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Transferring funds to Philippines.
Well may as well kick off with the first post 🙂
If you are intending to transfer funds to the Philippines, Western Union money orders are by far the most easiest and secure. Their website is pretty easy to use, so you can link your ATM/Credit Card to the account.
They also allow the option of pickup (by the receiver) in cash or send to a bank account.
Only one warning here: If pickup in cash, the receiver will need a government issued Photo ID - Postal Photo ID is fine.
Obviously never send money to anyone you have not met or a fellow friend (who is a foreigner) has not met and verified they are legit. Western Union will not recover your money if you are scammed, the onus to verify the integrity of person you are sending to the money is yours and yours alone.
I have found it very easy to use and the best way of transferring money.
If moving Dollars into a Peso account, no loss in exchange rate using Transferwise. But if Dollars to a Dollar account (usually sending to yourself
in the PH).. then no loss sending to your own Dollar account bank.
I have Xoom for when I need money moved instantly. But aside from the $4.99 fee, I lose another $13 or so per $1,000 on the exchange. Remitly
is the same rates.
After reading Dave's post (another Philippines blogger) on transferring money, and I am assuming the information is correct, I would (personally) advise against transferring into a domicile account in the Philippines due to the way their banking structure works.
Unlike in most other countries, where your bank may have 100 or 1000 branches and you are able to go to any of those branches and withdraw, deposit and do your normal banking tasks that you do - In the Philippines you need to go to your domicile branch (where you opened the account) apparently. Someone else, maybe Reekay may be able to shed more light on this.
I think no matter which transfer service you use, you are going to get slugged hard. This is how they make money for the service they provide. WU fee's vary dependent on the amount, it can range from $8.00 AUD through to $13.00 AUD (the highest I have being charged). But the carrot is that it is instant and the receiver can get it anywhere in the payout country - agency availability withstanding obviously.
I used WU to transfer money to myself (rather to my asawa) while I was there, as it was quicker then having to wait the three days for it to be transferred into my travel visa card from my bank.
I would say Bank to Bank is the best choice, it is secure and you have no restriction on the amount of money you can transfer. This is the best way if you are leaving in the philippines. You should always have access to emergency fund above you leaving expense because no one will be able to help you.