How to transfer money from Philippines to international?

Sending Money Abroad from the Philippines: A Quick Guide

Transferring money internationally from the Philippines doesn’t have to be complicated. While various options exist, including banks, specialized transfer services, and online platforms, understanding the basics can help you choose the method that best suits your needs. This article provides a general overview of the process and highlights key factors to consider.

Common Methods for International Money Transfers:

• Bank Transfers: Many Philippine banks offer international transfer services. This is often a reliable, albeit sometimes slower, option. You’ll typically need the recipient’s bank details, including their SWIFT code. Fees can vary depending on the bank and the destination country.

• Remittance Centers: Companies like Western Union, MoneyGram, and others offer quick international transfers. These are often convenient for smaller amounts and cash-based transfers, with numerous branches located throughout the Philippines. Be aware that fees and exchange rates can sometimes be higher than other methods. LBC, a popular choice in the Philippines, allows for cash-based transfers directly at their branches. Simply bring your cash and a completed sender form, and the LBC staff will handle the transaction, calculating the payout amount and informing you of the fees.

• Online Transfer Services: Digital platforms like Wise (formerly TransferWise), Remitly, and others provide online money transfer services. These can be a cost-effective and efficient way to send money abroad, offering competitive exchange rates and transparent fee structures. You’ll typically need to create an account, verify your identity, and provide recipient details.

• Mobile Money Apps: With the increasing popularity of mobile wallets, some apps facilitate international money transfers. This can be a convenient option for smaller amounts, but check for applicable fees and transfer limits.

Factors to Consider When Choosing a Transfer Method:

• Speed: How quickly do you need the funds to arrive? Some methods offer near-instant transfers, while others can take several business days.

• Cost: Compare fees and exchange rates across different providers to find the most economical option. Don’t just focus on the stated fee; consider the exchange rate offered as well.

• Convenience: Do you prefer the convenience of online transfers, or do you prefer visiting a physical branch?

• Security: Ensure the chosen method is secure and reputable to protect your funds and personal information.

• Recipient’s Needs: Consider the recipient’s access to banks, mobile money accounts, or cash pickup locations when choosing a transfer method.

Before Initiating a Transfer:

• Gather Recipient Information: You’ll typically need the recipient’s full name, address, and bank details (if applicable).

• Verify Identity: Be prepared to provide identification documents as required by the chosen transfer service.

• Understand Fees and Exchange Rates: Clearly understand all applicable fees and the exchange rate offered before confirming the transfer.

By carefully considering these factors and comparing available options, you can ensure a smooth and cost-effective international money transfer experience from the Philippines.