You might be an expat in the USA with your loved ones in the Philippines – or – there might be other reasons for sending money to the Philippines. But – if this is your first time sending money to the Philippines, then you should know the best, easiest, and cheapest way to send money to the Philippines. Read on to learn more.
Sending Money Overseas isn’t Easy
Sending money overseas is not as easy as paying for your friend’s lunch or using an app on your phone. There is an entire process involved in sending money internationally. So, regarding the question of how to send money to the philippines, you usually have two routes to choose from: bank transfers and money transfer platforms.
Using Banks to Send Money
If you decide to use a bank to send money to the Philippines, there are a few things to know. Firstly, you should know that banks use SWIFT transfers, which is why you will need the receiver’s SWIFT code. SWIFT refers to an organization that establishes the standards for overseas money transfers.
Now, SWIFT links more than thousands of financial organizations around the globe, which means that there is no direct route between the sender and the receiver. So, you will be connecting with many intermediary banks along the way to send money to the Philippines.
It is self-explanatory that sending money to the Philippines through a bank will take more time and incur more fees.
Opting for Money Transfer Services
The alternative to using a bank to send money to the Philippines is using a money transfer service, such as Western Union. When sending money through a bank, you can expect high transfer and exchange fees as well as a hidden markup.
Compared to banks, money transfer services have flat transfer fees and a low exchange rate. This way, money transfer services are more affordable than those offered by banks. As a first-time user, you can expect to pay no fees at all to send money overseas when using an international money transfer service.
Money Transfer Services vs. Bank
If you want to send money to the Philippines, it would be in your best interest to choose a reliable and affordable money transfer service. The best part of using a money transfer service is that you don’t need the recipient’s account details, which leaves no room for mistakes.
All you need to do is make an account with your chosen money transfer service provider and connect your own bank account with it. Besides, money transfer services are way faster than banks.
Things to Know Before Choosing A Money Transfer Service
There are a few things you should know before choosing a money transfer service. For instance, make sure to use one of the best online tools to compare the various exchange rates offered by the different services. Also, calculate the service fees and choose a service that enables you to save money.
Be mindful of the difference in the time zones and weekends as well as holidays, as these can impact the money transfer services.
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