3 Common Ways to Send Money to The Philippines
Traditional Bank Transfer
Banks allow current account holders to transfer money internationally via wire, SWIFT, or telegraphic transfer, depending on where you live. This option is often regarded as the safest, but it’s the longest and most expensive.
Banks can employ several business days to process the transfer and charge over US$25 per transaction. The recipient’s bank can also take several days to make money available and charge the recipient additional fees for transfers received from abroad.
Most banks have online banking options, but you may have limits regarding the max amount you can transfer from the online account. If you want to transfer more money, you’ll have to visit the branch.
In addition, you also need a lot of information about the recipient, including:
- The bank’s name and address
- The account name
- The recipient’s bank account IBAN code
- The receiving bank’s SWIFT/BIC code
Money Transfer Specialists
Money transfer specialists offer a much faster option than the bank, although some transactions still require a few business days to complete.
These services give people without a bank account the possibility to send or receive money from abroad.
The main disadvantage is safety. These services can operate from banks, but also supermarkets or convenience stores. Although the transaction itself is secure, you’ll be handing sensitive personal data to shop clerks who may use the details for illicit purposes.
To transfer the money, you need:
- Your ID
- The recipient’s name as written on their ID
- The recipient’s passport or national card number
- The recipient’s address
To withdraw the funds, the recipient will have to know
- Your name as written in your ID
- Provide the transaction code you received from the terminal
Money Transfer Apps
The best way to send money to Philippines from abroad is via money transfer apps. These apps are operated by financial technology companies that offer bank services; they are government-regulated and as safe to use as a traditional bank.
All money transfer apps allow you to send money to other app users within seconds. If the recipient doesn’t use the app, you can use their bank account details to transfer the funds via SWIFT or wire transfer.
Even if you opt for a SWIFT or wire transfer, money transfer apps charge cheaper fees per transaction, often have higher or no amount limits, and complete the transaction faster.
To transfer the money, you need:
- The recipient’s phone number, or email address, or user name (depending on the app)
- The recipient’s bank details (if you want to send money via SWIFT or wire transfer)