Have you recently moved abroad? Are you looking to send money to your loved ones residing in the Philippines but don’t know how to do so? No need to fret anymore; you’ve come to the right place!
Step into this detail-oriented guide we’ve specially created for beginners to get insights on diverse ways to send money to the Philippines. So you can make the right moves when making financial transactions without any hassle or loss of money.
Bank Account Transfers
One of the most convenient means of money transfer to Philippines is through your own bank account. You must have details about your recipient’s bank account in the Philippines. Lots of local banks are offering this option, including the Philippine National Bank (PNB), One Network Bank (ONB), and others.
All you need to do is provide your intended bank with documents and the amount you intend to transfer. They require evidence of the funds being sent to ensure that you’re not involved in any money laundering. Despite being the fastest means of sending money cross-borders, banks’ money transfer services and fees are frequently higher.
Pick-Up Location Cash Pay Means
Other than bank transfers, people who want to send money in the form of cash to the Philippines can take advantage of pick-up location cash pay options.
Several companies – such as Western Union, Wise, and others, offer customers reliable services. They can bring the amount to one of their desired local branch and submit it to them. Then, your recipient will receive it from their intended local service provider in the Philippines.
This method requires effort and the need to commute to the intended service provider. That’s why most people consider it a time-consuming money transfer solution. Not just that, you and your recipient may have to pay higher fees for sending and receiving amounts.
Money Transfer Services
Several licensed online money transfer platforms are available on the market that offer international money transfers to chosen major countries. Most of these online platforms serve and support dozens of countries throughout the world – the Philippines is one of them, giving you the flexibility to send money from anywhere.
Registration on your desired platform is necessary. It usually takes only a few minutes to make adjustments in the parameters and request new, speedy financial transactions to the Philippines. Some service providers facilitate the same-day transaction process. Several factors count more when determining the processing speed, such as the amount to be delivered, the transfer method, and others.
Whether you want to send money to the Philippines from the US, UK, India, or elsewhere, all these platforms offer undated, competitive exchange rates. Hence, online money transfer services are credible, quick, and perfect for sending both small & large amounts to the Philippines.
Final Verdict
Once you get to know all the means of sending money to the Philippines mentioned above, it will be a matter of minutes for you. Always keep in mind your needs and budget constraints before choosing the money transfer services. This way, you can gain more ease and benefits in many ways.