What's the cheapest way to send money to the Philippines?

There are lots of ways to send money to the Philippines. Paypal is one, but it's not cheap. There are also money transfer like MoneyGram and Western Western but do you know how much it actually cost you?

(When sending $1000 from US to Philippines)

Ria - $10
Payoneer - $28
Xoom - $34
Wire Transfer - $35 - $60
Western Union - $36
MoneyGram - $36
PayPal - $35 - $80
Skrill - $64

Do you know how does it come up with that amount?

Check the full comparison of money transfer and its cost when sending money to the Philippines here:
//blog.timedoctor.com/2015/03/13/whats-the-cheapest-way-to-send-money-to-the-philippines

Hope this will help lots of people when sending money in the future.

Found a way to get money from my account to pesos.
Opened cash management account with Fidelity Investments. Issued ATM card and checks.
NO foreign transaction fee and if foreign  institution has service charge they reimburse.
Statefarm Bank does almost same but limit reimbursement.
Only issue I found was be careful of conversion rate.
  I have other investments with these institutions b
And not sure if that influences this methodC

C.eck it out and hope it works for you .

Hi!

I think this link may help you:
blog.timedoctor.com/2015/03/13/whats-the-cheapest-way-to-send-money-to-the-philippines

Moderated by: Devo
Reason: No advertising on the forum please

No matter who you choose, you need to check the Exchange rate they give, as well as the fee they charge.

I lost 4.5% on the FX rate itself ,on one transaction, before fees were charged.

Normally I pay only 0.5% on the FX Interbank rate with no charges.

Current IB rate, for US$, is 45.645, and Local Money changers rate is 45.4 so about 0.25% off the IB rate is a good target.

Why would you send money to the Philippines ? Don't do it bro . It will vanish without a trace.

If you have USA account and recipient has account like BPI or other, establish a dollar account and a Peso account there and then sign up for Remitly and send in USD. Recipient can transfer to the Peeso account and then withdraw.  That is better than sending to dollar account and withdrawing - transfer it first to Peso account and then withdraw. Be advised there are minimum balance requirements for those accounts.

How about Mongolian account in tugriks ?

No idea - but if you do not closely know and have met the person, I would not send any currency if I were you...

I use RIA.  Their fees seem to be the lowest and the exchange rate is reasonable compared to what you get if you exchange cash in the PH.  Also, I don't get charged the fee if I transfer over $1000.  I can go and pick up cash immediately, don't need to wait 3 days for it to post to a bank.  They charge between 2% to 2.5% of the exchange rate as compared to what the XE listed rates.  I've never had an issue with them.

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