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An Overview of the Different Types of Money Transferring Services Available for Transferring Money to the Philippines

An Overview of the Different Types of Money Transferring Services Available for Transferring Money to the Philippines

31 Jan 2023


According to a recent study, the Philippines' remittance size was almost USD 0.63 billion in 2021 and is expected to reach USD 0.68 billion by 2022. This increase means a considerable amount of money is transferred to the Philippines annually. More than 2 million overseas Filipino workers (OFWs) work in foreign countries and send money to Philippines for financial support back home.

 

Overseas Filipinos across the UK, Europe, Canada, Australia, and Switzerland can have several options to transfer funds back home, therefore, deciding the best one becomes a challenge. You don't need to worry if you are also an overseas worker looking for safe and swift ways of sending money to the Philippines. This blog will answer all your queries and clear all doubts. Keep reading to learn about various methods and to choose the correct one for cross-border money transfers.

 

Different Methods to Transfer Money to the Philippines

Knowing about different money transfer methods can help find the correct way to transfer money. Following are a few most commonly used methods to send remittances back home from overseas.

 

Bank Transfer

Bank transfer is one the oldest and most popular forms of sending and receiving money. This popularity is because banks introduced the whole money transfer system and cash flow methods. They are very efficient and reliable—people trust banks with their money transfers. The process is quite simple, and people quickly access the banks.

 

Banks got the upper hand because they quickly became a popular mode of transfer, and they guaranteed safety if there was no human error from your side. Sender’s information is not shared with the recipient, so there is ensured privacy as well. Cash loss and theft threats are close to zero in bank transfers.

 

Another advantage of banks is that they are convenient for most people. Several overseas workers still prefer banks for sending money across borders to their loved ones. You just need to fill in the necessary information about the recipient and the amount of money you are sending when using a Bank Account. 

 

The drawback of banks is that they are costly. They offer static exchange rates and markup involving third parties. The transfer through banks may take 4-5 working days, while online transfers are done in seconds. If you need to urgently send money on weekends or other holidays, the bank won’t facilitate you as they operate only on their working days and hours. The best way to help your family in a time of urgency is by making a swift online money transfer to Philippines, which remains active 24x7 and even on holidays.

 

International Wire Transfer

It is a specialised and modified form of a bank transfer that depends on SWIFT (Society for Worldwide Interbank Financial Telecommunication). SWIFT plays its role in facilitating the efficient flow of money between banks and other financial institutions. It is also the most popular mode of sending money to the Philippines.

 

International transfer using wire counts several advantages.

 

  • You can make a wire transfer using your phone. An online transfer service is also available. If not, you can even arrange a transfer on a phone call
  • They are very safe and reliable
  • There are no limitations on the amount of money you want to send to the Philippines. In some conditions, government or financial institutions enforce a transfer limit. Make sure to check these before making any transfer.  
  • You can keep an eye on transfer times. Typical Banks don't provide this service.

With these benefits comes a higher fee, which is a drawback of money transfers through wire transfers. They charge you relatively high prices, but if you want to do transfers in large amounts without any stress of theft or loss, a wire transfer is a good option.

 

International Money Transfer Companies

 

One of the fastest-growing modes of sending money to the Philippines is through established international money transfer companies, which are also called remittance service providers. Where digitisation has taken over the entire world, sending money in seconds is also possible now through using digital transfer solutions. Most of the trusted remittance providers like ACE Money Transfer provide interactive website portals and user-friendly mobile apps to facilitate the customers send money online to the desired recipients as swiftly as required.

 

The most significant advantage and the edge of online money transfer companies are that they arrange money transfers at the lowest fees and up-to-date exchange rates compared to banks. It is because they involve no markups and third-party payments. So you save more money and send more to your beneficiaries in the Philippines. Everyone wants to keep more, and that's why online transfers are gaining popularity daily. If you still face difficulty saving money for difficult times, here are the six ways to better manage your finances as an overseas Filipino worker.

 

So many companies provide this service that it takes a lot of work to choose. But ACE Money Transfer is acing the game. It is the best online service provider and mode of transferring money to the Philippines. It has so many extra services like tracking transfer. It is the swiftest and finest method of transferring money. Your cash transfer is completed at the lowest cost and best exchange rates compared to the general market.

 

Multi-Currency Bank Account

The modern and popular way to send money to the Philippines is through a multi-currency bank account. Multi-currency is a very different type of account that allows holding multiple currencies simultaneously, unlike traditional bank accounts that will enable only one coin at a time.

 

You can have an easy flow of cash using a multi-currency bank account. If you travel frequently, these are the best options for you. They also offer reasonable exchange rates.

 

International Money Order

If you are unsatisfied with any of the services mentioned earlier, consider having an international money order as your last option. You can send money through money order. Many post offices provide the benefits of money orders. They cost inferior charges as compared to modern sources of transferring money. But they have a drawback that they are very slow. Your cash may take weeks to arrive in some instances.

 

Bottom Line

When it comes to decide the best way for transferring funds to your loved ones in the Philippines, a secure and regulated remittance providers remains the top choice. An overview of the different types of money transfer services available for transferring money to the Philippines is given above to let you decide on the best one for you.

Every method has its pros and cons. Evaluate them closely and select the correct mode according to your need and demand. If your preference is the lowest transfer cost, the highest exchange rates, the fastest transfer time, and the most secure transactions, send money to Philippines online via ACE Money Transfer, where you can get all of the said benefits under one roof.


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