Introduction
Sending money to the Philippines can be a real headache, especially for those who don’t have experience in sending money internationally. Between high fees, long wait times, and security concerns, it’s no wonder why so many people are unsure of how to send money to the Philippines. In this article, we’ll discuss seven easy and convenient ways to send money to the Philippines, top money transfer services, best mobile apps for sending money, money-saving tips, and a comparison of fees and exchange rates. By the end of this guide, you’ll be able to select the most cost-effective and secure method for your needs.
7 Easy and Convenient Ways to Send Money to the Philippines
1. Bank Transfers: The most traditional way of sending money to the Philippines is through banks. It’s a secure and reliable method, but it can be a bit costly. Many banks charge transfer fees and unfavorable exchange rates. You need to create an account with the bank of your choice and the receiver’s bank for the transaction to be completed.
2. Online Money Transfer Services: You can use online money transfer services to send money to the Philippines. Services like TransferWise, Xoom, and OFX offer competitive rates and fees. You’ll need to create an account on their website or app, and then you can transfer the money by linking your bank account or debit card.
3. Money Transfer Agents: Western Union and MoneyGram are well known for their money transfer services. They have locations in various countries, including the Philippines. It’s a quick and reliable way of sending money, but their fees are relatively high.
4. Cash Pickup Services: Some money transfer services offer cash pickup services in the Philippines. The receiver can proceed to the designated agent location to get the money. Services like WorldRemit, Remitly, and Ria Money Transfer are some of the providers who offer this service.
5. Prepaid Debit Cards: You can also opt to send money via prepaid debit cards like PayMaya or GCash. These services allow you to load money into the card and send it to the receiver in the Philippines. The beneficiary can withdraw the money from any ATM that accepts debit cards.
6. Cryptocurrency: Some cryptocurrency services, like Coins.ph, allow you to send money to the Philippines using cryptocurrencies like Bitcoin. This method is speedy and offers competitive fees and exchange rates. However, both the sender and receiver should be familiar with how cryptocurrency works to avoid any complications.
7. Wire Transfers: Wire transfers offer fast and reliable services. However, they tend to charge higher fees than other methods. It’s best for those sending large amounts of money. Both the sender and receiver should have bank accounts to complete the transaction.
Top Money Transfer Services for Sending Money to the Philippines
When choosing a money transfer service, you want to ensure that it’s reliable, offers favorable exchange rates, low fees, and can transfer the money in a reasonable amount of time. Here are the top money transfer services for sending money to the Philippines:
1. TransferWise: They offer competitive exchange rates with a straightforward, transparent fee structure. The fees are based on a small percentage of the transfer amount. You can transfer money online to bank accounts in the Philippines.
2. Xoom: A PayPal service that offers quick and easy ways to send money to the Philippines. They have competitive exchange rates and offer cash pickup options.
3. OFX: A money transfer service that offers low fees, excellent exchange rates, and excellent customer support. They also offer services to business entities as well.
4. WorldRemit: They offer cash pickup services, mobile money transfer, and airtime top-up services. They offer competitive exchange rates and low transfer fees.
5. Remitly: A mobile money transfer service with competitive rates and fast delivery times. They offer cash pickup and bank transfers with the possibility of a home delivery service.
Best Mobile Apps for Sending Money to the Philippines
Mobile apps have become quite popular, offering convenience and speediness in sending money to the Philippines. Here are some of the best mobile apps for sending money:
1. GCash: A mobile wallet app that allows you to load, send, and withdraw money. It’s available on IOS and Android devices.
2. PayMaya: A virtual prepaid debit card that offers cashless transactions and person-to-person moneysending. It’s also available on IOS and Android devices.
3. Coins.ph: A mobile wallet app that allows for cryptocurrency transactions, buying and selling as well as bill payments
How to Save Money on International Money Transfers to the Philippines
Sending money to the Philippines can be costly, but you can save money with the following tips:
1. Finding the Best Exchange Rates: You can search for the banks or transfer services that offer favorable exchange rates. Using a comparison tool like TransferWise can help you discover the right option.
2. Choosing Low-Fee Money Transfer Services: Some services offer low transfer fees or even no fees. It’s essential to compare the fees amongst different services to select the most affordable one.
3. Timing the Money Transfer: The exchange rates can fluctuate depending on the time of day or week. Timing your transfer during a favorable exchange rate can save you money.
The Cheapest Ways to Send Money to the Philippines
The cheapest way to send money to the Philippines is through online money transfer services. TransferWise and OFX offer low fees and competitive exchange rates. Cash pickup services offered by WorldRemit, Remitly, and RIA Money Transfer services are also relatively cheaper, with fees starting from as little as $3.99.
Sending Money to the Philippines: Comparison of Transfer Fees and Exchange Rates
To make an informed choice, you need to compare the fees and exchange rates of different transfer services. TransferWise and Xoom offer competitive exchange rates and low fees. Western Union and MoneyGram, on the other hand, charge higher fees, but sometimes have more locations in the Philippines for cash pickup.
Secure and Fast Ways to Send Money to the Philippines
When sending money to the Philippines, it’s essential to ensure that the method you choose is secure and fast. You need to avoid scams and fraudulent services. Using well-known transfer services, banks, or mobile apps that have high-security protocols, and excellent customer support is crucial. It’s also essential to verify the receiver’s identity and contact details before sending any money.
Conclusion
Sending money to the Philippines can be hassle-free if you choose the right method. We’ve discussed seven easy and convenient ways of sending money, top money transfer services, and mobile apps. We’ve also highlighted money-saving tips as well as cheapest methods. Before sending any money, it’s essential to compare the fees and exchange rates to select the most cost-effective option. Lastly, choosing a secure and fast method for sending money guarantees that your money gets to the intended receiver safely and fast.
If you’re unsure which method to use for your specific case, we recommend that you contact the service provider or seek advice from financial experts.
