# International money transfer **URL:** \ **Category:** In My Humble Opinion\ **Created:** [May 23, 2015, 12:18am UTC](https://boards.straightdope.com/t/international-money-transfer/720623 "2015-05-23T00:18:46Z")\ **Posts on this page:** 9\ **Page:** 1
**Author:** ![Mr.Duality](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/mr.duality/32/4098_2.png) [@Mr.Duality](https://boards.straightdope.com/u/Mr.Duality)\ **Post date:** [May 23, 2015, 12:18am UTC](https://boards.straightdope.com/t/international-money-transfer/720623/1 "2015-05-23T00:18:46Z")
Has anyone here used [usforex.com](http://usforex.com) to send money internationally? Their website certainly looks legit. It claims to provide faster service and charge less than banks. I went to my credit union today and was shocked to learn they charge about 6.3% to send money to a bank in the Philippines. I want to send almost $50,000 to get construction started on my retirement villa, and 6.3% of that is $3,150. Outrageous. So I’d like to get some reassurance before I trust them with that much money. Can anyone vouch for [usforex.com](http://usforex.com)? ---
**Author:** ![aesop](https://avatars.discourse-cdn.com/v4/letter/a/5f8ce5/32.png) [@aesop](https://boards.straightdope.com/u/aesop)\ **Post date:** [May 23, 2015, 7:52am UTC](https://boards.straightdope.com/t/international-money-transfer/720623/2 "2015-05-23T07:52:28Z")
> [@Mr.Duality](#): > > Has anyone here used [usforex.com](http://usforex.com) to send money internationally? Their website certainly looks legit. It claims to provide faster service and charge less than banks. I went to my credit union today and was shocked to learn they charge about 6.3% to send money to a bank in the Philippines. I want to send almost $50,000 to get construction started on my retirement villa, and 6.3% of that is $3,150. Outrageous. > > So I’d like to get some reassurance before I trust them with that much money. Can anyone vouch for [usforex.com](http://usforex.com)? I can’t vouch for that firm, but I have used [transferwise.com](http://transferwise.com) successfully on multiple occasions and found them to be quite reasonable. They support USD to PHP transfer. Caveat emptor and all that. ---
**Author:** ![astro](https://avatars.discourse-cdn.com/v4/letter/a/9dc877/32.png) [@astro](https://boards.straightdope.com/u/astro)\ **Post date:** [May 23, 2015, 8:31am UTC](https://boards.straightdope.com/t/international-money-transfer/720623/3 "2015-05-23T08:31:33Z")
I am curious. If you are engaging in transactions worth that much in the Philippines and actually owning property there wouldn’t it make sense to have a bank account established in the area? [Here is a guide](http://real-estate-guide.philsite.net/info.htm)to your rights to own Philippine real estate as US citizen. ---
**Author:** ![Eva\_Luna](https://avatars.discourse-cdn.com/v4/letter/e/e495f1/32.png) [@Eva\_Luna](https://boards.straightdope.com/u/Eva_Luna)\ **Post date:** [May 23, 2015, 8:32am UTC](https://boards.straightdope.com/t/international-money-transfer/720623/4 "2015-05-23T08:32:55Z")
> [@aesop](#): > > I can’t vouch for that firm, but I have used [transferwise.com](http://transferwise.com) successfully on multiple occasions and found them to be quite reasonable. They support USD to PHP transfer. Caveat emptor and all that. Glad to hear that - I’ve been wondering about it myself. I don’t need that kind of service often, but it was annoying when an international wire via my bank to a small B&B that wanted prepayment (but didn’t accept credit cards) cost almost as much as the first night’s stay! ---
