Unlock the full potential of Suncoast Credit Union international wire transfers with our comprehensive guide.
Placid Express®¹ was established over 20 years ago and offers international payment services to a range of countries in Asia and Europe.
You can arrange payments to some countries online or visit a Placid Express agent location near you to make a payment. Your recipient can then either have the money deposited directly into their bank account or choose to collect the money in local cash at an agent location. Available services vary based on destination.
This handy guide covers all you need to know, to save you valuable time on research. There’s also a brief look at another option for safe and low cost international transfers, Wise, for comparison.
Placid Express offers money transfers for collection in cash from an agent location or direct to your recipient’s bank account. Some transfers can be arranged online, but for other countries, you’ll need to visit an agent location near you to set up the transfer. More on that later.
Placid Express can arrange transfers online to a small number of countries and to a broader range via their agents at the time of writing this article.
Transfers made by debit card can be processed very quickly — in some cases your money will be received in just a few minutes — but if you’re using a bank transfer it’ll take longer for your payment to be received.
Here are a few strengths and weaknesses you need to know about:
|Fast transfer times for established customers paying with a card - as little as 10 minutes in some cases
|Costs vary, and include a markup which is added to the exchange rate
|The SpotCash! service allows your recipient to collect the payment in local cash from an agent
|Transfers made direct to a bank account can take 3 business days to arrive
|Placid has been established for some 20 years and is experienced in the international transfer market
|The range of countries you can send money to online is limited
The transfer fees Placid charges depend on where you’re sending money to and how the payment is funded.
To give an example, sending $1,000 to India for deposit in a bank account has no Placid transfer fee when you pay with your debit card or with a bank transfer. Sending the same payment to Vietnam - where the only delivery option is cash collection - would cost you $25 if you pay with your debit card². Credit card payments are not accepted by Placid.
The other equally important factor that will determine how expensive your transfer is, is the exchange rate used. A poor exchange rate can mean that you pay more than you need to.
The exchange rate Placid offers varies based on the payment destination and details. You can generate a rate quote online or in the Placid app, and then check the rate using an online currency converter to see if it seems fair to you.
If you’re not living in the US — or if you simply want a more flexible account you can open from anywhere — check out Wise.
Wise isn’t a bank, but a money service business (MSB) that offers an account which allows you to hold, send and receive money. As well as getting an attached debit card — plus you’ll get some extra perks which suit anyone living an international lifestyle.
You’ll be able to hold 40+ currencies, and get local account details for up to 9 currencies including USD, to get paid easily by wire or ACH.
Wise offers linked debit cards for spending and withdrawals around the world, and all currency conversion uses the mid-market exchange rate.
That means that whenever you send a payment or spend in a foreign currency your dollars are converted with the mid-market rate with low conversion fees from 0.41%³. Easy.
You can use Placid Express to send money to recipients in over 30 countries globally⁴, including online transfers to Bangladesh, Philippines, Nepal, Sri Lanka and Pakistan. Other countries are available if you send your payment through a Placid agent.
How long it takes to process your payment depends on how you fund it, and how you’d like your recipient to get their money.
Funding payments with a debit card is the quickest option — in this case, Placid estimates that the payment will be processed in minutes. Payments made outside of normal working hours will take longer to arrange.
If you choose to fund the payment using a bank transfer, it’ll take a little longer for the funds to clear - usually 3 - 5 days.
You can pay for your transfer in a couple of different ways — and choose how your recipient gets the money at the other end.
|Ways to pay for your transfer
|Ways to receive a transfer
|Online using a debit card
|Recipient collects a cash payment from an agent location
|Online via bank transfer
|Direct deposit in the recipient’s bank account
|By visiting an agent location
You can track your payment in real time by logging into your online account and checking it from there.
Placid has a 24/7 customer contact number, or you can get in touch with them via email. There’s a helpful FAQ section on the website, which also answers many of the more common questions customers might have about their transfer.
Trustpilot®, which collates reviews from customers, gives Placid Express a 4.3 star Excellent rating, from a maximum available 5⁵ — this is a dynamic rating which is regularly updated as new reviews appear, so worth checking out if you’re considering using Placid for your transfer.
Before you decide which service to use for your international payment, it can pay to do a bit of research and compare the different options available. The fees and processing times vary widely across different providers, so you might find there’s a better deal out there for you.
Don’t forget to check out the cost and speed of using Wise, for a convenient and safe international payment, using the mid-market exchange rate, and for just a low fee.
- Placid rates and fees
- Placid company overview
- Trustpilot - Placid
Sources checked on 02.02.2024
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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