Tuesday, October 7, 2014

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6 Things You Should Know About Sending Money To The Philippines Thru CIMB's SpeedSend

Everyone is eager to know how much the exchange rate of baht to peso during the end of the month, or whenever we feel sending some cash to our family in the Philippines. Some of us are doing it via Western Union as it's fast, secure and reliable. Others are opening savings account with ATMs to trusted banks in the Kingdom such as Bangkok Bank, Krungthai Bank, etc. Once done, the atm cards are sent to the Philippines and our family members can then withdraw money to any local banks that bore the sign "Visa" at their convenience.

I was a fan until "SpeedSend" being offered by CIMB Thai came into picture.


What is CIMB Thai?
Here are some facts about the company courtesy of their website.

CIMB Thai Bank Public Company Limited, previously known as Bank Thai Public Company Limited, was established in 1998 with the Financial Institutions Development Fund (FIDF) as the major shareholder. On 5 November 2008, CIMB Bank Berhad became the largest shareholder in Bank Thai and on 4 May 2009, the Bank completed the registration of its new name: "ธนาคาร ซีไอเอ็มบี ไทย จำกัด (มหาชน)" in Thai and "CIMB Thai Bank Public Company Limited" in English. This name change reflects the official transition of Bank Thai from being a single company to a member of CIMB Group.

CIMB's main office is in Kuala Lumpur, Malaysia. They are now operating in ASEAN with the exception of the Philippines. It offers consumer banking, investment banking, Islamic banking, asset management and insurance products and services.

As of March 31 2014, they have the most retail branch network in ASEAN of more than 1,000 branches.

CIMB Group is listed on Bursa Malaysia via CIMB Group Holdings Berhad. It had a market capitalisation of approximately RM58.8 billion as at 31 March 2014. The Group has over 40,000 employees located in 18 countries.

* At the moment, no other local banks offer SpeedSend aside from CIMB Thai.

Where can my recipient get the money I sent?
There are four places your family members can go to and get the money you sent them. They can either go the nearest Palawan Pawnshop, Cebuana Lhuillier, LBC or Metro Bank.

How much does CIMB charge per transaction?
They charge 250 baht per transaction.

How much money can I send?
Technically as much as you can. But there are some limitations.

If you're going to send less than 50k, you can choose any of the four (Palawan Pawnshop, Cebuana Lhuillier, LBC and Metro Bank). Not much of a paperwork and same fee applies.

If you're thinking of doing business with Palawan Pawnshop or Cebuana Lhuillier for 50k and above, I'm sorry to say but that's not gonna happen. A little lower, say 49,500 would be just fine. CIMB informed me that 50k was just way too big for them to release for a day.

But for instance you need to send 100k baht, better do it with Metro Bank. You will be required to fill out two forms. These will be two transactions per se worth 50k each. Metro Bank won't release more than 50k in a single transaction. It's their sole discretion to simply put it and CIMB doesn't have the control over this. Even if it appears as two transactions though, CIMB will only charge 250 baht and not 300 as you would think if you do the math (2 transactions, right?). I did it earlier today and I wasn't charged 300 baht.

LBC has the highest remittance release compared to the others in one single transaction. If you choose it, you can send 75k for the same fee, 250 baht fee.

What should my recipient present to get the money?
When you are filling out the form at CIMB, there is a thing that requires you to put the ID number and what particular ID is it of your recipient (passport, company, school). So before going to CIMB to send the money, get the details of the ID of the person you are thinking of sending the money to. Ask your recipient to present two valid government issued IDs, including the one you wrote on the form. SpeedSend at Palawan Pawnshop, Cebuana Lhuillier, LBC or Metro Bank will have to verify if the ID on their record is the same ID presented to them by the recipient. And of course, the tracking code CIMB gave you. Your recipient should inform the counter that he/she is going to receive money thru SpeedSend and not CIMB Thai.

When can my recipient receive the money?
As long as you are given the tracking code and your recipient knows about it, he/she can claim it at the aforementioned places of his/her choice. It's like Western Union, so to speak.

That's it. If I missed a thing, add it in the comment section below.

PS: CIMB charged 150 baht per transaction before. But they increased the fee from 150 to 250 per transaction now. I'm not sure how much they will charge you say, sending 100k now (See the bold italics in black above). Better check with them.

2 comments

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Ken Shin
AUTHOR
October 8, 2014 at 10:56 AM delete

In this article failed to mention the comparison of exchange rate. CIMB ER = 1.29(buying rate) while Western Union = 1.36(buying rate).
Let's do math then:
CIMB service charge 150baht
WU service charge 475baht.
Let say, 10k to be send.
CIMB = 12,900pesos
WU = 13,600pesos
A difference of 700pesos(450baht)

450 baht goes to CIMB bank not to your family.

You can check buying rate:

WU:
http://onlinefx.westernunion.com/currency-calculator/

CIMB:
http://www.cimbbank.com.my/index.php?tpt=cimb_bbiz&tpl=gen_rates

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Lorenzo Caballes
AUTHOR
October 8, 2014 at 12:03 PM delete

I used to send via western union but later on shifted to cimb because their service fee is way lower than that of wertern union.

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About the Author

Khon Philippine

I'm a full time travel and tourism lecturer at a university in the north who also loves blogging during my spare time. I blog about news particularly in Thailand, personal travel stories, and anything under the sun.