Online money transfers are the best way to transfer money to the Philippines from the UK. Using online remittance services offer a fast, cheap, secure, and convenient way of transferring money. CompareRemit is an online exchange rate comparison service, so we understand that you have many different options when it comes to sending money to Philippines online.
It is a tough marketplace with several money transfer specialists - traditional ones such as Western Union and Moneygram are competing with incumbents such as Wise and WorldRemit. How to send money online from UK to Philippines has definitely evolved over the years, and you'll have more options than ever, which is why comparing your options based on your needs and budget is important.
Let's look at some of the top remittance companies and what they offer customers just like you!
Best Way to Send Money to the Philippines from UK
Panda Remit is a trustworthy and fast way to send money to Philippines from UK with a 100% money transfer guarantee. They are an international remittance company that was founded in Hong Kong by Wo Transfer (HK) Limited. They serve millions of global clients and offer some of the most flexible sending and receiving methods along with excellent rates.
Panda Remit's best features include:
PassTo is a cheap and quick way to send money to over 60 countries worldwide from the UK. They offer an easy-to-use, secure platform that only takes a few minutes to download and sign-up for.
Some of PassTo’s benefits include:
Send money from the UK with PassTo today!
Xoom is a leading money transfer provider to send money from the UK. It has the best network of delivery options and cash pickup locations in the Philippines compared to any other service provider.
The best feature of Xoom is transfer speed.
You can pay using multiple methods to facilitate your transfer through Xoom - bank account, debit card, credit card, or PayPal balance. Xoom is a PayPal service. So the best part is that if you have an account with PayPal you can start sending money to the Philippines with your PayPal payment options.
Xoom is one of the most reliable and convenient ways to send money with excellent customer support in multiple languages.
Western Union is the largest money transfer service provider in the world. It has a large network of agents around the world. In the UK, they have about 5200 agent locations, where you can send or receive money, and in the Philippines, they have over 13000 agents across the country, where the recipient can collect the money within minutes.
Money can be sent both through multiple methods that are safe and secure - Western Union agent locations, website, mobile app or over the phone. If you are transferring money through a storefront via agents, transfer fees start from 2.90.
The benefit is that your recipient can collect the money within minutes through any of its agent locations. The rate and fees may differ depending on your location and speed of transfer.
MoneyGram International is the second biggest money transfer company in the world after Western Union.
MoneyGram may not always provide the best exchange rate compared to other money transfer service providers. However, they provide one of the fastest and the most convenient money transfer services.
They are over 10,000 agent locations across the Philippines including popular pawnshops such as Cebuana Lhuillier and Palawan Pawnshop that offer international money transfer services including picking up cash sent from abroad.
MoneyGram recently strengthened its position in the Philippines with its partnership with Gcash. OFWs can send money in minutes to GCash mobile wallets in the Philippines instantly.
The company was created in 2010 by Ismail Ahmed, a Somali migrant while studying in London. Drawing from his experience, he wanted to make money transfers cheaper and improve the experience of sending money for the entire migrant community.
There are four transfer methods of sending money through WorldRemit from the UK to the Philippines - bank transfer, cash pickup, WorldRemit Wallet, or airtime top-up.
While their airtime top-up method is not exactly a money transfer per se, you can send credit/Talktime to prepaid mobiles on the Smart, Smartbro, Smart Gold, Cignal, Globe, and Sun Cellular networks almost instantly.
Their bank transfer allows you to transfer money to any major Philippine bank - Metrobank, LandBank, Philippine National Bank (PNB), Banco de Oro (BDO), and Bank of the Philippine Islands (BPI).
They offer money transfers to the Philippines from the UK at great speed with good foreign exchange rates and low fees.
Skrill Money Transfer is an easy to use and quick way of sending money from the UK to the Philippines. For now, they offer money transfers to Mobile wallet and Bank account only for the Philippine corridor.
They charge zero fees when you use Skrill Money Transfer to send money to an international bank account. And Skrill Money Transfer does not charge recipients any fee to receive the money sent. Skrill is one of the cheapest ways of sending money to the Philippines from the UK.
It is a service for money movers and makers. Read what our users are saying about Skrill.
