The 7 Most Popular Forms of Sending Money to the Philippines

Table of Contents

• What are the most popular methods to send money to the Philippines?
• 1. Bank Transfer
• 2. International Wire Transfer
• 3. International Money Transfer
• What are the best ways to send money to the Philippines with a money transfer company?
• Cash Pick-up
• Mobile Wallet
• Door-to-Door Delivery
• 4. Prepaid Debit Card
• 5. Multi-Currency Bank Account
• 6. No-fee Credit Card
• 7. International Money Order
• Which method should I use to send money to the Philippines?
• Conclusion
• Do You Need To Find the Best Remit Exchange Rate for Sending Money Internationally?

Did you know that there are many ways to send money to the Philippines? In fact, there are so many ways that it can be overwhelming for someone who wants to send money to their loved ones in the Philippines. But don't worry, we're here to help!

In this article, we'll outline the seven most popular methods of sending money to the Philippines. We have you covered whether you're looking for the cheapest or the quickest method! Keep reading for more information.

What are the most popular methods to send money to the Philippines?

There are many ways you can send money overseas to the Philippines. Here are our top 7 ways you can move money to the Philippines from abroad:

1. Bank Transfer

A bank transfer is one of the most popular forms of sending money to the Philippines. This is because it is a very reliable and efficient way to send money. The process is simple and can be done online or through a brick-and-mortar bank.

One of the advantages of using an international bank transfer to send money to the Philippines is that it is very safe. The sender's information is not shared with the recipient so there is no risk of information or identity theft. There is also no need to worry about the actual physical cash being stolen or lost in transit.

Another advantage of international bank transfers is that they are convenient. Most banks support sending money internationally online or in their physical branch office. Since you already transact with your bank for various financial needs, it can be convenient to also send money internationally with them.

Bank transfers are a safe and convenient way to send money abroad to the Philippines.

The process to send money with you bank is very simple, and usually entails filling out a one page form that you use to provide recipient information and the amount to send.

A major downside of an international bank transfer is that they can be quite expensive. The fees can vary depending on the banks involved and the amount being sent. However, for most people, the convenience and ease of sending international bank transfers using their bank outweigh the costs.

2. International Wire Transfer

An international wire transfer is a specialized form of a bank transfer that relies on the global payment and settlement system called SWIFT (Society for Worldwide Interbank Financial Telecommunication). SWIFT facilitates the efficient movement of money internationally between banks, financial institutions and other payment entities.

Wire transfers are also one of the most popular forms of sending money to the Philippines. This is because wire transfers offer several advantages, including:

• They are convenient: You can typically arrange a wire transfer online or over the phone, making it easy to send money even if you're not in the same country as the recipient.
• They are safe: Wire transfers are one of the safest forms of money transfer, as they involve sending money through a secure banking system.
• They are no transfer limits: Usually, there are no limits to the amount of money you can send with international wire transfers. Note that sometimes governments or financial institutions could enforce limits for certain countries. It is best to check with your bank if any limits are in place for your source and destination countries.

There are some downsides to wire transfers as well. These include potentially higher transfer fees as well as longer transfer times, especially if bank holidays are in effect.

You can use wire transfers to send large amounts. Keep an eye on fees and transfer times though.

But if you need to send a large amount of money overseas to the Philippines without having to worry about the security and safety of your money and private information, a wire transfer is definitely a good choice.

3. International Money Transfer

You can also send money to the Philippines using established international money transfer companies. In fact, sending money using money transfer companies, also called remittance service providers, is the most popular way to send money overseas, including sending to the Philippines.

With the advent of the digital era, everything we do has moved online in the last few years. It is, therefore, no surprise that money transfers have also established a strong digital and online footprint. Numerous financial institutions, including banks, money transfer companies, currency exchange providers, and FX brokers all provide online services to send money abroad.

The biggest advantages you gain by using an online money transfer company to send funds abroad are better exchange rates and generally lower fees. Compared to bank transfers and international wires, money transfer operators (MTOs) provide better exchange rates and charge lower transfer fees.

This only means that your overseas recipient in the Philippines gets more Philippine Pesos for every penny you send from your home country to them.

Money transfer companies specialize in moving money overseas quickly and provide better exchange rates and lower fees.

Some of the popular money transfer companies you could choose to send money to the Philippines include some of the below:

• XE Money Transfer
• Revolut
• Panda Remit
• Instarem
• WorldRemit
• Wise
• TransferGo
• Remitly
• Venstar Exchange
• TorFX

In fact, there are so many modern money transfer companies to choose from that you may find it hard to decide who to go with. We recommend relying on a remittance comparison platform like RemitFinder to compare providers and make more informed choices.

What are the best ways to send money to the Philippines with a money transfer company?

