Is there a better and cheeper way to send money......

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parigi723
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Is there a better and cheeper way to send money......

Post by parigi723 »

Hello everyone!
Has anyone send money overseas? Do you use the service offered by Walmart? if not,which is the safer and most economical way to
do it.........As always many,many thanks,parigi.
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tnbison
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Re: Is there a better and cheeper way to send money......

Post by tnbison »

Xoom(owned by paypal)
gpburdell
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Re: Is there a better and cheeper way to send money......

Post by gpburdell »

I send money to relatives in the Philippines couple times a month and use Western Union (online from PC). I've read that Western Union's exchange rate is bad compared to other places. However, I have the option for the receiver to get US dollars which I do; so no exchange rate involved. Not sure if that's an option everywhere.
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lthenderson
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Re: Is there a better and cheeper way to send money......

Post by lthenderson »

I use Zelle which is free but will only work between U.S. banks so whomever I send money to, still needs a bank account in the U.S. They then transfer that money from the U.S. Bank to their foreign bank.
dbltrbl
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Re: Is there a better and cheeper way to send money......

Post by dbltrbl »

Use transferwise. Good exchange rates.
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PaddyMac
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Re: Is there a better and cheeper way to send money......

Post by PaddyMac »

Depends on whether it's family or business. If I just need to repay a sibling for a share in a gift or flowers etc, I send them an Amazon gift certificate. Assuming they use Amazon, but it's popular in Europe. For business, usually send with Paypal, although I have paid small amount with Amazon too (both parties agreed it was the easiest).
123
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Re: Is there a better and cheeper way to send money......

Post by 123 »

It large depends on how much you are sending and how frequently you send it. I would likely use a different service to sent $100K than I would to send $1K.
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AlohaJoe
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Re: Is there a better and cheeper way to send money......

Post by AlohaJoe »

Transferwise, currencyfair, ofx, etc. Just use Google and you can find several sites along with comparisons between them.

I can't imagine Walmart's service is anything but terrible.
JohnFiscal
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Re: Is there a better and cheeper way to send money......

Post by JohnFiscal »

See viewtopic.php?f=1&t=270081 for discussion
wootwoot
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Re: Is there a better and cheeper way to send money......

Post by wootwoot »

Send crypto.
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whodidntante
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Re: Is there a better and cheeper way to send money......

Post by whodidntante »

dbltrbl wrote: Tue Mar 12, 2019 8:42 am Use transferwise. Good exchange rates.
Very reasonable/acceptable fee, but it took a while for me. I was converting to a little used currency, so that could be why.
bhsince87
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Re: Is there a better and cheeper way to send money......

Post by bhsince87 »

I used paypal a few weeks ago. It was $3.99 for an $800 transfer.
"If ye love wealth better than liberty, the tranquility of servitude better than the animating contest of freedom, go home from us in peace." Samuel Adams
nexesn
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Re: Is there a better and cheeper way to send money......

Post by nexesn »

parigi723 wrote: Tue Mar 12, 2019 5:44 am Hello everyone!
Has anyone send money overseas? Do you use the service offered by Walmart? if not,which is the safer and most economical way to
do it.........As always many,many thanks,parigi.
If you plan to do it regularly, and you trust the person (as in, you are giving money to a family member) open a new bank account (one good one is capital one 360) and then give them the debit card.

No fees, and easy for them to withdraw.
rongos
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Re: Is there a better and cheeper way to send money......

Post by rongos »

Transferwise is cheapest from USA if you don't need instant.

Xoom is best if you need to transfer in minutes.

Currencyfair is cheapest of all, but not currently accepting USA customers.
AlohaJoe
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Re: Is there a better and cheeper way to send money......

Post by AlohaJoe »

bhsince87 wrote: Tue Mar 12, 2019 9:53 pm I used paypal a few weeks ago. It was $3.99 for an $800 transfer.
What was the spread from spot rate? That's more important than any fees.

This link suggests that PayPal has a spread even higher than banks.

http://transumo.com/send-money-overseas ... k-account/

At 7.48%, you paid another $60 in hidden fees to PayPal.

So altogether you paid $64 to transfer $800, or 8%.
bhsince87
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Re: Is there a better and cheeper way to send money......

Post by bhsince87 »

AlohaJoe wrote: Tue Mar 12, 2019 10:31 pm
bhsince87 wrote: Tue Mar 12, 2019 9:53 pm I used paypal a few weeks ago. It was $3.99 for an $800 transfer.
What was the spread from spot rate? That's more important than any fees.

This link suggests that PayPal has a spread even higher than banks.

http://transumo.com/send-money-overseas ... k-account/

At 7.48%, you paid another $60 in hidden fees to PayPal.

So altogether you paid $64 to transfer $800, or 8%.
That's possible. To be honest, I didn't look into that aspect! :oops:

On the other hand, it was REALLLY easy.
"If ye love wealth better than liberty, the tranquility of servitude better than the animating contest of freedom, go home from us in peace." Samuel Adams
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CAsage
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Re: Is there a better and cheeper way to send money......

Post by CAsage »

nexesn wrote: Tue Mar 12, 2019 9:57 pm If you plan to do it regularly, and you trust the person (as in, you are giving money to a family member) open a new bank account (one good one is capital one 360) and then give them the debit card. No fees, and easy for them to withdraw.
I second this idea. These days, anywhere there is an ATM and you can withdraw money, so can family overseas. Of course, this makes the most sense for recurring transfers. You need to be able to mail them the physical card, and SEPARATELY phone or text the PIN. I believe the exchange rate is good, also?
Salvia Clevelandii "Winifred Gilman" my favorite. YMMV; not a professional advisor.
davidsorensen32
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Re: Is there a better and cheeper way to send money......

Post by davidsorensen32 »

BTC
parigi723 wrote: Tue Mar 12, 2019 5:44 am Hello everyone!
Has anyone send money overseas? Do you use the service offered by Walmart? if not,which is the safer and most economical way to
do it.........As always many,many thanks,parigi.
anonenigma
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Re: Is there a better and cheeper way to send money......

Post by anonenigma »

I transfer from my Wells Fargo account. Exchange rate isn't obviously abusive and fee is $4. It arrives in an hour or so, I think.
rongos
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Re: Is there a better and cheeper way to send money......

Post by rongos »

Many banks hide about 3% to 6% surcharge in the exchange rate.

In Transferwise's webpage, they specifically quote that a Wells Fargo transfer in Nov 2018 cost 6.3% more than their own service.

Not a big deal for small amounts, but _really_ adds up for transfers in the multi-hundreds or thousand dollars.

Transferwise is less than 1% compared to banks 3% to 5% (excluding fees).
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