**Author:** ![septimus](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/septimus/32/410_2.png) [@septimus](https://boards.straightdope.com/u/septimus)\ **Post date:** [May 23, 2015, 12:01pm UTC](https://boards.straightdope.com/t/international-money-transfer/720623/5 "2015-05-23T12:01:27Z")
I hope other Dopers, American and not, mention what they pay. I’m interested in comparisons with ordinary retail banks rather than credit unions or savings & loans. In the 1980’s I noticed that many American banks offered high fees and poor service (much worse than European banks?) so switched to Schwab, which offers its own banking services. Yesterday I wired money from Schwab to Thailand. The Schwab fee is $25 (sometimes waived) or even less if done by self on-line. The Thai bank gave me the best buying rate (0.8% better than $100 banknotes) minus a flat 500 baht fee ($15). Total fees $40, independent of amount, i.e. 0.2% for a $20k wire. (Varying exchange rates are much more of an issue, especially now . I’d have gained $63 on a $20k exchange by exchanging two days earlier, and could easily be out several $100 (or more :eek: ) later this year just on this if the government pursues it “lower the baht to raise exports” plan. ☹ ) ETA: I wired the funds after the Thai banks had already closed Thursday. The funds were available when the bank opened Friday. ---
**Author:** ![Mr.Duality](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/mr.duality/32/4098_2.png) [@Mr.Duality](https://boards.straightdope.com/u/Mr.Duality)\ **Post date:** [May 23, 2015, 12:48pm UTC](https://boards.straightdope.com/t/international-money-transfer/720623/6 "2015-05-23T12:48:04Z")
> [@astro](#): > > I am curious. If you are engaging in transactions worth that much in the Philippines and actually owning property there wouldn’t it make sense to have a bank account established in the area? > > [Here is a guide](http://real-estate-guide.philsite.net/info.htm)to your rights to own Philippine real estate as US citizen. We have an account at a bank in the Philippines (BPI). The real estate is in the wife’s name. She is a dual citizen. For those who didn’t read **Astro** ’s link, that’s how it must be done. My name will be on the paperwork for the house, which will make it difficult for her to kick me out on a whim. ---
**Author:** ![PastTense](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/pasttense/32/14550_2.png) [@PastTense](https://boards.straightdope.com/u/PastTense)\ **Post date:** [May 23, 2015, 1:39pm UTC](https://boards.straightdope.com/t/international-money-transfer/720623/7 "2015-05-23T13:39:30Z")
I would think that a standard international wire transfer would work fine for this amount of money, and average $50 or so: > **[Compare U.S. & International Wire Transfer Fees | MyBankTracker](http://www.mybanktracker.com/news/wire-transfer-fee-comparison-top-10-us-banks)** > > Compare domestic and international wire transfer fees to learn how much a wire transfer costs on average, and where to wire money for the lowest cost. ---
**Author:** ![Mr.Duality](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/mr.duality/32/4098_2.png) [@Mr.Duality](https://boards.straightdope.com/u/Mr.Duality)\ **Post date:** [May 23, 2015, 5:59pm UTC](https://boards.straightdope.com/t/international-money-transfer/720623/8 "2015-05-23T17:59:32Z")
In my situation the outrageous part is the exchange rate they are working with. Yesterday afternoon the rate at [usforex.com](http://usforex.com) was $1 = P44.68. The credit union, 10 minutes later, was offering P41.155. That is more than a 6% difference. BTW as I write this the rate at usforex is P44.781. ---
**Author:** ![Blue\_Mood](https://avatars.discourse-cdn.com/v4/letter/b/ac91a4/32.png) [@Blue\_Mood](https://boards.straightdope.com/u/Blue_Mood)\ **Post date:** [May 23, 2015, 8:38pm UTC](https://boards.straightdope.com/t/international-money-transfer/720623/9 "2015-05-23T20:38:54Z")
I use TransferWise as well and have so far found it quick, efficient, and inexpensive. As others have noted, it’s not just the low fee, but a great exchange rate. I’ve typed $50,000 into my account and it’s showing that to be PHP 2,209,158. Of course this will vary depending on what the rate is when you make the transfer.