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Transferring funds to the Philippines? Here’s how to make the most of your money

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There is a lot to consider when making an international money transfer. We have put together a list of six essential forex broker tips when it comes to sending funds to the Philippines that will ensure you get the most out of your hard-earned money

1. Decide whether you want to use a bank or an international money transfer service

Back in the day, there was only one way to transfer money to the Philippines — through banks. Now, with the age of technology, you can send money online using your computer or phone.

In general, international money transfer companies offer better rates than banks, which means that your recipient will receive more for the same amount of money than if you use a bank.

Using a bank usually means longer processing times, primarily because banks may not have holding accounts in the destination country, which means funds are sent to a holding account in another location first. 

International money transfer companies base their whole business around such transfers, so they are well equipped to make transferring funds quick and easy. 

2. Make sure the money transfer company is registered with the appropriate bodies and secure

If the international money transfer company is doing business in Australia, registration with the Australian Securities and Investments Commission (ASIC) is mandatory. Check if they are registered with ASIC and hold an Australian Financial Services License (AFSL). Being registered with these two relevant bodies will give you peace of mind when turning over your funds.

If you are unsure whether the company holds the necessary licenses, check their “About Us” page or security information and look for their license numbers. If they appear to not have any of these licenses, then the company may not be compliant with the regulations and your funds may not be secure.

In the past decades, it was not uncommon for some companies to bypass these licenses as acquiring such licenses is very costly. Doing so is of course unlawful and can present you with more risks.  Worse, the company presenting itself online may be a scam.

In addition, always check if your transactions are encrypted. One way to find out if the pages are secure is to check if the website is using HTTPS. You can check this by seeing if the URL on the upper left portion of your window has a small padlock beside it.

We also suggest keeping your antivirus or malware detection software up to date.

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3. Did you know? Published exchange rates are only indicative

If you use an international money transfer company, you will often see a certain rate on the homepage. This exchange rate is not the actual rate you will receive. It is industry practice to pull a market rate through an RSS feed, and then apply a small margin before it gets reflected as the live rate clients see. This live rate feeds into the homepage of the site and updates several times during the day. 

Always be conscious of the rates being flashed at the start of the transfer and the actual rate before you finalise everything. While it is normal to have fluctuating rates throughout the day, if the discrepancies between indicative and live rates are huge, then the FX company may just be trying to lure you in to use their service. 

With Sable Remit, you see the actual live exchange rate upon login. This rate is the one you get, and we only charge a single transfer fee of $3.50, and no other hidden fees. 

4. Make sure you aren’t being charged more depending on the amount you send

Some international money transfer companies are quite sneaky in presenting you with a higher-than-market exchange rate to attract you to sign up. Be wary of the fine print, though, as more often than not those excellent exchange rates are only applicable up to a certain amount transferred. 

If the exchange rate looks too good to be true, then that may be the case. Be wary of higher-than-market rates being offered by some companies. Read the terms and conditions of these rates carefully, as higher-than-market exchange rates may just be part of a strategy to “buy you in” to use their service. This may only work for your benefit for a few hundreds of dollars but work for your disadvantage in the long run. If you send money frequently, you may end up losing more money in the long run, as compared to if you were to go with an international money transfer company that provides a consistent rate.

Do your research and always check if the exchange rates change after a certain amount is transferred. You can contact the provider and find this information out beforehand. 

5. Take note of various (often hidden) fees

Each and every international money transfer platform operates differently and may charge one or several fees. For instance, some may only have a transfer fee, whilst others may charge transfer fees and extra service fees depending on your mode of payment. Banks are also known to charge a receiving fee, which means the person receiving the money may get a lot less than originally expected. 

Whichever forex provider you engage with, always check how much the fees are and if there are any hidden costs involved. This will also give you a good sense of the customer service they offer. 

6. Check if they have a rewards program

Some international money transfer platforms offer loyalty points or free transfers if you frequently engage in business with them, or even offer a rebate if you refer someone to use the service. Not only is a rewards program an indication that the business intends to stay in the long-term, it will also provide you an additional incentive to keep using the service. 

Sable Remit has a rewards program wherein clients can earn $5 for every successful referral. This means that if you refer ten friends and they sign up and activate their accounts, you receive $10. In addition, every fifth transfer is fee-free. If you frequently send money to the Philippines, you will save costs on transfer fees. 

7. Consider signing up for rate notifiers

Unlike other industries, there is usually no specific day or times that will “trigger” a better exchange rate. A workaround is you could look for international money transfer providers that let you sign up for exchange rate notifiers. For instance, if you are not happy with this week’s exchange rate, perhaps waiting for a better rate may be a good strategy for you. If you sign up, you can receive notifications and can monitor the exchange rates without visiting their website every time. 

A new way to remit money: Sable Remit

We understand that sending money to the Philippines, securely and reliably is important to you. 

Sable Remit is an international money transfer service for Filipinos in Australia. Sable Remit is part of Sable International, an organization that has been providing cross-border financial and immigration services to a global community in the last 25 years. Sable Remit is registered with ASIC and holds an Australian Financial Service (AFS) License No. 355 126) so you can rest easy knowing that your transactions are secure and well taken care of.


Register by filling in this form or visit SableRemit.com.au for more information.

You can also call us on (03) 8651 4505  or email us anytime at info@sableremit.com


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