Fees & Exchange Rates

7 questions answered

Understanding costs and currency conversion

How much is the current dollar conversion in the Philippines?

To provide the most accurate assessment of the US Dollar (USD) to Philippine Peso (PHP) conversion, it is essential to distinguish between the mid-market rate (the rate banks use to trade with each other) and the consumer rate (what you actually receive after fees). ### 1. Current Exchange Rate Estimates As of the latest market data for May 2024, the USD/PHP pair has experienced significant pressure, generally trading between ₱57.50 and ₱58.30. Based on current provider data from Wise, OFX, and Google Finance: Current Mid-Market Rate: Approximately ₱58.11 to ₱58.25. Weekly High: ₱58.27 (reached May 22, 2024). Weekly Low: ₱57.48 (reached May 16, 2024). 6-Month Trend: The Peso has weakened significantly. After spending much of late 2023 in the ₱55–₱56 range, the rate broke the ₱58 resistance level in May 2024 for the first time in 18 months due to a strong US Dollar and interest rate differentials. Note: Exchange rates change by the second. For the exact live mid-market rate, reference the [Wise Currency Converter](https://wise.com/gb/currency-converter/usd-to-php-rate) or the [OFX Live Exchange Rates](https://www.ofx.com/en-au/exchange-rates/usd/php/) dashboard. ### 2. Where to Find the Best Conversion Rates When converting USD to PHP, you will encounter two types of costs: the upfront fee and the "markup" (the difference between the mid-market rate and the rate offered to you). Wise: Uses the real mid-market rate you see on Google. They charge a transparent upfront fee, typically starting around 0.6%–0.65%. Their rates for the USD-PHP corridor remain the most competitive for digital transfers to bank accounts or e-wallets like GCash. OFX: Does not charge a flat transfer fee for amounts over $1,000 but adds a markup to the exchange rate. They are highly efficient for larger transfers (over $5,000 USD) where they can offer tighter margins than retail banks. Traditional Banks (e.g., BDO, BPI, Metrobank): Usually offer rates 1.5%–3% below the mid-market rate. Additionally, they often charge "incoming remittance fees" of ₱150 to ₱500 ($3–$9 USD) per transaction. ### 3. Comparison of Common Services Based on mid-May 2024 data for a $1,000 USD conversion, here is a breakdown of how different providers perform: | Provider | Rate Type | Est. PHP Received | Benefit | | :--- | :--- | :--- | :--- | | Wise | Mid-Market | Highest (~₱57,850) | Real-time transparent rates; instant delivery to GCash/Maya. | | OFX | Competitive Markup | High (~₱57,600) | No transfer fees for large sums; 24/7 phone support. | | Western Union | Retail Markup | Variable | Best for cash pickup at thousands of physical agents (Palawan, Cebuana). | | Traditional Bank | High Markup | Moderate/Low | High reliability but slower (1-3 days) and costlier due to hidden margins. | | PayPal | High Markup | Lowest (~₱55,900) | Convenient but carries a 3%–4% spread plus high withdrawal fees to bank accounts. | ### 4. Regulatory & Tax Considerations AMLA Threshold: The Anti-Money Laundering Council (AMLC) of the Philippines requires additional documentation and reporting for single or cumulative transactions exceeding ₱500,000 (roughly $8,600 USD). Many banks will flag transfers of $10,000+ for manual review. BSP Monitoring: The Bangko Sentral ng Pilipinas (BSP) monitors foreign exchange flows to manage liquidity. To avoid delays, ensure large transfers are coded correctly as "Personal Remittance" or "Investment." ### 5. Actionable Advice 1. Avoid Weekend Transfers: Forex markets close on Friday evening (ET). Most providers increase their "markup" on weekends to hedge against market swings on Monday. You will generally secure a better rate between Tuesday and Thursday. 2. Send to E-Wallets: In the Philippines, sending USD to GCash or Maya via Wise or Remitly is often faster (often instant) than a traditional SWIFT transfer, which can incur intermediary bank fees of $15–$30. 3. Calculate the "Total Cost": Never trust "Zero Fee" marketing. A transfer with no fee but a 3% markup on the exchange rate is more expensive than a ₱300 fee at the mid-market rate. Always use this formula: `(Amount Sent - Fees) Offered Exchange Rate`.

