Sending money or as we locally call it “padala” has been part of our lives if we are relying on remittances abroad. OFWs, Families of OFWs, Filipino Business Owners abroad and Freelancers have all relied on money transfers.
It’s a borderless world together with Filipino diaspora. We are basically everywhere: offshore and online.
As a mom who migrated in California with my family, let me tell you that sending money is just the tip of the iceberg. I am the kind of mom who calculates the sending fees to its last cent. I also consider the exchange rate, making sure that if I send it, my loved ones will get the most out of it. Furthermore, I also consider the speed of sending money or remittance because I love them! And just like you, I hate for them to experience inconvenience.
The things we do for our families, right?
You might have a favorite way to send money but I will always argue that the BEST, CHEAPEST and FASTEST way to send money is through BANK TRANSFERS with the help of ONLINE MONEY TRANSFER SERVICES.
If you are new to this because you always send or receive money CASH to the likes of Western Union etc., you basically need a Bank Account, Debit Card or Credit Card and Online Money Transferring Service if you are the sender. On the other hand, as a receiver in the Philippines, aside from only receiving through your local bank, lots of receiving options for our loved ones even those who don’t have bank accounts.
Once you learn the ropes, I guarantee you that it’s much better than making a trip to a remittance center. Why wait in line if you could send it from your phone or computer right?
Below, I set the following parameters to make it more specific if you are sending from the USA to the Philippines. I set the amount between 500 USD to 1000 USD sent from US Bank Accounts to a Philippine Bank Account. I have ranked this based on the following:
- SENDING RATES or FEES (your bank charges are not included)
- THE EXCHANGE RATE (subject to changes)
- THE SPEED OF BOTH SENDING AND RECEIVING THE MONEY
- THE PAYMENT OPTIONS.
1. INSTAREM
InstaReM is a leading digital cross border payment company which enables consumers, Small and Medium Enterprises and financial institutions to make international money transfers at a low cost. Indeed, they stay true to their name: Instant Remittance.
How it works:
- Open an account: Visit InstaReM’s website and open a free account
- Enter the details about your recipient: Tell InstaReM where you need to send money and to whom.
- Set-up your transfer with InstaReM: Enter how much money you want to send and how you want to pay for your transfer.
- Pay for your transfer: Fund your transfer by making a local bank transfer or pay by debit or credit card
- Let InstaReM do the rest: InstaReM will convert your money in the recipient’s currency and send it to him through the selected payout option.
Example Breakdown:
Amount You Will Send | 500 |
Exchange Rate | 1 USD = 50-52 Philippine Pesos |
Sending Fee | 0 USD but affected by InstaRem Exchange Rate |
Total Cost after Exchange Rate is Applied | 0.14 USD |
Estimate Amount Received in Philippines | 25, 900 + |
Speed | 2 days |
Payment Options | Bank Transfer |
2. Transferwise
Transferwise’s banner story is this: They were founded in 2010 with the vision of making international money transfers cheap, fair, and simple. And I could not agree more.
How it works:
- Create an account: Sign up for TransferWise in just a few moments. You can do this by connecting with your email address or via your Facebook or Google account.
- Go through the verification process: This varies depending on where you’re sending from and the transfer amount but always includes a copy of your ID and proof of address.
- Set up your transfer: Enter how much you’re sending and where you’d like the money to be received. You can send money to your own account abroad, or to another person or business.
- Send the money: Send your money to TransferWise with your preferred payment method (bank transfer, debit or credit card, SOFORT, Apple Pay or Android Pay)* Options vary according to by currency.
Example Breakdown:
Amount You Will Send | 500 |
Exchange Rate | 1 USD = 50-52 Philippine Pesos |
Sending Fee | 11.09 USD but still affected by Transferwise’s own Exchange Rate |
Total Cost after Exchange Rate is Applied |
11.23 USD |
Estimate Amount Received in Philippines | 25,300 + |
Speed | Bank Transfer: 2 days Direct Bank Payment: 3-5 Days Debit Card: Next Day (Additional Fees Apply) Credit Card: Next Day (Additional Fees Apply) |
Payment Options | Bank Transfer, Direct Bank Payment, Debit Card, Credit Card |
3. WorldRemit
Back in 2010, founder Ismail Ahmed set out to fix a big problem: millions of people around the world were wasting time and money to support their loved ones back home. And with the awards they have, I think Ismail is more than successful.
How it works:
- Open an account: Visit WorldRemit’s website and open a free account
- Enter the details about your recipient: Tell WorldRemit where you need to send money and to whom.
- Set-up your transfer with WorldRemit: Enter how much money you want to send and how you want to pay for your transfer.
- Pay for your transfer: Fund your transfer by making a local bank transfer or pay by debit or credit card
- Let WorldRemit do the rest: WorldRemit will convert your money in the recipient’s currency and send it to him through the selected pay-out option.
Example Breakdown:
Amount You Will Send | 500 |
Exchange Rate | 1 USD = 50-52 Philippine Pesos |
Sending Fee | 0 USD but affected by WordlRemit’s Exchange Rate |
Total Sending Cost after Exchange Rate is Applied | 13.89 USD |
Estimate Amount Received in Philippines | 25, 200+ |
Speed | Next Day |
Payment Options | Debit Card, Credit Card |
4. Transfast
Transfast makes this list as a global cross-border payments network provider that covers over 125 countries across Asia, Europe, Africa, Americas and Australia.
How it works:
- Open an account: Visit Transfast’s website and open a free account
- Enter the details about your recipient: Tell Transfast where you need to send money and to whom.
- Set-up your transfer with Transfast: Enter how much money you want to send and how you want to pay for your transfer.
- Pay for your transfer: Fund your transfer by making a local bank transfer or pay by debit or credit card
- Let Transfast do the rest: Transfast will convert your money in the recipient’s currency and send it to him through the selected pay-out option.
Example Breakdown:
Amount You Will Send | 500 |
Exchange Rate | 1 USD = 50-51 Philippine Pesos |
Sending Fee | 0 USD but affected by Transfast’s Exchange Rate |
Total Sending Cost after Exchange Rate is Applied | 14.58 USD |
Estimate Amount Received in Philippines | 25, 200+ |
Speed | 3-5 Days |
Payment Options | Direct Bank Payment, Debit Card |
5. Remitly
This is probably a Filipino’ favorite as it has always been mentioned that way. Remitly promises to help millions of immigrants around the world who make the huge sacrifice of leaving their families behind to live and work in another country.
How it works:
- Open an account: Visit Remitly’s website and open a free account
- Enter the details about your recipient: Tell Remitly where you need to send money and to whom.
- Set-up your transfer with Remitly: Enter how much money you want to send and how you want to pay for your transfer.
- Pay for your transfer: Fund your transfer by making a local bank transfer or pay by debit or credit card
- Let Remitly do the rest: Remitly will convert your money in the recipient’s currency and send it to him through the selected pay-out option.
Example Breakdown:
Amount You Will Send | 500 |
Exchange Rate | 1 USD = 50-51 Philippine Pesos |
Sending Fee | 0 USD but affected by Remitly’s Exchange Rate |
Total Sending Cost after Exchange Rate is Applied | 15.64 USD |
Estimate Amount Received in Philippines | 25, 100+ |
Speed | Bank Transfer: 3-5 Days Debit Card and Credit Card: Minutes (Additional Fees Apply) |
Payment Options | Direct Bank Payment, Debit Card |
This article will be updated monthly to reflect accuracy.