4 Best Ways to Send Money to the Philippines

Whether it be for sending remittance to your family or relatives, sending salaries for employees, or paying for services done by a local company, there are a couple of ways for you to be able send money to the Philippines.

Depending on speed, preferred mode of sending (whether you will be depositing in-person or sending electronically such or online padala) and receiving the money, and the applicable fees and charges, you may choose among the following ways to send money a recipient in the Philippines:

Cash Transfer Services

A traditional way of sending money to another country is through cash transfer services the likes of Western Union and Moneygram. The process includes depositing cash in a sending center, then the recipient can receive the money in a branch of the same transfer service in the Philippines, or a partner institution. Over time, money transfer services have expanded the ways on how the recipient can receive the money you send, and among the most helpful is a door-delivery option where your money will be sent straight to the receiver’s address.

Bank Transfer

Bank transfer is a fast and secure way to transfer money, even on an international scale. This is easiest done with sending to accounts within the same bank such as big banks that have banking operations in the Philippines as well. Nowadays though, banks are now able to send money across different banks albeit having some additional charges to facilitate inter-bank transactions.

Wire Transfer

Wire transfers were ideal for interbank transactions as wiring networks were made to facilitate interbank transactions especially that not all banks in another country would have operations in the Philippines. But with the evolving online banking landscape, wire transfers are not the only way to transfer money across banks anymore.

However, wire transfers (besides checks) are still the preferred mode of payment between companies as the documentations involved work well with documentary requirements needed for reporting corporate transactions. The same is true when engaging the services of a company based in the Philippines. As generating and sending checks might take a while, wire transfers can be a great way to deal with corporate transactions with Philippine companies.

Electronic Fund Transfer Services

There is a growing range of options for electronically sending money whether it be on a domestic or cross-border level. Typical differences among such service providers are in the areas of speed, service charges, and foreign exchange rates, among others. The key is to find which offers a mix of these factors that work best with your particular needs.

Some traditional cash transfer services have also adopted electronic fund transfer, and are able to mix them with other services so there are also ways for you to be able to electronically send money (as opposed to depositing over-the-counter), then have it delivered straight to the doorstep of your intended recipients in the Philippines.

Meanwhile, there are electronic fund transfer service providers that have proprietary accounts for users who would later have the freedom to choose how they can withdraw or use the funds. This is a great electronic option that can expand the options to use the money you sent, while at the same thing expanding the number of ways you can send money as these types of electronic fund transfer platforms usually work with a wide range of bank and non-bank

Send money to the Philippines through a transfer option that works best for you

When sending money to the Philippines, there are many different options available for you. Assess carefully as to what factors are most important with you, so you can screen which money transfer option is the perfect fit with your specific needs.