Philippines1 views12/26/2025

How much does Western Union charge in the Philippines?

Western Union’s pricing in the Philippines remains dynamic, influenced by the destination country, payout method, and the specific channel used (Agent vs. Online/App). Because Western Union generates revenue through a combination of upfront service fees and an exchange rate markup, the total cost shifts daily. ### 1. Fee Structure Breakdown (Updated 2024) Western Union fees in the Philippines fall into three primary categories: Service Fees (Upfront): For international transfers initiated online through the Western Union Philippines portal, fees typically range from PHP 50 to PHP 550+. These fees are highly dependent on the "Send" speed and "Receive" method. Paying via bank transfer is generally the cheapest option, while paying by credit or debit card incurs higher upfront costs (Source: westernunion.com/ph). Exchange Rate Markup: This is the most significant "hidden" cost. Western Union provides rates that are typically 1.5% to 5% lower than the mid-market rate. For instance, if the mid-market rate is 1 USD = 56.20 PHP, Western Union may offer ~54.80 PHP. They explicitly note that "Western Union also makes money from currency exchange" (Source: westernunion.com). Payout Premiums: Receiving money through Cash Pickup remains the most expensive option. Sending to a Bank Account or integrated mobile wallets like GCash or Maya often features lower fees and slightly better exchange rates. ### 2. Sending Limits (Outbound from Philippines) To comply with Bangko Sentral ng Pilipinas (BSP) regulations and internal risk management: Verified Online/App Transfers: Once your profile is verified through KYC (identity verification), you can send up to PHP 820,000 per transaction (approx. $14,500 USD). Agent Limits: Physical agent locations often have lower per-transaction limits, typically around PHP 250,000 to PHP 500,000, depending on the specific partner (e.g., Petnet, SM, or Cebuana Lhuillier). Regulatory Threshold: For any transfer exceeding $15,000 USD (or the PHP equivalent), you are legally required to provide documentation such as proof of income or source of funds to the agent or online portal. ### 3. Comparison: Sending to the USA (Example) Based on recent data for a transfer of PHP 10,000 from the Philippines to the USA: Direct-to-Bank: Upfront fees can be as low as PHP 45–PHP 95 if paying by bank transfer, but the exchange rate markup remains around 3% to 4%. Cash Pickup: Upfront fees typically jump to PHP 300–PHP 500. Additionally, the exchange rate for cash pickup is often less favorable than for bank deposits. ### 4. Speed of Service Real-Time/Minutes: Transfers to domestic E-wallets (GCash/Maya) and Agent Cash Pickups are usually available in under 10 minutes, 24/7. Direct-to-Bank: Usually takes 1 to 3 business days. However, some countries now support "Real-Time Bank Transfers" which can arrive in hours for an additional premium. ### 5. Actionable Cost-Saving Tips To minimize costs when using Western Union in the Philippines: 1. Lock in Online Rates: Rates at physical pawnshops (like Cebuana Lhuillier) often include a localized overhead fee. Use the [Western Union PH Price Estimator](https://www.westernunion.com/ph/en/web/send-money/start) to lock in the lower online rate before completing a transaction. 2. My WU Rewards: Sign up for the "My WU" loyalty program. Points earned from transfers can be used to get 50% to 100% off future transfer fees. 3. Check for "Zero Fee" Corridors: Western Union frequently runs promotions for specific corridors. For example, sending money to certain neighboring Asian countries or the UK may occasionally have a PHP 0 fee for new users online. 4. Domestic Utility: For transfers within the Philippines, Western Union is generally uncompetitive. Use GCash-to-GCash (Free or low-fee) or Palawan Express for internal PHP remittances. ### 6. Alternatives for Better Rates If your priority is the cheapest possible transfer: Wise (formerly TransferWise): Wise provides the real mid-market exchange rate (the one you see on Google). Their fees are transparent and usually result in the recipient receiving 2% to 4% more than they would with Western Union (Source: wise.com). Remitly: For those sending to the Philippines, Remitly offers high promotional rates for the first $500–$1,000, which can be significantly cheaper than Western Union’s standard rates (Source: remitly.com). * Instarem: Often offers competitive rates from the Philippines specifically for business-related transfers or larger personal transfers to other Asian markets.

Philippines1 views12/26/2025

How much money is needed to open an account in Philippine National Bank website?

