IMT’s and online banking have made it really easy for people to transfer money anywhere in the world. But, before using a money transfer service, there are a few things that you should always consider.
Monitor all available options when you send money online: Many people make the mistake of not going through all available platforms to send their payments to the Philippines. Always check the top-10 companies such as Ace Money Transfers and MoneyGram before making any financial transfer. If you have to spend money on a daily basis, then have a look at some important features of an IMT provider.
- Is the specific company providing efficient services? What are the customers saying about its service?
- What are their exchange rate policies? How much fee will be charged for sending your payment? Compare the rates with some of the biggest international money transfer banks such as ICICI, Worldremit and Western Union.
- Is the company licensed? If yes, which regulatory body are they affiliated with?
- Are they giving any special offers to their regular customers such as no exchange rates or no service charges?
- Is their system user-friendly? How many documents are needed to send money to the Philippines online?
After checking all these factors, select a provider that seems the best to you, according to your own criterion variables.
Currency Exchange Rates: If you are sending money in US dollars, then your currency exchange rates may be cheaper. Mostly the method used by companies and banks to calculate exchange rates while sending money to the Philippines is “2.31 USD + 0.58% of the amount that’s converted”
Hence, when you are selecting a provider to transfer your money, make sure to compare the exchange rates with the above-mentioned formula. If they seem fair, then go for that provider otherwise choose another one. The rates are higher if you are transferring the payment in any other currency.
Money Transfer Limits: Every country has a specific limit of the cash payment that can be sent or received by a person living in a specific state. These limits can be daily, weekly, monthly or even yearly. In the Philippines, if you want to send more than 10,000$ then you may need to file your transaction. Some basic documents about the recipient can be asked from the sender.
If we talk about receiving payments, then people may withdraw 20,000 PHP to 50,000 PHP per day with a total of 6 transactions that can be made in a single day. This limit may vary from bank to bank but the approximate value is the same almost everywhere. Therefore, before transferring money to the Philippines, you must take care of cash sending limit and cash withdrawal limit. Both.