Isn’t it romantic? I am talking about the 21st century; there’s nothing you can’t do. You can buy money with money, we even have cryptocurrency! Most importantly, we can take our earnings and wages from one place to another.
Whether you’re willing to send money to Republika ng Pilipinas or someone else is going to send you some, you must know which way to do so is the most convenient one.
Everyone receives happily a few dollars or euros, or pounds; no matter what the currency is, we are here to make sure that you will find a cheap provider for a foreign bank transfer to the Philippines.
Comparison: Best Transfer Money to Philippines
First Transfer Free!
- Transferwise is a very good provider for overseas transfers. The transfers are easy, convenient and secure. The most important thing is that the transfers are also much cheaper than with the bank.
Five Transfers Free!
- A world-class customer service, very good exchange rates and permanently favorable transfers abroad and to Germany convince. Only downside is the small selection of countries.
Send money very fast!
- Save up to 90% compared to banks. No hidden costs. Large selection of countries.
First Transfer Free!
- Azimo is a very competent partner for the international transfer. Azimo has a large selection of countries and the transfers are safe and cheap.
How can I send money to the Philippines?
To transfer money abroad is to give instructions to send bucks specifically to somebody. Often, people use a bank to do so, but another person can do it, the post office can do it, and you can do it online, too.
We are going to focus on the main methods: through a bank or a money transfer provider, because they will provide you a hint, and you’ll figure out which is better for you.
In other words, if you are going to transfer via bank, commissions are for the bank who is going to transport and for the recipient bank, you’ll have to pay them both!
In point of fact, an institution requires the following:
- The full name of the account holder and their bank’s address.
- The bank account number (ABA for the States) or international bank account number (IBAN for Europe).
- The SWIFT Bank Identifier Code (SWIFTBIC) – this helps identify which bank to send the payment to.
A bank can charge the transaction depending on the currencies involved, the amount of time that’s going to take for it to be completed, and so on. There are some local banks that require you to send money via specific banks, this situation may not be convenient for a few people.
Money Transfer Provider
These are entities in which the number one and most remarkable difference between them and the banks is that they do not charge commissions (you don’t have to believe me, I’ll tell you some web pages and you can look it up by yourself).
You can make express deposits online and the charges are not going to change. You have the option to secure the amount of money that’s being received.
How much does it cost to transfer money to the Philippines?
Prices differ because of the currency, I mean, if you deliver money from the US, a bank is going to charge more if you want it to be in PHP, the same will happen in Europe. Also, prices may alter according to the time, as I typed some lines ago.
In Europe and the US, you’ll pay approximately $50 to the bank sending the money, and in the Philippines you will pay up to $100 for getting your money in us.
Do the math, you will pay more than a hundred dollars for a transaction like this one!
In contrast, money transfer providers guarantee that you will pay 8 times less than at a bank, there are the rates on some online money transfer providers:
Azimo: first two transfers free-free, then about €12, with some offers you can earn money.
Currency fair: you can save hundreds of euros or pounds, rates can be £1 or €1, even less.
Transferwise: around $10 or £5, the real change rate.
Duration of a money transfer to the Philippines
Time is going to be determined by the final currency, if you decide the person who is going to take the money will receive it in PHP, it’ll take no time anywhere, because it’s the national currency in the Philippines. Banks give you their rate and money transfer providers give you the exact amount that will be received.
Also, it depends on where the money is to and from, and if the money is with an online bank transfer or credit/debit card. That is where you can see the best way for you to do so since money transfer providers show where is your money while it is traveling.
Azimo, Currencyfair and trasnferwise are apps, to place the transfer is going to take seconds and there is not going to be a line. Unfortunately, Currencyfair does not send money to the Philippines yet, but you still have two more options: Azimo and Transferwise; and they are great, so you may know.
The conclusion of the money transfer to the Philippines
Money transfer providers are an example of innovation, and they mean so much for our pockets, seriously; these days we need to secure our money while transferring it, we do not know where it is, but not anymore.
Today, these money transfer providers give us what we want to take and never let go: control.