The Philippine National Bank (PNB) has streamlined its digital onboarding, allowing users to open a PNB Digital Account via the PNB Digital App with an initial deposit and maintaining balance of ₱0 (zero pesos). However, to fully activate all features and begin transacting, a small initial top-up of at least ₱100 is recommended to ensure the account remains active and avoids dormancy (Source: [PNB Digital Banking](https://www.pnb.com.ph/index.php/digital-banking)). As of mid-2024, ₱100 is approximately $1.75 USD. While digital-only accounts offer the lowest entry barrier, traditional accounts opened through the website or branches have higher requirements. Most standard ATM-based savings accounts require a minimum initial deposit and a monthly average daily balance (ADB) of ₱3,000. Passbook savings accounts typically require ₱10,000. Failing to meet the ADB for two consecutive months results in a service fee of ₱300 per month (Source: [PNB Fees and Charges](https://www.pnb.com.ph/index.php/fees-and-charges)). ### Required Documentation and KYC Requirements PNB adheres to Bangko Sentral ng Pilipinas (BSP) "Know Your Customer" (KYC) regulations. The documentation required depends on the account type and the method of application: For Digital Account Opening (via PNB Digital App): Primary Identification: One valid Philippine government-issued photo ID. The most accepted are the PhilID (National ID), Philippine Passport, Driver’s License, UMID, or SSS ID. Biometric Verification: A real-time "Liveness" selfie check performed through the mobile app. Contact Details: A valid Philippine or international mobile number (for supported regions) and a functional email address. For Higher-Limit or Branch-Based Accounts: Secondary ID: If a primary ID is unavailable, two secondary IDs (e.g., Voter’s ID, Postal ID, or NBI Clearance) may be accepted. Proof of Address: A recent utility bill, credit card statement, or lease contract if your current address differs from what is listed on your ID. Tax Information: Your Tax Identification Number (TIN), SSS, or GSIS number is required for regulatory and tax compliance. Foreign Nationals: Must present a valid Passport and an Alien Certificate of Registration (ACR) I-Card. Variations by Destination/User: Overseas Filipinos (OFWs): PNB allows Filipinos in specific regions (such as the USA, Canada, UK, Singapore, and Japan) to open accounts using their international mobile numbers via the app. Documentation remains centered on the Philippine Passport. Initial Top-ups for International Services: If you are seeking an alternative for international transfers, services like Wise allow for account setup with an initial top-up of ₱700, providing access to mid-market exchange rates that may be more competitive than traditional bank rates (Source: [Wise.com](https://wise.com/ph/)). Non-Residents: Those without a Philippine government ID must typically visit a PNB Overseas Representative Office and provide notarized or consularized identification documents.

Philippines1 views12/26/2025

What is the exchange rate between the USD and VND?

When you're looking at the exchange rate between the US Dollar (USD) and the Vietnamese Dong (VND), it's important to understand that there isn't a single universal rate. The rate you see will depend heavily on where you're looking and who you're transacting with. The most accurate and unbiased rate is the mid-market rate, sometimes called the interbank rate. This is the midpoint between the buy and sell rates on the global currency markets, and it's what banks and large financial institutions use when trading among themselves. You can typically find this rate on financial news sites like Reuters or Bloomberg, or by using online currency converters like Google or [Wise](https://wise.com/gb/currency-converter/usd-to-vnd-rate). As of late October 2024, the USD to VND mid-market rate resides near the 1 USD = 25,250 to 25,350 VND range. This follows a period of record highs earlier in the year when the rate surpassed 25,450 VND due to a strong dollar and domestic gold price fluctuations in Vietnam. However, when you actually send money from the US to Vietnam, whether through a bank or a money transfer service, you will rarely get the mid-market rate. Instead, these providers will offer you a retail exchange rate. This retail rate will have a markup, or a margin, built into it. This markup is essentially how the provider makes money on the currency exchange. For example, if the mid-market rate is 1 USD = 25,300 VND, a provider might offer you 1 USD = 24,800 VND. The difference is their profit margin. The size of this markup can vary significantly between different providers. Traditional banks often have higher markups, sometimes 2–5% or even more, compared to specialized fintech platforms like [Wise](https://wise.com/gb/currency-converter/usd-to-vnd-rate), Remitly, or Western Union, which tend to offer rates closer to the mid-market rate. Wise, for instance, uses the real mid-market rate and charges a transparent upfront fee (currently around $7.44 USD for a $1,000 transfer). Other providers might advertise "zero fees" but then compensate by offering a less favorable exchange rate with a hidden markup that can cost you more than a flat fee would. It's crucial to compare both the stated fees and the actual exchange rate offered by different services to determine the true cost of your transfer. Always look at the total amount your recipient will receive in VND—for example, a $1,000 USD transfer at currently available competitive rates (via services like Remitly or Wise) yields approximately 25,100,000 to 25,300,000 VND depending on the speed of delivery. Many services provide a "guaranteed rate" or "rate lock" feature, meaning that once you initiate the transfer, the exchange rate you see is the one your recipient will get, provided the funds are sent within a specified timeframe (typically 24–48 hours). This protects you from rate fluctuations during the processing period. Finally, remember that exchange rates are dynamic. They change second by second throughout the trading day due to economic news, geopolitical events, interest rate decisions by the Federal Reserve, and the State Bank of Vietnam's management of its daily reference rate. In 2024, the VND has faced pressure from a widening interest rate gap between the US and Vietnam, making it even more important to check rates in real-time. For the most current and accurate retail exchange rate for your specific transfer, you should always check directly with the bank or money transfer service you plan to use at the time you are ready to initiate the transaction.

