5 Best Ways for Overseas Filipino Workers (OFWs) to Send Remittances to the Philippines

Table of Contents

• What are the popular ways to send remittances from abroad to the Philippines?
• What are the advantages of using a money transfer service for OFWs to send remittances to the Philippines?
• Which are the best money transfer companies to send money to the Philippines?
• XE Money Transfer
• Revolut
• Panda Remit
• Instarem
• WorldRemit
• Which delivery options are available to send money to the Philippines?
• Cash Pick-up
• Bank Transfer
• Mobile Money
• Door-to-Door Delivery
• Conclusion
• Do You Need To Find the Best Remit Exchange Rate for Sending Money Internationally?

In 2021, Overseas Filipino Workers (OFW) sent $31.4 billion back to their families in the Philippines. These remittances originated from around the world, including from the US, Singapore, Saudi Arabia, Japan, the UK, the UAE, Canada, Taiwan, Qatar, and South Korea. Money transfers from US to Philippines, though, accounted for more than 40% of the total amount sent by OFWs in 2021.

If you have friends or family members who are working overseas as Filipino workers (OFW), chances are they are sending money back home to the Philippines to their loved ones. But how do they do it? And which method of sending remittances is best? Keep reading to find out!

What are the popular ways to send remittances from abroad to the Philippines?

When it comes to sending money to the Philippines from other countries, there are quite a few ways to do so.

We touched upon 7 of the most popular ways to accomplish this in one of our earlier blog posts. To recap, below are the most prevalent ways to remit funds from overseas to the Philippines:

• Bank transfer
• International wire transfer
• International money transfer
• Prepaid debit card
• Multi-currency bank account
• No-fee credit card
• International money transfer

In this article, we will zoom into international money transfers, also called remittances, and present our top 5 money transfer providers that OFWs use to send money to the Philippines.

What are the advantages of using a money transfer service for OFWs to send remittances to the Philippines?

Money transfer services have become one of the most popular methods in recent years due to their convenience and low fees.

One of the best things about using a money transfer service is that it's very easy to use. You can typically send money online or via a mobile app, which makes it super convenient for OFWs who may not have a lot of time to spare.

Another advantage of using a money transfer service is that it usually has very competitive exchange rates. This means that you'll get more bang for your buck when sending money back home.

Finally, most money transfer services have very low fees, so you won't have to worry about losing a large chunk of your hard-earned cash to fees.

There are numerous advantages to use a money transfer company to remit money to the Philippines from abroad.

That all sounds great. But one problem you may run into is how to choose the best provider for your next Philippines money transfer. To make this easier, use an online money transfer comparison engine like RemitFinder to easily compare many companies in one place. This will provide you useful information that can help you pick the best provider for your next money transfer.

Which are the best money transfer companies to send money to the Philippines?

Let's look at our top 5 picks to send remittances to the Philippines from overseas. The list below is in no particular order, and all these companies have their strong areas that make them stand out in their own unique ways.

XE Money Transfer

When it comes to international money transfers and currency exchange, no company has the depth of experience that XE does. Having been in this business for over 25 years, you can rest assured that you are in safe hands.

Here are the distinct advantages of using XE for your remittances to the Philippines:

• XE allows you to send money from major global destinations to the Philippines. You can send money from US, Canada, UK, all European countries, Australia, New Zealand and many more.
• XE offers highly competitive exchange rates. This means you get a much higher return on your money transfer with them.
• XE provides low, often 0 fees. For example, if you send more than USD 500 from the US, your transfer is free. Below USD 500, you pay a small USD 3 fee.
• XE has no transfer limits, making them a great choice for even large value money transfers.
• XE executes international money transfers quickly. Your money will be sent to the Philippines within minutes, or in up to 1-4 business days.

Revolut

Revolut is a financial ecosystem that helps you manage, spend, save and invest your money all from within an easy to use app. Revolut also provides international remittances, and helps OFWs send money back to the Philippines.