Most money transfer companies will let you send money to the Philippines so your recipient can receive funds in any of the following ways:

Cash Pick-up

One of the most popular forms of sending money to the Philippines is through a cash pick-up service. This is a convenient option if you have relatives or friends in the Philippines who can pick up the cash from a local agent. There are many advantages to using this type of service, including:

• The recipient does not need to have a bank account to access the money you send to them.
• The recipient can typically pick up the cash within minutes after you have made the transaction.
• You can track the status of your transaction online or through a mobile app.
• Fees are usually lower when compared to other forms of money transfer.

Mobile Wallet

Mobile wallets are a great option if you want to send money to the Philippines quickly and securely. It's fast and convenient. You can send money to anyone with a mobile phone, and the fees are low. Some mobile wallets even offer rewards programs.

Some of the most popular mobile wallets that can be used to send money to the Philippines include GCash, PayPal, Google Wallet and Apple Pay.

Door-to-Door Delivery

Door-to-door delivery is another popular delivery method when sending money to the Philippines since it is very convenient. Your recipient does not have to go to a bank or a money transfer agent to pick up the money, and you can usually get the money delivered to them within a few days or even hours.

Door-to-door delivery is also more safe and secure than cash pickup as the money is delivered to your recipient's home instead of them picking it up.

There are several delivery options available to send money to the Philippines. Pick the one that suits your and your recipient's needs the best.

4. Prepaid Debit Card

Using a prepaid debit card is another popular way to send money internationally. With this method, you basically preload your debit card with money which can then be used overseas or used to pay for your international money transfer. In either approach, you end up moving money overseas directly or indirectly.

The key advantage of using prepaid debit cards is that since you preload them with cash before usage, you do not incur fees and cash advance charges as you would with credit cards. Plus, they are widely accepted nationally and internationally, so you can easily spend money loaded onto your card.

5. Multi-Currency Bank Account

A modern and increasingly popular way to send money overseas to the Philippines is by using a multi-currency bank account. With this approach, you essentially hold your funds in a bank account that allows multiple currencies as opposed to a single currency traditional bank account.

You can easily move money between your different currencies using multi-currency accounts. As such, these are a great option if you travel abroad frequently for business or leisure.

A major advantage of multi-currency bank accounts is that the exchange rate tends to be much higher, and closer the interbank exchange rate (also called the mid-market exchange rate).

Financial institutions are able to offer better exchange rates since you hold your money in many currencies, and they provide incentives to keep you as an active customer with them. Lower operational costs also help companies pass on some of their cost savings to you.

Multi-Currency bank accounts tend to have good exchange rates, and are a great choice if you travel overseas frequently.

Many fintech companies like Revolut and Wise offer multi-currency bank accounts that you can take advantage of.

6. No-fee Credit Card

Another way to send money to the Philippines is by utilizing a no-fee credit card to pay for your money transfer, or simply make purchases overseas if you travel to the Philippines with your card.

Most credit card companies charge high fees for using your card internationally. But there are some good card choices that are meant for international use and charge no additional fees for overseas usage. If you plan on using your international credit card in the Philippines, look for a card that is free to use internationally.

7. International Money Order

Finally, you can always rely on age old international money orders to send money to your loved ones in the Philippines. Most post offices, for example, have money order services that you can also use to send money overseas.

This method should be a last resort as you will likely get an inferior exchange rate as compared to other choices like international money transfers sent via remittance companies. Additionally, the funds will reach your recipient slower than they would with alternate methods.

There you have it! These are the most popular ways that people use to send money to the Philippines.

Which method should I use to send money to the Philippines?

Since there are so many choices to send money overseas to the Philippines, you may be wondering which method is the best option to pick out of many. The short answer is – it depends!

The reason for this is that there are many money transfer scenarios that may necessitate focusing on certain aspects of international money transfers. For example:

• If you are sending a very large sum of money abroad, it may be better to go with international bank or wire transfers due to their watertight security and established secure protocols that have been hardened for decades.
• If you need to send money overseas quickly in cases of urgent needs or emergencies, cash pickup or mobile wallet credit done via a money transfer company may be a great choice gives the rapid transfer speed those choices bring to the table.
• If you travel frequently for work or fun, a multi-currency account may be a great choice for you given higher exchange rates and often lower fees. Your money stays in your bank account, but is flexibly available in many currencies.

Make sure to evaluate the pros and cons of each approach, as well as any unique needs of your need to send money to the Philippines before you decide which option to go with.

Every money transfer approach has pros and cons; evaluate carefully and choose the best one for your needs.

Conclusion

When it comes to sending money overseas to the Philippines, there are many ways to do so. Each method has its pros and cons, so the more research you do, the better choices you can make. Overall, many good options exist so you can safely and conveniently send money to your friends and family in the Philippines.

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.