3 Ways to Transfer Money from US to Philippines

Looking for a quick and cost-effective method to send money from US to Philippines? In this article, we will be mentioning three modes of remittance that you can choose for transferring money to Philippines which is the third largest remittance receiver after India and China. Irrespective of which mode you choose, make sure you compare factors like transfer fee, currency exchange rate, duration of money transfer and customer service before finalizing an option.

PayPal

If you are choosing PayPal to transfer money from US to Philippines, it is necessary to have a separate sender and receiver account with PayPal. You also need to have the receiver’s email address and necessary funds for covering the amount you wish to send to another PayPal account.

Accounts with PayPal are funded with an electronic debit from a credit card or a bank account. The receiver can obtain money from PayPal in three ways- they can request for a cheque from PayPal, get the money transferred to their bank account or establish their own deposit account with PayPal.

Sometimes, the receiver is also charged transfer fee for receiving money from another country. This fee is basically a percentage of the amount transferred and an additional fixed amount. Make sure you are aware of the fee for sending money to Philippines because this fee varies on the basis of the currency you choose, payment option you use and the country to which the money will be sent. Sending money from PayPal is quick and easy; however, you need to be prepared to pay a high transfer fee.

Online Remittance Agencies

You can also Transfer Money to Philippines through an online remittance agency. There are several money transfer agencies in the market so make sure you choose a reliable option. Sending money from such agencies is quick, safe and cost-effective. Your money will not only reach within minutes or same working day but the transfer fee and FX rates are also low compared to what banks charge for money transfer.

Similar to PayPal, online remittance services can be availed from the comfort of your home or office. You don’t have to go to the bank every time you wish to make a transfer. During festivals like Diwali or Christmas, such agencies reduce their transfer fee or offer attractive discounts if you transfer a certain amount through them.

Banks

Third mode of remittance from US to Philippines is through a bank. Even though transfer fee charged by banks are high, it is one of the safest methods of money transfer, especially if you are sending a large amount.

Whether you need to buy a property back home, pay loan EMIs or send money for your kid’s education, make sure you compare the above-mentioned factors to choose the best remittance method. You also need to take into consideration the mode in which money will be received in Philippines. Whether it will be a cash pick-up or the amount will get deposited in bank account.

Summary

There are several ways to transfer money from US to Philippines ; however, if you wish to save money, you can choose online remittance agencies to Transfer Money to Philippines.