![]() ![]() I know many others who send through Xoom or other internet agencies ($15.00 for $3000 USD), etc. So how can going through PayPal or Xoom or whatever other method be cheaper? I can send any amount of 50K or below. I can wire transfer money, and it takes usually one day, from my US dollar account to my PNB USD bank account and it's for free. I have a Premier Checking Account which requires a minimum daily savings of $2500. TCF is joining Huntington Bank which is larger and national. First of all TCF Bank is only one of many banks that offer free international wire transfers dollar to dollar accounts. I'm not sure whether or not I explained myself properly or if you misunderstood me. I would be interested in the current exchange rate of your TFC Bank. I have to disagree with you, banks do not give the best exchange rates Dollar to Pesos. (1% equals $500 on a $50,000 transfer) so the exchange rate is important. The most important factor is the exchange rate bank to bank, international. ![]() TCF Banks have a lot of branches but they are not a national bank, closer to a regional bank. Most FDIC banks charge for wire transfers. The only requirement from the US bank side is a minimum daily balance of $2500. ![]() If you are in good terms with the banker or bank president he might give you a very good exchange rate. Banks give the best exchange rate from dollars to pesos. And whenever you want to change dollars into pesos I have another peso account in the same bank. My TCF bank allows me to send free wires up to $50,000 a day from my US account to a Philippino account which is dollar to dollar. Why not wire transfer money for free using a FDIC approved US bank. Why not open up a Wise account and give it a test run. While writing this response I checked back into my Wise Account and YES the actual fee was $4.04 taken out of the $450 transfer.īanks are all about FEES, so it doesn't surprise me they have a lower exchange rate, just fractions of a percent nets them millions of dollars. Whatever amount you wish to send with "Wise" the fee is taken out of the transferred amount. When I initially sent the $450 they summarized the fees at $7.82, but $445.96 was actually received. If you NET 99% overall on the total transaction amount it might be worth switching to Wise. Sometimes they take a bit more, seems to always be between 2-2.5% overall. With an exchange rate of 50.00 at the time that is a 1.05p loss, or 2.%, and the NET was 98% of total transaction amount. She NET 23447p overall, for my $479 total (incl fee), for a net of 48.95p per dollar, including the fee. What I like to look at is the overall NET received for money given up. They gave me 49.36 and the exchange rate was 50.00 at the time so they took. My end of July send on the 30th was $475 plus $4 fee to send = $479. If if she got 22458 on a transaction total of $458, then she got a NET of 49.05, losing about 1.3p - about the same as I get with Wells Fargo. That is outstanding to net 99% of the total transaction amount. 46 peso, or roughly 1% on the transaction. Did you pay both? How much did the transaction actually cost IN TOTAL, with everything included? $450 or $457.82? If all those fees came out of the $450 and she got 22458, then she got 49.9 net, with an exchange rate of 50.36 so you only lost. The $7.82 to send vs the $4.04 on the exchange rate. I'm a little confused about the fees though. Think of all the interest they make on the vigorish on a 3 to 5 day hold on billions of dollars. The wired money from Citibank has not been received and I contacted them, they said International Wired will take between 3 and 5 days. The cost of the transfer turned out to be $4.04 USD, So dividing 22,458.55 by 50.36 (php exchange rate) $445.96 was actually deposited. I check the remittance into my BDO account, I sent $450 USD and 22,458.55 php was received in the BDO account. Now 10 minutes later the Wise transfer is in my BDO account, still waiting for the Citibank wire transfer. The Wise exchange rate was 50.36 PHP to the Dollar. Now six hours later I transfered $450 USD using Wise. ![]()
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