When you are residing abroad or are moving out of your country, you often have to send money to Philippines back home. Or people to whom you are sending money. If you want to know how to transfer money to the Philippines the following information may be of help. To move money from a country to another in a superfast and secure way, you will have to make an international wire transfer. With the international wire transfer, you may send money abroad and convert it into a foreign currency.
In addition to banks, there are a few options that you can use these days. MoneyGram, PayPal, Western Union, and an industry-changing ACE Money Transfer caters to consumers who need to send huge sums of money worldwide quickly.
If you wish to send money to or from the Philippines, ACE Money Transfer can help you out!
Banks and money transfer companies give you a bad exchange rate to make some extra profit. ACE Money Transfer is a lot different. Its smart technology skips huge international transfer fees by connecting some local bank accounts in the world. Wire transfer, mainly through banks, may cost more and need more effort than the other methods. Hence it is important to shop around before money transfer to Philippines.
How to make an international wire transfer?
Find the wire transfer section on your bank’s website. If you have online banking set up, log into the online bank account and then navigate to the wire transfer section on the bank’s webpage. There will be a section on the top toolbar on the bank’s homepage.
Alternatively, you may also make a Google search for a wire transfer and the name of your bank. If neither of them works, give your bank customer service a call. They must be able to steer you to the right place.
Double-check your online transfer limit:
Your bank may need you to set an online transfer limit, which is mostly $5,000. Sometimes they also set one for you. If the amount you require to make a transfer is over the daily limit, you will normally need to call the banks to authorize it. In a few cases, to verify that you are making the request, your bank may have the additional security step. This may be anywhere from the special code sent to your mobile phone or a secure email sent to an email address you have given before online money transfer to Philippines or another country.
Enter the recipient’s bank details:
To complete the SWIFT international transfer, you will have to give the following specific information.
– The name and address of the recipient’s bank
– Your recipient’s name, address, and account type they have with their bank
– Your recipients account number or the IBAN
– Your recipient’s bank BIC/SWIFT code
The BIC/SWIFT is a bit like the US routing number or zip code. It denotes the exact bank that the recipient account is in.
Choose currency and enter the amount that you want for the recipient bank
When you enter your recipient’s information to send money to Philippines online, their country’s currency is mostly automatically set in the wire transfer form. If not, pick the correct currency and then enter the amount of this transfer.
As a general rule, the bank account in a foreign country is denominated in this local currency. As a result, you will likely wish to select that currency. But, it is not uncommon for foreign banks to offer clients accounts in multiple currencies, mainly in the US dollar. Double-check you are sending money in the desired currency. This is how to transfer money to the Philippines and other parts of the world using wire transfer.