The Philippines is heavily reliant on capital being moved into and out of the region, whether for company or for families and friends to help each other out.
With an annual amount of about $33.194 billion U.S. dollars in 2020, the Philippines is the world’s fourth-largest source of inbound money flows, accounting for 9.5% (2020) of the country’s GDP.
With money transfers to and from the Philippines being so common, there are various choices. Each has its own combination of benefits and drawbacks, as well as laws and regulations to obey. As a result, picking the appropriate money transfer service for your particular needs necessitates due consideration.
What methods are available to send money to the Philippines?
The following are some of the most common methods to send money to Philippines:
E-Wallets: E-wallets such as STICPAY combine security, ease, and low fees. Users load money into their digital wallets with credit and debit cards, bank transfers, or cryptocurrencies, and then use the e-wallet app to send money to others or pay for goods and services.
Bank Transfers: Bank-to-bank online deposits are intended to deposit funds directly into a recipient’s bank account from another bank. Domestic wire transfers usually take 1–2 days and pay slight or minor, but foreign bank transfers often have high costs for senders. They can also take much longer, particularly if intermediary banks are needed to clear the transaction.
Money Transfer Service Providers: Third-party MTOs are online money transfer professionals who use their internal networks to link the sender and receiver to transfer money between them. While the service can be fast, low exchange rates and high mark-ups can result in higher fees if a foreign currency exchange is needed.