How to Send Money to the Philippines
Many Filipinos who are living and working outside of their home country need to be able to send money home to family and other loved ones. Within the digital that we live in, there are several relatively easy and inexpensive ways to send money to family and other loved ones. However, various considerations need to be taken when choosing any one method, such as amounts, urgency with which the money needs to be received and the security of sending money.
Bank-to-Bank Transfers
The safest way to send money to the Philippines is by using a bank-to-bank wire transfer of funds. There are numerous banks that offer overseas remittances. Some financial institutions charge a fee for the service, while others do not. The Philippine National Bank offers a remittance service throughout the island. However, recipients must have an existing account with the Philippine National Bank and register their information with the CASHOME Philippine National Bank Remittance Service. A fee is charged to the sender. The bank-to-bank transaction offers security and convenience. Once the money transfer has been made, funds are available in real time. This means that if recipients have an ATM card, they will able to access the funds within the next business day. Banks may tend to use more favorable currency exchange rates than other money transfer services, so check the current rate before beginning your transaction. It's important to know that most bank-to-bank services have limits on the amount of money that can be made per transaction and per day. These limits vary, so you will need to check with your bank regarding its wire transfer policies.
Debit Cards
Another easy way to send money to someone in the Philippines is to use a reloadable debit card. Reloadable Visa cards are the most popular and are readily available all over the world. Once the debit card holder in the Philippines runs out of money on the card, you can call the number of the card issuer, which is listed on the back of the card, or go to the company's online website to reload the recipient's card. You will need to know the card holder's name, the card number and the security code. You can use a regular credit card or local bank account information to provide additional funds. Once a prepaid debit card is reloaded with funds, the card holder has access to the money within minutes. You will need to check with the card issuer to find out if there are any monetary limits per transaction or per day.
PayPal
Another one of the most popular ways of sending money to someone in the Philippines is to use two PayPal accounts. Both the sender and the recipient must register for a PayPal account. Once the accounts are established, you can opt to send money withdrawn from a credit card or a bank account to the recipient's PayPal account. The recipient usually has access to the funds within three to four business days. Most PayPal accounts have daily limits on the amount of money that can be transferred from an existing PayPal balance. Check you account to see the dollar amount of your daily limit. PayPal does not have limits on the amount of money you can withdraw directly from a bank to another PayPal account. This limit is established by individual banks.