Factors to Consider When Comparing Options for Money Transfer from UK to Philippines
Here are some factors to pay attention to that will help with your decision for which remittance service to use to send money to Philippines from UK.
Exchange rates between different currencies fluctuate. This means that the value of converting your GBP to PHP keeps changing.
High exchange rates get you the best value for your money. Since the UK currency to PHP rates change quickly, setting an alert when it is favorable and locking in on the rate can save you a lot of money. When you are alerted, you can convert GBP to PHP to see if the rate is at your liking.
GBH to PHP exchange rates offered by money transfer specialists differ and this is why you should shop around to get the best deal on your transfer.
Sending money across international borders comes with fees. The fees can be shown upfront or remain hidden in poor exchange rates. You may need to pay currency conversion fees as well. When looking for the cheapest way to send money from UK to Philippines, you'll definitely want to take into consideration any transfer fees.
The transfer fees vary amongst the service providers and also depend on the transfer amount, the pay-in and pay-out methods, the currency you are using, and even your destination country. Making an informed decision when transferring money saves you money.
The fastest way to get your money to your loved ones may not always be the cheapest but it is the best option in case of an emergency. You can opt for instant money transfer which is usually through cash-pick up through a money transfer agent or bank transfer which can take about 3-5 business days.
Based on your requirements, you can compare, narrow down your options, and make your choice.
How to send money to Philippines from UK comes down to your convenience. You can directly deposit your money to the recipient's bank account via bank transfer or online money transfer companies or send your money as cash through an agent. Few popular ways to send money to the Philippines are:
Do keep in mind that the cost of transfer will vary based on the methods you use. Using either debit or credit card can also influence the transfer cost.
Remittances put the money into the hands of the people and household directly, lifting millions from poverty, and stimulating economic development - by providing access to finance, improving education, healthcare, and entrepreneurship.
With over 10 million Filipinos working overseas, it is no surprise that the Philippines is amongst the top recipients of remittances in the world. The remittances every year amount to billions of dollars, which adds up to about 10 percent of the country's gross domestic product (GDP). The World Bank data showed that remittance to the Philippines reached $35 billion in 2019.
The United Kingdom (UK) has a thriving Filipino community and the number has been increasing over the years. And if you are looking for the best ways to send money from the United Kingdom to the Philippines, we have got you covered.
Before we go ahead and list the best options for sending money to the Philippines, make sure you have your documents ready before sending money. To save more time and money, follow our tips on money transfer.
In conclusion, there are several ways to send money from the UK to the Philippines. We hope that this article has give you more insight on how to send money from UK to Philippines safely and securely, while also getting the best rates. The best ways would depend on several factors and your requirements - sending money for an emergency or monthly family maintenance or for a big investment, etc.
One sure way to go about is to compare all of your money transfer options and choose the one that meets your needs. All the money transfer service providers listed on CompareRemit are regulated by the Financial Conduct Authority.
For many immigrants or individuals supporting their families in the Philippines, understanding the fluctuations in USD to PHP exchange rates is very tricky. Navigating the intricacies of these rates involves examining a spectrum of economic, political, and social factors.CompareRemit is here to make life easier for you, so you can make the best decision with little to no hassle on your part. In this guide, we'll unravel the complexities surrounding USD to PHP exchange rates, providing valuable insights to empower you in making informed decisions for your money transfers.Interest Rates: The Currency Tug-of-WarOne of the primary factors that influence exchange rates is interest rates. When the U.S. Federal Reserve adjusts interest rates, it sends ripples through the currency market. Generally, higher interest rates attract foreign investment, strengthening the USD against the PHP. For individuals, keeping an eye on interest rate differentials between the U.S. and the Philippines can offer insights into potential shifts in exchange rates.Inflation: The Balancing ActInflation, the rise in the price of goods and services, plays a pivotal role in currency valuation. Countries experiencing lower inflation rates often witness an appreciation in their currency. Comparing inflation rates between the U.S. and the Philippines allows you to gauge the potential strength of the USD. A lower inflation rate in the U.S. compared to the Philippines may contribute to a stronger USD.Government Policies: Shaping Economic StabilityGovernment