Where To Remit Money To The Philippines
These days there are various methods to send money to the Philippines
. However, it is hard to select which one to use.
It is easier to send money to the Philippines today compared to ten years ago because there are many companies now offering remittance services. Almost all banks in the Philippines have remittance services that caters to Filipinos working abroad.
It is very important to make sure that the remittance company or the bank that you are transacting for sending your money to the Philippines is legitimate and reputable. Money is involved so you need to be very careful.
Where to Send Money to Philippines?
Sending money or remittance to Philippines from other countries can be done in different ways. You can send money by the following methods.
1. Bank-to-Bank Wire Transfer
Bank-to-bank wire transfer is the most preferred and secure type of sending money to the Philippines. Many people are using this type because it is fast and reliable.
Basically, you apply for remittance to your foreign bank where you are located. There is an application form for remittance where you will put all the details of your bank in the Philippines and the person who will receive the money.
Bank-to-bank wire transfer is just like instructing your foreign bank to transfer a certain amount of money to your bank in the Philippines. It may take two days before you receive your money.
2. Western Union
Western Union is one of the most easiest and convenient way to send and receive money in any part of the world. Money from your loved ones abroad can be picked up at any branch designated in the transaction form.
People without bank account usually use Western Union for remittance to the Philippines. This is a good thing because not all people have also access to banks. Even if you don't have a bank account, you can still get the money from your relatives abroad. The down side about Western Union is that it has a higher remittance fee than banks charge.
3. Door-to-door money remittance
Door to door remittance is a classic way of sending money to Philippines. When I was a child, my father worked in Saudi and he send money to Philippines by this method. At that time, there are few banks and remittance company so the preferred way is by door to door.
In this way, the remittance company will deliver the money from your relatives abroad to the recipient's house in the Philippines or any countries in the world.
4. PayPal
PayPal is a secure online payment and money transfer service. You can receive and send money anywhere in the world through the Internet using PayPal.
PayPal is also a secure online payment when your purchasing anything in the Internet. Another feature of PayPal is you are able to send money to Philippines if you have created an account. You cannot send money or pay purchases if you don't have a PayPal account.
From your PayPal account, you can withdraw the money to the Philippine banks such as Union Bank and BPI.
5. Xoom
Unlike PayPal, Xoom is only a global money transfer service company. It does not have online purchasing features.
In sending money to the Philippines, you can use Xoom and your relatives can pick up the money from partner companies, withdraw money from bank or deliver the money by door-to-door service.
Sending money to the Philippines is very important to be safe and secured with lowest remittance fee because it is your hard-earned money. You may remit money to Philippines by bank to bank wire transfer, door-to-door money transfer, Western Union, PayPal or Xoom.
by: Gily Tenorio
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