13 Dec 2022
Is your family awaiting its monthly remittance in the Philippines, and do you need help finding a trustworthy, speedy service? Worry no more because this guide gives you all the available possibilities.
Remittances make up almost 8.9% of the Philippines’ GDP, which helps run several households in the country. In 2021, the remittance to the country reached an all-time high of 31.4 billion USD. Over 12 million Filipinos live abroad, most of whom earn and send money to Philippines that boost economic activities in the country.
However, most Filipino expats face one common issue of sending money home. They want a speedy but affordable transaction. To find both of these in at once is a dream come true for every expat. Follow this guide to explore all the options.
Here are the three most common and preferred ways of global money transfer to the Philippines from abroad.
Wire transfers are used to transfer funds that are electronically processed between banks. Banks typically complete wire transfers within 24 hours, but exceptions exist where bank holidays or other issues can affect your funds' transfer. You must physically visit a branch and let them know your details and requirements. A few decades ago, this was the only money transfer option available for expats. The downside to wire transfers is that they are costly. Plus, banks are known for keeping static exchange rates. Your total amount will face many deductions in the wire transfer procedure.
Another downside is that wire transfers are expensive. These methods charge more than other economical ways, such as sending money online via a remittance provider. Bank holidays and differences in time zones can cause delays. There are better methods to utilise in times of emergencies. Keep reading to learn about the fastest and most cost-effective ways to transfer money to the Philippines.
You can transfer remittances to a cash pick-up point if the recipient does not have a bank account. This method is also ideal for immediate funds transfers. The recipient can show their unique transaction number and identity card to receive the funds. The cash can be received almost instantly as soon as you transfer it. The only downside is that these are even more expensive than wire transfers.
Mobile wallets have become the most efficient money transfer method in recent years. Around 2.8 billion people around the globe are using mobile wallets for paying bills, purchasing goods, and sending remittances.
The usage of mobile wallets increased drastically during and after COVID. It provides a contactless payment experience. This means no more waiting in lines anymore. You can transfer funds by sitting on your couch in the comfort of your home.
People prefer mobile wallets because they are safer and more convenient. The funds are quickly transferred into the recipient’s wallet or account. However, it is essential to choose the right company as every company has different costs and policies.
If you are a Filipino expat settled abroad, here are some factors that will help you finalise the company you should choose for making a money transfer to Philippines whenever needed.
You can maximise the funds of receiving end through reasonable exchange rates. However, they are scarce. Most companies would have static exchange rates even when the currency market keeps fluctuating. They would offer poor rates to get extra money in their pockets.
So, give it ten points if you find a company that offers market-competitive exchange rates!
According to the world bank data, most companies charge an average of 6% of your total amount. If you transfer 2000 GBP to a relative overseas, you will be charged 120 GBP. That is a lot!
There are a lot of reliable money transfer companies that are much cheaper and affordable, like ACE Money Transfer. Do detailed research before handing over a hefty fee to any company.
Always choose a company that operates on a wide range of networks. It should cover most, if not all, regions globally. A reputable company like ACE had many pay-out points so that even people from the farthest parts could access funds. Remittances sent through ACE Money Transfer can be received anywhere in the Philippines.
ACE Money Transfer provides speedy international transactions with the lowest transfer fee and the highest exchange rates. The firm has now offered entirely fee-free money transfers to the Philippines to acknowledge the efforts of overseas Filipino workers and help stimulate remittance inflows to the country.
ACE takes pride in providing a very easy-to-use interface to its user. Almost every age can understand the procedure with ease. Here are five simple steps you must follow to make the transfer.
Do not get involved in a scam by trusting any company that offers speedy online money transfer to Philippines. Instead, conduct proper research by keeping in mind testimonials from previous users. ACE is a reliable and credible money transfer company with quick international transactions. Sign up now for free to enjoy the unlimited benefits.