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Posted by Lani on Tuesday, March 18th, 2008 at 3:27 pm
Not only does money make the world go round, it goes around the world, too. And the demand for money remittance services has given rise to more ways by which money is transferred. No longer are we limited to postal money orders or bank-to-bank transfers, through which it takes a while before the cash becomes available for pick up. There are now different and quicker ways to send and receive money, thanks to innovative technology.
You may choose to send money through Western Union (and their ubiquitous pick-up locations) and your recipient may pick it up either in peso or dollar, although only a few agents offer dollar pick ups. It is by far the quickest, as it only takes minutes, but their exchange rate (if your recipient gets the money in pesos) is quite low. And if you find WU service fees a bit steep (and they are), there’s Xoom. It processes remittances sent through Paypal, it is less expensive than WU but it takes longer for the money to be available to your recipient; processing takes a few hours and the transaction may be tracked online, just like WU. Xoom remittances may be deposited directly to your recipient’s bank account (peso or dollar) or picked up from affiliated agents (Banco de Oro-Equitable PCIB, Cebuana Lluillier, SM Malls, MetroBank). And service fees are higher if money is received in dollars. Be careful when processing remittances, though. Cancellation due to wrong recipient info may take a while to resolve.
Recently, a client introduced me to Moneygram, which I have yet to try. I’m not sure if they send money coming from places other than the US. But their exchange rate is high – compared to WU and Xoom – and service fees are relatively low. Their pick up locations include: Cebuana Llhuillier, Banco de Oro, Bank of Commerce, Allied bank. Of course, for any method of remittance, recipient needs to present a valid identification card.
So, need to send money? Take your pick.
I recommend you confirm with your recipient the correct name listed on their ID. Otherwise, they will not be given the money. Then you’ll need to contact the remittance office to correct the problem. It may take up to 24 hours for the pick up location to get updated information. Which means your recipient will have to wait another day. I suggest you try Lucky Money.
1 | Mae April 5th, 2008 at 8:11 amIf anybody out there has used Globe’s GCash, please share your experience.
2 | Mae April 5th, 2008 at 8:12 amThanks, Mae. I checked Lucky Money and they do accept several credit cards through Paypal. Have not tried Globe’s GCash though, and their website is still on beta.
3 | Lani April 5th, 2008 at 9:34 amHi Lani,
The most convenient way to send money back home is thru Xoom.com, they charge less than Lucky Money. I’ve done it so many times. They accept both debit and credit cards as well.
4 | chat April 5th, 2008 at 12:45 pmThanks, Manang Chat. Yes, I’ve used Xoom in the past and quite satisfactorily, too, until about 3 weeks ago when two of my clients experienced problems and our transactions were cancelled. I’m hopeful things will get resolved as Xoom is really very convenient and charge relatively lower fees.
5 | Lani April 6th, 2008 at 10:39 amMayat ti cuarta, canayon nga macapasiar iti adayo!
6 | Joy April 9th, 2008 at 12:06 am