Best way to transfer money to Asia?

[Xericx]

Hi,

I'm doing some outsourcing. Basically hiring medical transcription firm and then I'm reselling the service here with a nice markup. My contacts are based in the Phillipines, and was wondering what the best way to send money there is? Bank-to-Bank transfers?

 

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[MJ DeMarco]

The question is tickling at the back of my head ... I recall someone here knows someone (friend/relative?) who does business in China ... was Terence Change the one? Ahhh curse my damn memory!

 

[Jonleehacker]

I use paypal to send money to Phillipines all the time. Works great, no fees for receiver if you go from bank account. (Barring currency exchange of course).

 

[Xericx]

I use paypal to send money to Phillipines all the time. Works great, no fees for receiver if you go from bank account. (Barring currency exchange of course).

coolio. I was going to setup a paypal cart for credit card billing (client today wanted to pay with AMEX instead of invoicing) and it might be easier if I just keep it within the system.

talking to my cousin out there right now on skype to see...he says paypal is not too popular there. hopefully my contacts there can set it up though.

 

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[Jonleehacker]

talking to my cousin out there right now on skype to see...he says paypal is not too popular there. hopefully my contacts there can set it up though.

it is fairly recent that paypal has been available in Phillipines, but I'm sure it will become popular especially with folks who want to deal with those of use in North America.

 

[CactusWren]

What do you guys think of T/T? (telegraphic transfer)

 

[John]

My company sends money to foreign countries all the time, including Asian countries. The best methods I've found are Paypal and bank wire transfer.

Paypal - Make sure you send as an "eCheck," which uses your bank account as the funding source instead of your Paypal balance. You'll save your recipient a lot on fees this way, but it takes several business days to clear. Paypal usually has worse exchange rates than a bank.

Bank wire - Your bank will charge a fee to send an international wire transfer, the recipient's bank will charge a fee for them to receive it. The bank will make a little extra money on the exchange rate, but usually gives you a much better rate than Paypal.

The trick is to look at each individual transaction and compare the bank send/receive fees and exchange rate to the Paypal exchange rate. Usually Paypal ends up being the simpler and better option for smaller transactions (below $1000 USD or so) and bank transfer ends up being better for larger transactions. This can vary depending on the destination currency and the sending and receiving banks' fee structure.

 

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[John]

What do you guys think of T/T? (telegraphic transfer)

I'm not sure what you mean by "telegraphic transfer," but I'm guessing you mean non-bank money transfer services like Western Union or Moneygram?

Every time I've had someone insist that I had to send them money through one of these services instead of Paypal or a bank wire there's turned out to be fraud involved and I've lost the money. Services like these seem to be the refuge of people who can't get past the fraud deterrent policies of Paypal or a real bank, or who want to make it harder to trace them after you send the money. The only possible legitimate reason someone might insist on one of these services is to get the money instantly instead of having to wait for the transfer to clear.

Our policy is now that we pay by Paypal or bank wire only, no Western Union or Moneygram. I doubt we've missed out on a single legit deal due to this policy.

 

[CactusWren]

So, I am trying to send money to Asia. Got all the bank info from the seller and just found out my bank does not do int'l transfers! They only transfer money in the US (it's a Credit Union).

I figure I need to open an "emergency" right away account with a bank to get his moving, or do it via Western Union or Money Gram which does not scare me as much because they did not request it, but because it's the easiest way for me to do it fast.

What do you think, John?

 

[g-dogg]

So, I am trying to send money to Asia. Got all the bank info from the seller and just found out my bank does not do int'l transfers! They only transfer money in the US (it's a Credit Union).

I figure I need to open an "emergency" right away account with a bank to get his moving, or do it via Western Union or Money Gram which does not scare me as much because they did not request it, but because it's the easiest way for me to do it fast.

What do you think, John?

I know National City bank does international money transfers, i think they charge $40 or so on the transaction and it is sent within 3 business days. I used them several times to transfer money to Egypt.

 

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[rockjon]

Xericx, currently I'm in the Philippines right now. Several banks in the US are capable doing bank to bank transfers to the Philippines which are the ones that operate both in the US and the Philippines such as Citibank and HSBC. Typically, the bank to bank transfer fees for those banks are around $40 per transfer. You also could use the the remittance services provided by the Philippine National Bank (PNB). It costs only around $7 per transfer. They do collect a spread between the market exchange rate for dollars into Philippine pesos. However, I think the same is true for both Citibank and HSBC.

 

[hatterasguy]

Open an account with a big bank, like Chase. They will do it.

I have bought Mercedes parts from people in Germany and the UK. Its not a big deal, either paypal or wire transfer. IMHO paypal is the best for small stuff.

I know someone who inports older Mercedes from Japan fairly often, AFAIK he uses wire transfers. As a side note some of the nicest vintage Mercedes in the world seem to come out of Japan, thats where I plan to get my next one.

 

[Analyzer]

Epassporte might also work as an alternative to paypal, you can get the people you are working with a visa carde they can use online, in stores, atms, etc. I know some people that use them to pay providers from eastern Europe

 

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[John]

So, I am trying to send money to Asia. Got all the bank info from the seller and just found out my bank does not do int'l transfers! They only transfer money in the US (it's a Credit Union).

I figure I need to open an "emergency" right away account with a bank to get his moving, or do it via Western Union or Money Gram which does not scare me as much because they did not request it, but because it's the easiest way for me to do it fast.

What do you think, John?

Sounds like your only options are to open an account with a bank that does international transfers (preferably with reasonable fees), or to go with Western Union or Moneygram. If I were you and I had enough time, I'd open an account with a bank that can handle your transfers, since you'll probably want to do more in the future anyway.

If you have an existing Paypal account you could use it and just eat the extra cost this time. If you don't already have a Paypal account it will take several days to open and verify one.

If you're pressed for time, your bank can't do it, and you don't have a Paypal account then WU or Moneygram might be the only choice this time. Just be aware that it's easier for someone to rip you off through this type of transfer and decide how much you trust the recipient and whether you can accept the risk.

Good luck!

 

[CactusWren]

I was able to wire my supplier (from my home line of credit! I love USAA). It was only $35 versus the $215 that Western Union would have charged!

Took less than 20 minutes on the phone.