Due to the current pandemic, many families will not be spending their holidays together. Even though we cannot be there in person, we can still find comfort in knowing that our family will be supported financially. Whether you are sending payment for goods purchased online, pamasko, or your family's general living expenses, money transfer services will never fail you!
With all the money transfer services available in our country, it is hard to decide which one to trust. Below, we have made a detailed guide on the things you need to consider before deciding which service to trust. We also have made a list of our top 10 recommendations - all of which are trustworthy, safe, and convenient.
Quick List - Top Money Transfer Services
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However, bank charges tend to surge as the money you intend to transfer goes higher. Also, banks do not have a lot of options when you want to send money internationally. With wire transfers, you’d have to queue up and fill out a ton of paperwork.
This is where money transfer services shine. They make sending and receiving money convenient for its users. And with all the money transfer services available now, their rates tend to get competitive, so you’ll usually get the best transfer and exchange rates.
Before you entrust your hard-earned money to any service, read these points, and use it as a reference to make sure you get the best value for your money.
To make sure that your hard-earned money arrives safely to the intended destination or receiver, we recommend that you use a service from a known company. Make sure the service has a good reputation, as well as good reviews from previous and current users.
Fortunately for you, we have already done the research, and in our top 10 items below, we made sure to include only recommendations from services that you can trust - whether you are sending the money within, to, and from the Philippines.
As we said earlier, different money transfer services will have competitive rates. Some services will offer flat rates, while some will base their rates on the amount you will transfer. As an example, for a domestic transfer from 1 Peso to 500 Pesos, Western Union will charge you 5 Pesos. For transfers from 501 pesos to 1,000 pesos, they will charge you 15 pesos.
On the other hand, for the money transfer app TransferWise, their charges usually depend on how much you will send. For international and domestic transfers, their cost is usually around .5% of the money you will send.
No matter how much you send or how much the transfer rate is, always ensure that the company will be transparent with their transfer rates. Always look at the fine print and make sure they don’t have hidden charges.
In times like this, where staying home is always the best option, consider money transfer services where you do not have to go out to make your transactions.
Mobile apps usually provide a service where money transfers can be done through an app. They will initially require you to send some ID images to verify your identification. You also will need to provide details of your credit or debit card to make your transfers.
When using a debit card, you will have to make sure that it contains enough funds for the transfer. If possible, avoid using your credit card since the rates tend to be higher. Once your identity is verified and your banking details have been submitted, all your succeeding transactions will happen smoothly.
One thing to note is that apps usually do bank-to-bank transfers, and it will take some time for banks to move the money. It will usually arrive within 1 to 5 business days. We would recommend money transfer apps for international transfers since they have the lowest international transfer rates.
Some money transfer services will require you to go to certain stores or locations for them to verify your information. The process does not normally take long if you have all the needed papers and identifications.
Their main selling point is that the recipient can claim the money quite fast - sometimes within minutes. Still, the recipient usually has to claim it at another one of their stores or remittance centers.
Another thing to consider is how fast it will take for the transfer to take place. For services where it requires a bank transfer, the process usually takes longer since banks still need to wire the money until it reaches the recipient.
Make it a point to check how fast the transfer speed will be, especially if the money is needed for emergency reasons.
This might go without saying, but if you are making an international transfer, the currency exchange rate will vary vastly from one service to another. As exchange rates also vary depending on the day, you can check Bangko Sentral ng Pilipinas’ website to serve as a reference.
From there, you can compare and contrast the exchange rate of various services. Couple the best exchange rate with the lowest transfer rate, and you have yourself the best bang-for-your-buck money transfer service.
Before you proceed with your transfer, consider the recipient as well. Does the intended recipient have a bank account and prefer to receive it from there?
If the recipient does not have a bank account, consider other options for receiving the money such as GCash, Smart Money, PayMaya, or in-person. Some money transfer services can even deliver the money to their door!
