sending money to philippines

[ghee101]

heads up! just a quick one here.

if, for example, i am in UK and i want to send money to my brother or daughter (not much) and i dont have any UK bank account, what are my options where i wont spend much on charges?

i know this forum got a couple of favorite banks and remittance services. i would appreciate some input. should i tell them to open an account as early as now?

thanks ^_^

[rani]

heads up! just a quick one here.

if for example i am in UK and i want to send money to my brother or daughter and i dont have any UK bank account, what are my options where i wont spend much on charges?

i know this forum got a couple of favorite banks at remittance services. i would appreciate some input. should i tell them to open an account as early as now?

thanks ^_^

sounds like a plan!!! go go sis :xxgrinning--00xx3:

[johncar54]

May I suggest you follow the basic advise of this forum and do a search.

There are many threads which deal with this subject in all kinds of depths and with all kinds of tangents !


PS Quote :- heads up! just a quick one here.

This subject rarely get a quick, to the point answer !!

[Lancashirelad]

Hi

For small amounts i use moneygram its the transfer service offered at the post office. If i remember correct (please check for yourself) you can send 25 pounds for 4.50. The charges are on a sliding scale so its useful to check where the commission jumps up.

Its maybe not the cheapest but its instant and can be picked up at a lot of locations in phils, so it suits our needs. :)

[stevewool]

yep western union too but watch the chargers

[johncar54]

yep western union too but watch the chargers

We have used them when our Nationwide Cash Card was withdrawn (under NW's new '¡improved service' measure) but it's a bit of a balancing act.

If you send very little it's expensive as there is a standard charge. If you send up to 500 euros from Spain its relatively cheaper.

I just tried to check out the cost of sending from UK. I may have made a mistake but it looked like £30 for £500. So a lot more expensive than the 9 euros from Spain. But maybe someone who has experience (and more time I am just about to eat) can qualify this.

[joebloggs]

my stepson has finally managed to open a bank account after a few weeks of trying different banks :doh:Help1:

i had to change the water bill into his name in the end :D, as the minimum needed is your passport and a utility bill :cwm24:(tax letter etc)

he's opened an account with Lloyds TSB and with the type of current account he gets a money transfer card. but £1.50 fee per withdrawal and 3% of Purchase or Cash Withdrawal, if it is in a currency other than Sterling. so he'll probably be using PNB and the card for emergencies

http://www.lloydstsb.com/current_accounts/added_value_accounts/money_transfer_card.asp

[ghee101]

May I suggest you follow the basic advise of this forum and do a search.

There are many threads which deal with this subject in all kinds of depths and with all kinds of tangents !


PS Quote :- heads up! just a quick one here.

This subject rarely get a quick, to the point answer !!

well, we are here everyday and we get replies quick to some posts so i just wondered. it's ok, i give them replies too as quickly as 5 mins after their post--i know i'd get a reply within a day :D

as i searched the forum, most of the posts were from husbands or boyfriends sending to their girls to philippines so a lot of them got their UK banks already. some use western union which charges a lot. xoom is cheaper. these are common services they use..

some pinays sending home are mostly OFWs so they got bank accounts already in UK, it may be PNB or others. and as i read...opening accounts take time too.

[ghee101]

For small amounts i use moneygram its the transfer service offered at the post office. If i remember correct (please check for yourself) you can send 25 pounds for 4.50. The charges are on a sliding scale so its useful to check where the commission jumps up.

Its maybe not the cheapest but its instant and can be picked up at a lot of locations in phils, so it suits our needs. :)

hey, thanks!


yep western union too but watch the chargers

yeah :NoNo: thanks, manong steve!


my stepson has finally managed to open a bank account after a few weeks of trying different banks :doh:Help1:

i had to change the water bill into his name in the end :D, as the minimum needed is your passport and a utility bill :cwm24:(tax letter etc)

he's opened an account with Lloyds TSB and with the type of current account he gets a money transfer card. but £1.50 fee per withdrawal and 3% of Purchase or Cash Withdrawal, if it is in a currency other than Sterling. so he'll probably be using PNB and the card for emergencies

http://www.lloydstsb.com/current_accounts/added_value_accounts/money_transfer_card.asp

yes, exactly. i read in many posts that it's hard to open an account there. and you'd have to wait for a few weeks too.

