Sending money to the Philippines
What is the best way to transfer money to the Philippines. The answer to this is depends on the needs of the person. This is one of the
most common questions asked when moving or traveling to the Philippines's. How
do I transfer my money and get the best exchange rate for the lowest fees and
charges. When Traveling to the Philippines or when you are considering
retirement you also need to consider how to transfer your money so it is more
accessible you need to ask yourself what is the best method of transferring
money for your personal needs and find the best service and value for your
money. The higher exchange rate and the lowest fees are very important factor
that needs some consideration if you are transferring funds often. There are
many ways to transfer your money from your country of origin. Below is a list
of some of the ways people send money from their country of origin to the
Philippines or to themselves and their loved ones using money transfer agents.
Also, find the best exchange rate and lowest cost of sending your funds to the
Philippines using the cost estimator.
Automatic bank transfer
If you have a bank account in the Philippines, two very
popular ways you can use to send money from international bank account to
another international bank account. One method is to transfer your money from
your Account of origin to your Philippine account using a bank wire transfer
either you can do this through visiting the local branch of your bank or you
can create an online international banking service for your local bank account.
I have found this method very expensive because of all the fees and charges
because of the lower than average exchange rates that you receive through
banks. Another way to transfer your funds from bank to bank is to send your
money through a transfer money agent such as, Money, gram their fees and
charges are minimal and exchange rates are much higher. You can make the money
transfer either in your country of origin or use a transfer money agent that
provides an online service and send money anywhere any time day or night. There
are many global money transfer companies if you are sending money on a regular
basis it will pay and benefit you to do some research in finding the most
suitable convenient organization for your use. Most of the popular global
transfer money organizations have competitive fees and charges but the Exchange
rates can vary substantially. Read below the review of popular money transfer
business and use the cost calculator to compare exchange rate fees and charges.
Using the ATM machines
Like most countries the Philippines have ATMs everywhere if
you have your own Philippines bank account retrieving funds from the ATM
machines every day is convenient and the cheapest means of accessing your
money. However, if you are using an overseas account such as an Australian or
American ATM Key card account accessing your funds every day can become very
expensive. For most popular banks in the Philippines you can only withdraw
10,000 pesos per day when using their ATM key card machines some of the smaller
banks like the Philippine national bank the limit per withdrawal is less 5000
peso per day.
Requirements for foreigners to open a Philippine bank
account
Opening a Bank account as a foreigner there are two ways you
can achieve this. You can open a joint account with your Filipino spouse if you
open an account this way all you need is the normal identification such as
passport, birth certificate, driver’s license, and no need for an alien
certificate. I have had a metro bank joint account with my wife for many years
now my personal opinion is that metro bank is one of the best banks in the
country.
If you want to open, a Philippines bank account as a
foreigner and you want this bank account sully in your name you must get an
alien certificate the bank will ask for this. To obtain an alien certificate
you must go to your nearest immigration office. You will need a valid passport
and a visa with at least a 5-month stay approved.
Ways to send Money
There are many ways to send money to the Philippines and to
other countries. Below a summary of services offered by several global transfer
companies compare the list below to find the best exchange rate fees and
charges using the fees and charges calculator. Also, read the quick review of
each agent to find the most convenient company for you to use either online all
by visiting one of the many agent’s locations.
Sending money to the Philippines Money gram
Money gram is a global money transfer service that allows
customers to send and receive money worldwide using third party agents. Not
only do they provide a Quick reliable service they also guarantee
person-to-person money transfers. Money gram also provides other money
delivering methods a customer may wish to use such as direct to bank accounts
for deposit, cash receive cash to mobile phone and cash to cards.
Unfortunately, at present some of these services are only available in the
United States. Money gram has a network of 300,000 agents across 197 countries
making it very easy to find an agent near you, just visit the money gram home
page on their website to find a branch in your area. Fees can vary depending on
the amounts you wish to transfer and the country you wish to send the money.
Money gram has a cost estimator on line making it easy to compare exchange
rates and cost to transfer with other competitors. Cost Estimator
Bill payment service
The bill payment service allows customers to pay routine
bills through their network to certain creditors, they maintain a relationship
these key industries include mortgages, auto finance, credit card, prepaid
card, and collection industries. The payment services also enable customers to
reload prepaid debit cards.
Money orders
Money gram is the second largest money order supplier money
orders. You can purchase money orders through a vast nationwide network of
financial organizations across the United States. Money orders are a good way
to make payments or send money to loved ones when cash is not appropriate. This
Service is currently only available in the US.
Money gram pre-paid debit card
Money gram visa debit card a pre-paid debit card that
enables customers to load cash on to a pre-paid card. The Money gram debit card
can be used anywhere Visa debit is accepted and you can withdraw money from
millions of ATMS worldwide. The cash loads made available through the money
gram express service.
Utility bill payment service
This service is available at selected US agent’s locations
it is a payment option for customers wishing to pay routine utility bills this
includes electricity, telecom, and water bills the payments directed either
through a US base agents or on line.
Express payment service
Money gram guaranteed same day express payment option that
allows customers to make urgent payments to more than 2,200 billers at any U-S
based agent location or on line.
