Remittances are one of the largest sources of foreign income for many developing countries, like the Philippines. Yet, sending money back home remains a major challenge for Filipinos living and working abroad. Usually, this problem is borne out of a shortage of efficient money transfer options from the diaspora to the Philippines.
For expatriates in Australia, this hurdle is even more prevalent. And with Filipino-born people accounting for the fifth largest migrant population in Australia, finding the best way to send money to the Philippines from Australia is a top priority.
If you’re looking for the most cost-effective and secure ways to send money online to the Philippines, then you’re in luck. In this article, we will guide you through the various methods available, helping you choose the most cost-effective and secure options.
Without wasting any more time, let’s dive right in.
Best Way to Send Money to the Philippines from Australia
There are various cost-effective and secure ways to send money to the Philippines from Australia. Plus, seeing as remittance fraud is at an all-time high, it’s advisable to prioritize security over cost. That said, some safe international money transfer methods include:
- Bank transfers: Banks are usually the safest option for sending money across borders. They offer a sense of security and reliability. While they may not be the cheapest, most banks offer fair deals to their long-time customers. Consider comparing charges across banks to get the best low fee remittance Australia to Philippines rates.
- Debit cards: Using your debit card is another easy and swift way of sending money from Australia to the Philippines. Debit cards are cheaper than credit cards as credit cards are more expensive to process.
- Credit cards: Although credit cards are more expensive than debit cards, they are another fast means of sending money to the Philippines. However, you should confirm if your bank supports remittance via credit cards, as not all Australian banks have this feature.
- Google Pay: If you’ve enabled Google Pay on your phone, you can send money quickly and conveniently from Australia to the Philippines. All you’ll require to set up and send money is your GMail and bank or card details.
Money Transfer Services
Unlike traditional banking methods, money transfer services are specific financial institutions that typically only offer international remittance options. These service providers are easily accessible and offer quick services, with the most popular ones being Western Union and MoneyGram.
You can also send money online to the Philippines using mobile money transfer services like Wise, Remitly, and WorldRemit. In recent years, online money transfer services have gained immense popularity due to their convenience, speed, and often lower costs. Most people now prefer online transfer services to traditional ones. However, they both have their perks and serve different interests.
While online transfer services have lower fees than traditional methods, traditional services have been around much longer, thereby giving them credibility. Also, online money transfer services have user-friendly platforms, while traditional services have a wide network of agent locations. Ultimately, your choice will depend on individual preference.
If you decide to use an online money transfer service, ensure the platform has robust security measures to protect your information. Safe international money transfer should be your priority at all times. You can also read reviews online to get a glimpse of user experience.
Understanding the Cost Involved in Sending Money from Australia to the Philippines
When remitting funds overseas, it is important you are aware of the various factors involved. Regardless of the method of transfer, there are always fees or charges hidden in fine print. These costs can significantly impact the amount your recipient receives.
So, when sending money to the Philippines from Australia, be sure to look out for the following.
- Transfer fees: Most money transfer agents charge fees for their service. The fees can be flat rates or a percentage of the amount sent. You should compare fees between different providers to find the one that suits you best. If you do your due diligence, you will definitely see some low fee remittance Australia to Philippines agents.
- Exchange rates: The exchange rate between the Australian Dollar and the Philippine Peso fluctuates constantly. A favorable exchange rate can significantly affect the amount your recipient receives. Knowledge is power; thus, understanding how exchange rates work and monitoring their movement can help you time your transfers. Sending funds at the right time can save you a few dollars.
- Hidden costs: Banks and fintechs are fond of fixing additional charges to their services. Sometimes, these charges are hidden under the guise of “terms and conditions apply.” Be sure to find out about all potential charges before initiating a transfer. That way, you can optimize for cheap money transfer Australia to Philippines services.
Conclusion
When considering cost-effective and secure ways to send money to the Philippines, you should exhaust your options. This implies that you should check out different platforms and financial services before making a decision.
Interestingly, these days, many iGaming affiliate platform use similar online money transfer services for smooth financial transactions. The casino business commonly involves payments from international customers, and getting the right payment method is always non-negotiable. So, iGaming companies prefer payment platforms with low-cost transaction fees, competitive rates and a user-friendly interface.
Now, with these money transfer services enjoying a stamp of approval from casino affiliates, they are no doubt going to prove stress-free for Filipino migrants in Australia. By utilizing the same cutting-edge financial technology tools that leading iGaming platforms trust, you are guaranteed secure and cheap money transfer Australia to Philippines all year long.
