If you happen to be a Filipino expatriate or wish to send money to someone in the Philippines, we are here to share some of the best ways to do so. We will evaluate the best options on reliability, speed, rates, and transfer fees so that when you choose one of these options you are well informed and wiser than the lot.

Methods of sending money internationally

Broadly speaking, there 4 methods by which money can be legally moved from one country to another. All these methods are subject to state policies and international monetary laws. Hence, these are the only methods that offer complete reliability and legal cover in case of any malfunction or foul play except for one. Which we will cover as we proceed.

Bank transfers

In the modern banking system, a wide range of banks offer international money transfers. Especially the banks in developed parts of the world such as the United States and Europe some banks will transfer money anywhere at the drop of a hat. However, bank transfers are costly and are subject to multiple fees; at the sender and receiver end both. 

Bank transfers are generally ideal for senders who wish to move large sums of money, as the fees applied are fixed and the bank offers the most protection and security as compared to other methods that will be discussed later on.

Money transfer agents

Firms such as Western Union, Moneygram, and Ria are regulated and work parallel to the banks. In many cases, outlets of these agent firms are established within a commercial bank. In simplest terms, these agents collect money from the sender and deliver it to their branch office located at the desired destination. The receiver is provided with a secure code (usually alphanumeric 15 digits) which when produced by the receiver at the closest outlet of the same agent makes him eligible for the payment. 

Money order

Another method that is rarely used these days is a money order. Post offices around the world offer this service whereby the sender submits a specific amount of cash at a post office which then is converted into a voucher and delivered to the receiver’s address. Though cheap, this method of sending money is slow, cumbersome, and may face delays more than often.

Digital money transfer

For small amounts and rapid payments, online platforms such as Paypal, Wire, etc. are the thing of the future. These platforms are so quick and sensitive that a misspelling may lead to payment to the wrong recipient. Hence, they are to be used very cautiously as they are rarely backed by the federal banks and the bulk of transactions at any given time makes it virtually impossible to counter fraud and misrepresentation.

Most popular platforms, money transfer agents

Now that you know how various methods function and the pros and cons of each, we will discuss some of the most popular firms and platforms that are widely trusted and used by people who wish to send small to medium sums of money across the world.

Wise 

Since its inception, Wise has disrupted the remittance industry. It was founded by a group of employees at Skype in reaction to paying large fees while transferring money internationally. With the motto “life without borders,” the application stays committed to its mission by providing transparent rates and markup-free transfers. It may take 3 to 4 working days before the money is received by the receiver. 

InstaRem

InstaRem is derived from the term instant remittance. Based out of Singapore this digital platform offers speedy, safe, and cheap remittance service. The app works on a zero-margin and low commission with fixed rates of transfers. Allowing the app to offer its customers competitive rates and delivery time (maximum 2 days).

Ria

An old and renowned name in the remittance industry, Ria has 30 years of experience in delivering quality services to its customers worldwide. It is among the safest, fastest, and most reliable names in the market today. Ria is extremely flexible as the user can pay via bank account, credit card, debit card, or even cash!

If you are a first-time user of Ria services, you can send an amount to the Philippines without a transfer fee of USD$ 1000 or more.

Remitly

Operating from Seattle USA, Remitly offers minimal transaction fees and swift payments to overseas recipients, including the Philippines. Remitly transfers money through their patented global fund transfer network. This app is extremely handy for overseas Filipino workers as they don’t have to pay any fee while transferring money to their homeland. 

Other services that are popular among expatriates and others who send money to the Philippines are:

• WorldRemit
• Lucky Money
• Xoom
• Philippines National Bank (PNB)
• Placid Expenses