Whether you’re sending money to a friend or family member in the Philippines or planning a trip to the country, you want to be sure that you’re getting the best possible exchange rate. You’ll also want to consider the different ways you can send money to the Philippines. You can send money via Western Union or Remitly, or you can use the Bank of the Philippines. You’ll also want to check out the average USD-PHP exchange rate over the last two weeks.
Remitly
Whether you need to send money overseas or need to receive funds from an international bank account, there are a number of ways to get your money. One of the more popular ways is by using a remittance company. These companies allow you to send and receive money using your debit card. They also provide you with a convenient and secure way to get your money to your family or friends.
Remitly is an online payment processor that allows you to make international payments easily. They have a website and app that is easy to use. You can send and receive money with Remitly through a debit or credit card. You can also set up an account and make transfers to your bank account.
Remitly is based in Seattle, Washington, but offers services for over 55 countries worldwide. They offer great exchange rates, speedy service, and a variety of delivery options. They work with over 3,000 banks and 350,000 cash pickup locations, so you can expect to get your funds quickly.
The Remitly website has a FAQ section that answers the most common questions about the company. You can find answers in English, Spanish, Chinese, and other languages. You can also speak to a real person through their customer support.
You can choose a delivery method, and Remitly will give you the exact date your money will arrive. They offer delivery services to your home or to your recipient’s bank account. They’ve also added Xpress Money locations globally.
The Remitly app is easy to use and features multiple levels of security. You can view your account’s balance and transactions history, and you can confirm your transaction. They use industry-standard 256-bit SSL encryption.
Western Union
Whether you’re moving to a new city or sending money to family and friends, Western Union makes it easy to transfer money to almost anywhere. You can send money to more than 200 countries and territories with your bank, debit or credit card.
You can use the Western Union website to get an estimate of the cost of a transfer. The company also has an app. You can download it from the Apple and Android app stores. You’ll need to register for an account and provide your name and address. Then, you’ll receive a tracking number and confirmation message.
Depending on your method of payment, you can get the money in as little as two days. The fees vary by channel and brand, but they’re generally cheaper than a bank transfer.
The company also has an AML Compliance program and a robust Internal Audit Committee. You can also receive a discount for using your debit or credit card. You might also be charged cash advance fees by your card issuer.
Western Union has an extensive global network of agents. The company offers in-person services at more than 500,000 locations worldwide. You can also send money by phone or by using their mobile wallet.
When you send money with Western Union, you’ll pay a markup on the exchange rate. The amount of the markup is based on the currency you’re moving and the country you’re sending it to. The company’s markup can add up to hundreds of dollars on a large transfer.
The company is licensed in all markets. They are regulated by the Financial Crimes Enforcement Network (FCE) and the Financial Conduct Authority. They have an AML Compliance program and a robust internal audit and risk management framework. They’re also a leader in the payments industry, transferring more than USD 150 billion cross-border in 2015.
Bank of the Philippines
Depending on your choice of payment method and provider, the speed of USD to PHP funds transfer will vary. The best way to find the most cost effective option is to compare money transfer options. You should also take note of the exchange rate and fees, as well as any promotions available.
Generally, the most cost-effective way to transfer funds to the Philippines is by using a bank account. But this does not always mean that the exchange rate is the best. Often, banks charge a hefty fee for international money transfers. But, there are ways to get around this.
One option is to use an online money transfer service. These companies have the technological and financial resources to access better rates. Some of them even offer no-fee services. Some even specialize in small amounts. You might have to make a few comparisons, but you should be able to find a provider that will meet your needs.
Alternatively, you could pay with cash. This is a relatively faster route. The downside is that you have to be physically near a location where you can pick up your funds. In addition, you have the risk of carrying the money. Besides, you will probably not get the best exchange rate.
You can even use a currency converter to find the most cost-effective rate. This will help you avoid the hidden costs of a low exchange rate. Moreover, you will be able to choose your preferred currency.
The other logical way to transfer money to the Philippines is by using a credit card. These cards are widely accepted in the country. In fact, most major cities have credit card counters. However, you will have to provide your address and a photo of your national ID.
Average USD-PHP rate in the last two weeks
Regardless of the currency pair in question, there are several indicators that point to a correction in the not too distant future. While the peso has lost its thunder over the past couple of months, the relative heft of the US dollar has remained intact. Combined with a low inflation rate and an improving economy, there’s a silver lining on the horizon.
The most impressive of all the indicators is the flurry of new high-flying companies that have recently set up shop in the Philippines. While the local bourse is still in its infancy, the best players have already made their presence felt. The likes of Samsung, LG, and Philips are relocating to Manila to take advantage of a more favorable taxation regime and less bureaucracy. In the meantime, foreign investors have been clamoring to snap up shares in the country’s burgeoning tech sector. While the country’s top tech firms can’t compete with Silicon Valley and the swarms of high-paying techies, they will certainly help bolster the Philippines’ competitive edge in the long term.
The US Dollar is the world’s reserve currency and is the backbone of the global economy. The US Dollar has grown by 11% against major currencies during the last two weeks, which is a notable feat in and of itself. With US Treasury bond yields dipping below the 4% threshold, funds have been diverted from emerging economies. The US Dollar is also the benefactor of an improving economy, which is likely to continue to spur job growth and inflation.
Other ways to send money to the Philippines
Several methods are available for sending money to the Philippines. The best method depends on your needs and the way you want to receive the money. You can choose from a variety of options, including bank transfers, mobile wallets and specialist currency providers.
Using a specialist money transfer service is a good option for people who want to send large amounts of money to the Philippines. These companies offer lower fees and better exchange rates. They also apply transparent fees. This makes them more affordable than international bank transfers.
Some of the specialist currency providers also allow you to send money to the Philippines with a debit or credit card. PayPal is another good option for those who want to send money via a card.
These methods are convenient and safe. However, they may be slower than other methods. The best option for those who want to send money to the Philippines quickly is to use an online money transfer service. These services offer the most competitive exchange rate, minimal fees, and high speeds of transfer. They are also the most secure.
You can send money to the Philippines with your PayPal account. This gives you the added security of having a financial institution backing you up. You can even send money to the Philippines with Apple Pay or Google Wallet.
Some of these money transfer companies also support cash pickups. This gives you the convenience of having your recipient access to your money immediately. Depending on the amount, transfer times may vary.
XE is a licensed money transmitter and offers multiple ways to send money to the Philippines. You can do it by phone, mail or online.
