Masterplanned across an initial 30 hectares, Brittany Corporation's Georgia Club in Sta. Rosa, Laguna is an upscale property inspired by the charming communities of the American South. Homes take design cues from classic Colonial architecture...Money Transfer to the Philippines
Source: filipinawives.com
One thing that many ASAWA visitors have in common is a recurring need to send money to the Philippines. Most often, this is money sent on a monthly basis to in-laws to help pay for schooling, rent, or food. Fiancés also find themselves sending money to their future mates, albeit on a less regular basis, in order to pay for numerous immigration forms, fees, and (of course) bribes to local officials. Then there are those special occasions where you want to get a gift of some kind to a loved one, but don't want to spend a fortune shipping it across the ocean.
So it's not surprising that a question I hear often is, "What's the best way to send money (or gifts) to the Philippines?"
Western Union
The most commonly used method to send money to the Philippines, at least by Americans.
Pros: Fast. Funds are transferred almost instantly, funds can be either in Pesos or U.S. Dollars, often the sender gets a free 5 minute phone call to the Philippines, which is just enough time to give the receiver the Transfer number so they can pick up the money. Very secure. There are a LOT of Western Union locations in the Philippines, making it easy for loved ones to pick up the money you've sent them. You can send money either in person, at your local Western Union location, or online (click the link above if you'd like to use the online method).
Cons: Fastest and most secure method, but not the cheapest.
Mailed Payment
Pros: Very cheap.
Cons: Getting the Philippine post office to deliver mail with money in it is akin to betting on the lottery. Good luck. Even if the money does arrive, it will take weeks to do so, unless you send it by FedEx or DHL, in which case you'll be spending more money to send the money than it would have taken to have wired it. Also, personal checks and money orders are often hard to cash and fees are charged for doing so.
MoneyGram
A competitor to Western Union.
Pros: Almost instant delivery of funds to the Philippines, and supposedly much cheaper than Western Union, though I can't find a listing of their fees on their website. Otherwise, similar benefits as Western Union.
Cons: Not nearly as many outlets as Western Union, either in the Philippines or the U.S. Cash only transactions, no online purchases.
U.K. MoneyGram
This suggestion kindly offered by an asawa in the UK:
"I would just like to tell you of the fees from the UK using moneygram which can be done from main post offices and funds are collectable at PNB in the Philippines. The fee for up to £100 is £12 rising to £150 for £5000. I have found the service quick and reliable to send funds to my friend in Cebu. More details can be found on the site (link is above) in the section marked travel, money transfer. Here a full scale of charges can be found, and hope this may be of use to the membership."
My thanks to Richard C., on behalf of everyone in the U.K. who may find this information useful.
PNB (Philippine National Bank)
Another method of getting money to the Philippines is by opening a bank account with a bank that operates both in your home country (for example, the U.S. or Australia) as well as the Philippines. You actually open the account in the Philippines, close to where the money will be withdrawn, then take or mail a payment to the closest branch in your own country for deposit into that account. A gentleman from the forum who uses this method describes the exchange as follows: "I write a check for the desired amount and include the $5 fee [$2,000 or more does not require a fee]. I mail this to them and they [PNB] transfer the money into the account in the PI. Approximately 5 days later, the money can be withdrawn from the PNB branch in the PI. The account is dollars to pesos, and the exchange is fair."
Don M. was good enough to add this comment: "We personally have a Peso account, and the deposit fee is $6 but our "Dollar Account" fee is $15. The PNB doesn't pay very much in intrest, and they never send you a statement. Each time we go back, I'll deposit a few thousand dollars in the PNB, before we leave, and withdraw it, in dollars, as we need it while on vacation. If we have a considerable amount left over (and the chances are remote) We will withdraw it and take it home. Usually we leave the balance there for the next trip. Funds held for pick-up at a PNB Branch cost $10, and delivery to the door cost $15."
Pros: Inexpensive and secure. Faster than mailing a payment to the Philippines.
Cons: Slower than wiring money to the islands. Requires you to mail in your payments if there is not a PNB branch in your area. An account must be opened at a local branch in the Philippines.