United States1 views12/11/2025

Is there a remittance tax on money sent to the US starting in 2026?

No, there is no specific remittance tax imposed on money sent to the US starting in 2026. US tax law does not levy a dedicated tax on inbound remittances or international money transfers received by individuals or entities in the US. Instead, taxation depends on the underlying nature of the income, such as compensation, gifts, or investment returns, and the recipient's tax status [1]. ### Key Context on US Tax Rules for Inbound Transfers Nature of Income: The tax implications of money sent to the US depend entirely on the reason for the transfer. If the money represents income (e.g., payment for services rendered, wages, investment dividends), it may be subject to US income tax based on the recipient's tax residency. If it is a personal remittance or a transfer of funds already owned by the recipient (e.g., moving savings between accounts), it is generally not taxable [1]. Withholding Taxes: For foreign individuals or entities sending payments to US-based persons for services, the primary concern is proper documentation to avoid unnecessary withholding. Form W-8BEN: Foreign individuals must provide this to establish they are not a US person. If a US payer sends money to a foreign person without this form, they may withhold 30%. While the form is generally for outbound payments, it is a cornerstone of IRS compliance for international transactions through 2026 [2]. Form W-9: US recipients of funds must often provide this form to the sender or the financial institution to prevent "backup withholding," which remains at 24% for the 2024–2026 tax years [1]. Gifts and Reporting Requirements: While there is no "tax" on gifts received from abroad, there are strict IRS reporting requirements: Form 3520: For 2024 and 2025, if you receive more than $100,000 from a non-resident alien or a foreign estate, you must report it to the IRS. Failure to report can result in penalties of 5% of the gift's value per month, up to a maximum of 25% [1][3]. Inflation Adjustments: For 2024, the threshold for reporting gifts from foreign corporations or partnerships is $19,579 (this amount is adjusted annually for inflation and will likely be higher by 2026) [3]. No New Remittance-Specific Tax: As of mid-2024, no federal legislation has been passed to implement a new "remittance tax" for 2026. Tax policy for 2026 will be heavily influenced by the potential expiration or extension of the Tax Cuts and Jobs Act (TCJA), but currently, no remittance-specific levy is on the books [1]. ### Fees and Exchange Rates for Inbound Transfers While there is no specific tax, recipients should be aware of the costs associated with receiving international money transfers, which are often mistaken for taxes: Provider Fees: The costs for receiving international transfers vary significantly. Traditional Banks: Major US banks (e.g., Chase, Wells Fargo, Bank of America) typically charge an "Incoming International Wire Fee" ranging from $15 to $30 per transaction [4]. Fintech Services: Digital providers like Wise, Revolut, or Remitly often have no "receiving fee" for the recipient but charge the sender a transparent fee (typically 0.35% to 2% depending on the currency pair) [5]. Exchange Rates: This is often the largest "hidden" cost. Bank Markups: Most banks apply an exchange rate markup of 3% to 6% above the mid-market rate. For a $10,000 transfer, this can result in a loss of $300–$600 [4]. Specialized Services: Services like Wise or Atlantic Money offer rates much closer to the mid-market rate, often charging a flat fee or a much smaller margin (under 1%) [5]. * Intermediary Bank Fees: Funds sent via the SWIFT network may pass through intermediary banks, which can deduct "handling fees" (typically $10–$50) from the principal before it reaches the US bank account [4]. For the most accurate information regarding your specific situation, particularly for large transfers or business income, consult the official IRS website ([irs.gov](https://www.irs.gov)) or a qualified US tax professional. Sources: [1] IRS Publication 519, U.S. Tax Guide for Aliens (2023-2024 edition). [2] IRS Instructions for Form W-8BEN (Rev. October 2021/Current). [3] IRS Index to Foreign-Related Tax Forms/Form 3520 Instructions (2024). [4] Consumer Financial Protection Bureau (CFPB) - Remittance Transfer Rule Updates. [5] World Bank - Remittance Prices Worldwide (2024 Data).

