At one time or another, most overseas Filipinos require sending money to someone back in the Philippines for a number of reasons. Unfortunately, there are many horror stories that have resulted from wrong perceptions of…read more >>
What is Cheapest Way to Send Money Back Home?
At one time or another, most overseas Filipinos require sending money to someone back in the Philippines for a number of reasons. Unfortunately, there are many horror stories that have resulted from wrong perceptions of being the cheapest, yet, careless ways of remitting money back home which include, among others:
• enclosing paper currencies in notes through the mails, which more often than not, end up pilfered somewhere along the postal route.
• sending cashier’s checks or money orders through the mails that may never be received but rather end up negotiated in a bank in another ASEAN country.
• sending money through requesting individuals traveling back home or “pakiusap” system, which at times, are received delayed or not at all; if not, entails discrepancies in the amount.
• sending money through non-banking channels. Although there are several legitimate remittance companies, there are also as many outfits representing to operate as legitimate businesses but without the proper licenses and don’t abide by the policies intended to protect both grantor and grantee.
There is an array of non-bank remittance centers popularly available to transfer money to the Philippines. Among them are:
• Western Union HYPERLINK “https://www.westernunion.com/” https://www.westernunion.com/
• MoneyGram HYPERLINK “https://www.moneygram.com/” https://www.moneygram.com/
• Uniteller HYPERLINK “https://www.uniteller.com/” https://www.uniteller.com/
• Xoom Global Money Transfer HYPERLINK “https://www.xoom.com/philippines” https://www.xoom.com/philippines
However, each of these aforementioned remittance outfits is really expensive to process your remittances, with only Xoom Global Money Transfer incurring the least expensive fees at $6.00 to $9.00.
Without a doubt, the safest and cheapest way to send money to the Philippines is through a bank, orby opening a bank account with a bank that operates both in your home country as well as the Philippines. Compared with banks, non-bank remittance entities generally offer lower exchange rates for your dollars, which translates into lesser pesos for your recipient in the Philippines. Furthermore, non-bank remittance outfits typically charge higher fees for remitting funds than banks.
Banks have next-business-day services and charge fairly low fees relative to the same international money transfer services conducted by non-bank remittance outfits such as Western Union, which charges from $10.00 to $30.00. A bank charges only a $5.00-service fee if you have an account with the same remitting bank, $7.00 for a cash pickup at a bank’s branch, or $10.00-14.00 when delivered.
It really makes sense remitting through the banking system. Aside from safety and security involved, the processing and ensuing fees are the fastest and the cheapest.