Why Should I Send Money This Way
Convenient
- Send money through Scotia OnLine, Mobile Banking or at any Scotiabank branch
Nice price
- It costs just $5+1% with amounts between $0-$999.99 of the money transfer
Send the money you need
- Send up to $999 a day through Scotia OnLine and Mobile Banking or our Contact Centre
- Send up to $7,499 a day through a Scotiabank branch
Secure
- Your receiver must show ID and provide details about the money transfer in order to pick up funds.
Compare Now To Find The Best Western Union Alternatives:
Similarities to WU: You can send money online to a foreign bank account.
Differences to WU: It’s usually significantly cheaper.
Cost: Approx. 0.25% – 1%
Coverage: Available in the EEA, UK, US, Singapore, Japan, Australia, and New Zealand and supports transfers to around 57 foreign currencies across the globe.
Speed: 52% of transfers arrive within 20 seconds, 71% within an hour, and 90% within a 24-hour period.¹
Transfer limits: Precise limits vary depending on currency and country, but generally, the minimum transfer is just one US dollar, and the maximum transfer is USD million or currency equivalent.
More info: See our full Wise review or visit the website.
¹ Q2 2022 Mission Update: Speed
Similarities to WU: The online interface looks similar it’s old-school but robust and quite easy to use.
Differences to WU: It’s usually cheaper.
Cost: Approx 0.9%
Coverage: Available globally and supports transfers to 98 foreign currencies.
Speed: 1 – 3 business days.
Transfer limits: USD 1 – USD 500,000.
How To Receive Money Through Western Union
You can also claim your Western Union remittance on your mobile phone. Read this article to learn how to receive your Western Union remittance through GCash. You can also claim your Western Union remittance through PayMaya.
Don’t Miss: Service Credit Union Lancaster Nh
More Ways To Send Money Online With Western Union
Get a free money transfer estimate before you send
Arrange a free estimate for a money transfer with no obligation to send money later. You can compare prices, gauge costs, and make sure a money transfer with Western Union is right for you.
Send money on the go with our app
From Toronto to Tokyo, send money quickly and reliably to more than 200 countries and territories with the Western Union® app, even while youâre away from home.
Save your receiverâs information to send again quickly
If you make regular transfers, or just want to speed up sending support, you can save your receiverâs details to your profile and transfer money again quickly.
What Is The Best Money Remittance
Money Transfer Apps: This app has the best international transfersiOS and AndroidCash. The app with the lowest fees, or the one that provides the best shared bill, is iOS or Android Venmo. The app with the highest rates, or the one that provides the highest number of transfers, is iOS or AndroidFacebook Pay.
Recommended Reading: Security Service Federal Credit Union Address
Cheapest Way To Send Money To The Philippines
The two main costs you need to be aware of when sending money are transfer fees and the exchange rate offered by whatever service you are using to send money.
Transfer fees can range from nothing to $30 and upwards depending on the provider you use, whether you opt for a rapid or regular transfer service, and on the payment method you select. Bank transfers, for example, may have higher fees than a mobile wallet transfer.
The exchange rate is the charge that can make a real difference to how much your recipient receives on the other end of your transfer. As a rough example, banks can add anywhere between 3 5% onto the mid-market rate for an international transfer, whereas MTOs usually add between 0.10 3% on the mid-market rate. This can vary massively depending on what provider you use, so is worth keeping in mind when comparing services.
Money transfer providers such as PaySend charge no fees for international transfers to the Philippines and instead add a small markup on to the exchange rate. Sending £500 to the Philippines with these provider, for example, would give you an exchange rate of 1 GBP = 66.860 PHP or 64.346 PHP , with no fees, giving your recipient a total of 33,430.43PHP with PaySend 32,173.26 PHP with PaySend.
A Quick Summary Of This Post
If you have a Metrobank or Land Bank account, transferring $1,000 into the Philippines through either of those accounts would get you the most Pesos in return.
If you have an account in the Philippines with a bank other than Metrobank or Land Bank, your next choice to send $1,000 should be Wise.
The other method that would save you more money would be to come to the Philippines with cash and exchange it here.
If you want to exchange more than $1,000, Wise should be your next choice.
They beat out their competitors for transfers over $1,000, which you can see in the tables in the Overview section.
For a detailed look at sending money to the Philippines, keep reading.
Don’t Miss: When Was The Soviet Union Formed
How To Send Money To The Philippines With Western Union Canada
The Philippines is one of the countries with highest levels of migration to Canada
and it is common to find Filipinos building a new life and a professional career in Canadian cities. With new opportunities, they are also able to help their families who remain back home, and for that reason, sending money to the Philippines is often frequent.
