Ways to Make a Money Transfer to Philippines on a Budget
Ways to Make a Money Transfer to Philippines on a Budget
The best way to ensure your safety and financial stability in your first few weeks is to make a money transfer to Philippines before you move, and know how to do it cheaply.
Fortunately, there are many ways to do so. However, you should first get an idea of how money works in this country. Instead of the U.S. dollar, the currency is the Philippine peso, which is equal to about .021008 USD. Just as the U.S. dollar is divided into cents, the peso is divided into centavos. You can get your money exchanged into the proper currency when you arrive at airports like Manila Sangley Point Nas and Manila Ninoy International, to name a few.
One of the first things many people new to this country consider is getting a bank account that will allow them to deposit their U.S. dollars directly. This way they will have access to them when they move. If you want to do this, you will need to open a dollar account from a bank like Philippine National Bank, or PNB. There are locations in New York and Los Angeles, and of course several in the Philippines. This is a great option if you have direct deposit into a bank and don't want to constantly have to change money into pesos.
Another way to make a money transfer to Philippines is to keep your current bank account, but also open another once you move. You can send money from the U.S. account to the new one from either your own bank or another that charges less. Wells Fargo, for example, offers free transfers to the Bank of the Philippine Islands. They charge $5 to $7 for transfers to other banks, while the fees at most other banking institutions are typically higher.
If you want to keep your current account open even after you move, and do not want to open a new one until you get settled in, you have another option when it comes to making a money transfer to Philippines. You can get a prepaid debit card sent to your current home, take it with you to your new home, and then add funds whenever you need to from your current account in the U.S. This costs $5 each time you do it, and it can be any amount. This is often the cheapest way to go if you do not have an account yet.
Clearly, finding out how to get money from your current account to the area where you will be living is important. The fact that you can do so cheaply in most cases might surprise you, but you only have to look to know which method to use. A money transfer to Philippines does not have to be costly or take several days.
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