When you need to send money to Philippines, you'll quickly realize it's not as cut-and-dry as expected. Thanks to our robust financial system, sending money within the United States is easy. However, global money transfers are more challenging, and several factors can increase how much these transactions will cost you.
Money Transfer Fees
Sending money to The Philippines is so expensive because there are many fees attached to the transaction. Several methods exist to move money to the island nation, but many of them take several days to process and require extensive fees. Send money to the Philippines hassle-free – get started with your transfer now! https://joingerald.com/transfer/philippines
The most expensive method is to initiate a bank international transfer. The costs can vary, but you may pay up to four percent of the transfer in fees alone. If you send $100 to The Philippines, your recipient would only get $96. Plus, there are ever-changing exchange rates to consider.
Most banks are upfront about what fees they charge. Typically, you'll see it as one lump sum when you begin a transfer. But what do those fees go toward?
One portion will go to the bank directly. A simple wire transfer fee, this percentage may apply no matter where you send money. Another part will go toward remittance. Remittance fees apply to global transfers because your bank must communicate with a foreign institution.
That's not all.
Your bank may also charge a separate foreign transaction fee, fees to pay for using the SWIFT network and a price to handle foreign currency exchange. Typically, you don't see any of those details when starting a transfer. But if you're wondering why the costs are so high to send money to Philippines, it's because of those hidden fees!
Are There Ways to Avoid Excessive Fees?
Fortunately, there are more cost-effective options than bank transfers. Many dedicated remittance service providers offer lower fees than your U.S.-based bank. You can also consider using a mobile transfer service.
Mobile transfers are quick and easy. If your recipient uses the same service in the Philippines, it may make transfer processing considerably quicker.
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