How to do a money transfer from Singapore to Philippines

[socrates]

Not so sure if this is the right place to ask this question so if anybody can advice that will be great. I have a filipino friend in the Philippines who is helping out the very poor families by buying rice and other essentials for them during this covid 19 crisis. I would like to transfer some money over to my friend in the Philippines to help in her cause. What is the most cost effective way in doing a money transfer? Use western union, worldremit etc? Should I pay by credit card of bank transfer ?Thanks.

 

[andyhtc]

Not so sure if this is the right place to ask this question so if anybody can advice that will be great. I have a filipino friend in the Philippines who is helping out the very poor families by buying rice and other essentials for them during this covid 19 crisis. I would like to transfer some money over to my friend in the Philippines to help in her cause. What is the most cost effective way in doing a money transfer? Use western union, worldremit etc? Should I pay by credit card of bank transfer ?Thanks.

I use this web https://www.instarem.com/en-sg/ to remit, coupled with forex chart in google search to track the trend.

If you remit for purposes other than into own account, there may be spot checks to prevent money laundering.

 

[socrates]

Thanks for the suggestion. DO you use a bank transfer to https://www.instarem.com/en-sg/ to remit or by credit card? I suppose bank transfer has cheaper charges?

 

[andyhtc]

Thanks for the suggestion. DO you use a bank transfer to https://www.instarem.com/en-sg/ to remit or by credit card? I suppose bank transfer has cheaper charges?

Normally it is bank transfer. The charges are already shown upfront. Make sure your transfer correctly. Triple check everything for the first time, and double check thereafter.

 

[assiak71]

What about revolut

 

[mommyboiboi]

If you have standard chartered bank acc, can use the remmitance service and no fee. The rate is similar as instarem but without fee. Revolut and western union online also no fee and good exchange rate

Sent from Samsung SM-G970F using GAGT

 

[chongpang]

If you have standard chartered bank acc, can use the remmitance service and no fee. The rate is similar as instarem but without fee. Revolut and western union online also no fee and good exchange rate

Sent from Samsung SM-G970F using GAGT

How about xoom or Transferwise?

 

[pawn_king]

western union seems to be having the best rates without any additional charges.

didn't expect that

 

[mommyboiboi]

How about xoom or Transferwise?

Transferwise fee a bit higher than instarem. Both transferwise and instarem fee based on %, the fees add up if you send big amount. But the transfer is almost instant. Xoom I dont have any experience.

Sent from Samsung SM-G970F using GAGT

 

[twinbaby]

Use grabpay

 

[Mecisteus]

Just use DBS iRemit.

 

[andyhtc]

western union seems to be having the best rates without any additional charges.

didn't expect that

Indeed, Western Union is marginally better than Instarem due to the $0 fee.

 

[andyhtc]

Indeed, Western Union is marginally better than Instarem due to the $0 fee.

I just registered an account and check the exchange rate again. It is rather odd that the rate plunged a lot. I think I stick with Instarem.

E.g. The difference is quite large as shown below as of 26 Apr, 10.17 am:

Western Union: SGD 1,000 = MYR 2,922.45 net
Instarem: SGD 1,000 = MYR 3,041.15 net after fee

 

[Mecisteus]

I just registered an account and check the exchange rate again. It is rather odd that the rate plunged a lot. I think I stick with Instarem.

E.g. The difference is quite large as shown below as of 26 Apr, 10.17 am:

Western Union: SGD 1,000 = MYR 2,922.45 net
Instarem: SGD 1,000 = MYR 3,041.15 net after fee

Today is Sunday, rate may be unfavorable.

Check again tomorrow.

 

[andyhtc]

Today is Sunday, rate may be unfavorable.

Check again tomorrow.

I'm comparing online transfer agent against online transfer agent. This should even out the weekend effect.

I used to go through remittance agent shop but it was a big hassle to track the forex and go down to the shop to remit, not to mention the travel and parking cost and the higher fee of SGD $8-10 per transfer.

 

[Mecisteus]

I'm comparing online transfer agent against online transfer agent. This should even out the weekend effect.

I used to go through remittance agent shop but it was a big hassle to track the forex and go down to the shop to remit, not to mention the travel and parking cost and the higher fee of SGD $8-10 per transfer.

Yeah like I said, WU could be giving unfavorable rate during the weekend.

Better to conclude tomorrow.

Anyway, DBS iRemit is $3,029.58 now. Less hassle of having another account.

 

[chongpang]

I just registered an account and check the exchange rate again. It is rather odd that the rate plunged a lot. I think I stick with Instarem.

E.g. The difference is quite large as shown below as of 26 Apr, 10.17 am:

Western Union: SGD 1,000 = MYR 2,922.45 net
Instarem: SGD 1,000 = MYR 3,041.15 net after fee

You may wish to compare with Xoom too.

 

[ProjectMayhem]

have u tried singtel dash?