Are you looking for the best ways to send money to the Philippines? With so many options available, it can be overwhelming to choose the right one. Whether you are sending money to family, paying bills, or making a business transaction, you want a reliable, fast, and affordable service.
In this article, we will explore the top options for sending money to the Philippines in 2023. We will compare fees, exchange rates, delivery times, and other features to help you make an informed decision. Whether you prefer online transfers, bank transfers, cash pickups, or mobile payments, we’ve got you covered.
Bank Transfers
Bank transfers are one of the most affordable ways to send money to the Philippines. They are convenient and secure, and you can initiate them online or in person.
Here are some of the key things you need to know about bank transfers for sending money to the Philippines:
Online Bank Transfers
You can initiate a bank transfer online through your bank’s website or mobile app. This is a convenient option that allows you to transfer money from the comfort of your own home. Here are some of the top banks that offer online bank transfers to the Philippines:
| Bank | Transfer Fee | Transfer Time |
|---|---|---|
| BDO Unibank, Inc. | $3 – $5 | 1 – 3 business days |
| Metrobank | $5 | 1 – 2 business days |
| Bank of the Philippine Islands | $3 – $5 | 1 – 3 business days |
Keep in mind that transfer fees and times may vary depending on the bank and the amount you are sending. It’s important to compare different options to find the best deal.
In-Person Bank Transfers
If you prefer to initiate a bank transfer in person, you can visit a local bank branch. This option may be more convenient if you need to send a large amount of money or if you have questions about the transfer process. Here are some of the top banks that offer in-person bank transfers to the Philippines:
- BDO Unibank, Inc.
- Metrobank
- Bank of the Philippine Islands
- Landbank of the Philippines
When initiating an in-person bank transfer, make sure to bring a valid ID and any other required documentation. You may also need to fill out a transfer form and provide the recipient’s bank account information.
Money Transfer Services
Western Union
Western Union is a popular and reliable money transfer service that has been around for over 150 years. With over 500,000 agent locations in over 200 countries, it’s easy to send money to the Philippines from almost anywhere in the world.
Western Union offers a variety of ways to send money, including online, through their mobile app, or in-person at one of their agent locations. They also offer different payment options, including bank transfers, credit/debit cards, and cash payments.
However, Western Union’s fees can be higher compared to other money transfer services. The exchange rate offered may also not be the most competitive.
MoneyGram
MoneyGram is another popular money transfer service that allows you to send money to the Philippines from almost anywhere in the world. They have over 350,000 agent locations in over 200 countries.
MoneyGram offers a variety of ways to send money, including online, through their mobile app, or in-person at one of their agent locations. They also offer different payment options, including bank transfers, credit/debit cards, and cash payments.
MoneyGram’s fees can be lower compared to Western Union, and they also offer competitive exchange rates.
When choosing a money transfer service, it’s important to compare fees and exchange rates to find the best option for your needs. You should also consider the payment options available and the convenience of the service.
Digital Wallets
Digital wallets, also known as e-wallets, are a popular and convenient way to send money to the Philippines. They allow you to store your money online and make transactions quickly and easily. Here are some of the most popular digital wallets for sending money to the Philippines:
PayPal
PayPal is a well-known digital wallet that allows you to send and receive money online. It’s a popular choice for international money transfers because it’s fast, secure, and easy to use. With PayPal, you can send money to the Philippines in just a few clicks. You can also link your PayPal account to your bank account or credit card for easy funding.
However, it’s worth noting that PayPal charges fees for sending money to the Philippines. The fees vary depending on the amount you’re sending and the funding source you’re using. You’ll also need to have a PayPal account to use this service.
Skrill
Skrill is another popular digital wallet that allows you to send and receive money online. It’s a good choice for sending money to the Philippines because it’s fast, secure, and has low fees. With Skrill, you can send money to the Philippines in just a few clicks. You can also link your Skrill account to your bank account or credit card for easy funding.
One advantage of Skrill is that it offers lower fees than PayPal for sending money to the Philippines. However, it’s worth noting that Skrill may charge fees for certain types of transactions or funding sources. You’ll also need to have a Skrill account to use this service.
Overall, digital wallets are a convenient and popular way to send money to the Philippines. They offer fast, secure, and easy transactions, and are often cheaper than other methods of sending money. However, it’s important to compare fees and services to find the best digital wallet for your needs.
Cryptocurrency
Cryptocurrency is an increasingly popular option for sending money to the Philippines. Here are some of the benefits of using cryptocurrency:
- Fast and secure transactions
- Lower fees compared to traditional methods
- No need for a bank account
- Ability to send money directly to a recipient’s digital wallet
One of the most popular platforms for sending money abroad via cryptocurrency is Airtm. Airtm supports several currencies, including Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), XRP, and Monero (XMR). Opening an account with Airtm is easy, and the platform provides a mid-market cryptocurrency exchange rate.
Another option is Rebit, which allows users to remit money to the Philippines using Bitcoin. Users can register and sign into their Rebit account, enter the desired transaction, and pay using Bitcoin. Rebit calculates the Bitcoin conversion for the desired amount to be paid.
While cryptocurrency can be a convenient and cost-effective way to send money to the Philippines, it’s important to keep in mind that the value of cryptocurrency can be volatile. It’s recommended to monitor exchange rates and to only send what you can afford to lose.
Conclusion
When it comes to sending money to the Philippines, there are several options available to you. Each option has its own advantages and disadvantages, so it’s important to choose the one that best suits your needs.
If you need to send money quickly, then online money transfer providers like Remitly and Wise are good options. They offer fast transfers and competitive exchange rates, making them a popular choice for many people.
On the other hand, if you’re looking for the cheapest way to send money to the Philippines, then using a bank transfer may be the way to go. This is especially true if the beneficiary bank has branches overseas, as you may only incur one-way charges.
Cash pickup is also a convenient option if the recipient needs the money urgently and doesn’t have a bank account. Providers like Remitly and WorldRemit offer this service, allowing the recipient to pick up the cash at a designated location.
Ultimately, the best way to send money to the Philippines will depend on your individual needs and circumstances. It’s important to do your research and compare different providers to find the one that offers the best rates, fees, and transfer times.