decisions and economic policies, both domestic and international, have large impacts on exchange rates. Policies promoting economic stability, prudent fiscal management, and sound monetary measures contribute to a stronger currency. Staying informed about the policies of both the U.S. and the Philippines will allow you to gain an understanding of the economic health and help predict dips and rises in exchange rates. Trade Balances: A Global PerspectiveThe dynamics of global trade, including exports and imports, definitely impact currency values. A country with a trade surplus, exporting more than it imports, may see a stronger currency. It might be very tedious to stay up to date with trade imbalances between the U.S. and the Philippines, but doing so can serve as an indicator of potential exchange rate movements.Historical Data: Patterns and PredictionsAnalyzing historical USD to PHP exchange rate trends can reveal patterns and provide insights. While past performance doesn't guarantee future results, understanding how rates responded to similar economic, political, or social events can guide your decisions. Historical data offers a valuable tool for predicting potential movements in exchange rates.Practical Tips for Informed Money TransfersStay Informed: Regularly follow financial news and updates from both the U.S. and the Philippines to understand the broader economic context. Regularly read our blogs to stay up to date with all the major money transfer news. Utilize Reliable Tools: Use CompareRemit’s online comparison tool and email alerts to track real-time exchange rates, ensuring you get the best value for your money transfers.Seek Professional Advice: Consulting financial experts or using professional services can provide personalized insights tailored to your specific situation, enhancing your decision-making process.In conclusion, comprehending the factors influencing USD to PHP exchange rates empowers you to make informed decisions when sending money to the Philippines. By staying attuned to economic indicators, leveraging historical data, and adopting a proactive approach, you optimize your money transfers, securing a more stable financial future for your loved ones.
For Indians moving abroad, you will have a multitude of choices you will need to make. One of the most pivotal decisions you will need to make revolves around selecting the right bank account to manage finances. It can get very overwhelming. Rest easy, we are here to help make that decision as easy as possible. India’s banking system offers two types of accounts tailored for Non-Resident Indians(NRIs): Non-Resident External (NRE Account) and Non-Resident Ordinary (NRO Account). Understanding the nuances and similarities between these accounts is vital to making an informed decision.What is an NRE Account?An NRE account is a savings account allowing NRIs to deposit foreign income earned outside India. A significant advantage is the repatriation of both the principal amount and the interest earned, facilitating easy transfer of funds to your overseas account without restrictions.Additionally, interest earned on NRE accounts remains tax-free in India, providing NRIs with an efficient means to save and grow their foreign income. However, funds in this account must be maintained in Indian National Rupees (INR).How Does an NRO Account Differ? In contrast, an NRO account is designed for managing income earned within India, like rental income, dividends, or pension. While NRO accounts also offer repatriation benefits, they come with limitations. The transfer of funds from an NRO account to an NRI account is capped at $1 million per financial year, requiring a certificate from a chartered accountant affirming tax compliance, including TDS rates, deductions, and DTAA applicability.Interest earned on an NRO account’s balance is taxable under Indian tax laws, with funds also maintained in Indian Rupees. Choosing Between NRE and NRO AccountsThe choice between an NRE and NRO account should align with your income source and repatriation needs. An NRE account suits foreign-earned income and easy repatriation, while an NRO savings account is best for Indian-sourced earnings, allowing limited repatriation after tax deductions. Benefits of NRE and NRO Accounts:1. Access for Family Members: Both NRE and NRO accounts offer easy access for family members in India. Banks like ICICI Bank NRI Services provide a mandate Holder card and a chequebook to the customer’s family members for convenient access.2. Interest Rates: Interest rates on both account types are similar, varying slightly among banks. Checking prevailing rates before deciding is prudent. Explore ICICI Bank NRI ServicesOpen an NRE or NRO Account with ICICI Bank for lucrative features like Dedicated Relationship Manager, Family Banking services, attractive interest rates and more.Making the Right Choice Selecting between NRE and NRO accounts requires careful evaluation of your financial circumstances. Each offers distinct benefits catering to different needs. Consider income sources, tax obligations, repatriation needs, and family access before deciding. Consulting with bank representatives can provide clarity and guide you toward the optimal decision for your financial situation and goals.To compare the top NRE and NRO accounts–including ICICI NRI–to find the best one for you, visit the NRE Account Compare Page or the NRO Account Compare Page.
