Crossed Wires

October 5, 2009

We hit a snag sending money to Leah.

In the past, I wired Leah dollars from our OSU Federal Credit Union account to her dollar account in Allied Bank in the Philippines. She would then withdraw dollars and convert them to local currency.

The system worked well except we paid fees three times. And we’d rather see as much of our money as possible go to a young woman’s education. We tried a new system, using Vigo to transfer the money and paying only one $10 fee.

I was so thrilled at the significant savings and ease of transfer with Vigo compared to the traditional wire transfer.

Then Leah got a call from someone at her bank saying the money had arrived but it could not be deposited in her account, since she has a dollar account not a peso account.

We saved money but created some confusion and extra work for Leah. And we actually didn’t save time on this first Vigo transfer, since the money is somewhere in limbo looking for a home for pesos at the moment.

I asked Leah to determine if she can open a new account, a peso account, and have the money deposited in that account.

We’ll work out the kinks before we send funds again.

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