United States0 views1/20/2026

How much does Xoom charge to send money to Mexico?

To determine the exact cost of sending money to Mexico via Xoom, you must account for two distinct charges: the upfront transaction fee and the exchange rate markup. As of the latest fee updates effective February 20, 2026, Xoom has shifted toward a percentage-based fee model for many payment tiers, though some "zero fee" options remain for specific funding sources. 1. Transaction Fees by Payment Method Xoom’s transaction fees for Mexico are heavily dependent on how you fund the transfer and the total amount sent. According to the updated fee schedule (Source: xoom.com; remitly.com): • PayPal Balance and PYUSD (PayPal USD): These are currently the most cost-effective options. Sending via PayPal Balance or the PYUSD stablecoin typically incurs a $0 transaction fee for most delivery methods, including bank deposits and mobile wallets. However, a small fee (approx. 2.27%) may still apply for cash pickups when using PayPal Balance. • Bank Account (ACH): Fees have transitioned to a percentage model. For bank-to-bank transfers, expect a fee of approximately 0.83%. This can range from as low as $0.08 to a cap of $36.00 depending on the volume. • Debit and Credit Cards: These remain the most expensive ways to fund a transfer. Debit card fees average around 1.02% to 1.06%, while credit card transfers carry a high fee of approximately 6.71% to 7.46%. Warning: If you use a credit card, your bank will likely treat the transaction as a "cash advance," resulting in additional interest charges and fees from the bank itself that are not included in Xoom's quote. 2. The "Hidden" Cost: Exchange Rate Markup Xoom makes a substantial portion of its profit on the currency spread. Unlike services like Wise, which use the mid-market rate (the real rate you see on Google), Xoom adds a markup. • Current Margin Estimate: Xoom typically charges between 1% and 3% above the mid-market rate for USD to MXN conversions (Source: wise.com). • Example: If the mid-market rate is $1 USD = $20.00 MXN, Xoom may offer you $19.50 MXN. On a $1,000 USD transfer, this "hidden fee" costs you roughly $25.00 USD (approx. 500 MXN) in lost value. 3. Delivery Method Impact The total cost also fluctuates based on how the recipient in Mexico chooses to receive the funds: • Mobile Wallets and Bank Deposits: These generally attract the lowest percentage-based fees (0.83% – 0.95% when sending from a bank account). Major Mexican institutions like BBVA, Banamex, and Banorte are often the fastest destinations. • Cash Pickup: This is the most expensive delivery option. Fees for cash pickup at providers like OXXO, Elektra, Coppel, and Farmacias Guadalajara are significantly higher, averaging 2.58% from a bank account and up to 7.46% from a credit card. 4. Comparison with Alternatives To maximize the pesos your recipient receives, compare Xoom with current market competitors: • Xoom: Best for speed and existing PayPal users. Fees are variable; large bank-funded transfers are reliable but the exchange rate is rarely the best available. • Wise: Best for maximum transparency. They use the mid-market rate with no markup, instead charging a small, transparent flat fee (usually around $6-$9 for a $1,000 transfer). • Remitly: Excellent for first-time senders. They often offer a promotional exchange rate for the first $500–$1,000 that is better than the mid-market rate, though their "Express" fees for card usage are similar to Xoom's. 5. Actionable Cost-Saving Tips • Use PYUSD or PayPal Balance: If you have funds in your PayPal account, using them to send to a Mexican bank account or mobile wallet currently results in a $0 transaction fee. • Avoid the "Card Trap": Whenever possible, link a bank account (ACH). Funding a $200 cash pickup via credit card could cost you nearly $15 in fees alone, whereas a bank-funded transfer would cost significantly less. • Check the "Total Cost": Do not be distracted by $0 fees. Always look at the total amount of MXN that arrives. A provider with a $5 fee but a better exchange rate will often put more money in your recipient's pocket than a $0 fee provider with a poor rate. • Monitor the $1,000 Threshold: While fees are now more percentage-based, Xoom occasionally offers flat-fee caps for very large transfers. Always use the Xoom "Fees and Exchange Rate" calculator on their website to see if increasing your transfer amount by a few dollars triggers a more favorable fee tier. Source Note: Fees and exchange rates are updated frequently. The figures provided reflect known rates as of February 20, 2026. Always verify the live rate on xoom.com before confirming your transaction.

