So you moved to the Philippines. Congratulations. Therefore, you might need a way to obtain cash from your home country. Hence, today’s post: “Cheapest Money Transfer Services.” I did some research which was based on the Philippine peso to US dollar exchange rate, 51.30 to 1. The exchange rate study was done on Tuesday, June 25, 2019, at 2:36 pm Manila time.
Let’s take a squint at how the following money transfer agencies fared in my price comparison:
Figures shown are in Philippine peso amounts. Based on sending 1,000 US dollars to the Philippines with a bank-to-bank transaction. Monies are transferred from an existing account, say the United States, and deposited in an existing Filipino bank such as BDO or BPI.
Western Union and Ria Money Transfer do not charge any extra fees. They make their money on the exchange rate difference. The rate was 51.30 to 1 yesterday. The exchange rate shown on the graphic is what the individual money transfer company was offering.
Cheapest Money Transfer Services
Not a significant difference between Remitly and XOOM. Their 49.91 and 49.86 Philippine peso to 1 US dollar exchange rate are virtually the same. Consequently, their amounts received, in pesos, are almost identical.
Western Union and Ria Money Transfer claimed the top spots. Only 123 pesos difference in monies received. That’s about a $2.50 difference.
Hence, if you decided on using Remitly or XOOM to send money to the Philippines it would cost you a little over 11 US dollars versus Ria Money Transfer. It’s the third largest remittance company in the world. Established in 1987. More than 30 years of service with 1 BILLION transfers securely sent.
I’ve used Western Union in the past. They’ve been pretty reliable. Probably only takes about two hours or so for us to receive our money from them. We’ve used XOOM in the past. Frankly, since PayPal bought them out, the time it takes to receive our money has increased. We no longer get our money the same day as before.
I have not used Ria Money Transfer at this point. However, they do offer the cheapest rates and have excellent customer service reviews. In full disclosure, Ria Money Transfer is a new affiliate of this website. I earn a $10 commission for any new customers that sign up with them using any of the links in this article or my new ad.
Writing a Check on a Philippines Bank
Would you better be off if you had a Philippines bank account and cashed a check there? It might take you up to three weeks to a month depending on your bank. We’ve done it before. Our bank in the Philippines charged us 15 US dollars. We have a dollar account with the bank, along with a peso account.
When we built our new home in the Philippines almost four years ago, we needed to transfer large sum of funds. Some of the money exchange companies listed in this article have limits on how much money you can send at one time.
However, maybe you need your money quicker?
We used to do online money transfers with XOOM and Western Union. We had to pick up our money at a location in the Philippines like a pawnshop or bank. The money would be ready for pick up in about 10 minutes when we used XOOM. However, the pick-up process could take up to one hour.
Consequently, we opted to do our money transfers online and have our funds deposited directly to our bank account in the Philippines from our US bank.
Much simpler. We can just use an ATM from our Filipino bank so we don’t incur any additional charges.
Cheapest Money Transfer Services
So there you have it. The money transfer services to send cash to the Philippines are numerous. There’s positives and negatives with each one. Overall, Ria Money Transfer seems to be a good option. Reasonable rates and they have a good track record in sending money transfers.
Again, Western Union and XOOM are other viable options for sending money to the Philippines. All highly respected companies.
That said, check out Ria Money Transfer and see what you think. They also offer Bill Payment, Mobile Top Ups, PrePaid Debit Cards, Check Cashing and Money Orders.