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Remittance services to Philippines
There are as many best remittance services available to send money to Philippines. Some of them are Money2anywhere,
Moneygram, Remitly, Ria Money Transfer, Small World Fs, Transfast, Transfer Wise, Western Union,
World Remit, Xendpay and Xoom. Below are some key features to be noted.
Compare the whole list of remittance providers to Philippines if you would like to get a full comparison report.
1 US Dollar equals 47.74 Philippine Peso
2016 – USD to PHP exchange forecast:
It has been forecasted that all long 2016 the impact on the global markets will make a small rise for the USD against the Philippine currency. Though the forecast may vary depending on the global impact and announcements it is also estimated that the rise of PHP against the American dollar can mostly reach up to 49.50 PHP by end of 2016.
GDP(%) and remittances to Philippines
With a population of 100 million and a GDP of $248 billion, it is estimated by the world bank that about 10% of the country’s GDP depends on remittances.
Transferring money to the Philippines using Money Gram is quite fast with support for more than 190 outbound countries.
Online money transfer service using credit card is also supported with comparative fees that is so close to that of
Western Union. Transfers are usually done in minutes.
Transferwise is a new and is a cheaper way of sending money to Philippines. They usually transfer money at the real exchange rates. They save some transfer fees when compared to bank and do not have any hidden charges. Transfers usually take 3 days with Transferwise.
Western Union being a traditional money transfer company has a lot to do for Philippines. They do support cash pickup in almost every place like mall, bank, pawnshop, drug store and even in a grocery store. They support over 200 countries online and through money agents. The transfer time is usually longer for Western Union when sending to Philippines. They usually take 5 days to transfer.
Xoom supports transfers to Philippines by means of credit card, debit card (or) Paypal. It is estimated that the recent buyout by Paypal has given a huge US customer base to Paypal. Most of your transactions are fee free. Transfers using bank account is faster compared to the debit card transfers. They usually take 1 day.
Philippines – remittance history