GUYS, thanks for the replies.

@ sis rani, naghahanda lang. at least, as early as now, i'd know what to do.

[junior02]

well, we are here everyday and we get replies quick to some posts so i just wondered. it's ok, i give them replies too as quickly as 5 mins after their post--i know i'd get a reply within a day :D

as i searched the forum, most of the posts were from husbands or boyfriends sending to their girls to philippines so a lot of them got their UK banks already. some use western union which charges a lot. xoom is cheaper. these are common services they use..

some pinays sending home are mostly OFWs so they got bank accounts already in UK, it may be PNB or others. and as i read...opening accounts take time too.

just been thinking on this, i wonder how many filipinas send money to ther brit husbands? cgaro not to many:NoNo:

[ghee101]

just been thinking on this, i wonder how many filipinas send money to ther brit husbands? cgaro not to many:NoNo:

...or many none :icon_lol::icon_lol:

you know the answer to that :icon_lol::icon_lol: and why :rolleyes:

[ghee101]

sounds like a plan!!! go go sis :xxgrinning--00xx3:

hahaha it's purely voluntary actually, sis. depends on how i'll do. my mom doesn't know of my plan for my brother. my sisters never really help my mom even if they're doing well. i just want my mom to see that even if im their blacksheep, i know how to share without her asking. anyway, i'll be the one to work for it so i can choose to send or not. it wont be much but, at least, my mom will feel a little burden off her shoulders. my brother is already on his medicine proper at one of the more expensive med schools in the philippines.

and my ex hubby is not really requiring me. i just want to offer a little help if i got extra :D it's for my sweetheart daughter anyway :D

[alanp]

i use cmt money transfer they only charge £4.75 for up tp £3000 so their charges are very good it gets there in under 24 hours

[stevewool]

thats a good rate alan

[alanp]

yes it is esp if you are having to send alot of cash over.

[johncar54]

i use cmt money transfer they only charge £4.75 for up tp £3000 so their charges are very good it gets there in under 24 hours

I thought I would check out CMT, not knowing who they are or anything about them.

On their web page RP was not shown as a destination. This what came up:-



DESTINATIONS


Argentina Buenos Aires

Australia Sydney

Brazil Rio de Janeiro São Paulo

Canada Montreal Toronto

England London

France Paris

Italy Rome

Israel Eilat Tel Aviv Jerusalem Haifa

Netherlands Amsterdam

Russia Moscow

Spain Barcelona Madrid

USA Las Vegas Albuquerque New York Los Angeles Miami

Can you let me have the web address you use please.

[RickyR]

Firstly, HSBC Passport in the UK is an account which you can open easily when you've just moved to the UK, with your Philippines ID cards etc. Transfer to a BPI or PNB Account in the Phils will cost 17 pounds per transfer, so only good for large amounts.
Now your best idea would be to sign up with BPI or PNB in Earl's Court, London as soon as you arrive. That is the absolutely 100% best and cheapest way to send money to the Philippines to an associated BPI or PNB account.

[lordna]

just used PNB remmittance service to send money to a BDO account and its definately the cheapest....just £5 charge if you do it online. The only drawback we found is it takes a few days to go through but maybe this was because it was to a BDO account. if you have a PNB acount in the Philippines its probably quicker.

[joebloggs]

just used PNB remmittance service to send money to a BDO account and its definately the cheapest....just £5 charge if you do it online. The only drawback we found is it takes a few days to go through but maybe this was because it was to a BDO account. if you have a PNB acount in the Philippines its probably quicker.

i think if you contact them b4 3pm its in the account in the phils the next day :rolleyes:

[johncar54]

just used PNB remmittance service to send money to a BDO account and its definately the cheapest....just £5 charge if you do it online. The only drawback we found is it takes a few days to go through but maybe this was because it was to a BDO account. if you have a PNB acount in the Philippines its probably quicker.


