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What You Need To Know Before Transferring A Large Amount Of Money To The Philippines

August 22nd, 2019

What you need to know before transferring a large amount of money to the Philippines

If you are planning to send money to the Philippines, there are three things to keep in mind: choose an efficient money transfer operator, search favourable fees and rates and check whether your remittance channel is secure. Sending small or large sums of money to the Philippines is not a difficult process. Before we proceed, let’s understand the various facets involved in overseas money transfer to the Philippines.

Remittances: Key To The Philippines Economy

If you are a migrant worker, sending remittances to the Philippines is most likely to feature in the ambit of your financial transactions. For a better understanding on how to ensure value on money transfers that involve large sums of money, let’s explore the best ways to transfer money to the Philippines.

Since overseas remittance plays an important role in the economy of the Philippines, it is not taxed by the government. However, recipients of remittances are expected to file information with the government verifying that they have received funds from overseas Filipinos.

It is important to note that you must never send money to the Philippines anonymously. The government enforces strict penalties if it finds out that your money transfer to any country is illegal, anonymous, or suspicious. Before transferring large sums of money to any country, it’s advisable to consult a financial adviser.

Money Transfer Services to The Philippines

Before you make your first overseas money transfer to the Philippines, consider examining if service charges or hidden fees are involved. If you are not prepared, this may lead to a big gap in your final transaction. Further you could compare various operators to ensure you receive simple, safe and secure money transfer services to the Philippines.

How to Get The Most From Money Transfer Services?

When you send money to the Philippines there are two things you must keep in mind to make the most of your transfers. Firstly, keep a look out for a competitive exchange rate so that you can send home more pesos.

Secondly, you should ensure that the transfer fees for your remittances are nominal. You can do this by scoping out the lowest option after an intensive search. However in your search for low charges do not overlook whether the security aspect of the services provided. Never compromise on the safety of your transactions in a bid to save a few pesos.

Some banks ask for proof of identity like passport details, driving license, etc. while opening your account. Almost every bank sends a receipt at the registered email address of the sender once the funds are withdrawn. These are vital steps that ensure the safety of the funds transferred.

Why Choose Xpress Money For Money Transfers?

One of the best ways to transfer your money safely and securely to your loved ones in the Philippines is via Xpress Money. Established in 1999, Xpress Money has a global presence in more than 170 countries across 200,000 locations.

When sending large sums of money home you can trust Xpress Money to transfer your funds in multiple ways through secure channels. Your family can either pick up cash remittances from any of the agent locations or have it credited directly to their bank account. Two unique features offered by Xpress Money are the ability to track your money transfers in real-time through the transaction tracker and the 16 digit XPIN that ensures safety and security of your funds. Xpress Money makes transferring large sums of money simple, safe and secure – both for senders and receivers.