There are many ways on how to send money to the Philippines but sometimes it is very hard to choose which way to use.
Sending money to the Philippines became easier nowadays because of many technological advances discovered and a lot of companies being established for money transfer. Remittance to the Philippines became easier these days compared ten years ago. Recently, many financial institutions like banks and remittance companies offer wide range of services for sending money to the Philippines.
It is very important to make sure that the remittance company or the bank that you are transacting for sending your money to the Philippines is legitimate and reputable. Money is involved so you need to be very careful.
Where to Send Money to Philippines?
Sending money or remittance to Philippines from other countries can be done in different ways. You can send money by the following methods.
1. Bank-to-bank wire transfer
Bank-to-bank wire transfer is the most preferred and secure type of sending money to the Philippines. Many people are using this type because it is fast and reliable.
Basically, you apply for remittance to your foreign bank where you are located. There is an application form for remittance where you will put all the details of your bank in the Philippines and the person who will receive the money.
This kind of sending money is like commanding your foreign bank to transfer a certain amount of money to your Philippine bank. Normally, after 2-5 days the money will be added to your bank account.
2. Western Union
Western Union is one of the most convenient way to send money in any part of the world because it has numerous branches around the globe. It is also partnered with most of the banks. You can receive the money from your relatives abroad by getting it directly to the Western Union branch.
People without bank account usually use Western Union for remittance to the Philippines. This is a good thing because not all people have also access to banks. Even if you don’t have a bank account, you can still get the money from your relatives abroad. The down side about Western Union is that it has a higher remittance fee than banks charge.
3. Door-to-door money remittance
In the past, banks are still few in the Philippines. People have no easy access to the banks because they are far away and advance technologies are not yet invented for fast remittance of money. Because of that reasons, door-to-door remittance became very popular.
By this method, the door-to-door remittance company will send the money directly to the recipient’s location anywhere he is.
4. PayPal
PayPal is a secure online payment and money transfer service. You can receive and send money anywhere in the world through the Internet using PayPal.
PayPal is a safe money transfer service that use the Internet in sending and receiving money anywhere in the world. It is one of the most established online money transfer nowadays.
You can receive and withdraw money from the bank like BPI and Union Bank when someone send you money through PayPal.
5. Xoom
Unlike PayPal, Xoom is only a global money transfer service company. It does not have online purchasing features.
Xoom has many partner companies in the Philippines like domestic banks, money transfer and remittance companies all over the country.
When sending money to the Philippines, choose a bank or money transfer company that is safe and reliable. You have different options in sending money like PayPal, door-to-door remittance service, Xoom, bank-to-bank wire transfer and Western Union.
Gily Tenorio loves blogging on personal finance, saving and investing. He loves playing guitar and reading blogs. He resides in Korea with his family. For more details on how to Money Transfer Philippines, feel free to visit Make Money Online Philippines, for free financial management articles on saving, investing and make money online.