Money Transfer Methods to the Philippines
Life in the Philippines is tough and it is no wonder that many in the country depend on remittances from their families abroad. Being a country where the culture rewards those that help their families, it is no surprise that remittances to the Philippines are some of the highest in the world.
There are very many ways to send money to the Philippines. In fact, one is spoilt for choice and you have to consider the costs as well as the convenience before you settle on one method.
Sending Money to the Philippines through Banks
There are very many banks in the Philippines that have an international presence. These include Citibank, PNB Europe, RCBC Telemoney, UCPB and BPI Remittance.
These banks have invested a lot in international money transfers. It is also one of the most secure ways to transfer funds to the Philippines. If the recipient has an Automated teller Machine (ATM) card, the transfer is faster and safer.
Some banks in the Philippines also deliver the funds door to door. If that is not possible, the recipient just has to pick the money from one of their branches or pick up locations.
Sending Money to the Philippines Online
Some companies such as Xoom money transfer have come up with a unique way to transfer money to the Philippines.
You log on to your online account and send money using your debit or credit card. Other methods to fund these accounts include a US checking account or PayPal.
The recipient is instantly informed through a text message of the availability of the funds. This is a very cheap and easy method to transfer funds and is quickly becoming popular.
Money Transfer Agents in the Philippines
Companies such as Western Union, Money Gram and LBC have become the most popular way to send money to the Philippines.
You can send the money by either visiting a local agent or through their online platforms. The fees are minimal and the transfers take as little as ten minutes. You could literally talk to the recipient as the funds are transferred.
LBC and Western Union have established very large networks in the Philippines and it can be said that they are everywhere.
Sending money to the Philippines is rather easy. This is especially because there are a myriad of other money transfer companies operating in the country. Other money transfer companies that deserve mention include Allsafe, Atlas Xpress Padala, Technocash, Uniteller, Wells Fargo and YesPinoy.com.
Even with all these choices, it is important to use the services that you can trust. Most of these companies have a solid reputation. Thus, cost and convenience will be your major determining factor in transferring money to the Philippines.