Being an expat can be expensive–more expensive than most people realize when they come here. One of the things that really adds up are the ATM fees to get your own money in the Philippines. Most banks here will charge you 250php (about $5 usd) then you get hit again with whatever your bank at home charges in international transaction fees.
Say Bye to ATM Fees and Crappy Exchange Rates!
Most of us try to minimize the fees by always withdrawing large amounts of money at a time, but most local banks will limit you to 10k. A buddy of mine got pick-pocketed shortly after making a large withdrawal and I’ve personally never been comfortable carrying large amounts of cash on me.
That’s when I began looking for alternatives. First I tried Western Union but their fees were high and exchange rates were low. Plus you have to wait in long lines to actually get your money. I looked at some of the other companies such as Xoom and Money Gram and they were pretty much the same scenario. Even though most of them advertised decent rates I quickly discovered those were just teaser rates for new customers only.
Then I discovered TransferWise. You can transfer money using your ATM debit card directly into the recipient’s bank account.n