The Ultimate Guide to Sending Money to the Philippines
Sending money to the Philippines can be a challenge, especially for those who are living abroad. However, with the various reputable money transfer platforms and remittance centers available nowadays, sending money is now easier and faster than before. In this article, we will guide you on how to send money to the Philippines using digital bank transfers, traditional bank transfers, Western Union, MoneyGram, remittance centers, cryptocurrencies, and prepaid debit cards, so you can choose the best option that suits your specific needs.
Digital Bank Transfers
Digital bank transfers refer to the online transfer of money from one account to another. PayPal, Transferwise, Skrill, and WorldRemit are some of the popular digital banking platforms used to send money to the Philippines.
The benefits of using these platforms are their convenience, cost-effectiveness, and speed. They also offer competitive exchange rates and lower transfer fees compared to traditional bank transfers.
To use these platforms, all you need is to open an account, link your bank account or credit/debit card, and follow the steps to make the transfer.
Traditional Bank Transfers
Traditional bank transfers involve sending money from one bank account to another. This method requires filling in forms and going to the bank in person to execute the transfer.
To make an international bank transfer from your local bank to a bank in the Philippines, you will need to provide the recipient’s bank name, account number, and SWIFT/BIC code. The transfer takes about three to five business days to complete, and some banks charge high fees.
The benefits of using traditional bank transfers are their reliability and safety, especially for large sums of money. However, it takes a longer time and is more tedious than digital bank transfers.
Western Union
Western Union is an excellent option for those who want to send money to the Philippines through cash pickups. The recipient can collect the money sent at any Western Union agent location or through their online platform.
To send money through Western Union, you need to provide your recipient’s name, address, and phone number. You can pay using your credit/debit card or through a bank transfer.
To collect money sent via Western Union, the recipient should present a valid ID and the tracking number sent by the sender.
MoneyGram
MoneyGram is another reputable money transfer option to send money to the Philippines. It has a global network of agents and provides online transfer services as well.
To send money through MoneyGram, all you need is to provide your recipient’s name, address, and phone number. You can make payments using your credit/debit card or via bank transfer.
To collect the money sent via MoneyGram, the recipient should present a valid ID and the reference number provided by the sender.
Remittance Centers
Remittance centers are available all over the Philippines, making it a convenient option for sending and receiving money. Some of the reputable remittance centers in the Philippines include LBC, Palawan Pawnshop, and Cebuana Lhuillier.
To send money through these centers, you need to fill out a form, pay the transfer fee, and provide the recipient’s details. The recipient can then collect the money at the designated remittance center by presenting a valid ID and the reference number provided by the sender.
Remittance centers are advantageous as they offer a wide range of services, including bills payment, document processing, and package delivery. They are also accessible in remote areas with no banks.
Cryptocurrencies
Cryptocurrencies are digital or virtual currencies used as a medium of exchange. They are decentralized, meaning they have no control from a central authority like banks.
Using cryptocurrencies to send money to the Philippines is becoming popular nowadays. Some of the popular cryptocurrencies include Bitcoin, Ripple, and Ethereum.
The benefits of using cryptocurrencies for money transfer are their speed, low transaction fees, and lower exchange rate fees. However, the recipient also needs to have a cryptocurrency wallet to receive the money.
Prepaid Debit Cards
Prepaid debit cards are preloaded with a certain amount of money and can be used to make purchases or withdraw cash just like a regular debit card. They are an excellent option for people who don’t have bank accounts.
You can use a prepaid debit card to send money to the Philippines by loading it with the amount you want to send, then give it to your recipient, who can use it as cash or withdraw from ATMs.
The benefits of using prepaid cards are convenience, reliability, and safety. Some of the popular prepaid debit cards for international use include Payoneer and Neteller.
Conclusion
Sending money to the Philippines is now easier and faster than before. With the various reputable options available, it’s important to choose the one that fits your specific needs. Whether it’s a digital bank transfer, traditional bank transfer, Western Union, MoneyGram, remittance centers, cryptocurrencies, or prepaid debit cards, make sure to weigh the pros and cons before making a decision.
We hope this Ultimate Guide to Sending Money to the Philippines was helpful to you. Please share your experiences or any other options you’ve tried in the comments below.