With Western Union, sending money abroad is practical and simple, using our app that offers great features with just a few clicks. Theres no need to travel and you can send money 24 hours a day, 7 days a week. So, if you need to send money to the Philippines, check out how to do it next.
The Best Way To Send Money To Philippines
If we take our sample $1,000 transfer and consider what youve learned about transferring money to the Philippines using the current mid-market rate of one US Dollar to 52.52 Pesos, heres what it comes down to:
Exchanging $1,000 in cash in the Philippines gets you the most money. For exchanges over $1,000 you save more money using Wise.
| Transfer Method |
| n/a |
Also Check: Houston Police Federal Credit Union
Money Transfer To The Philippines: Current State And Key Trends
According to Pew Research, the Philippines is the worlds #3 destination for receiving money after India and China. This position could be in part explained by the Philippines is probably the only country in the world that has institutionalized the deployment of its people to work overseas since 1995. Filipinos migrants top occupation is seafarers, representing 20% of all remittances. Remittances from OFWs to the Philippines account for 8.5% of GDP. Remittances are so important to the economy of the Philippines that in the government created a bank for OFWs to compete for remittances with private banks and money transfer specialists.
Out of all countries from where OFWs-Filipinos send money to the Philippines the USA is by far #1:
There are 3+ million Filipinos in the USA, with around 40+% living in California and another 10% in Hawaii. 35% of USA Filipinos live just in 3 metropolitan areas: Los Angeles, San Francisco, and New York City.
In comparison with other migrant groups in the USA, Pinoys tend to have an average level of education but earn a higher income . This might be in part due to a higher portion of Filipinos employed as nurses and personal care workers.
What Is Required To Receive Money In The Philippines
Once the money gets to the Philippines, you will get an SMS or email notification that youve got some money. For bank and mobile money deposits, you dont need to provide any information unless requested by the authorities. You can start transacting right away.
For cash collections, youll need to provide the following information to complete the transfer.
- A government-issued identity card or passport
- The transaction reference code you received from the sender
- The amount you expect to receive and the details of the sender
MoneyGram may require you to fill out a form providing more information. Whatever the case, the cash collection process should be simpler and faster.
Recommended Reading: Union Bank Homeowners Association Payments
Whats Needed To Send Money To The Philippines
Sending money to the Philippines is a simple process, especially if you use money transfer services. The following is what you need to send money to the Philippines:
- A government-issued identity document. If you are sending from the United States, a driving licence, passport, or a social security card can suffice.
- The money you would like to send
- The recipients name as it appears on their official documents
- The recipients mobile number and physical address for door-to-door cash delivery and mobile money deposits.
- If you are sending to a bank account, you should provide the SWIFT code, bank name, branch name, and the account number of the beneficiary.
You may need to provide additional information depending on the size of the amount or the location to which you are sending. These measures are part of the global anti-money laundering and financial crime protection.
Best Ways To Send Money To The Philippines
The best way to send money to the Philippines will vary depending on the specific circumstances of your transfer. Things that can affect your transfer include:
- The country and currency you are sending from
- The total amount you are sending
- How you want to pay for your transfer
- How you want your recipient to receive the money
- The currency pair you are converting between
- Whether getting the lowest cost or the fastest transfer time is a higher priority for your transfer
Sending money to the Philippines from the UK offers a number of options. For example, sending via Western Union would give you an exchange rate of 1 GBP = 1.00 GBP = 63.5492 PHP.
If you are looking to send money to the Philippines from elsewhere, its important to make sure you select a transfer provider that supports your currency corridor. For example, if converting USD to PHP, you may find that WorldRemit is the best choice for you. With an exchange rate of 1 USD = 47.75328 PHP and fees starting from $5.00, WorldRemit offers a reliably secure, fast, and cost-effective international transfer service.
Other good options for sending to the Philippines include PaySend and CurrencyFair.
Recommended Reading: Neighborhood Credit Union Grand Prairie
Whats The Best Method For Sending Money To The Philippines
Mobile apps are increasingly popular for sending money to family overseas. These popular apps let you initiate low-cost transfers at any time, and some include options to transfer funds to a loved ones mobile wallet or bank account. Depending on the service, you may also have the cash delivered to the relatives home or a convenient pickup location. Some services also allow you to add airtime to a mobile phone, which is useful if youre helping a family member or friend with their monthly expenses.
International bank transfers, alternatively, are long-standing methods for sending money overseas. To set up the transfer, youll need the recipients address and bank account information. Many banks charge transfer fees, so find out how much youll pay to send money and how much your loved one might be charged to receive it.
Is Western Union Safe To Use
- Regulation: Regulated in the Philippines by the Bangko Sentral ng Pilipinas
- Established: 1851
- Number of customers: Moved more than US$300 billion around the world in 2018
- Reviews: TrustScore of 7.8/10* from 13,800+ reviews on Trustpilot
*According to Western Union and Trustpilot on 29 May 2019.
