Hi guys, if you send funds to philippines ou should check out transferwise, unlike banks they offer the real exchange rate and the fee is only 0.7% and if you sign up through this transferwise.com/u/59ee9 (copy paste it) first transfer up to 4000 eur is free! I am using since march and i managed to save much.. it will probably help you too.. cheers
How to send funds to philippines avoiding bank fees
Marco lampi
30 July 2015 11:31:30
0
ABCDiamond
30 July 2015 13:33:35
873
Marco lampi wrote:Hi guys, if you send funds to philippines ou should check out transferwise, unlike banks they offer the real exchange rate and the fee is only 0.7% and if you sign up through this transferwise.com/u/59ee9 (copy paste it) first transfer up to 4000 eur is free! I am using since march and i managed to save much.. it will probably help you too.. cheers
As the Philippines is not one of www.transferwise.com full send & receive countries the fee is actually 1% (minimum 145php, A$4.50) according to https://transferwise.com/support/custom … -transfers
Also most Philippine Banks will charge 200 pesos for incoming transfers
ABCDiamond
31 July 2015 02:11:34
873
I compared my normal transfer method to the Philippines this morning, with transferwise.
Transfer sum: A$10,000
Peso to be received:
329,356 my normal transfer service
329,728 using Transferwise
Saving 372 pesos out of 329,000 pesos = 0.001%
They say "You'll save A$ 264.50 vs your bank".
I'd still save $10 but its not as big a saving as we might first think
And that is assuming the Transferwise rate is fixed, which I have read may change.
Transferwise state: "You get the real exchange rate 33.3206", but a $99.01 fee
My one quotes a lower rate but without fees, and comes very close
Subscribe to this topic
Articles to help you in your expat project in Manila
Opening a bank account in the Philippines
To answer the most common question, yes, expats can open a bank account as long as they have a valid resident visa ...
Bank account in the Philippines
If you are a intending to become a permament resident here in the Philippines you will certainly need a local ...
Money transfer options in the Philippines
The old system of transferring money from your bank in your home country to the Philippines and hoping for the ...
Lifestyle in the Philippines
About to move to the Philippines? Wondering how you're going to adapt to your new environment and lifestyle ...
Dating in the Philippines
The beauty of the Philippines, with its dramatic modern and old Spanish architecture, plus the golden sands and ...
Leisure activities in the Philippines
Consisting of more than 7,000 islands, the Philippines is a real treasure that you can explore during your stay ...
Open a bank account that suits you
Discover the best international banks to manage your money securely.
"