Lordna

To be able to assess how good a transfer system is,it is necessary to know how much was transferred, what the charge was and very importantly, how the exchange rate compared, at the time, with the inter bank rate. A low charge but a poor exchange rate can mean that the one which appears to be the cheapest may not be.


An example of 'no so good' would be if it cost £5 to transfer any amount thus to transfer £20, a charge of £5 would be expensive, or if the bank rate was say 80P to the £ but one got 70P

[ghee101]

i use cmt money transfer they only charge £4.75 for up tp £3000 so their charges are very good it gets there in under 24 hours

wow!! this is good!:xxgrinning--00xx3::xxgrinning--00xx3:

[ghee101]

Firstly, HSBC Passport in the UK is an account which you can open easily when you've just moved to the UK, with your Philippines ID cards etc. Transfer to a BPI or PNB Account in the Phils will cost 17 pounds per transfer, so only good for large amounts.
Now your best idea would be to sign up with BPI or PNB in Earl's Court, London as soon as you arrive. That is the absolutely 100% best and cheapest way to send money to the Philippines to an associated BPI or PNB account.

thank you for this.

[ghee101]

just used PNB remmittance service to send money to a BDO account and its definately the cheapest....just £5 charge if you do it online. The only drawback we found is it takes a few days to go through but maybe this was because it was to a BDO account. if you have a PNB acount in the Philippines its probably quicker.

ooh...my mom, brother and ex hub are BDO users. this is useful info, thanks! :xxgrinning--00xx3::xxgrinning--00xx3:

[alanp]

hi johncar54
i use it via the Filipino store in stevenage as they are a agent for them cmt is cionstar money transfer this is their website http://www.cmtmoney.com/
they do not seem to list all their agents on the website but i have not had any problems with it and i know a lot of filipino's use it to send money home
Alan

[johncar54]

[COLOR="Blue"]Alanp, Thanks for the info.
I tried to see what the charges were and the best I could get was this from FAQ._

How much does the service cost?

The fees are very competitive and offer excellent value for money. The transfer fee varies depending on the amount you are sending and where you are sending from / to. Please contact your nearest agent for pricing.

It seems very odd that they are apparently so shy about disclosing the info. One would expect that info to be available up-front as it is with, I think all other companies I have looked at. It would seem to imply it may vary from agent to agent.



PS. I just checked out agents and see there is one just a few minutes from where I live in Spain. In fact, I walk passed it almost every day, it s a telephone call shop. I will look in and ask for details.


PPS. I just looked at 'How to become and agent'

BENEFITS for AGENTS:

1. Excellent revenue earning opportunity
* High percentage commission on every money transfer
* Minimal set up costs
* Competitive prices
* Additional customer benefits to attract new customers
* Add value to your existing customer by offering CMT
* Various customer and agent incentive programs available throughout the year

Now I am wondering how the service can be cheap for the user when the agent can make 'High percentage commission on every money transfer.' It can only be the user who pays this, or a I wrong?

[RickyR]

This is the reason why bank transfer is the very best option. The PNB and BPI accounts, can allow online transfer, and one of the best exchange rates around. No agents, just a direct transfer, which is instaneous from account to account.
The HSBC transfer for 17 pounds, is quite good on large transactions, with an exchange rate of 2.5% below inter bank rate. The transaction is done online again, and i've transferred to a BPI account for the next working day.

When you use agents, you are paying a middle man. Exactly what johncar said, the exchange rate is normally where the guys with low fees catch you.

A good analogy, would be if someone said that you get free parking if you do your groceries at Harrods, or you pay 5 pounds parking to do your shopping at Asda Walmart. Which one is cheaper in the end?

[johncar54]

just called in at the agency near my home (as listed on CTM web site) and they said they knew nothing of CTM !!!!!










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