Products | Image | Click to purchase | Key features | |
---|---|---|---|---|
1 | Western Union Money Transfer Western Union Sulit Padala | ![]() | A Service Trusted By Many Worldwide | |
2 | TransferWise LTD TransferWise | ![]() | 8 Times More Affordable Than Banks | |
3 | Palawan Pawnshop Palawan Express Pera Padala | ![]() | Your Partner for Your Every Padala | |
4 | LBC Instant Peso Padala | ![]() | Instant and Door-to-Door Money Transfer - They've Got You Covered | |
5 | Cebuana Lhuillier Pera Padala | ![]() | Money Transfer, Pawning, Currency Exchange - Name It, They Offer It | |
6 | M Lhuillier ML Kwarta Padala | ![]() | Receive Money at Any Time | |
7 | Globe Fintech Innovations, Inc. GCash Remit | ![]() | Make Your Phone Your Wallet | |
8 | PayPal Inc. PayPal: Mobile Cash | ![]() | Safe, Secure, and Trusted by 267 Million Users | |
9 | WorldRemit Money Transfer | ![]() | Wide Variety of Payment and Receiving Options | |
10 | TrueMoney Money Padala | ![]() | Money Transfer Service With Unbeatable Accessibility |
Western Union is a household name in the Philippines, especially for those who have an OFW in their lives. It is known mostly for the safe and secure money transfer that the recipient can receive in minutes. You can even track the money through the MTCN - you can see if the transfer has been processed, collected, and completed.
We would recommend Western Union Sulit Padala if you want to send the money within the Philippines or to the Philippines. Western Union is available in over 200 countries and territories all over the world, over 8,400 branches all over the country, and they have more than 160 years in the industry. You can never go wrong with this service!
Although they have an online option wherein you can create an account and input all the necessary information through the app or the website, you will still have to pay in-store or through your bank account.
When sending money through Western Union, in-store payment and pick-up are recommended if you want the recipient to receive the money immediately. With their Mobile Money Transfer service, it allows customers to send money to a PayMaya mobile wallet at any branch.
When it comes to transparency and being upfront with the fees, nothing beats TransferWise. What you see when you input the amount you want to send, that is what you will pay. They will even send you updates every step of the process, so you can track the transfer process.
They have one of the lowest rates for their transfers, which depend on three things - the amount you're sending, how you pay, and the exchange rate. You can also pay through direct bank transfer and your credit card.
However, the rate will be higher if you use a credit card. We would recommend TransferWise for individuals who frequently send large amounts of money because of the affordable transfer rates.
With about 5,000 branches nationwide, you'll know that you can send money wherever your family is in the Philippines - even in the most remote areas. Palawan Express was originally a pawnshop business, but in the past few years, it has emerged as one of the most prominent money transfer services in the country.
Although their rates vary depending on the recipient's location and the amount you will send, their rates remain one of the most affordable when compared to other services. Both the recipient and the sender will receive text updates when the remittance has been processed, is ready for pick-up, and if the money has been claimed.
One unique service they offer is that they can provide a Suki card to their frequent customers. The cash card is powered by BDO and can be used to remit and receive money through any BDO bank or ATM. Frequent customers can even get points and rebates! However, this may not be useful for those needing only a one-time-use of their service.
If you are ever in need to send money as soon as possible, LBC's Instant Pera Padala will be your best bet. You only have to fill out a form, hand the amount, and the cash will be ready for pick up at any LBC branch in the Philippines. Due to the current pandemic, LBC has come up with a way to make the money transfer even more convenient.
You can go to this link to provide all of the necessary information. Once you've completed all the steps necessary for the transaction, you will receive a confirmation SMS that the transfer has been processed, and the recipient can claim the money at any LBC branch or partner remittance centers.
You can also choose to send the money to a bank account. You just need to provide the bank details, and the cash - LBC will send it to the recipient's account. Since LBC is known as a delivery service, they also provide a next day door-to-door money delivery service so that your loved ones don't have to go out and claim the money.
