How to send funds to philippines avoiding bank fees

Marco lampi wrote:

Hi guys, if you send funds to philippines ou should check out transferwise, unlike banks they offer the real exchange rate and the fee is only 0.7%  and if you sign up through this transferwise.com/u/59ee9 (copy paste it) first transfer up to 4000 eur is free! I am using since march and i managed to save much.. it will probably help you too.. cheers

As the Philippines is not one of www.transferwise.com full send & receive countries the fee is actually 1% (minimum 145php, A$4.50) according to https://transferwise.com/support/custom … -transfers

Also most Philippine Banks will charge 200 pesos for incoming transfers

I compared my normal transfer method to the Philippines this morning, with transferwise.

Transfer sum: A$10,000

Peso to be received:
329,356 my normal transfer service
329,728 using Transferwise

Saving 372 pesos out of 329,000 pesos = 0.001%

They say "You'll save A$ 264.50 vs your bank".
I'd still save $10 but its not as big a saving as we might first think

And that is assuming the Transferwise rate is fixed, which I have read may change.

Transferwise  state: "You get the real exchange rate 33.3206", but a $99.01 fee
My one quotes a lower rate but without fees, and comes very close