Send Money to Philippines

How you send money to Philippines will influence your effective dollar to Philippine peso exchange rate. The fees most banks tack on will devastate the published exchange rates. Most banks are forced to add a 5% transaction fee. This is a Visa and MasterCard fee so while your bank may charge no fees, those credit card companies will likely still do so.

Overseas remittances are a major part of the Philippine economy; I have seen the amount to equal 10% of the Philippine economy from numerous sources.

There are many ways to obtain your money but some are better than others. Some can only be used from the USA, some have high fees and are slow. Others are fast and low cost but there are some secrets you can use to hurry that process up a lot.

You can get a free eBook called “Send Money to Philippines” by following that link. The author says he’s going to start charging for the eBook soon, so don’t wait!

The best way for you to get your money is specific to each individual. Where you live in the Philippines will be a factor. Primarily because in some locations the sum you can withdraw is limited to P10,000 per transaction and P20,000 a day.

For that reason, I love to send all of my money at one time and I have a preference to send it to a bank account. Even if the ATM’s go down due to a tropical storm or other problem, I can still get my money. Once, I couldn’t get any funds more for several days. All the ATMs were offline due to a typhoon that disrupted electricity and communications.

Those were a frustrating three days since I was out of money, low on food and my landholder hunted her rent! I finally ended up taking a bus 120Km to pick up my money! There is a blog, written by an American expat living in the Philippines that has written several articles on the subject of how to send money to Philippines.

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