Cebuana Lhuillier is one of the biggest names in the Philippines when it comes to money transfer. They are highly accessible as they have branches in most malls. Some of their branches even offer a 24/7 availability! Aside from money remittance, they also offer services like pawning, currency exchange, and more.
To make the money transfer faster and more convenient, you can make use of the Online Appointment System, wherein you can set an appointment online before you visit a branch. This lets you skip waiting in line and filling out forms - a great way to practice social distancing!
Emergencies can happen at any time of the day. For situations where the money is needed immediately, you can go to any of the 150 24/7 M Lhuillier branches nationwide, which lets you receive the money even in the middle of the night.
There are also 100 overseas agents where you can send and receive money through their partners. Unlike other money transfer services, their rates only vary depending on the amount you will send, and not the location.
Gcash is a service provided by Globe - it requires the sender to be a Globe or TM subscriber, but not the recipient. You can send the money to another GCash account through the GCash app. If the recipient is not a Globe user, they can go to any of the GCAsh outlets to claim the money.
We recommend using GCash remit if both you and the recipient are Globe users, as the transfer and receiving of funds are free of charge. However, GCash has a limit of ₱40,000 per transaction or ₱100,000 a month, so it is not really suitable if you intend to send larger sums of money.
Aside from the money transfer service offered, GCash also offers other services like bills payment, buying load, booking movies, shopping online, splitting restaurant bills, and many more!
If you've done your fair share of online shopping, there is a high chance you've heard of PayPal. It is considered one of the safest ways to pay for online purchases and services rendered. No matter how sketchy the e-commerce site is, if you pay with PayPal, you know your money and personal information are secure.
Since Paypal mainly works online, you can use the service 24/7, and the recipient will be able to instantly receive the money in their PayPal funds or GCash wallet. However, if you prefer to transfer the money directly to a bank account, expect it to take 2 to 4 days.
If you want the safest way to transfer your money anywhere in the world, PayPal will not fail you. We would also recommend PayPal if you frequently send large amounts since they do not have a sending limit for verified users. Their app is very easy to use, and reviewers have lauded their great customer service and support.
Another app innovation with affordable transfer rates is WorldRemit. With this app, you can choose to pay using various options like Apple Pay, Android Pay, debit or credit card, and bank transfer. You can also choose to send the money directly to the recipient's bank account, mobile wallet, or you can choose the cash pick up option.
If you frequently send money abroad or live abroad and often send money to your family in the Philippines, WorldRemit is a convenient and affordable option for you. True, their rate tends to go higher as the amount of money you'll send increases, but it remains relatively affordable.
When the transfer is completed, both the sender and the recipient will receive text alerts. This will give you the peace of mind that the money has arrived safely. They also have a promo - you get your first three transactions for free!
TrueMoney was originally established in Thailand in 2003 and is now thriving in the Philippines with or 20,000 TrueMoney centers nationwide. TrueMoney has one of the lowest transfer fees on our list - you can even send money for free for transfers under 100 pesos! Recipients also do not need to pay anything upon claiming the remittance.
The main selling point for TrueMoney is its accessibility. Their remittance centers can be found practically anywhere - in sari-sari stores, internet shops, pawnshops, salons, carinderias, water refilling stations, and even neighborhood bakeries! Senders receive text alerts with confirmation codes, which the recipient can then use to claim the money.
Don't let the pandemic get you down! Once you get that pamasko money from your relatives, spend it on things that will liven up the holiday spirits of everyone in the family.
Whether it's for emergency reasons, general living expenses, or payment for goods and services, you need to make sure that the money you worked so hard to earn arrives safely. Be sure to consider the points in our buying guide and brows through our top 10 recommendations before deciding which money transfer service to use.
Author: Rie Niijima
No. 1: Western Union Money Transfer|Western Union Sulit Padala
No. 2: TransferWise LTD|TransferWise
No. 3: Palawan Pawnshop|Palawan Express Pera Padala
No. 4: LBC|Instant Peso Padala
No. 5: |Cebuana Lhuillier Pera Padala
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