United States0 views2/19/2026

How much does Western Union charge for sending money to the Philippines?

The reality is, Western Union doesn't have a single, fixed fee for sending money from the United States to the Philippines; it’s a dynamic calculation that changes based on several factors. This can make it a bit tricky to pin down an exact cost without using their real-time price estimator. As of late 2024, here’s the breakdown of what typically influences the total cost: First, there’s the transfer fee itself. This isn't a flat rate; it varies significantly depending on how much money you’re sending, your payment method, and how the recipient receives it. Bank transfers or debit card payments to a Philippine bank account or mobile wallet (like GCash or Maya) often have the lowest fees. For transfers around $500–$1,000, Western Union frequently offers a $0.00 transfer fee when paying via bank account (ACH), though they recoup costs through the exchange rate. Credit card payments or choosing cash pickup at an agent location typically incurs higher fees. Sending cash for pickup can incur fees starting around $5.00 to $12.00, and this increases with the principal amount. According to Western Union’s current disclosures, "Next Day" delivery via bank account is often cheaper than "In Minutes" cash pickups. Then—and this is a big one—there’s the exchange rate markup. Western Union makes money on the currency exchange. They typically add a margin to the mid-market exchange rate (the rate you see on Google or Reuters). This markup often ranges from 1% to 3.5% for the Philippines corridor. * Example: If the mid-market rate is 1 USD = 57.00 PHP, Western Union might offer you 55.50 PHP. On a $1,000 transfer, a 2.6% markup means your recipient receives roughly 1,500 PHP less than the true market value. Generally, the exchange rate for "Cash Pickup" is worse than the rate for "Bank Account" or "Mobile Wallet" deposits. You might also encounter third-party charges. If you pay with a credit card, your issuer will likely charge a cash advance fee (often 3-5%) and high interest, which are completely separate from Western Union’s charges. Additionally, while Western Union covers most transfer costs, the recipient's mobile wallet may have its own limits. For instance, GCash and Maya have monthly "Cash-In" limits; exceeding these (usually 8,000 PHP per month for Maya) can trigger a 2% convenience fee for the recipient. The best way to figure out the exact cost for your specific transfer is to use Western Union’s "Send Money" estimator on their website or mobile app. You will need to input "Philippines" as the destination, the USD amount, and your preferred payment/payout methods. They will then show you a transparent "total to pay" and the exact amount of Pesos the recipient will receive. Keep in mind that these rates fluctuate throughout the day based on global currency markets. When comparing services, it’s not just about the transfer fee; it’s about the total amount the recipient receives. That is where you’ll really see the impact of exchange rate markups. For a more cost-effective alternative, fintech platforms like Wise or Remitly often provide more competitive rates. Wise, for example, uses the mid-market exchange rate and charges a transparent fee (usually around $6.20 to $6.80 for a $1,000 transfer), which often results in more Pesos arriving in the Philippines compared to Western Union’s retail cash rates.

United States0 views12/26/2025

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How much is the current dollar conversion in the Philippines?

How much does Western Union charge in the Philippines?

How much money is needed to open an account in Philippine National Bank website?

What is the exchange rate between the USD and VND?

Is there a remittance tax on money sent to the US starting in 2026?

How much does Xoom charge to send money to Mexico?

How much does Western Union charge for sending money to the Philippines?