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 » 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.

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tnbison
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Re: Is there a better and cheeper way to send money......

Post by tnbison » Tue Mar 12, 2019 5:55 am

Xoom(owned by paypal)

gpburdell
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Re: Is there a better and cheeper way to send money......

Post by gpburdell » Tue Mar 12, 2019 6:59 am

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 » Tue Mar 12, 2019 8:29 am

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 » Tue Mar 12, 2019 8:42 am

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 » Tue Mar 12, 2019 8:57 pm

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 » Tue Mar 12, 2019 9:15 pm

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.
The closest helping hand is at the end of your own arm.

AlohaJoe
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Re: Is there a better and cheeper way to send money......

Post by AlohaJoe » Tue Mar 12, 2019 9:36 pm

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 » Tue Mar 12, 2019 9:46 pm

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 » Tue Mar 12, 2019 9:50 pm

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 » Tue Mar 12, 2019 9:51 pm

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 » Tue Mar 12, 2019 9:53 pm

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 » Tue Mar 12, 2019 9:57 pm

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 » Tue Mar 12, 2019 10:21 pm

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 » 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%.

bhsince87
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Re: Is there a better and cheeper way to send money......

Post by bhsince87 » Tue Mar 12, 2019 10:43 pm

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 » Tue Mar 12, 2019 10:56 pm

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 » Tue Mar 12, 2019 11:18 pm

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
Posts: 737
Joined: Thu Apr 21, 2011 11:58 pm

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

Post by anonenigma » Wed Mar 13, 2019 12:59 am

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 » Wed Mar 13, 2019 9:01 pm

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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