There are plenty of cheap options to send money to the Philippines and using Wise to send money to Philippines is one of them. We use Wise regularly to send to our virtual workers in the Philippines as we found it is the cheapest way to send and gives us good exchange rates unlike the banks.
Transferring money to Philippines using Wise is a breeze and my workers can receive money in their bank, Paymaya and even Gcash without extra fees on their side. Most of the time it takes less than 1 hr to receive the money in their account. The longest it took was about 6hrs from our experiences and nothing more than 24hrs, which is great!
The receiver and the sender can also track the remittance progress while waiting for the money remittance to complete.
Wise: Affordable and Convenient Way Send Money to the Philippines
Wise (formerly Transferwise) is a licensed Electronic Money Institution in the United Kingdom that is regulated by the Financial Conduct Authority (FCA). As a result, sending and receiving money anywhere in the globe is completely secure.
Wise, a London-based online money transfer provider, offers over 750 currency routes worldwide. GBP, USD, EUR, AUD, and CAD are all included.
Wise is distinguished from most other online money transfer services by its use of the genuine foreign exchange rate. Other money transfer and online payment services, such as PayPal, make money by lowering exchange rates on top of transaction costs. For example, if the real exchange rate is ₱50 for $1, you’ll only get ₱49 while the remaining ₱1 goes to the company. Wise is unique in that it uses the real foreign exchange rate, which means that your dollars or euros will be worth more pesos to your recipient in the Philippines.
Wise is quickly becoming the go-to money remittance service for many Filipinos around the world, thanks to its transparent pricing, real exchange rates, and low transaction fees. In comparison to banks and other remittance companies, Filipinos living and working in the United States, Europe, and other Asian countries can send money at lower rates. Wise is up to eight times less expensive than bank transfers.
So if you’re looking for a faster and more affordable way to send money to the Philippines, you might want to consider Wise. Unlike Western Union or MoneyGram, Wise is solely an Internet-based service where transactions are done using your computer or mobile phone. You are not required to go to a remittance facility and hand over your funds to the cashier. You only need a bank account or a debit or credit card to get started.
In the Philippines, you have the option of sending money to your recipient’s bank account or his GCash or PayMaya e-wallet. It is not yet possible to pick up cash at remittance centers.
Sending PHP to PayMaya and GCash Mobile Wallets
If you are remitting money to your employee in the Philippines, they probably would like to receive it using PayMaya instead of the local bank. It is fast and free to receive money in PayMaya using Wise. PayMaya is the only end-to-end digital payments ecosystem enabler in the Philippines with platforms and services that cut across consumers, merchants, communities, and government. PayMaya is making it even easier for Filipinos to pay for government fees and family utility bills through the PayMaya e-wallet app.
Steps on How to Send Money through Wise
Step 1: Sign up for a free account with Wise. You can also use your Google or Facebook account to join up.
If you already have an account, go to the Wise website’s Home page and select ‘Send Money.’
Step 2: Enter the amount you want to transfer.
Tip by Wise: “If it’s important that your recipient gets an exact amount, type that amounts into the Recipient gets ‘box’. We’ll automatically tell you how much you need to send.”
Step 3: Indicate whether the transfer is a ‘Personal Transfer’ or a ‘Business Transfer.’ A Personal Transfer is one that is made from a personal bank account.
Step 4: Complete your information. For significant transactions, Wise will likely ask for personal information like your address, as well as a photo of your ID.
Wise is one of the remittance services used by Filipino migrants and Overseas Filipino Workers (OFWs) to transfer money back home to their families and loved ones. Western Union is a dependable money transfer service that may be used from anywhere in the world. You can’t go wrong with Wise if you want a faster and less expensive option to send money to the Philippines. You might save thousands of pesos every month on transaction costs by using Wise, and you won’t have to go to a remittance center.