RemitHome.Com
An internet-based company where you send money online, and it is either deposited in a bank overseas where the recipient can withdraw it, or a courier delivers it, in cash, to the recipient's home. Focus is on remittances to Asia. According to the company's literature, "Remithome (www.remithome.com) is a convenient, affordable and secure online remittance company that provides money transfer services to Asian immigrants and others from the United States to Asia. Accessible from any Internet connection, remithome offers consumers the highest value for a low flat fee. Remithome believes in creating long-term relationships with its customers, is rooted in Asian culture and is dedicated to serving the Asian community."
Pros: More affordable than wire services like Western Union and MoneyGram, and convenient for the sender.
Cons: Slower than wiring money, though for a few extra dollars you can get expedited service. Relatively new and untested company. Feedback at the ASAWA forum, however, has been generally positive.
Standard ATM method
Using this method, you simply open an account at any bank in the U.S., get an ATM card that uses an internationally accepted ATM system like Plus or Cirrus (check the back of the ATM card you have now if you don't know what I'm talking about), and send the card to the Philippines. The person in the Philippines can then use the ATM card to withdraw funds at an ATM in his/her community.
Pros: Almost instant, though sometimes it will be a day or more before deposits are available for withdrawal. Relatively cheap compared to wiring fees. You can set up a withdrawal schedule so that there's no need for you to call the Philippines and convey transfer numbers, etc.
Cons: It's not free; you'll be charged international ATM fees, which range from $1.50 up. There are occasionally reports of ATM fraud in the Philippines, and it is possible (though not likely) that a bank could screw up and disburse more money than you put in the account. You have to get the ATM card safely to the Philippines. If not in person, I suggest using a secure service like FedEx or DHL (NOT the post office!). Obviously, you should not mail the PIN with the ATM card - convey the PIN by telephone once the card arrives safely in the Philippines.
Visa "Buxx"
Here's a rather creative way to send money suggested to me by another forum visitor. Visa has created a program that is intended to teach teenagers how to responsibly use credit cards. If you enroll in this program, you as the "parent" can order a card for your "teenager" that looks like a credit card (it even bears the Visa logo). Your teenager can use it wherever Visa is accepted, including almost every ATM in the world. You, as the parent, add funds to the card online, by transferring funds from your bank account or a credit card. In this way, you determine the amount of money the person holding the card can withdraw/use. Sort of like a debit card, but without a bank acting as middleman.
Pros: Inexpensive (rates depend on the bank that issues the visabuxx card - but one user of this method states there's a $1 charge plus 1% of total withdrawn). Card can be immediately deactivated, online, if you're notified that it's been stolen or lost. You can also "suspend" the card online, as often as you like, and "reactivate" it later, which allows you to more closely manage your money.
Cons: Technically, this program is for American "teenagers" and not for your 60 year old mother-in-law in the Philippines. But who's to say you don't have a young niece in the Philippines who is like a daughter to you? Or perhaps you have a daughter who is traveling to the Philippines to attend school there, or for missionary work.? Note that you will have to provide the last 4 digits of your "teenager's" social security number for identity purposes.
GC Philippines
Richard C. suggests this site for anyone considering sending a gift to someone in the Philippines. "...www.gcphilippines.com has proved to be a quick and reliable means of getting gifts etc to the recipient in the Philippines. They provide vouchers for department stores like Robinsons, National book shop, pay as you go phone cards for smart and globe networks as well as shoes and clothing. My last order was delivered within 24 hours and their charge only 150 peso."
Credit Card
This approach is similar to the "Standard ATM method" mentioned above, except that you give the person in the Philippines a credit card instead of an ATM card. The pros and cons are similar, though credit cards may carry more inherent risk, especially if you have a high credit limit. Karsten G. adds the following: "As far as I can tell, the person using the card in the Phillipines (sic) doesn't even pay a fee at the ATM terminal. I've never paid a cash advance fee to my credit union. I tell her to get P10,000, and that is what the ATM gives her, and I get no special charges on my credit card statement. I follow it all from my online banking, so I can see immediately when she gets the money."
Note that while Karsten is not paying fees, you should always check with your card issuer to see if any fees apply to your card in a similar circumstance. Every card issuer has different policies.
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