How to Send Money to Philippines via Exchange4Free

Exchange4Free is one of the fastest growing money transfer companies in the world, which boasts its best price guarantee to its clients.

Established in United Kingdom in 2004, Exchange4Free has expanded to over 40 countries, including the Philippines.

It offers money transfer and foreign exchange services at a very reasonable exchange rate.

STEPS TO SEND MONEY TO PHILIPPINES USING EXCHANGE4FREE

1. REGISTER

Fill out the Online Registration Form to register for your Exchange4Free Account and send the required documents to activate your account.

2. LOGIN

Enter your Member ID and Password to login

3. BOOK EXCHANGE RATE

Click Send Money Online from the top Navigation Menu, then choose sending country (country from), destination country (country to), payment method, and amount to be sent (sending amount), and click Calculate.

4. Create a Beneficiary

If it’s your first time to use Exchange4Free, create a New Beneficiary

5. Choose Payment Method

Choose how you want to pay your money to Exchange4Free

• Bank to Bank Transfer

6. Complete Payment

Complete your payment to Exchange4Free

7. Finished

Once they receive your payment, they will complete the money transfer to your nominated beneficiary overseas.

BENEFITS OF SENDING MONEY TO PHILIPPINES USING EXCHANGE4FREE

1. NO FEES for money transfer
2. NO deposit fees at receiving banks
3. They guarantee best exchange rates (they will beat any quote)
4. You can save 5-10% for Direct Money Transfers
5. No commissions
6. No hidden costs
7. You can book a live exchange rate online or call for a quote
8. Safe and Secure online system
9. Convenient – available 24/7
10. Cash payouts at over 250,000 locations worldwide
11. Fully registered and regulated money transfer agency

DOES EXCHANGE4FREE REALLY OFFER MONEY TRANSFERS FOR FREE?

Yes, it’s totally FREE!

No transfer fees, no hidden fees, and no commissions.

Sounds good, right???

But here’s the thing…

“The only fee payable to transfer money is an exchange rate margin, being the difference between the current interbank rate and the rate that we offer you to transfer your money.” (Source)

I tried requesting a live quote on Exchange4Free’s website assuming I’m sending 1,000 Saudi Riyals from Saudi Arabia to the Philippines and I compared it with the current conversion rate of Saudi Riyal (SAR) to Philippine Peso (PHP) and here’s the result.

Exchange4Free’s Payout is PHP 12,016.20 while Current Conversion Rate of 1,000 SAR to PHP is PHP 12,287.58.

If we get the difference of PHP 12,287.58 and PHP 12,016.20, that would be PHP 271.38, which I think is the exchange rate margin.

So yes, there’s no transfer fee, but only exchange rate margin and I think Php 271.38 is not bad of a “fee” for a Php 12,287.58 remittance from Saudi Arabia to the Philippines.

Let me know what you think about Exchange4Free. Post your comments below!

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