The Western Union branch on West Avenue in Quezon City is nearest to my place, so one morning a few weeks ago, I went there to get a remittance from a friend in the US who asked me to buy Swarovski stuff for her hobby.
I was in a hurry, so I asked Western Union to give me the remittance in pesos. The girl at the counter said their exchange rate was P39.30 to a dollar!
I was outraged. I said, “That’s too much!” I just came back from Bank of the Philippine Islands and Banco De Oro and they were converting at P40.40 to P40.30. That’s an almost one-peso difference. Aren’t they satisfied with the huge remittance fees they charge?As with most Western Union outlets, this one was shoulder-to-shoulder with a moneychanger booth. The moneychanger was offering a P40.20 exchange rate.
“Ok, just give me the remittance in dollars please,” I said, wondering about the intelligence of the owner.
“Sorry ma’am, but we don’t have dollar bills available,” the girl said.
I guess I judged too soon. The owner was indeed intelligent -– and greedy, preying on Filipinos’ vulnerabilities.
There are many choices out there, don’t be a victim to opportunists out there. I claimed my remittance in another outlet, where the moneychanger affiliate gave me an exchange rate that was even better than BDO’s.
(Readers across the globe shared their experiences with cutting the cost of remittances in this blog post. Check it out.)
April 18th, 2008 at 3:19 pm
it is the same at Western Union Virac (Catanduanes) Branch. they wouldn’t give you dollars, only in peso in much lower exchange rate than a bank.
April 18th, 2008 at 1:12 pm
Hi Salve, I send money almost monthly but different amounts depending on the need. I always send it through the remittance centers but only those affiliated with EPCI (now BDO). Sa iba kasi may bawas pag dumating sa Pinas. Not sure how much yong bawas pero dun sa isang napagtanungan ko, the Pinoy cashier was honest enough to tell me na pag yong bank ko hindi yong affiliated bank nila, the money will be deducted P100+. Yong experience naman ng brother ko dun sa isang remittance center, nabawasan sya ng $30 kasi $ ang pinadala nya. Hindi ko nga alam bakit may deduction pero dun naman sa pinagpapadalhan ko kahit sa ibang bank buo pa rin - at least yon ang experience ko nung may acct pa ako sa BPI and Metrobank.
Alam mo may tendency akong maging magastos pero kapag ang pera ko eh napupunta dun sa mga unnecessary charges na yan, kuripot ako!
April 18th, 2008 at 10:13 am
oh no, i just released the hold on my adsense earnings to be sent to western union. i’m either planning to get it in QC or makati…it’s not much but a peso difference in exchange rate can buy me a few happy meals
maybe i start to inquire about the exchange rates per branch
April 18th, 2008 at 8:54 am
renz, i got a little lost in the details, but did you make a formal complaint?
April 18th, 2008 at 8:52 am
nina, thats the thing. their conversion rate, at least the branch i went to, was outrageous! do you guys send home regularly?