As a global money transfer company, Western Union must comply with all the relevant laws and regulations in the countries in which it operates. As its based in the US, it is primarily regulated by FinCEN, the Financial Crimes Enforcement Network. It is regulated in the Philippines by the Bangko Sentral ng Pilipinas.
Western Union is a globally recognised name in the remittance business and has been offering money transfer services for more than 145 years. It also claims to use SSL technology and a variety of other techniques to protect customer information.
-
Where is Western Union regulated?
Country Bangko Sentral ng Pilipinas
How does Western Union make money?
Western Union makes money by charging transaction fees and by adding a margin on top of the mid-market exchange rate. The mid-market rate is the real exchange rate use Google to check the current mid-market rate for your chosen currency pair.
Don’t Miss: Mutual Credit Union Online Banking
How Much Will The Money Transfer Cost
Every service and money transfer method carry different fees. App-based transfers usually have small fees, while banks can charge as muchas $65 for outgoing international transfers, explains Finder.
It also pays to investigate the exchange rate on your chosen platforms. Different money transfer services provide different exchange rates, so factor that into your budget and platform choice.
Send Money To The Philippines From The Uae
Send money to over 200 countries and territories worldwide online, in person and on the go with Western Union.
FX: 1.00 AED =
Exchange Rates and Fees shown are estimates, vary by a number of factors including payment and payout methods, and are subject to change. To check current rates and other options, simply click âSend nowâ.Be informed. Be aware.
We encrypt your transfers
We are committed to keeping your data secure
Send money online to bank accounts or to cash from a 15 AED transfer fee online1
You May Like: Wright Patt Credit Union Fairborn Ohio
Ways To Send And Receive Money In Philippines
There are multiple ways to easily send and receive money in the Philippines but these will largely depend on the provider you decide to use. Below you will find everything you need to know about sending and receiving money.
Ultimately, the best way to find the right provider for your international money transfer to the Philippines is to compare providers that support transfers between your sending country to here.
Get Rewarded With My Wu Program
Save on transfer fees with the My WUâ program.
1 Western Union also makes money from currency exchange. When choosing a money transmitter, carefully compare both transfer fees and exchange rates. Fees, foreign exchange rates and taxes may vary by brand, channel, and location based on a number of factors. Fees and rates subject to change without notice.
2 Funds generally take minutes to reach a recipientâs bank account, but funds sent to first-time Bank of the Philippines Islands receivers may take up to 2 hours. Services and Funds may be delayed or services unavailable based on transaction conditions, including regulatory and foreign exchange issues, identification requirements, consumer protection issues, delivery restrictions, bank operating hours, banking and local holidays, and differences in time zones. Additional restrictions may apply.
Also Check: St Lawrence Federal Credit Union
The Western Union Solution
Western Union makes sending money to the Philippines quick and reliable. You can use the Western Union app to send and receive money at any time, as well as set up recipient profiles if you plan to transfer funds to your family on a regular basis. While the Western Union app is the most convenient way to send money, you can also initiate transfers from the Western Union website or one of 55,000 agency locations throughout the U.S.
How your loved ones receive the money is up to you: They can pick it up from 13,000 Western Union agents in the Philippines, or accept it digitally via a mobile wallet or online bank account. You can also use the Western Union app to check the exchange rate between the dollar and the peso, so you know exactly how much your loved ones will receive.
The key to efficiently sending money to the Philippines is finding a method that works for your family. Select a process that gives you a good exchange rate, low fees and allows you to send money simply and consistently.
How Will The Recipient Receive The Funds
If your family members live in a rural area, a bank transfer might be difficult to collect. Even if they have a bank account, they may have to travel to an ATM or bank branch to subsequently get cash. In that case, you may be better served by using an app-based service where you can send money to a local shop for the recipient to pick up in cash. Or, you can use a platform that delivers cash to their homes.
Don’t Miss: State Farm Union City Tn
Money Transfer To Philippines: Review And Tips
August 15, 2020Posted bySaveOnSend toMoney transfer from USA to Philippines, Western Union, Xoom |
Are you sending money from USA to Philippines? Want to get the most pesos for your dollars or receive most dollars in Philippines? Not sure which provider is the best, cheapest or fastest? Should your funds be received in pesos or dollars? YOU came to the right place! We will cover all most important topics:
Please note this post is specific to the Philippines. If you are looking for general knowledge of how to best send money, please review this other SaveOnSend blog post first.
But we are recommending trying providers with the cheapest price this way, you are helping not just yourself but also supporting the Philippines growth. By always using the least expensive method of sending money home, each 1% in savings generates an additional $350 million annually for your families and the Philippines economy.