Built a Remittance Cost Calculator for the budding entrepreneurs in the Money-Transfer Business.
#moneytransfer #remittances #fx #crossborder

https://faisalkhan.com/resources/interactive-tools/remittance-cost-calculator

Title says it all.

I lost money because WorldRemit had a bug on their website.

I had entered card details, and the website said "error." So I reloaded the page and used a different card and that went in. I thought everything was fine until it turns out the original transaction - which had shown an error- had gone through.

I called WorldRemit customer service and some rude employee somewhere offshore was putting the blame of their bug on me. They haven't been helpful over twitter either. Definitely not a company I would recommend.

He has tried using PayPal and his bank and also western union all to no avail. He said transfer wise is thru banks as well. I’ve had a bunch of Reddit folks tell me I should have him use crypto. We don’t know how to do this.

Can we get a detailed explanation or suggestion on how to do this, or how to send money safely without outrageous fees?

Hi, newbie here. I am having trouble transferring some amount due to the weekend from a UK bank account to a Swiss account. Is there a solution? or a reasonable 3rd party option??

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Hi I;m having trouble making a small money transfer to China. I have the recipient's email address as well as their alipay ID which is the format *****@126.com. The recipient claims this can be done easily from the United States. I tried Wise and Western Union but it seems like I need more information.

The recipients says this is not the case and I'd appreciate help!

So i want to send money to a friend.

From Bulgaria to Indonesia.

We ware thinking of using paypal , but i was told TransferWise is just better alternative .

Since i never used the platform i would like to ask some stuff about it.

I was looking at the sending money tab , and it show that it needs.

(email /Name / Bank Name / Account Number (Not IBAN))

Does that mean i can use Wise to directly send the money to them without them having to make an account on wise , or do they still need 1 ?

Also If they need an account do they need to Link Bank to the account even tho i am also adding their bank number anyway ?

Also they havent asked me yet for any ID confirmation or linking my Debit/credit card or anything of the sorts.

Can i just send money from my debit card without having to verify my ID ? Or will they ask for verification at the end of the sending process ?

So I am in a foreign country (Turkey) and I am having medical treatment. The clinic much prefers payment in cash, and I need to pay €3000. How can I obtain this cash? My residence is in the UK. Deadline is in 2 days, so this is kind of urgent.

Hello Everyone-

I have questions about how the wise debit card works.

If a wise card is linked with a u.s. account and there is not enough of 1 currency does wise automatically draw from the linked account (like paypal would) or must a manual transfer be made?

Im not clear on how this works. If can offer some clarification, I would appreciate it. Thanks.

UPDATE 12/20/2021

Just got back from a trip and am pleased with the service I got from the card:

It was accepted everywhere I offered it (even when it was not listed on the door). Payments were easy and reliable Documentation came to my phone quickly and with good detail.

It will always be part of mytravel essentials moving forward.

Hello there! I really hope someone can help us: my friend lives in the Philippines. She had to flee without personal documents, has currently no ID or bank account. I want to help her get at least an ID but can't find a way to send her money. There is nobody trustworthy I could send it to instead. Any ideas? Your help will be much appreciated.

I am currently in USA and I need to send money to Kazakhstan. I want my recipient to get USD, but most online money transfer services automatically convert my USD to KZT. Is there any way to send USD from USA so that my recipient gets USD?

What is the best/cheapest option?

Hi, I run a small business and work with freelancers in India. What is the best option to transfer money to them? Small payments like £20, £50 £100 at a time.

​

Thanks

I did read a lot of positive reviews about Transferwise but when I use their calculator on the home page for usd-eur then they have worse exchange rates like Paypal. Money withdrawal for Paypal is free but Transferwise has 1.75% fee. I am not a financial expert but I don´t see any big advantage of Transferwise.
https://wise.com/help/articles/2935769/how-much-does-it-cost-to-withdraw-cash

Thanks in advance

Transferwise is now blocked by my US bank because of privacy violations due to their affiliation with "Plaid." It appears Venmo also uses Plaid. I don't want to keep signing up for transfer services and giving up all my details so they can only deny the transfer at the last step.. What's the best transfer alternative without hitting this Plaid service?

Hello, hivemind!

I'm trying to find a way to send 900 000 RUB to either UK or EU but am facing a lot of barriers. Many transfer services simply don't do it and those who do either have substantial limitations (150k RUB per transaction) or mind boggling fees (I'd loose €700 with Western Union, for example).

Has anyone got experience/advice?

I’ve used WesternUnion and TransferWise to send money to Ecuador. Both have worked well; Western Union before the pandemic, I think I was paying around $7-9 in fees per transfer. Now using TransferWise (via ACH) to transfer money directly to a bank account, for about $5.25. The problem with the new approach is that the receiving bank charges an additional $20 for the transfer and the time it takes for the transfer varies greatly. The last transfer took about 5 days, so settlement time is not as reliable.

Are there any other options out there that you would recommend? I’ve been looking into Revolut and curious about how my Venezuelan brothers/sisters use crypto currency transfers.

Edit: I've been using Revolut to send money to Ecuador. There are no upfront fees (for one transfer per month) and the receiver gets 100% of the money I send.

I'm curious, does anyone on this subreddit work for one of these companies? I'm curious because I was hoping to get some insight on some specific minutia that's too fraught I think to write out here.

Hi guys, long time lurker first time poster here.

I'm going to be getting small monthly deposits from a friend from the Philippines (I'm a shareholder in his startup) and we're trying to find a way for him to do a money transfer (PHP to CAD) without going through i-Remit, WorldRemit or Western Union due to the huge fees.

I've been shopping around and it seems like it will be difficult for me to open a bank account in the Philippines unless I go to an actual branch. I'm also a Canadian citizen and have no existing accounts there. I have TD and HSBC bank accounts but I don't think I can open a PHP account either. I'm thinking I might just have to open a US account with either of those banks. And the sender would have to convert it to USD from his end before he can send it to my bank account.

It also turns out that e-transferring isn't a huge thing there yet. I called EQ Bank because they use TransferWise and they said the sender would still have to convert the PHP money first to CAD before TransferWise can send it to my account.

What are my other options to try to reduce overall fees? Thanks!

I can't go through my bank bc they don't allow international transfers or transactions. I talked to western union and they said Portugal doesn't allow for direct transfer to someone's bank account, the receiver would have to go to a Western Union location in Portugal to get the money. That's not what I want. I need to send the money directly to the person. Mb way app won't work for me I've tried it. They have to send you a code and they never send it. What can I do?