Are you looking to send money to the Philippines? In this post, we'll provide a guide to sending money to the Philippines and cover all your potential options.
How to send money to the Philippines
Making payments to your team in the Philippines can get tricky. Each method has its own advantages and disadvantages, and the method you choose may depend on factors such as how quickly you need the money to arrive, the amount you are sending, and the preferences of the recipient.
Here are some common methods for sending money to the Philippines:
- Use Panther: If you want to pay contractors in the Philippines, Panther’s the easiest way to do it. Click here to learn more about how Panther lets you pay your contractors in a single click.
- Bank Transfer: You can transfer money to a bank account in the Philippines using a bank transfer service. This is a safe and secure way to send money, but it may take a few days to process and may be more expensive than other methods.
- Money Transfer Service: Money transfer services such as Western Union and MoneyGram allow you to send money to the Philippines quickly and easily, with funds typically arriving within a few minutes. However, these services may charge higher fees than other methods.
- Online Payment Services: Online payment services such as PayPal and TransferWise allow you to send money to the Philippines using your credit card or bank account. These services may offer lower fees and faster transfer times.
- Remittance Companies: Remittance companies such as WorldRemit and Remitly specialize in sending money to the Philippines and may offer lower fees and faster transfer times than other methods.
- Prepaid Debit Card: If you are sending money to someone who doesn’t have a bank account, you can use a prepaid debit card. These cards can be purchased online or in person and can be used to withdraw cash from ATMs or to make purchases anywhere that accepts Visa or Mastercard.
- Wire Transfer Service: If you want to send a larger amount of money or need the funds to arrive in a specific account, you may want to use a wire transfer service. Wire transfers can take a few days to process, but they are generally very reliable.
Tips for sending money to the Philippines
Here are some tips to keep in mind when sending money to the Philippines:
- Compare Fees and Exchange Rates: Before choosing a method for sending money, compare the fees and exchange rates of different providers to ensure that you are getting the best deal.
- Use a Reliable Provider: Choose a provider that is reliable and has a good track record for sending money to the Philippines.
- Verify Recipient Information: Make sure that you have the correct recipient information, including their full name, address, and bank account number, to ensure that the money is sent to the correct person.
- Keep Records: Keep a record of your transaction, including the amount sent, the fees charged, and the exchange rate used, for future reference.
- Consider Your Needs: The best way to send money to the Philippines depends on your needs and preferences. Whether you need to send money quickly, want to send a larger amount, or have other considerations, choose the method that best fits your situation.
Hiring contractors in the Philippines? Panther can save you a ton of time on payroll
If you’re hiring contractors, you’re probably spending too much time on their payroll, contracts, and tax documents. Which is why we built Panther, which saves you 90% the time you spend on contractor paperwork each month.
With Panther, you can compliantly hire your contractors in 150+ countries, onboard them in minutes, and pay them all at once (in a click). It’s global contractor payroll, finally simplified.
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