Send Money to the Phillipines
Money Transfer to the Phillipines - Companies
Money Transfer options in the past 10 years have exploded as technology and competition have driven new ways to send money fast. The best options are available for those who send money online, taking advantage of new money transfer options and competition that have helped drive costs down and make it easier than ever - especially if you're sending money on a regular basis to family and friends outside the United States.
Send Money Options
The money transfer market has seen a number of capable providers enter the
market over the past 5 years. Many of the new providers are either
competitive offerings from banks who have a strong base in the country you're
sending money to or are online niche players who are focused on individual
destination countries for money transfer.
One of the super competitive low cost money transfer services who has done a solid job is Xoom - particularly if you send money to the Philippines, India, or Mexico/Latin America. They offer the most flexible pay in and pay out options we've seen, including:
- Send money from your bank account (ACH), credit card, or even PayPal
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Receivers can receive their money transfer in cash at a partner location, have it deposited directly into their bank account, or even have it delivered to their home by courier
Money Transfer Costs
If you transfer money regularly, you're probably aware that high costs from bank wire transfer services or traditional services like Western Union or MoneyGram are prohibitive. Fortunately, reliable options for those who need to do money transfer transactions are driving prices down - and Xoom has ultra competitive rates starting at $3.50 for their Value Service per $100 being sent (compared to standard money transfer fees of $16 and more for the same amount by their larger competitors).
If you are someone who does money transfer regularly then this is a great option. Funds are available for pickup almost immediately (bank transfers take a little longer) - but if you send money to the philippines or india or just across the country - this is a great way to save when you send money.
Final Thoughts - Transfer Money Alternatives
Costs have always been high in wire transfer and money transfer services. While convenience from being able to send money online is great, the largest traditional companies like Western Union still charge a large fee for the service. If you rarely send money, then fees may be a less important factor in your decision of who to use for your money transfer needs. Those who transfer money home on a regular basis will see the most benefit - savings for comparable services can literally be 75-85% less than the traditional wire transfer companies.