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What's the best way to send Money to the Philippines?

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  • Jan 17th, 2018 5:17 pm
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[OP]
Newbie
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Apr 22, 2004
69 posts
10 upvotes

What's the best way to send Money to the Philippines?

Any other people remit money back to the Philippines? What the cheapest way to do it? Wire? Prepaid Credit Card? Remittance Companies with any good deals?
16 replies
Deal Addict
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Feb 16, 2010
1943 posts
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Depending on the amount, I would probably wire transfer it but be prepared that the account holder in the Phillipines may have to pay a hefty price for that wire transfer. I'm not familiar with a prepaid credit card - sounds good though. I think I heard they are for $100?
Deal Addict
May 27, 2003
1344 posts
53 upvotes
Set up a PC financial bank account, or add an additional chequing account to your existing PC account. Go to a pavillion and ask them for a seperate bank card that is ONLY linked to the new account and not linked to any other existing account. If they ask you why, tell them that you want to use it for travel in the Philippines, and you don't want to keep a lot of money in that account in case you fall victim to debit card fraud. You will still be able to access this new account from your current login online, therefore you will be able to transfer money to it online. Send this person the card. Securely give them the PIN. They will be able to withdraw up to 10,000PHP (about $400CDN) for 3 or 6 CDN per withdrawal depending on the bank. (MetroBank for example)
Newbie
Nov 5, 2007
73 posts
7 upvotes
Woodstock
xoom.com i used it a lot sent it directly to a bank account in philippines fees not to bad
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Apr 21, 2004
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rossandmarita wrote:
Mar 28th, 2010 4:50 pm
xoom.com i used it a lot sent it directly to a bank account in philippines fees not to bad

Do we need a US bank account to use xoom.com? It seems to be the case. Can we do this from a Canadian USD denominated bank account?

Website is plastered with *Pay using your U.S. bank account


https://www.xoom.com/sendmoneynow/how-to-send-money

Step 3: Choose a payment method and confirm your money transfer

Thanks.
Newbie
Feb 24, 2007
19 posts
1 upvote
Toronto
I came across this thread looking for good ways to send money to my family, but found "Transferwise" to be the best option, so I used them and I can say they are better than any other option. I paid a very reasonable fee (CAD$4 to send CAD$300) and got a better conversion rate than anywhere else.
Also they offer this incentive "Invite 3 friends and earn C$75. Get C$75 for every 3 friends who sign up and transfer at least C$300. Your friend will receive a £500 transfer, completely free of charge!" I knew no one to refer me, so I couldn't get this deal but if anyone is interested in using my reference, here is the link: https://transferwise.com/u/mariaf1236
Or you can pm me and I will refer you. We will both benefit.
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Aug 27, 2012
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Toronto
Western Union. Not sure if this is cheapest.
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Feb 24, 2007
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Toronto
Actually, Western Union is one of the most expensive and slowest ways to send money to Philippines.

Post #6 above has a link that explains which are the best and worst options.

I used PNB for years and always felt there must be a better way, but never took time to research it until recently. Not going back to PNB ever!
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Aug 27, 2012
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jimmyf wrote:
Jan 13th, 2018 12:56 pm
Actually, Western Union is one of the most expensive and slowest ways to send money to Philippines.

Post #6 above has a link that explains which are the best and worst options.

I used PNB for years and always felt there must be a better way, but never took time to research it until recently. Not going back to PNB ever!
I have been going to Money Mart Western Union to send money, it usually arrives in few hours I think. Not few days.

I dont know if its Western Union service or something else. But on the other side, they are withdrawing from Western Union.
Newbie
Feb 24, 2007
19 posts
1 upvote
Toronto
test9251 wrote:
Jan 14th, 2018 4:00 pm
I have been going to Money Mart Western Union to send money, it usually arrives in few hours I think. Not few days.

I dont know if its Western Union service or something else. But on the other side, they are withdrawing from Western Union.
Interesting, I haven't used Western Union myself, just going by what I read online made me understand their fees are too high. As I said before, with Transferwise, I sent $300 for a fee of $4. How does that compare with Wsetern Union? Could you let me know how much you paid in fees?
Also the exchange rate I got was way better than the bank, XE, Paypal and PNB. I did check that out. The problem is that some of these places hide their fees in the exchange rate so you may think you are paying fees of say $5 but when they convert your money they take an extra chunk out there and your actual fees may work out to be 10, 15 or 20 bucks....
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Aug 27, 2012
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jimmyf wrote:
Jan 14th, 2018 10:01 pm
Interesting, I haven't used Western Union myself, just going by what I read online made me understand their fees are too high. As I said before, with Transferwise, I sent $300 for a fee of $4. How does that compare with Wsetern Union? Could you let me know how much you paid in fees?
Also the exchange rate I got was way better than the bank, XE, Paypal and PNB. I did check that out. The problem is that some of these places hide their fees in the exchange rate so you may think you are paying fees of say $5 but when they convert your money they take an extra chunk out there and your actual fees may work out to be 10, 15 or 20 bucks....
This was last year.

Online rate = 36.51107
Western Union rate = 36.3396904

Flat $10 western union transaction fee from my side.
On the other side, 40 pesos was deducted for transaction or I dont know what kind of fee.

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