How To Send Money From Abroad To The Philippines: When you are looking at how to send money to the Philippines from the USA, Canada, India, Saudi Arabia, or any other country, you will likely wonder which option is the best and which option is the cheapest. Therefore, we will be looking at six of the best and cheapest ways to send money from abroad to the Philippines.
How To Send Money From Abroad To The Philippines
1. Sending Money Through Wise (Tranferwise)
One of the most convenient options to send money from abroad to the Philippines is using a service such as wise. If you do business in the Philippines or any international investments, you will likely benefit from opening a wise account. Plus, as a bonus, international fees are incredibly low.
The exact fees will vary depending on what currency you are sending to the Philippines (GBP, AUD, USD, etc.) However, fees start at 0.35%. Additionally, Wise has the best exchange rate. Comparing wise to other providers when sending money to the Philippines from abroad, we found that customers could save 0.3% – 2.6% (funds that have not been lost in conversion).
2. Sending Payment Via Paypal
PayPal is one of the most trusted platforms globally and has been transferring money effortlessly for years. Suppose you are looking to send money from abroad to the Philippines. In that case, you will find the PayPal service straightforward and cost-effective. When customers send money to the Philippines, what are the PayPal fees, and how does this compare to other providers?
The fees using PayPal for currency conversion into Filipino pesos is 4%. However, this will depend on your country and the currency you are exchanging. For smaller amounts, PayPal can be an effective way to send money from abroad to the Philippines. But if you are sending large amounts from abroad, you may find PayPal service slightly more expensive than other providers.
3. Sending Money To The Philippines With Moneygram
If you want to send money to the Philippines online from abroad, one fantastic option available is MoneyGram. However, with MoneyGram, the fees and the amount of money you will pay will depend on your payment method.
For example, if you were to transfer $1000 dollars into Filipino pesos using a debit card, the total fee would be $1.99. However, a credit card has a transfer fee of $32.99. If the person you are sending the funds to wants to pick up cash from the MoneyGram store, the fee will depend on the amount sent.
MoneyGram also has an online calculator that allows customers to determine how much the transaction will cost in fees. However, when looking at how to send money to the Philippines from abroad using MoneyGram, one thing to note is that the calculation does not include exchange rates. Additionally, final fees are not shown until you proceed further.
4. Money Transfers With Weston Union
Western Union has been around for many years and has several stores globally. Similar to MoneyGram, when you are looking to send money to the Philippines from the USA, India, UK, Pakistan, or any other country, you have the option to see the basic fees using their online calculator.
Similar to other services, the total fees you will be paying when sending money to the Philippines will differ depending on the modes of payment. For example, if you were to pay cash in the store, there would be a fee of $8 (based on U.S. prices). However, if you have chosen to pay online using your debit card, the fee would only be $3.99. This does not include final fees.
5. Send Funds Using Local Bank Accounts
One option for those who wish to send money from abroad to the Philippines is to use the local bank. Alternatively, you may also have access to international banks such as HSBC. However, both local and international banks will be able to send money to the Philippines.
Unfortunately, one disadvantage when sending money to the Philippines from abroad using a bank account is the currency conversion may not be in your favor. Additionally, administration fees and other bank fees can total up. Some banks also have higher fees if you send a large amount of money. However, banks offer security and a safer way of sending money to the Philippines.
6. Send Money To The Philippines Via Cryptocurrency
One of the cheapest options to send money to the Philippines is by using the power of digital currency – cryptocurrency. Even those sending cryptocurrency to the Philippines is one of the cheapest options, it is not the most convenient. Additionally, it can be very high risk as you do not have the protection you get from local banks or money transfer services.
You will first need to convert your Fiat currency into cryptocurrency and send this to a digital crypto wallet. Then, the person receiving the funds can send the cryptocurrency to an exchange. Next, they can change the cryptocurrency for Filipino pesos. The total fees will depend on the cryptocurrency exchange they are using as well as the cryptocurrency coin itself. As mentioned, there are many high risks involved with this process.
What Is The Best Way To Send Money From Abroad To The Philippines
Based on research, the best way to send money from abroad to the Philippines is to use Wise, an international money transferring service. With Wise, you will be able to send USD, CNY, AUD, GBP, and most other currencies to the Philippines with minimal fees. Because of all the features and benefits, Wise is the best money transfer service when sending money from abroad to the Philippines.
The cheapest way to send money to the Philippines is to use cryptocurrency. This will differ depending on the exchange and the crypto coin itself. Nevertheless, this option carries risk elements and is far from the safest way to send money from abroad to the Philippines.
Additionally, several other providers have not been mentioned on the list. From research, we found that when sending money to the Philippines from abroad using other services, the fees or currency conversion rates were not the best.
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