Western union
Motto moving money better Western union is another global company that offers people and businesses fast reliable and convenient ways
transfer and move money. There are 510,000 Western union agent locations in
more than 200 countries ensuring a strong commitment to offer customers their
services throughout every corner of the globe.
Sending and receiving money
Through Western union, there are different ways a customer
can send and receive money. When it comes to receiving and sending money
through western union, the client has many choices depending on the receiver’s
location. These locations can include the customer’s Home, Bank account, a
wallet account tied to a mobile phone.
Through an agent
When transferring funds through an agent after the
appropriate forms are completed and the agent has, approved your
identification, the transaction process than can be completed and the funds
made available within minutes for the receiver to pick up at any suitable
Western Union agent location. Now in the US customer you can pay be either debit
card or cash in many other locations throughout the globe you pay by cash only.
Online transfers
With a western union you can send money on line any time day
or night and track the progress of the transfer with their on line tracker
there is also an online cost estimator that compares the cost of transfer and
checks the current exchange rate western union is offering.
Other services offered
Bill payments
At western union, you can pay bills in person or online by
phone; the payment service is a dependable and reliable resource for customers
to make all types of payments including mortgage bills, insurance premiums,
auto finance bills, utility bills, and money owning to government entities. If
you wish to pay bills internationally, a customer can create an international
account free the payments can also be delivered in more than 140 currencies.
Money orders are another option for US and Canadian clients
to pay bills and send money when cash is not appropriate.
Prepaid services
To complement the variety of money transfers and bill
payment services. Western Union offers prepaid services, including re loadable
gift and phone cards. Prepaid cards allow direct deposit for employer’s
withdrawal of money from ATM machines worldwide the convenience to reload money
online to be able to use anywhere debit cards are accepted including online
shopping. Cost Estimator
OrbitRemit
OrbitRemit are a global foreign exchange service firm
regulated by the financial services Authority in the United Kingdom. OrbitRemit
are an international online money transfer service offering a range of products
that include, transferring money to bank accounts, transferring money to a
credit card, transferring money from person to person, and can make payments to
an IRD account in New Zealand.
OrbitRemit enables you to make money transfers to personal
or business bank accounts Online. This is achieved by transferring your money
into an OrbitRemit bank account the money is then transferred from the
OrbitRemit bank account to your chosen bank account in your chosen currency.
Countries money can be transferred to
Currently there are only a limited number of countries you
are able to send money to using the Orbit Remit online service these countries
include, Philippines, Australia, New Zealand, Hong Kong, Bangladesh, Nepal,
United kingdom, America, Malaysia, Vietnam, China, India, Nepal, Sri Lanka,
Fiji, Indonesia,
M Lhuillier
M Lhuiller is a Philippine based company with over 1500
branches throughout the Philippines and over 70 international remittance
partners; this enables M Lhuillier to move money fast with confidence
throughout the Philippines. Sending money through their international and
domestic services are fast secure and reliable just visit one of the many
domestic branches or global partners fill out the necessary documentation and
provide the necessary identification and the transaction can be made. Once the
transfer completed, contact the receiver of the money and give them the
relevant details this includes, Senders name, amount sent, password if any, and
the KTPN a pin number to help in the verification of the transaction. Once the
beneficiary has the relevant information, he or she can visit with
identification to receive the money. M.Lhuillier also offers customers in the
Philippines a money exchange service that allows you to convert international
currencies to Philippine peso. To find out about fees and charges you need to
visit all contact a M.Lhuillier branch or branch partners near you. M Lhuillier
agents
BMExpress
When you need to send money to the Philippines BM Express
International Services Pty.Ltd has a thriving establish reputation throughout
Australia and the United States. When it comes to their money remittance
services, they offer security for your money, low charges, fees, and high
exchange rates.
Looking for an easy way to send money to your love ones in
the Philippines no bank all remittance branches in the area BMExpress highly
trained and trustworthy motorized messengers will personally deliver to the
recipient you have chosen. For metro Manila delivery, time takes up to 24 hrs.
Towns most other towns and provinces nationwide take between 24 hrs. Up to 48 hrs.
To be delivered.
Bank deposits
With the bank, deposit service your money transfer is
completed within 24 hrs. To any chosen bank account in the Philippines with an
on line, facility this ensures the beneficiary can check their ATM account to
see BM Express has successfully credited their bank account. To see a list of
banks used by BM Express Banks
Cash pickup
If the beneficiary does not have a bank account nor does not
want to wait around at home for the money to be delivered your recipient can pick up the money within
minutes after the cash has been transferred to any M Lhuillier branch near
them, all is needed is for the beneficiary to have the appropriate
identification. A list of identification that can be used List of
identification.
World remit
World remit is a global money transfer business allowing
their customers to send money to loved ones and friends any time day or night
online using various payment options including credit cards, debit cards and
other payment methods. World remit is the world’s largest online money transfer
company with more than 100 receive countries offering their clients a wide range
of payment options including, cash pickups, bank deposits, mobile wallets and
international airtime top up. It takes only minutes to send a money transfer
using their online service with their competitive rates and the knowing your
money is safe and secured this is another convenient alternative option for
money transfers.
Money gram
Western Union money transfer
Orbit Remit money transfer
M Lhuillier money transfer