Quote:
Originally Posted by jackbl
Bro since u used TT, dun mind u can share how this goes about, the rate, the commission, how she can get the $$$, etc.... Thanks  |
1) Its bank to bank transfer so the money is deposited into the receipient's bank account.(safety first
)
2) There's a fee of $30 + comm of 0.125% on the transfer amount to a max of $200 chargeable. (bank rates differ for different banks, so check with them first)
3) Exchange rate is determined by the transferring bank.
4) It take about 3 business days.
For example, i'm transferring SGD1000 from Citibank to Vietcombank.
SGD1000 will be converted to dong and transferred over by Citibank, approx. 12,595,714 dong. This is the amount the receipient will get.
The extra charges of SGD31.25 is deducted additionally from your bank account. Therefore your total cost will be SGD1031.25
If you factor in the charges, the exchange rate will be approx. 1SGD=12217 dong, otherwise the usually exchange rate should be approx. 12595 dong.
So, assuming that Western union has the same exchange rate, then its better to use Western as they only have a flat fee of SGD20 and receipient gets the money almost instantly.
Why i use bank tranfer?
1) Safer (as the receipient dun have to walk around with so much cash.)
2) convenience (for me and receipient; i can conduct my transaction over internet banking and receipient dun have to go deposit the money.)
Use Western when
1) needs cash urgently
2) lower transacting fee
There are many other remitting facilities available so you may want to look around and check them out.
The best method i feel is still for me to personally courier the money......