Transferring money to Phil

[jAqi]

hello if u dont mind, im frm dorset poole looking for friend in the area im just move here and i dont have filipina friend would u like me to be your friend?

[Steve.r]

I work in Poole, I am not Filipina, but my mahal is............... but .......... she is in Phils. But I have seen many Filipinas in Poole as I have walked around the shops. I hope you find some friends there, if not, make some friends here

[johncar54]

I actually checked the exchange rates for Paypal and for the other money-sending options I had. Paypal was the best one. Then again, that could be because I'm in a small town in the middle of nowhere and my options are severely limited anyway.

I have tried to check what the actual cost is using PayPal but their web page does not make it clear (maybe its not so cheap). IT would appear that they 'charge' in their exchange rate up to 2.9% pus a small charge, around 30 pence / cents per transaction.

I should be grateful if someone who uses PayPal could show what the details of an actual transaction were, i.e. how much in originating currency, including any on-top charges, then how much drawn at the receiving end and the INTER BANK exchange rate at that time.

Thanks

[joebloggs]

http://www.guardian.co.uk/money/2010...hange-collapse

http://www.guardian.co.uk/money/2010...nge-money-safe

be careful who you use, even the big boys go bust

[keithAngel]

I wouldnt call 150 m in 5 years "big" in foreign exchange terms Joe

[johncar54]

I wouldnt call 150 m in 5 years "big" in foreign exchange terms Joe

I think Joe meant the big ones as well are susceptible, not just the smaller ones like the one mentioned.

[joebloggs]

I wouldnt call 150 m in 5 years "big" in foreign exchange terms Joe

30m a year, 2.5m a month is not small change
The company was set up five years ago by husband and wife team Peter and Susan Benstead. It claimed to have processed more than £150m worth of foreign currency transactions, and provided "hundreds of thousands of customers" with travel money. It was also used by people buying properties abroad.

I think Joe meant the big ones as well are susceptible, not just the smaller ones like the one mentioned.

some of these remit companies are run from home

[johncar54]

HIFX turn over last year was:- £15,775,000,000

so £30,000,000

its about 0.187%

So by comparison very very small.

[joebloggs]

HIFX turn over last year was:- £15,775,000,000

so £30,000,000

its about 0.187%

So by comparison very very small.

no but people used them to buy property, and its not much compared to HIFX but it is to those that sent the money

http://uk.finance.yahoo.com/news/i-m...463d0.html?x=0

[keithAngel]

I meant even if they were getting 2% net they still have there overhead and costs delivery etc they probably got caught making some forward buys that went south on them if 2% is your margin and you get greedy it can soon go very wrong otherwise theres no way to loose a company with an average turnover of 30m sounds big but the margins are small

[johncar54]

From the net I see that HIFX returned a profit of £30,000,000 which is 0.1875%

Joe, I was not suggesting that money lost by the clients of the company who went bust was insignificant. For me any amount would be a lot of money.