14 Jul 2022
Like several other countries, a majority of people from the Philippines decide to move abroad in pursuit of better education and job opportunities. An estimated number of nearly 2 million Filipinos reside in the UK to earn a good livelihood and send money to Philippines to support their families.
According to World Bank research, remittances to the Philippines totalled US$ 34 billion in previous years. Sending money home is common, and expats should look for a safe and cost-effective solution to protect their hard-earned money.
Keep reading to find out how you can instantly transfer funds to the Philippines from the UK or any other country without requiring complex procedures.
Remittances refer to directly transferring money into the hands of beneficiaries, lifting millions out of poverty. The practice stimulates economic development by improving access to finance, education, healthcare, and entrepreneurship.
With over 10 million Filipinos working abroad, it is no surprise that the Philippines is one of the world's top recipients of remittances. Every year, remittances amount to billions of dollars, accounting for roughly 10% of the country's gross domestic product (GDP). As per World Bank data, remittances to the Philippines reached $35 billion in 2019.
Here are some considerations for deciding which remittance service to be used to transfer funds to the Philippines from the United Kingdom.
The exchange rate between different currencies varies. This means that the cost of converting your GBP to PHP is constantly changing.
High exchange rates ensure that you get the best value for your money. The GBP to PHP exchange rate changes so quickly; setting an alert and locking in the rate when it is favourable can save you a lot of money.
When you are notified, you can convert GBP to PHP to see if the rate is acceptable. ACE always offers the best exchange rates to its customers for their international money transfers.
There are fees associated with sending money across international borders. Prices can be disclosed upfront or hidden in poor exchange rates. Currency conversion fees may also be imposed. When looking for the cheapest way to send money from the UK to the Philippines, any transfer fees should be considered.
Transfer fees vary between service providers and are also affected by the transfer amount, pay-in and pay-out methods, currency, and destination country. When transferring money, making an informed decision saves you money.
Look for the financial institutions that don't charge any hidden fees. If you send money to Philippines online using ACE Money Transfer, you will be charged a Zero-Fee on your first transfer and the lowest fees on all money transfers afterwards.
The quickest way to get money to loved ones is not always the cheapest, but it is the best option in an emergency. You can choose between an instant money transfer, usually done through a money transfer agent, and a bank transfer, which can take up to 3-5 business days. You can narrow down your options and decide based on your needs.
It is entirely up to you how you choose to transfer funds to the Philippines from the United Kingdom. You can deposit funds directly into the recipient's bank account using a bank or online money transfer services or send funds in cash through an agent. Here are a few popular methods for sending money to the Philippines:
Keep in mind that the transfer cost will differ depending on the method used. The transfer cost can also be influenced by whether you use a debit or credit card.
ACE Money Transfer provides its customers with an instant cash pickup option in the Philippines via its direct and indirect affiliations, as listed below:
Any of the banks mentioned above can quickly provide the recipient with cash. To receive cash payments instantly, all the receiver needs to do is take a 14-digit pin to any desired banks on the list and their original CNIC.
Technological advancements have made daily activities and online money transfer to Philippines more convenient. With ACE Money Transfer, you can now top up your loved ones' prepaid mobile accounts directly. It is quick, reliable, and trouble-free. So, what are you waiting for? Begin making limitless transactions for your friends and family.
ACE Money Transfer provides the most secure transaction method when customers need to send money to the Philippines from anywhere globally.
When you choose ACE to handle your online money transfers, you will have complete peace of mind knowing that your transactions will be completed quickly and securely.ACE Money Transfer guarantees that its customers receive the best exchange rates with the lowest transfer fees and the most secure and swift transactions.
The UK has a thriving OFWs community, which has grown in size over the years. Most of these overseas Filipino workers trust ACE Money Transfer as the best way to send money to Philippines from the United Kingdom.