Sending money when you are so far away from your home in the Philippines looks like the greatest idea, whether you want to support your family financially or wish a loved one a happy birthday.
In our technologically advanced world, dispatching money overseas might not seem like the worst obstacle, but there are advantages and disadvantages to each method when you are transferring money to your home country, the Philippines. For Filipinos residing overseas, selecting the best alternative might frequently prove to be the most difficult decision.
Read here to find strategies for sending money to the country Philippines without incurring problems.
Foreign Exchange Order
Traditionally, even though money orders are a preferred way of sending money, they are nevertheless useful today. This medium of money transfer is still used by thousands of family members of expats from the Philippines who live abroad. One can simply create and use their bank account. It is very simple to accomplish.
The person who receives an overseas pay order can go to their designated cashing facility to receive the money once you send it.
International Banking Services
The most popular answer to the question of how to send money to the Philippines to leverage global financial services like Western Union. Filipino expatriates frequently make use of these services.
The ease of use and dependability of global financial facilities have become a prime reason for their popularity. They provide money transfers via their app, phone, and in-person.
Online Transfer of Funds
Online transfers are another well-liked method to send money to loved ones back in the Philippines. It is a rapid and effective process. If you avoid using public computers, change your passwords frequently, and maintain the privacy of your login information, this method is known to be extremely protected.
Once you finish the initial process of transferring, you must notify the recipient when it’s finished, you must provide them access to the sensitive information of your account. Afterward, remember to check your balance to confirm that no additional fees were applied. Despite being among a great option to transfer money, keep in mind that this effectiveness could be pricier.
Online Through Wire
Many Filipino expats say that online transfer through wire can be considered dependable even if it is not known by many for very long. With an online transfer through wire, you can transact in the Philippines at a cheaper cost.
Once the organization transacts the money, the other bank deposits it, which is how an online wire transfer works. To ensure and guarantee accessibility for its clients globally, online wire transfer outlets have thousands of branches all over the world.
Drafts from Global Banks
Global bank drafts, also referred to as Cashier’s Cheques, are offered by numerous banks worldwide. With the essential receiver’s data, such as the unique SWIFT code or IBAN number, you can send money to the Philippines with ease with your bank drafts from global banks.
However, since there are no middle banks involved, this may cost more. Despite the significant overhead costs, many Filipino expats still favor this method because of its effectiveness and security.
Individual Checks
Sending money by check is a dependable and reasonably priced way to send money to someone in a different state or city. Sending checks abroad can be challenging, though. The check may take a long time to cash, and some banks might not even accept international cheques. The process may become more difficult overall as a result of all these issues.
Even though there may be certain drawbacks and difficulties with this approach, it is still thought to be safer than sending money in person or by mail. The best feature of this system is that in the event that a check does not reach its intended recipient in the Philippines, it can be canceled.
Money Transfers via Email
Emailing money transfers is provided by several financial institutions. There is little distinction between this service and transferring money through email service. When the amount is ready for withdrawal, the receiver receives an email notifying them about the completion of the transaction to the Philippines.
To help identify the receiver, one must solve a personal question. Even while sending an email money costs a few dollars, many Filipino expats find it the best for its speed and security.
Final Thoughts
As you transfer money to the Philippines, it is crucial to consider your options. You must compare various approaches to make sure that you finally get the best deal. Just keep in mind that the least expensive option always may not be the best one for another. It is always recommended to not trust information that is out of date.
Therefore, when selecting the top money transfer companies, take your time, do your homework, and come to well-informed conclusions.
