28 Nov 2023
Do you feel puzzled by the numerous world currencies and often find yourself overwhelmed due to ever-changing foreign exchange rates? You’re not alone! Currency, more than just coins and notes, is an interesting economic and historical concept. If you are an OFW who has to send money to Philippines from Italy regularly, you should be aware of the concept of their currencies.
Beyond its daily function as a medium of exchange, currency plays an integral role in understanding a location's economic context and cultural significance. The way a society values, presents, and utilises its currency often reflects its prevalent historical, cultural, and social advancements.
In Italy, the euro creates a sense of communal identity among its users as a shared currency across many European countries. On the other hand, the unique design elements and symbols found on Philippine Peso bills and coins show the country's rich historical legacy and national pride.
Rapid advances in technology have also given rise to the world of digital currencies like Bitcoin, Ether (ETH), and Ripple (XRP). These are considered game-changers by transforming how you perceive and use money. They are creating a shift towards a more global and decentralised financial system.
You may not be able to send money from Italy to Philippines through crypto. This is because these digital currencies aren't officially recognised in many countries, including Italy and the Philippines. However, their growing influence demands attention. The rising preference for digital wallets and online transactions only highlights the need for a broader understanding and awareness of how currencies, traditional or digital, shape your lives.
One important factor in determining the best way to send money from Italy to Philippines is understanding the different currencies involved.
To begin with, Italy uses the Euro (€), the official currency of the European Union (EU), symbolised by EUR in the forex market. It is one of the strongest currencies globally. It is subdivided into 100 cents (centesimi). Cash transactions predominantly use notes of 5, 10, 20, 50, 100, 200, and 500 Euros, while coins are available in denominations of 1, 2, 5, 10, 20, and 50 cents and 1 and 2 Euros.
On the other hand, the Philippines operates on the Philippine Peso (₱), denoted by PHP, in the currency exchange market. It's divided into 100 centavos, with the coins in circulation being 1, 5, 10, and 25 centavos and 1, 5, and 10 Pesos. The frequently used banknotes include 20, 50, 100, 200, 500, and 1000 Pesos.
It is important to know about the different types of money transfer services available to transfer funds to the Philippines. As technology advanced, so did the way you transfer money. Online money transfer services have become the go-to choice for many expats because of their speed, security, and convenience. Firms like ACE Money Transfer allow you to send Euros from Italy and turn them into Pesos deposited directly to your recipient's bank account in the Philippines.
If you’re comfortable sticking with traditional methods, bank-to-bank transfers are a reliable choice. Most Italian banks offer international wire transfer services where you can send Euros from your account, and it'll land in your recipient’s account in Pesos. Banks are a comparatively safe option, but it's important to consider that they often have higher fees and less competitive exchange rates.
The ACE Money Transfer service simplifies international money transfers by offering a seamless, time-saving, and secure solution. If you wish to send money to Philippines online from Australia, understanding its basic functionality can help users utilise its benefits completely.
ACE Money Transfer has a simple website and an easy-to-use mobile application. You can create an account for free on ACE. You can initiate a transfer by selecting the destination country, adding the amount, and entering the details of the recipient.
User trust is centred around the security and privacy of their transactions. Hence, ACE Money Transfer never fails to amaze you with its top-notch security systems. It uses strong encryption to safeguard the personal information of users.
Apart from convenience and security, ACE Money Transfer offers competitive exchange rates, low fees, and speedy transactions, which help users make informed decisions while sending money internationally.
The good news is that ACE Money Transfer has decided to waive all the transaction fees for every money transfer to the Philippines made from Italy. This offer is valid till the end of 2023, so make sure to use it to the maximum.
Sign up on ACE today to enjoy your first free money transfer from Italy to the Philippines.
Exchange rates are subject to change throughout the day due to fluctuations in the global forex market.
Currency conversion fees, if any, are clearly stated in the transaction details before completing the transfer.
No, each transfer transaction supports only one currency pair.
The maximum transfer limit varies depending on the sender and recipient's location and currency.
You can use the 'Track a Transfer' feature on the ACE money transfer website.