Money Remittance Companies for OFWs (To Send Money to the Philippines)
OFWs usually express their feelings to their loved ones back in the Philippines via their money remittances. However, you do not want just any ill-reputed company to handle your love money. Hence, we collated the best companies for sending money to the Philippines. These companies have the best rates, are trustworthy and are known for their outstanding service.
One of the pioneers in the industry, they have more than 7,000 money transfer locations in the Philippines. One can pick their in almost every place - in a mall, bank, drug store, pawnshop, grocery store.
Funds can be in Peso or US dollars, and their transactions can be finished in just minutes. This means faster remittance transactions from over 200 countries which can be processed online or through agents.
The only downside Western Union has is their rates and fees.
transfers money to the Philippines from MoneyGram locations in over 190 countries also in minutes. Money can be in Peso or US dollars by home delivery, cash pick up or 6,800+ ATMs through LBC ATM card.
Online money transfer service using credit card is also available. Fees are closely the same with Western Union.
Xoom Money Transfer
Xoom has been around since 2004 when online money transfer systems flourished. You can transfer money from credit card, debit card or Paypal through the internet using Xoom Money Transfer system.
They have an exchange rate which is below current market rates and a relatively longer delivery for transfers using a US bank account. But their service is relatively fast and safe.
You can also use their propriety Xoom coupon and send money for free. Money can be received in either Peso or US dollars through bank deposit, home delivery or cash pick up. They can be conveniently reached from their more than 10,000 locations all over the country.
Transferwise is relatively new to the fray, which offers a new and cheaper way of sending money. Its system may be a bit tedious, but understanding it would benefit you in the long run.
TransferWise transfers money at real exchange rate of the day. Their system matches you with someone with a peso account who wants to send the same amount in dollars, if you are in the United States. Your dollars will go to the dollar account of that person, and conversely that person’s pesos go to the peso account of your recipient.
This process avoids cross border movement of money and bypasses the banks. With this, you save transfer fees and hidden charges.
Ria Money Transfer
Ria Money Transfer is another relatively new player in the remittance service field. Ria Money Transfer offers free transfer fee for the first 30 days for Overseas Filipino Workers (OFWs) in the United States using your debit card.
They charge a normal fee, which is at a low at $2 using debit card and your bank account. But this fee will be waivered off when you send more than $1,000.01.