebay a few years ago... One person decided they didn't want to pay for it so, after the transaction was completed, they told PayPal they wanted their money back... PayPal froze her account (for one single false complaint) and reimbursed the customer who complained (and didn't sent back the bracelet) and then PayPal would not unfreeze her account for almost 2 years! When they did, all the money she had in the account was gone - and she was using this as her bank account (silly girl)... I thought that this was weird but, upon checking into it found that PayPal had given themselves the right to do this. There are thousands of others who have had this done to them as well... And they also gave themselves the right to freeze private accounts as well! To make this short and sweet - I refuse to go anywhere near PayPal!!! 2 Link to comment Share on other sites More sharing options...
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