Best NRE Accounts for NRIs Across the GlobeFor Non-Resident Indians (NRIs), managing finances across borders becomes essential, and having the right bank account is crucial. One of the go-to options is the NRE (Non-Resident External) account, designed to facilitate seamless money transactions and savings for NRIs.What is an NRE Account?An NRE account is a type of bank account for NRIs to maintain and manage their foreign earnings in India. The acronym 'NRE' stands for Non-Resident External, indicating that the funds deposited into this account are from overseas sources. NRIs can deposit foreign currency into an NRE account, and the balance and interest earned are freely repatriable, i.e., both the principal amount and interest can be transferred abroad without any restrictions.NRE vs. NRO AccountIf you are just starting to explore the options of NRI banking, you might have heard of NRO accounts. NRE and NRO (Non-Resident Ordinary) accounts are two distinct types of accounts catering to different financial requirements. While NRE accounts are primarily for repatriable income and earnings from outside India, NRO accounts are for managing income earned in India. Both account types serve NRIs' distinct banking needs, providing avenues for managing Indian and foreign income separately.What Makes a Good NRE Account?Several factors contribute to making an NRE account a preferred choice for NRIs:Repatriation Benefits: Opt for accounts that offer seamless repatriation of both principal and interest earned without any restrictions.Interest Rates: Look for accounts that provide competitive interest rates to maximize returns on your deposits.Convenience: Choose banks that offer easy accessibility through online banking platforms, especially for NRIs residing abroad.Customer Service: Opt for banks known for their reliable customer service and efficient grievance redressal for a hassle-free banking experience.Best NRE Accounts for US-based NRIs and Foreign-Based IndiansSeveral banks offer top-notch NRE savings accounts tailored to meet the diverse financial needs of NRIs. Here are some of the best NRE accounts available. To determine the best account for your needs, view a more detailed comparison of each bank’s interest rate, key features, and more on our CompareRemit NRE Account Comparison Site. ICICI Bank NRE Savings AccountA household name, ICICI Bank is a very popular and safe choice for your banking needs. It is the one most often chosen by NRIs.Key Features: Higher interest rates, zero balance requirement, online remittance services, and NRI-focused banking solutions.Learn more about ICICI NRI and to get started with your application. HDFC Bank NRE Savings AccountA competitive player in the field, HDFC Bank is known for its high interest rates and benefits for its customers. Key Features: Competitive interest rates, 24/7 online access, easy fund transfers, and a global presence.Yes Bank NRE Savings AccountYes Bank provides a unique feature which many NRIs find helpful, a personal relationship manager who can guide you through your questions and account needs. Key Features: Flexible interest rates, hassle-free fund transfers, a dedicated personal relationship manager is assigned to each account holder. State Bank of India (SBI) NRE Savings AccountAnother household name, State Bank of India is reputed for its reliable service and dedication towards keeping the process simple and easy for its customers. Key Features: Widest network, attractive interest rates, simple documentation, and multi-currency facilities.Kotak Mahindra Bank NRE Savings Account Kotak Mahindra Bank serves as an excellent choice for those looking for a service that will give you a reliable and a high interest rate wielding account. Key Features: High-interest rates, convenient banking services, and personalized solutions for NRI customers.Axis Bank NRE Savings AccountAxis Bank, previously known as the ever-reliable CitiBank, continues the staple practices that gave CitiBank its reliable name. This is a great option for those looking for a bank with years of experience and reliability. Key Features: Flexible deposit options, competitive interest rates, user-friendly online banking, and diverse financial products.Choosing the right NRE account depends on individual preferences and banking needs. Each of these banks offers competitive interest rates, online banking convenience, and excellent repatriation facilities suitable for NRIs managing finances from abroad.NRE accounts serve as an ideal financial solution for NRIs seeking efficient money management, seamless repatriation of funds, and tax benefits. By choosing the right NRE account based on individual preferences and banking needs, NRIs can effectively manage their finances and easily send money back home to their loved ones in India.