How to Send Money to the Philippines With options comes chaos, because the more choices you have, the more confusing it is to make a decision. Like with sending or transferring money to your loved ones in the Philippines, you are bombarded with so many options. So which one should you choose when it comes to sending money? In making that decision, let three features guide you: affordability, security and fast transferring time.
Why is there a need to look for these three features? Maybe you’re an online employer looking for payment options for your remote employees. Or maybe you’re an OFW wanting to send money to your relatives. The first feature you would want to look for in a company claiming to send money to the Philippines is its affordability. Your hard-earned dollars or riyals shouldn't be wasted on high transfer fees or hidden charges. Similarly, you wouldn't want to spend your money on a lesser-known company. You want your money to be secured and to be transferred or sent safely to the Philippines. And for emergency situations, because let’s face it, these things do happen, you would want your money to be transferred in the least amount of time. So these three features
should be your guide before deciding on which is the best process of sending money to the Philippines is for you.
What are the best ways of sending money to the Philippines? Gone are the days when you need to go through painful ways just to send money abroad. Technically, we can divide sending money into two ways: traditional and modern. With the advent of technology, it has become easier and more convenient to send money using online platforms. But are they truly the blessings in disguise that we have hoped for a long time? In this case, does technology beat the older way of sending money? We would find out as we highlight the various ways of sending money to the Philippines below. 1. Wire Transfers (Also known as Bank-to-Bank Transfers) Generally, we can say that wire transfer is the traditional form of sending money. Wire transfer is the global equivalent of the US bank-to-bank transfer known as Automated Clearing House (ACH). They operate on the same basis, the payer needs to fill out a form regarding the recipient’s bank account. The money is then transferred to the bank account of the recipient.
Unlike ACH though, wire transfers are done individually, instead of in batches, money transfers are quicker and they also cost more. So long as you have a bank account in the US, the country where you’re working from or your home country, you can make use of the wire transfer process of sending money to the Philippines. The best part about wire transfers is that they are secured, as the transaction is from one bank to the other. Most Popular Banks with Wire Transfer in the US Bank Name
Starting Fee if Sent in Foreign Currency
Starting Fee if Sent in USD
Transferring Time
Wells Fargo
30 USD
45 USD
Within 2 Days
Bank of America
35 USD
45 USD
Within 2 Days
US Bank
50 USD
50 USD
Within 2 Days
Citibank
20 to 35 USD
20 to 35 USD
Within 2 Days
2. Money Transfer Operators The very basic premise of money transfer operators of sending money from one location to the other makes them a convenient option for many OFWs. There’s no need for a bank account nor long processes. The sender simply fills in a form, gives the money to the agent and gets a receipt with a number. In turn, this number can be sent to the recipient which needs to showcase an identification proof prior to getting the money. Easy peasy, right? Despite this easy process, money transfer operators are more prone to frauds and scams. There’s also that issue of carrying the money to the money transfer operator location. If you need to transfer a large amount of money, then you have that risk of losing it whilst going to the location. Without any associated bank account to the money claimer, it’s harder to refute fraud or scam cases too.
Most Popular Money Transfer Operators For Sending Money to the Philippines Company Name
Starting Fee (100 USD) if Sent in Foreign Currency
Starting Fee (100 Transferring Time USD) if Sent in USD
Western Union
2.99 USD
2.99 USD
Within Minutes or Hours
Money Gram
11.99 USD
11.99 USD
Within Minutes or Hours
Ria
2 USD
3 USD
Within Minutes (Debit/Credit Card) or Days (Bank Account)
3. Foreign Exchange Providers Foreign exchange providers are good options for those who want to send money in the local currency. You won't need to worry about conversion fees because your money it automatically converted to the local currency, which in this case, is the Philippine peso. Most foreign exchange providers are also very competitive with their exchange rates so you get good value for your money with them. The downside with foreign exchange providers is that the process or transaction can be longer on the sender’s end. You need to create an account on their website and choose whether you’d deposit the money by cash or credit/debit card. Only then would the process for transferring money would begin. Further, if you intend to use credit/debit cards, there are higher incurred charges that you need to take note of. Most Popular Foreign Exchange Providers For Sending Money to the Philippines Company Name
Fee for Transfers Under 10,000 USD
Transferring Time
WorldFirst
10 USD
1 Day
Travelex
11.83 USD
1 to 2 Days
4. Online Money Transfers When we talk about the modern ways of sending money, we are referring to the amalgamation of electronic transfer and technology. Whereas the previous modern types of sending money require one to go through a middleman, transferring money online doesn't require such old-fashioned agents. Perhaps we can categorize it as the most direct form of money transfer. Some online money transfer companies though transfer money through physical local agents so the transaction is not completely online. Transferring or sending money via online money transfer companies are very convenient. You usually just need an account where you would be sending the money from. You also need a funded bank account in order to transfer the money. By knowing the recipient’s email address, you can directly send the money to their account. Of course, online money transfers have the usual issues with scams, frauds and hacks. Most Popular Online Money Transfer Companies (Fully Online) Company Name
Transaction Fee (100 USD)
Transferring Time
PayPal
3.20 USD
2 to 3 Days
Skrill
1.9 USD
1 Day
Dwolla
0.5 USD
1 to 2 Days
Most Popular Online Money Transfer Companies (Not Fully Online) Company Name
Transaction Fee (100 USD Transfer)
Transferring Time
Xoom
4.99 USD
Within Hours
LBC Home
5 USD
1 to 2 Days
Transfast
5 USD
1-2 Days
5. Peer-to-Peer Online Money Transfers We can classify peer-to-peer online money transfers as a form of online money transfer. It is a bit specific though as you can usually send money via an application with peer-topeer online money transfers. The basic premise of such companies is to ease the money transfer process for clients. By cutting back on the middle agents, like banks, they are able to also cut on the expenses or fees of the sender or the receiver. Peer-to-peer online money transfer is a game changer in the industry of sending money but it does come with some limitations. First, while the exchange rates might be competitive, some companies don't always give you what you see. Once the transaction is complete, you won't be able to revert the process. This type of sending money is also more suitable for smaller transactions as it’s easier to calculate the costs of the money transfer with them. Most Popular Peer-to-Peer Online Money Transfers Company Name
Transaction Fee (100 USD)
Transferring Time
Midpoint
11.81 USD
1 to 2 Days
OFX
5 USD
1 to 2 Days
TransferWise
5 USD
1 Day
So now, how do you choose from these ways of sending money? It really depends upon you, your preference and your budget. If you need to send the money immediately to your loved ones in the Philippines, your best option is the money
transfer operators. These include Western Union, Money Gram or Ria. They can send the money within a few minutes or hours to your designated receiver. However, they can be quite costly and there’s that issue with scams or frauds. If you want a more secured option, then opt for wire transfers. Since these are bank-tobank transactions, you have that safety blanket for your money. Transfer times vary but usually the money is transferred to the recipient’s account within two days. So if your loved ones need that money immediately, this type might not be suitable for you. Further, the fees incurred are higher as compared to the other types of sending money. If you’re tech-savvy and you want to be more direct with your transactions, then opt for any of the last three options. The transactions are fully online, you would need to register an account and similarly, the recipient has to setup his or her own account as well. Transfer times are usually in the middle, not too quick, not too fast. With the exception of Xoom, expect the money to be sent around two days at the most. However, online transactions are prone to hacks, scams and frauds so be careful.