Monday, June 25, 2007

Hidden Commission for TT to Philippines

Some Filipino friends told me that it only cost MOP$25 per transaction to send money to the Philippines. There seems to be no other charges.

I was skeptical and decided to investigate. Some simple math calculations indicated that this company charges somewhere around 4% to 5% commission on currency conversion.

Hence, I am exposing such hidden commissions with my Money Changer Rate Table spreadsheet with both the Hong Kong dollar and Macau Pataca as the base currencies.

It features the following currencies: Australian Dollar, Euro, Indonesian Rupiah, Japanese Yen, Malaysian Ringgit, Filipino Peso, Singapore Dollar, Taiwanese Dollar, Thai Baht and the US Dollar.

You can download the special spreadsheet and print it out for reference

Disclaimer: This spreadsheet is created for educational purposes only. The author is not liable for any errors or omissions in this work. Use it at your own risk.

By the way, I use a popular software called Currency Converter 2 to get the latest forex data straight off the Internet.