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About Placid Express
Placid Express advertises good rates, security, and convenient cash pickup options. The company in the past was well-received by customers, but more recently has had many bad reviews relating to poor customer service practices. So, let’s have a closer look at exactly what Placid Express has to offer.
Placid Express Exchange Rates and Fees
International money transfer services typically make money in two ways:
Transparent, often-flat, transfer fees
An exchange rate margin, which they may list on their site, but which won’t be shown when reviewing transactions
Exchange rate margins are comprised of the transfer companies' exchange fee which surpasses the mid-market rate. So, it functions as a “hidden” fee for the currency conversion aspect of the transaction.
Placid Express charges a mix of these two factors.
Exchange Rate & Transfer Fees
Unlike most of its competition, Placid Express charges different exchange rates for different transfers. The method and speed of the transfer will result in very different rates. Placid Express is very transparent about this as well, but their rates vary extremely widely based on transfer type.
As an example, let’s look into transfers to Germany from the United States. The mid-market rate at the time of writing is USD 100 for EUR 97.65.
If you want to send USD 100 to Germany with Placid Express, you have three options:
A debit card payment where you pay USD 4.99 in fees
A debit card payment where you pay $21.99 in fees
A credit card payment where you pay USD 8.99 in fees.
In all three of these cases, the recipient gets EUR 84. That’s over 13.97% above the mid-market rate, making it more expensive than most online money transfer services around, including those offered by high street banks. Apart from the bank transfer option, the transfer fees represent over 5% of the transaction cost as well. The good news is that the percentage of the transaction going to those fees drops as the transfer balance rises.
Credit card payments incur large fees no matter how large your transfer is. If you send $1,000, the credit card fee is $44.99 and for $10,000 the credit card fee is $44.99. The debit card and bank transfer fees stay the same regardless of how much you send. However, with margins well above the mid-market rate we wouldn’t recommend using Placid Express to send euros.
Interestingly, the bank transfer fee in our example remains the same. Fees total just $1.99 no matter how large the transfer is.
To compare, you can always use the Placid Express currency exchange calculator. Compare their offer with the mid-market exchange rate to see how much they charge. This is an important step, as their rates are very inconsistent as you change currencies and recipient locations.
Additional Costs
There are no additional costs unless a bank transfer cannot be completed directly. In that case, an intermediary bank may charge additional fees. This is a rare scenario, however.
Top Destinations for Using Placid Express
Placid Express allows customers in the US, Canada and Italy to send money to 26 countries across the globe, all of them located within Europe and Asia. The fees for European transfers can be extremely high, so we would only recommend using this service for Asian countries.
In 2021, Bangladesh received $22 billion USD worth of remittances with the majority coming from migrants working in Saudi Arabia, the UAE and Qatar sending money home to their families.
In 2020, the Philippines received 34.9 billion USD in remittances, with the majority being sent from the United States, the United Arab Emirates and Saudi Arabia.
Most remittances to Nepal are made by Nepalese workers employed outside the country and sending money home to their friends and family.
How Do Placid Express Transfer Fees Compare to Using Other Money Transfer Providers?
Placid Express’ extremely high exchange rate margin on euros makes it more expensive than most other online money transfer companies around. Most companies typically charge an exchange rate margin of between 1-3% so 13.97% is incredibly high.
Having said that, Placid Express seems to charge much preferable rates on South Asian currency with the exchange rate on Indian rupees at 0.25% and Philippine Pesos at 1.07% - these rates are extremely competitive even when added to the transfer fees, so Placid Express works best when purchasing Asian currency by bank transfer.
Placid Express Pros and Cons
- Transparent rates. You can find out how much you have to pay Placid Express for their services quickly. Just go on their website and let them know how much money you’re sending and the destination.
- Fast transfers with cards. If you pay with a card, your money can be transferred in well under one hour. Sometimes, it only takes 10 minutes. However, you pay a lot more for that speed.
- SpotCash service. This service enables the recipient to pick up the cash from the transfer from a local Placid Express agent.
- Transfer fees with cards are very high. Depending on the details of the transfer, you could pay less than what was outlined in our examples. But in most cases, using a card means paying an extreme premium for extreme speed.
- Bank transfers can be slow. While it’s normal for international transfers to take a few days, you can find better balances between speed and cost. With Placid Express, you’re choosing either relatively cheap rates for normal wire transfer speeds, or extremely high rates for very fast service.
- Inconsistent offers across countries are confusing. Different countries come with vastly different transfer fees, exchange rates, and even transfer limits. This makes it difficult to rate Placid Express alongside similar money transfer services.
Customer Service Details for Users of Placid Express
Phone details for different regions are listed on their website.
Email: [email protected]
Can I Use Placid Express for International Bank Transfers?
Yes, you can. In fact, bank transfers are the cheapest way to send money with Placid Express.
How to Send and Receive Money With Placid Express
Placid Express users can send money from the US, Canada and Italy to eight countries across Asia and a further 18 across Europe.
How to Send Money Online With Placid Express
Once your account is created and your payment method is connected, you can start sending money. It’s simple to get started and you should be able to make your first transfer within 10 minutes, just follow these simple steps:
Select the Country Destination
Provide Details of the Recipient
Choose Payment Option
Track Your Payment
How to Send Money Through the Placid Express App
The Placid Express mobile app is available through both Google Play and Apple iOs store. There is little user feedback available about the app and it has currently only received 3 reviews on iOs store. It works in a similar way to the website and by following these simple steps, you should be able to send your first payment in just under 10 minutes.
Tap the Send Money Button
Enter the Recipient's Details
Choose Payment Option and Review the Terms and Conditions
Track Your Payment
How to Receive Money From Placid Express Through Bank Transfer
If you’ve requested to have funds directly deposited into your account, there is little for you to do. Transfers made with credit or debit card should arrive at your bank within an hour, whilst you may need to wait between 2-5 days to receive a deposit from bank transfer. Simply follow these steps:
Inform the Person Making the Transfer of Your Bank Details
Receive Funds
How to Receive Money From Placid Express From a Cash Pick Up Location
Placid Express’ SpotCash service allows you to pick up cash within minutes at any Placid Express payout location within your country. Follow these simple steps to get started:
Inform the Person Making the Transfer of Your Details
Bring a Government Issued ID and Go to the Chosen Location
Receive Funds
Summary
Placid Express offers you one of two things if you need to send money:
Low rates with normal transfer speeds
High rates for lightning-fast transfer speeds
For the second option, you will pay a high cost. Overall, Placid Express is an option worth exploring if you need to send money to the countries they service. Just keep in mind the money you pay for fast service.
Despite the seemingly limited payment options, cash pickup and transparent rates keep Placid Express’s offers competitive. If you aren’t in a rush to have your money arrive at the destination, Placid Express offers good rates for the service you’re looking for.