Below are the top reasons why Revolut could be a great choice for your next money transfer to the Philippines:

• Revolut supports OFW remittances from US, UK, Australia, Switzerland, Singapore, Japan and all of Europe. Plus, they keep adding more countries, so if your country is not supported yet, chances are that it will be in the future.
• Revolut's exchange rates are often very close to the interbank exchange rate, which means you get a higher payout for your money transfers with them.
• Revolut supports a huge number of payment methods that include cards, bank account, direct deposit and other mobile wallets. It is very easy to pay for your money transfer with them.
• Revolut has partnered with RemitFinder to provide you with many attractive deals and promotions. These help you further maximize the payout for your loved ones in the Philippines.
• Revolut is a full financial ecosystem, so chances are that even if you start using them for remittances first, you may find their other services highly useful as well.

Panda Remit

Panda Remit is a fintech startup company based out of Hong Kong, and has been rapidly expanding their money transfer services globally. Their remittance product is fully online and you can send money using their mobile app conveniently 24x7.

Here are the biggest areas where Panda Remit beats the competition and could be a great choice for sending money to the Philippines:

• A bulk of Panda Remit transfers finish within 2 minutes, and the rest within 1-3 working days.
• Panda Remit allows you to pay your recipient in many ways that include bank account deposit, debit card transfers and mobile wallet credit. And yes, GCash is supported. Since GCash is the most popular mobile wallet in the Philippines, this offers you and your recipient a great choice.
• Panda Remit offers exclusive promotions to RemitFinder users, and you get to save even more money on your remittances with them.
• The exchange rate offered by Panda Remit tends to be highly competitive, and they are also cost-effective way to send money to the Philippines due to their very low fees.
• Panda Remit is fully digital with an easy to use mobile app you can use to send money anytime and from anywhere.

Instarem

Instarem is a fintech company that started operations in Singapore in 2014, and has ever since grown into an established brand in the global remittance ecosystem. With a sole focus on cross-border money transfers and payments, they strive to provide great rates with low fees to their customers.

There are many good reasons to use Instarem; the top ones are as below:

• With Instarem, you can send money to Philippines from Australia, Canada, Singapore, Hong Kong, Malaysia, Indonesia, Europe, UK, India and the US.
• Instarem provides very competitive exchange rates with less than 1% FX Markup on their rates. This only means more money in your recipient's pocket.
• Instarem's fees are fully transparent, and you can expect to pay anywhere been 0.25% to 1% in transfer fees.
• Instarem does not enforce transfer limits for many countries. For some countries, there are legal or regulatory limits in place.
• Instarem moves money overseas rapidly with most transactions finishing instantly, and the rest within 4 business days.

WorldRemit

WorldRemit is another popular choice to send money to the Philippines. Having been in the international remittance business since 2010, WorldRemit allows customers to send money to more than 150 countries worldwide.

The top reasons why you should look at WorldRemit more deeply for your next Philippines remittance are as below:

• WorldRemit has more than a decade experience in international money transfers and you can be assured nothing can go wrong with the safety and security of your money as well as information with them.
• You can send money from over 50 countries spread across Americas, Europe, Middle East, Asia, Africa and Australia.
• Your first 3 money transfers with WorldRemit are totally free of cost. This is a great promotion to take advantage of and save some money on your first 3 money transfers.
• WorldRemit money transfers can complete within minutes, else within 1-2 business days. They definitely move your money overseas to the Philippines quickly.
• You have tons of options to fund your WorldRemit money transfer; choices include bank transfer, cards, mobile payments, Apple Pay and local payment methods in many countries.

This rounds up our discussion of the top 5 options to send money to the Philippines. Make sure to do your due diligence to maximize the return on your money transfer so your recipient can have the highest possible payout for the money you send to them.

Which delivery options are available to send money to the Philippines?

A delivery option, also called a delivery method, is the mechanism you choose to pay your overseas recipient.

There are many ways for overseas Filipino workers (OFW) to send remittances back to the Philippines. For receivers based in the Philippines, the most popular delivery options are as below:

Cash Pick-up

Cash pick-up is one of the most popular ways for overseas Filipino workers (OFW) to send remittances back home. This is because it is fast, convenient, and secure. Money transfers sent for cash pick-up generally finish instantly, and the recipient can pick up the money within minutes.

