Time for cheaper thrills?

[Nirish guy]

Sorry guys just while I'm reading the above and if I can deviate just for one quick question as I'm sitting here having a mental blank to a question I've just been asked....

My BF's mother ( who lives here n the UK but still has a house and bank accounts etc in the Philippines too) has about 200000 pesos (i.e about £3k STG once changed) in cash lying in the PH's that she wants to give / send on to my BF ( either in cash or transferred to his UK bank account - Monzo perhaps) but for the life of me I can't think how to get in across with SOME change fees , obviously I'm also trying to ignore / avoid the usual western Union / standard bank lodging in / currency change fees route etc - I know I've done same before very cheaply, but damned if I can remember how - anyone any bright ideas ?

Sorry to the OP for this interlude, just when I seen Matt posting about sending money instantly etc that popped into my head - and no Matt, before you suggest it she wont be trying Bitcoin but thanks anyway

[cdnmatt]

Try TransferWise. I've never used it myself, but know it's very popular. Google it.

[goji]

Try TransferWise.

I use Transferwise and highly recommend it, as it is faster and much cheaper than the thieving banks.

HOWEVER, whilst Transferwise can send money from the UK to a long list of countries, the list of countries that can send money back to the UK is much shorter. For example I could send money to Malaysia, but not send money from Malaysia to the UK (not that I sent money to Malaysia).

You might need to do some more research on google. Also, some of the forex companies are complete ****s, as they claim to have very good rates, but you need to sign up to see what the rates are.
For example HiFx. I signed up there before I found Transferwise, but HiFx typically tried to take me for over 1.5%. I used them once, then discovered Transferwise, where the transaction cost is nearer 0.5%.
The same transaction with a bank is about 3%.

[Nirish guy]

Thanks guys and yes transferwise has been mooted by a few friends as well, I actually have an account with them which I'd totally forgotten about so I'll have a look - although as you say goji I've a sneaking suspicion that they don't allow reverse sending TO sterling from the Ph's, but I'll check. Thanks.

* edit - just checked - you're right goji that their fee is 5.5% BUT alas as I feared they dont allow transfer FROM PHP to GBP only GBP to Peso's :-(

[frequent]

It's intended purpose was a vehicle to send funds globally easily, instantly, and cheaply. That's it, nothing more, and it works excellent for that.

You left out the one key attribute - anonymity. For the blackmailers, thieves, prostitutes, drug dealers and other assorted criminals who mostly use it for transactions, it's absolutely perfect

[cdnmatt]

You left out the one key attribute - anonymity. For the blackmailers, thieves, prostitutes, drug dealers and other assorted criminals who mostly use it for transactions, it's absolutely perfect

Then go send an angry letter to the NSA, because although nobody knows for sure, as far as I can tell, bitcoin is a NSA project.

Same as Tor and the "dark web" was originally developed by the US Navy. That's simply fact nowadays, although nobody still really knows where bitcoin originated, but my best guess is this was a NSA project.

[frequent]

Then go send an angry letter to the NSA, because although nobody knows for sure, as far as I can tell, bitcoin is a NSA project.

Same as Tor and the "dark web" was originally developed by the US Navy. That's simply fact nowadays, although nobody still really knows where bitcoin originated, but my best guess is this was a NSA project.

Christianity was originally a Jewish project but I don’t propose writing to Bibi Netanyahu to complain how it turned out

The really amusing aspect of your post was that someone asked you to make a payment using a real-time instantaneous mode (Apple Pay) and you spent THREE DAYS “working out” how to pay him until you remembered good ol’ Bitcoin

[frequent]

I had a drink in Silom 4 with a retired friend last night. He usually spends a month twice a year in Thailand. This is his last trip, so he says. He's "done the math" and determined that on travel & accommodation to/within Thailand he's spending more than 100,000 baht a year. He's spending the same on "entertainment" while he's here. He claims that for that money he can stay in his home country, eat decent quality food, see his regular friends and family, and be "entertained" at least once a week, every week, by one of the many Asian students who are in his country

[lonelywombat]

Thanks guys and yes transferwise has been mooted by a few friends as well, I actually have an account with them which I'd totally forgotten about so I'll have a look - although as you say goji I've a sneaking suspicion that they don't allow reverse sending TO sterling from the Ph's, but I'll check. Thanks.

* edit - just checked - you're right goji that their fee is 5.5% BUT alas as I feared they dont allow transfer FROM PHP to GBP only GBP to Peso's :-(

Possible you could send via Thailand . The exchange rate for some banks shows they take a bare minimum for exchange , less than 5% of bank charges. They have hundreds of exchange offices in Pattaya and in Thailand. Unsure of the bank name but the one I use is in Tukcom next to McDonalds. They have another 2 in Second Road just near Boyztown. Pattaya locals can give you the name of the bank.
That is at least a start for you.

[goji]

* edit - just checked - you're right goji that their fee is 5.5%

I hope that is a typo and you meant 0.5%, as that's approximately what my transfers cost. Incidentally, I count ALL costs from my UK bank account to the overseas one and compare with the mid-market rate in order to get the 0.5%. .
Beware of advice from people who like to kid themselves that their bank transfer "only" costs £20, when they also lost 3% on the exchange rate and the receiving bank charges a fee on top, both of which they like to ignore so they can forget about being fleeced as fast as possible. Anyway, I suspect you are well familiar with that.

I sometimes receive transfers from people overseas & they pay all fees. Despite them all being educated, I have yet to see any of them find something that competes with Transferwise. So either that's a lack of aptitude, or there isn't yet something that competitive.
It will happen sooner or later.