Whether it’s to Manila, Cebu or Davao, every year millions of Filipinos send millions of pesos home.
But with so many companies offering different options, finding the safest, cheapest and easiest method of getting your money home can leave you confused.
If you’re transferring money to the Philippines for the first time, this handy guide will help you get started.
Online versus traditional
Once upon a time, sending money internationally meant standing in a queue at the bank.
While most banks offer online banking these days, it is usually a lengthy process on a badly-designed website, and you’ll have to provide a lot of personal details each time.
Banks are also slow, and can take up to seven business days to complete an international transfer.
And then there’s the cost.
Banks typically charge some of the highest fees on the market and their exchange rates are poor. In fact, transferring money through a bank can end up costing you as much as 15% of the amount you’re sending.
The good news is that new technology has increased the number of companies who can transfer money internationally. These online providers are much faster than banks and high street money transfer shops.
This means that consumers now have much more choice, and more competition brings prices down.
That’s great news for people sending money to the Philippines.
Using an online provider like Azimo is much cheaper and faster than going offline.
Understanding the costs
When it comes to the cost, there are two parts: the exchange rate and the fee.
The exchange rate is simply how many pesos you’ll receive for your pounds – how much it costs to buy one currency with another.
Always check the rate you’re being offered and compare it – a quick check on Google or XE will tell you whether it’s a fair deal.
The fee is the up-front cost, and it’s usually either a flat fee or a percentage of the amount you’re sending.
It’s always a good idea to check there aren’t any additional fees, for example, a charge for using a debit card. And be wary of ‘fee-free’ services, which might seem like a great way to save money but can sting you with terrible exchange rates.
Azimo’s charges are always clear and simple. Fees start at £1, compared to the £10 you can expect to pay in a bank. Our exchange rates are excellent and typically a fraction of what you’ll pay elsewhere. Plus, new customers receive two fee-free transactions when they sign up to Azimo.
Keeping your money safe
If you’re transferring money online for the first time, you want to be sure that the money will arrive safely.
A few quick checks can help you choose a company that is trustworthy.
- Are they authorised with the appropriate bodies? In the UK, that’s the FCA (Financial Conduct Authority).
- Do they work with the world’s biggest banks and payment providers?
- What steps do they take to keep your money and your data safe?
Azimo is authorised by the FCA and we’re verified by both MasterCard and Visa. We also use the latest anti-fraud and encryption technology, so you can be confident that your money is safe every step of the way.
Faster money transfers
Once you’ve figured out how to get your money home safely, you want to go ahead and do it. Right now.
An online provider like Azimo is available 24/7. No need to wait for the bank or money transfer shop to open.
With the award-winning Azimo app, you can even send money from your mobile phone, in just a few taps.
What’s more, cutting out the bank delays means that your money will arrive much faster. An Azimo transfer to a bank account in the Philippines is usually complete within a few minutes.
Cash pick-up transfers can be ready for collection within an hour from more than 5,000 locations across the Philippines, and many are open 24 hours a day.
Even better, cash sent to a BDO location is transferred instantly – no waiting and wondering where your money is.
If you’re transferring money to the Philippines for the first time, sign-up to see why our Filipinos customers have been using Azimo.
Because customers know best, diba?