Another reason cash pick-up is popular among OFWs is that it is very convenient. There are many cash pick-up locations all over the Philippines, so recipients can usually find a location near them and pick up money during the business's open hours.

Cash pickup is a fast and convenient delivery option to send money to your recipient in the Philippines.

Finally, cash pick-up is a relatively secure way to send money. The recipient should be careful, though, as cash can be easily stolen. We recommend choosing a nearby cash pick-up location that is in a busy area. Also, the receiver should not pick up cash late in the evening or when the risk of theft or crime could be higher.

If you are an OFW looking for a fast, convenient, and secure way to send remittances back home, then cash pick-up may be a good option for you.

Bank Transfer

A bank transfer is another popular way to send money to your Philippines recipient, and offers several advantages listed below.

• It's generally quite safe and secure. This is because banks have robust systems in place to protect against fraud and theft. Moreover, banks are typically insured against risks like loss of funds.
• Bank transfers can be made quickly and easily. OFWs can simply instruct their bank to transfer funds to their beneficiaries' accounts in the Philippines. The funds will then be available for withdrawal within a few days.
• Bank transfers are ideal for sending large amounts.
• Bank transfers are convenient for beneficiaries. OFWs can arrange for the funds to be transferred automatically on a regular basis, and beneficiaries can withdraw the funds from any ATM or bank branch in the Philippines.

Mobile Money

Mobile money is one of the most popular ways for overseas Filipino workers (OFW) to send remittances back to the Philippines. That's because many Filipinos don't have bank accounts, although that number has increased from 34% in 2017 to 51% in 2021, mostly due to the coronavirus shifting the way transactions take place.

Other reasons mobile money is such a popular choice for OFWs sending money back home include:

• It is fast and convenient. Money can be sent quickly and easily from anywhere in the world with an internet connection.
• It is relatively cheap. There are no or low fees associated with sending mobile money transfers, which makes it a more affordable option than traditional banking methods.
• Mobile money is safe and secure. OFWs can rest assured that their money will arrive safely to their loved ones back home.
• Mobile money is flexible. OFWs can choose to send money as a one-time transaction or set up recurring transfers so their loved ones always have access to the funds they need.

Sending money to a Philippines mobile wallet is a great option if your recipient does not have a bank account.

If you are an OFW looking for a safe, convenient, and affordable way to send remittances back to the Philippines, mobile money is a great option to consider. GCash, Coins.ph, and PayMaya are all excellent mobile wallet platforms that offer secure and reliable service.

GCash is the most popular mobile wallet in the Philippines, and many money transfer companies support it. If your receiver in the Philippines has a GCash account, you can easily send money straight into their GCash wallet.

Door-to-Door Delivery

Door-to-door delivery is also one of the most popular ways OFWs send money to the Philippines. This is because it is a very convenient and fast way to send money, and the recipient does not have to go anywhere to access the funds.

Some of the advantages of door-to-door delivery include:

• Convenience: The receiver does not have to go out of your way to find a money transfer agent, as they will come to you.
• Speed: Door-to-door delivery is often faster than other methods such as bank transfers.
• Safety: With door-to-door delivery, you can be assured that your money transfer has been delivered safely.

Conclusion

With so many choices to send money home to the Philippines, it may seem difficult to decide which money transfer company to go with. The options presented in this article are all established remittance providers with many key advantages to their service offering.

While you consider these for your next money transfer to the Philippines, you should definitely look at many more options that are available. The more due diligence you do, the better decisions you will be able to make.

Do You Need To Find the Best Remit Exchange Rate for Sending Money Internationally?

RemitFinder is an online service that helps you track remit exchange rates. By checking and comparing the latest remit exchange rates, you can get the best exchange rate for your money transfers. RemitFinder, thus, helps you to get the best return for your hard-earned money.

Find the cheapest rate to transfer your hard-earned money - visit our site or download the app on Google Play or Apple App Store now.