Sending money to Phillipines

Discussion in 'Currencies' started by Ipv6Ready, Aug 25, 2016.

  1. Ipv6Ready

    Ipv6Ready Well-Known Member Silver Stacker

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    HI I need to send two people $200 each to Philippines on a monthly basis, I bank with ANZ and I recall I should use alternatives for cheaper fees.

    I was wondering, do member have suggestion?

    Any suggestions for reputable online companies I should look at to send it with minimal fee but safe direct to their bank account.
     
  2. SilverDJ

    SilverDJ Well-Known Member

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    Do you mean bank fees or currency conversion as well?
    I use www.currencyfair.com for conversion and international transfers, much better rate than the banks.
     
  3. Ipv6Ready

    Ipv6Ready Well-Known Member Silver Stacker

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    Thanks just to let members, and those multiple people telling me not to send money to any dating agency or sick people I meet online :)

    The two staff actually get paid for the work though the company I work for in Sydney ie its not personal payment for extra task outside of work they do for me.

    Due to how the company is set up, basically unlike my Australian staff, I dont have direct control on how much they get paid.

    So this is my little bonus for them for job well done.

    My belief is always to treat people well and they will do well for me.
     
  4. yennus

    yennus Well-Known Member Silver Stacker

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    Send Bitcoin :)
     
  5. Altima

    Altima Well-Known Member Silver Stacker

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    I'm already having difficulty finding someone to sell me BTC. Lol
     
  6. ego2spare

    ego2spare Active Member

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    I send money all the time to the philippines. Its usually through a philippino shop that we go to and wire the money. Most remit services charge a fee of between $7-$12 to send any amount of money. So the exchange rate would basically stay the exact exchange rate at the time. An online one that my gf uses sometimes is iremit.com.au which alows you to use services like Cebuana Lhuillier and
    MLhuillier which philipinos usually perfer
     
  7. Ipv6Ready

    Ipv6Ready Well-Known Member Silver Stacker

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    not too sure sending bitcoin is feasible to non bitcoin followers.

    I might as well send them NZ dollars in an envelope lol

    Not saying bitcoin is bad, but dont think it is suited for this
     
    Gullintanni likes this.
  8. yennus

    yennus Well-Known Member Silver Stacker

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    They can cash out with Localbitcoins Philippines :)
     
  9. danman49

    danman49 Well-Known Member Silver Stacker

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    Pay Pal friends and family might be an option. The exchange rate is less than a bank and other organisations but there should be no to very negligible fees (might be a small one for sending money over a counties border from memory). If you are sending around $200 to separate bank accounts you will end up paying 2 lots of bank or institution fees each month which has got to be a lot higher than what you would save on getting slightly better exchange rates through a bank.

    OR........ if you can set yourself up a bank account in the Philippines then send your money over in one large amount in AUD to save fees and get a better exchange rate (our banks give crap rates for conversion at this end). Then use internet banking for your Philippine account to transfer the money each month or set up a monthly payment. This is how I pay my bill in Thailand and it works fine.

    One point is never to change the money from AUD to another currency at this end. Banks in Asia generally give a much better exchange rate than our banks when you send the money over in AUD.
     
  10. Ipv6Ready

    Ipv6Ready Well-Known Member Silver Stacker

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    I will need to investigate. Thank you for suggestion, please keep them coming, I will need to look at pay pal, it is convenient for me. I upload cash and send it to them in AUD, but I should discuss with my staff the implications too.

    Also I cant really send to one and ask them to share.

    To me it make little difference but in Philippines $30 is a sizeable amount I suspect..
     
  11. Roswell Crash Survivor

    Roswell Crash Survivor Well-Known Member Silver Stacker

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    PayPal is the best low-cost option I can think of that would not require a lot of effort to set up.
     
  12. Roswell Crash Survivor

    Roswell Crash Survivor Well-Known Member Silver Stacker

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    Big Mac Index
    US$5.04 in U.S.
    US$4.30 in Australia
    US$2.82 in Philippines

    1.5x so your AU$30 spends like AU$45 in Manilla, not nearly as big as you may think.
     
  13. Lord_Dudley

    Lord_Dudley Active Member Silver Stacker

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    Try

    Peramaxonline.com

    They have an ANZ bank account.

    I have been using them for 3 yrs now. Monthly.



     
  14. ego2spare

    ego2spare Active Member

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    No. your $30 australian actually spends like $180+ in the philippines. Fast food there is something for the 'well offs' or a rare treat day.
    That 130 peso big mac is something that the people who work in mcdonalds cant really afford. I know a guy who works at mcdonalds there and earns 280 pesos a day (on a good day)... can u imagine working a 8 hour day at maccas here and only being able to afford 2 big macs? Thats the equivalent of a $72 big mac Aud.
    I think the big mac index only works for western countries

    Edit: i asked him. Its 10 hour days for 290p ($8.20)
     
  15. billybob888

    billybob888 Well-Known Member Silver Stacker

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    I use transferwise, cheaper than Paypal
     
  16. JNS

    JNS Active Member Silver Stacker

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    Open coins.ph and you can send easily without a cost in real time. Tell your receiver to open same account. They can encash it anywhere, atm, bank, and money transfer system outlet. This is my gateway to my bank with crypto but changing crypto to php is bit costly but reliable. It is also my way of paying my bills and insurances.

    I see this was late, i saw the thread but might be helpful to others vacationing on ph.

    You can encash BTC in various outlet by changing first to local currency.

    Well, just incase heres a referal code:
    etiyxw

    Buzz me need some help.
     
    Last edited: Dec 30, 2017
  17. alor

    alor Well-Known Member Silver Stacker

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    sent GOLD coins :D
     
  18. JNS

    JNS Active Member Silver Stacker

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    Custom fee and tax are terrible, i have been stacking for years but worthy to fly and buy in Singapore and HK.;)
     
  19. JNS

    JNS Active Member Silver Stacker

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    Actually i worked in Mcdo year 1995, i remember that my per hour is 18php, probably true, but that time, that pay can live a family with 1 child. I worked 12-18 hrs per day and serving 3 mc-donald chains continuously since i am not a regular worker for 1 company.

    Now, i think the lowest pay in the city should be 500 or 600php / day and yet can not make a decent life.
     
  20. Gullintanni

    Gullintanni Well-Known Member

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    "So i am not saying bitcoin is bad" >>>>>>>>>>>???????????????
    So how about some clarification on what you think of the NZD?
    And before you answer just let me remind you that we now have a (gag gag gag) Labour government.
    They were just recently taking credit for a increase in value of the NZD vs USD yet it was only because President Trump said he wanted to devalue the USD.
    Bloody Labour polis will take credit for the sun rising in the morning.
     

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