The Philippines is one of the top countries in the world that receives the highest remittance money from abroad. Due to this, a number of money transfer ways are available that transfer money to the Philippines. But, as a customer, you must be aware of the fastest and the most reliable service provider in the money transfer market.
Here, we have discussed the factors influencing money transfer operations and the best service provider that abides by these factors to provide a seamless experience.
Factors Influencing Money Transfer to the Philippines
- Cost – The service costs vary according to the mode of transfer, transaction time, and the amount of money. Considering these factors, service costs are different for cash transfer and online transfer. A cost-efficient money transfer provider will charge aminimum amount for transferring your money to the Philippines. If you choose to do thecash-to-cash transaction, it will be an expensive affair. If you opt for online transfer, you can save money on theservice
- Amount –The service costs and the transaction depend on the amount of money that has to be transferred to the Philippines. Some of the money transfer companies charge zero transaction fees for a particular amount of money.
- Time – The mode of money transfer is dependent on the transaction time as well. For instant money transfers, the operators may charge extra. But, there are companies that provide blazing fast services at nominal transaction costs. We will discuss
Different Ways to Transfer Money
You can choose these methods to transfer money to the Philippines:
- Bank Wire Transfer
- Third Party Websites such as Paypal
- Cash Transfer
- Money Transfer Companies
Fastest and Most Reliable Money Transfer Provider
Based on our research, we think the following money transfer providers are the fastest and most trustworthy for sending money to the Philippines:
- Instarem offers inter-bank rates on all transactions whether it is a big one or small. As a part of the transaction, they charge its customer only 1% fees or less (which includes inter-day FX fluctuation)
- TransferWise – There are three benefits associated with TransferWise. First, they operate in most of the countries around the world, including the Philippines. Secondly, their transaction charges are comparatively less than the others. Thirdly, they have the option of providing speedy services. However, this may cost you some extra amount of money.
- Xoom – After TransferWise, Xoom is a perfect alternative for money transfer to the Philippines. However, sometimes, the payments are declined. This may be due to certain money transfer policies of Xoom.
- Western Union – There are approximately 6000 branches of Western Union in the Philippines. The Western Union provides both cash transfer and online transfer options. Cash transfer will cost you more. But, if you are seeking fastest money transfer services, we recommend the Western Union. Their transaction charges are on the higher side, but they provide secure transactions in the fastest possible time.
- Bank Transfer – If you are looking for the most secure mechanism, choose bank wire transfer. But, you need to go through cumbersome formalities and pay a high transaction charge. The money transfer will be as quick as possible.