Safe Ways to Send Money to the Philippines
As of late 2014, there are around 10.5 million Filipinos working or residing abroad. Filipino migrants account for more than $28 billion or Php 1.2 trillion of remittances to the Philippines. For the last 40 years, the country’s economy has been largely sustained by the remittances of Filipinos working in foreign countries.
If you are currently living in Australia, chances are you will soon be sending or have already sent money to your relatives in the Philippines. As with all things finance related, practicing caution is key. Don’t settle for the first remittance company you see—it’s always best to do your research first. Shop around, read reviews, and ask your friends and relatives who have already sent money to the Philippines.
There are several ways to send money from Australia to your loved ones at home. Two commonly used ways to send cash to the Philippines are: 1) direct transfer from an Australian to a Philippine bank account and 2) through specialized Philippine remittance companies. Each method has its pros and cons.
Because of the security it offers, a lot of Filipinos prefer to directly transfer cash from their Australian account to a Philippine bank account. However, bank transfers generally take a few business days to clear, and this might not be the best option if the money is urgently needed. Another disadvantage of sending money through bank transfers is that many Australian banks do not charge cheap. Lastly, if you have recently migrated to Australia and still don’t have all the necessary documents, opening a bank account might not come easy.
Another way to send money to the Philippines is through specialized remittance companies. There are several companies in Australia that provides fast and secure Philippine remittance services at a minimal fee. If you opt to send your money through a remittance company, ensure that the company is well trusted and licensed to operate. I-Remit to the Philippines Pty. Ltd, for example, only charges AU$7.00 for sending any amount to a Philippine bank account. I-Remit to the Philippines Pty. Ltd is also AUSTRAC registered.
For some Filipino overseas workers, sending money to the Philippines can be a daunting task—it doesn’t have to be so. Recent innovations in technology have allowed us to securely send money anywhere in the world. To avoid having to pay unnecessary fees and being ripped off your hard-earned cash, be an informed and proactive consumer—always read and ask questions first.
Use Iremit’s 3-step method to send money to the Philippines today!