Every year, Filipinos abroad send billions of dollars worth of remittances to their families back home. It can be said that our overseas Filipino workers (OFWs) are our modern-day heroes who keep our economy afloat. Wherever they are in the world, they regularly troop to money transfer and remittance services to send their hard-earned money to their loved ones in the Philippines.
But going to a remittance center such as Western Union is not the only way to send money from abroad to the Philippines. Thanks to the Internet, you can send money to your family back home without going to a money transfer outlet, and using just your computer or mobile phone. There are several online money transfer services that make it easy, fast and convenient to remit money to the Philippines.
If you’re tired of constantly going to the Western Union outlet to send money to your family or loved ones, you can turn to online money transfer services instead. Since these online services don’t have a physical storefront, you can take advantage of lower remittance fees compared to traditional money remittance services.
To use these online money transfer services, you’ll first need to add funds via your bank account or credit card. After adding funds, you can then send the money to your recipient in the Philippines. Your intended recipient can cash out at a bank or money remittance center. Your recipient doesn’t need to have an account with your money transfer service in order to claim the cash.
TransferWise
TransferWise is an international money transfer platform that claims to be the cheapest and fastest way to send money abroad. Unlike other online remittance services, TransferWise uses the real currency exchange rate so you’ll save more money.
TransferWise is available in 59 countries including the United States, Canada, United Kingdom, Australia, China, Singapore, UAE and the Philippines. Online money transfers via TransferWise are usually completed in 1-2 days.
Payment methods:
- Bank account
- Wire transfer
- International wire
- Debit or credit card
Payout methods:
- Bank account (BDO, DBP, LandBank, Metrobank, PNB, RCBC, UnionBank, etc.)
- E-wallet (GCash and PayMaya)
Xoom
Xoom is a PayPal company that offers a secure, fast and easy way to send money to 157 countries and territories. You can use your PayPal, bank account or credit card to send money to your recipient who can claim it at a cash pickup location such as LBC or M. Lhuillier or from his bank account. You can even have the cash delivered to your receiver’s doorsteps.
Money transfers via Xoom are usually completed within minutes for cash pickup and bank accounts, and 1-2 days for door-to-door delivery.
Payment methods:
- PayPal
- Bank account
- Debit or credit card
Payout methods:
- Cash pickup (LBC, MLhuillier, Palawan Pawnshop, Cebuana Lhuillier, etc.)
- Bank account (BDO, BPI, Metrobank, PNB, Unionbank, etc.)
- Door-to-door delivery
Remitly
Remitly is a global money transfer service that boasts of high exchange rates and low fees. With over 10,000 partner locations in the Philippines, Remitly is used by thousands of Filipinos overseas who regularly send money to their families back home.
The company currently supports money transfers from 16 countries such as Australia, Canada, Germany, Norway, Singapore, United Kingdom and the United States.
Payment methods:
- Bank account
- Debit or credit card
Payout methods:
- Bank account (BDO, BPI, Metrobank)
- Cash pickup (LBC, Palawan Pawnshop, M. Lhuillier, Cebuana Lhuillier)
i-Remit
IREMITX by i-Remit is another online remittance service to send money from Australia, Singapore, Japan, Hong Kong, Canada and the UK to the Philippines. Senders can use an ATM card, bank account or convenience store to transfer the money via i-Remit.
Payment methods:
- ATM cash deposit
- Bank account
- Convenience store (Japan only)
Payout methods:
- Bank account (BDO, BPI, DBP, PNB, UCPB, UnionBank, etc.)
- Cash pickup (Cebuana Lhuillier, M. Lhuillier, CIS Bayad Center, Tambunting Pawnshop, etc.)
MoneyGram
MoneyGram offers an online money transfer service for sending cash to more than 200 countries including the Philippines. You can send money to your receiver’s bank account, debit card, mobile wallet or cash pickup location.
Payment methods:
- Bank account
- Debit or credit card
Payout methods:
- Cash pickup at a MoneyGram agent
- Visa debit card
- Bank account
- E-wallet (GCash)
Western Union
Many of us know of Western Union as a reliable way to send money abroad, but do you know that you can also send money online? Western Union’s online money transfer service allows you to send money from the United States to your family or friends in the Philippines. Senders can choose to pay using their bank account or credit card, and receivers can claim the money at a Western Union agent or a bank account.
Payment methods:
- Bank account
- Debit or credit card
- Western Union store
Payout methods:
- Cash pickup at a Western Union agent
- Bank account
Conclusion
Sending money to your family, friends and loved ones in the Philippines don’t have to be a difficult and time-consuming experience with these online money transfer services. We know that not everyone has the time or willingness to go to a money remittance outlet to send money to the Philippines, so these online money transfer services are definitely a heaven-sent.
The “downside” is that you’ll need an online banking account or a debit or credit card in order to use these services. So if you don’t have a bank account or credit card, then you’ll have no other choice but to personally visit a money remittance store.
Don’t forget to share this article with your friends who might be interested to know how to send money online to the Philippines.
