In this article, I’m going to compare the various methods to send money to the Philippines Online so you can get the best deal for your money and reveal some facts you may not know when it comes to international money transfer.
Here are the best and cheapest ways to send money to the Philippines online
**Winner** Transferwise but with a caveat
The first thing you need to know if you want to send money to The Philippines online is the exchange rate. There’s an official exchange rate that you can see on google. This is for banks transferring millions of dollars at a time and then there’s the retail rate. This is the exchange rate that you and I pay when we send money to the Philippines. Now what that rate is depends on which company you use. The only company that I could find that uses the official exchange rate is TransferWise, however, the problem with them is their process is somewhat slow therefore your recipient will have to wait up to 2 business days to get the money. Unless you’re sending thousands of dollars the small savings (50 cents or less) may not be worth the trouble.
Insofar as speed goes Ria, WorldRemit, and Remitly all promise almost instantaneous money transfers. They all also offer cash pack up at various locations including SM malls and Philippine banks. Let’s go over these companies one-by-one.
Ria Money Transfer is a large well known company for sending money to Latin America and they are trying to expand their influence to Asia. They’ve been around since 1987 and are famous Walmart-to-Walmart money transfer program. In order to gain a foothold in Asia they are currently offering a $10 incentive if you use their services. See their exchange rates
TransferWise is an Estonian developed and UK-based money transfer service launched in January 2011 by Kristo Käärmann and Taavet Hinrikus with headquarters in London and offices in a number of cities including Tallinn, New York and Singapore.TransferWise supports more than 300 currency routes (including the Philippines) across the world as well as providing multi-currency accounts. They offer the best exchange rates, however, a big con is your recipient will have to wait up to 5 business days to receive the funds. See their exchange rates.
Remitly is an online money transfer company that offers the best exchange rates and the lowest fee of just $4 for new customers. The company was founded in 2011 with their headquarters located in Seattle Washington. I’ve used them and the service was pretty good. See their exchange rates
Want to Send Money to The Philippines Online Using a Credit Card?
Here’s a table of companies that will allow you to use a credit card to send money online to the Philippines
|Company||Can use a credit card to send money to the Philippines?||Fees to use a credit card|
|WorldRemit||Yes||It will be charged as a cash advance which usually means more fees from your credit card company|
|TransferWise||Yes||It will be charged as a cash advance which usually means more fees from your credit card company|
|Ria Money Transfer||Yes||It will be charged as a cash advance which usually means more fees from your credit card company|
|WesternUnion||Yes||It will be charged as a cash advance which usually means more fees from your credit card company|