USD INR ₹ 84.00
GBP INR ₹ 102.84
CAD INR ₹ 60.65
Articles

Can an OFW Apply for a Loan in the Philippines?

Updated on April 09, 2020 12:36 pm
Can an OFW Apply for a Loan in the Philippines?

Are you an Overseas Filipino Worker (OFW) and you need a little boost in your finances? Whether you need the cash for emergency expenses or you want to jump-start your way to being an entrepreneur even when you’re away, one great way to reach this by getting an OFW loan. While the process may be more complicated for them than normal applicants in the Philippines, it’s worth knowing the steps to streamline your loan application process.

Ready to apply for an OFW loan? We’re here to cover the most common questions you have regarding loans for our modern heroes.

 

Can an OFW get a loan?

Yes. Whether you’re currently in the country for vacation or you’re working overseas, OFWs can apply for a loan. In our previous article, the only way for OFWs to get a Philippine credit card is by applying for a secure one, this isn’t the case for OFWs.

Private and government-owned banks, as well as OFW-related government corporations, have created specialized loan solutions for overseas Filipinos. This way, it will be easier for them to get funding for whatever reason they have—wherever they are in the world. However, the steps won’t be easy because of the additional requirements as well as the logistics.



 

Who are eligible to apply for Overseas Filipino Workers loans?

Before you even think about gathering your documents, you need to check first if you’re eligible to apply for OFW loans. Make a checkbox of the following and see if you will get every one of them:

  • Must be at least 21 years old
  • Must not exceed 60 (in some cases 70) years old when the loan reaches it maturity
  • Must have an income of between 40,000 PHP and 50,000 PHP
  • Must be employed stably for at least two to three years
  • Must have an immediate family in the Philippines who will serve as the co-borrower

 

What are the most common requirements for OFW loans?

Like normal loan products in the Philippines, OFW loan applicants are required to submit a number of documents that will prove their identity, employment, and compensation. To help you make your application much more convenient, here are the most common documentary requirements lenders ask from OFWs:

  • At least two valid IDs (including OFW-related IDs like OWWA ID, Seaman’s Book, Philippine passport)
  • Consularized certificate of employment
  • Copy of visa
  • POEA overseas employment certificate
  • Plane ticket and flight details
  • Proof of remittance
  • Proof of billing
  • Proof of residency
  • For seafarers, the latest crew contract

Depending on the sufficiency of your documents, lenders might require you to send additional ones to increase your chances of approval. Just make sure you have everything you need on hand to avoid the pains of application.

 

What are the best loan products for OFWs?

Of course, there is no one-size-fits-all solution for an OFW’s financial woes. Depending on where your funds will be used, there are specialized loan products for your needs. If you need to find the right OFW loan for you, we’ve got you covered. We have compiled a chart using loan type, amount, tenure and interest rates. It covers Salary, Home, Personal, etc. For Auto loans, the maximum loan amount is up to 80% of the car’s total value and interest will depend on the tenure.

best loan products for OFWs

If you’re an OFW, don’t worry about getting a loan because there are a lot of options for you out there. Once you think of applying for one, make sure to read everything about the loan you’re looking at, gather all the documents, let your office and co-borrowers know that a credit investigator will contact them, and be prepared to answer their inquiry. And if you are sending money to the Philippines for a down payment, make sure you compare the top money transfer companies to make sure you are maximizing every cent. 

 

Sources:

https://www.bdo.com.ph/kabayan-home-loan-interest-rate

https://gdfi.com.ph/loan-products/pinoyabroadloan/

http://www.ofwguide.com/mobile/articles_view.php?category_id=6&articleid=2607

https://www.bpiexpressonline.com/p/0/149/personal

 322156 views
Rate article:
(2.7)
 
 
Money Transfer FAQ's
Related Articles
Passport and credit card
Which Credit Cards Include Travel Insurance?

Whether you're exploring new horizons or revisiting familiar destinations, the security of travel insurance can offer peace of mind. Interestingly, many credit cards provide various types of travel insurance, from trip cancellation to car rental loss and damage coverage, when you use your card to pay for travel expenses. But do you really need additional travel insurance? While purchasing a separate policy can be wise, you may find that your credit card offers extensive travel insurance benefits, saving you the extra expense. However, not all credit card travel insurance is created equal. In this guide, we'll delve into the realm of credit card travel insurance to help you determine the best card for your specific needs.What is Travel Insurance? Travel insurance is a protective measure designed to mitigate financial risks associated with travel-related incidents. It typically covers a range of unforeseen events such as trip cancellations, medical emergencies, lost baggage, flight delays, and more. By having travel insurance, travelers can embark on their journeys with peace of mind, knowing that they have financial protection in case of emergencies.What Does Travel Insurance Typically Cover? Before we explore the top credit cards offering travel insurance, it's essential to understand the various types of coverage your credit card may provide to protect your trip and yourself:1. Baggage Delay: Imagine arriving at your destination only to find that your luggage hasn't made the journey with you. In such situations, your credit card's baggage delay coverage may reimburse you for the costs of purchasing new attire and essential items. The coverage amount and required delay period vary by card.2. Lost/Damaged Baggage: If your bags are lost, damaged, or items are stolen from your luggage by a carrier, your credit card provider may offer monetary compensation to alleviate the financial burden.3. Trip Delay: Delays in travel plans are not uncommon. If your trip on a common carrier is delayed, your credit card's trip delay coverage can help cover expenses such as meals, hotels, transportation, and necessary purchases up to a specified amount per ticket.4. Trip Cancellation/Interruption: Unexpected circumstances may force you to cancel a prepaid, nonrefundable trip. In such cases, trip cancellation coverage can provide compensation to offset the lost funds. This benefit typically applies to cancellations for covered reasons, which vary by card.5. Medical Treatment and Evacuation: Medical emergencies can occur while traveling. If you require medical treatment or evacuation due to injury or illness, your credit card's travel insurance may cover medical expenses up to a certain amount and the costs associated with returning home for care.6. Travel Accident Insurance: In the unfortunate event of accidental death or dismemberment while traveling, your credit card may provide coverage to you or your beneficiary.7. Rental Car Insurance: Renting a car? Your credit card's rental car insurance can offer protection against theft and damage to the rental vehicle. The coverage may be primary or secondary to your personal auto insurance, depending on the card.Top Credit Credit Cards with Travel InsuranceChase Sapphire Reserve® Credit Card: Best Comprehensive Travel Insurance CoverageAnnual Fee: $550 Sign Up BonusChase Sapphire Reserve Card Rewards Travel Insurance Coverage Details: Travel and Emergency Assistance Services: Call the Benefit Administrator for legal and medical referrals or other travel and emergency assistance. You will be responsible for the cost of any goods or services obtained Trip Delay Reimbursement: If your common carrier (i.e. flight, train, bus, etc.) is delayed by more than 6 hours or requires an overnight stay, you and your family are covered for expenses that your carrier will not cover for you, such as meals, lodging, etc., up to $500 per ticket Trip Cancelation/Interruption Insurance: You can file a claim to be reimbursed up to $10,000 per per person and up to $20,000 per trip for your pre-paid, non-refundable travel expenses, such as hotel bookings, tour tickets, etc. Baggage Delay Insurance: You will get reimbursed up to $100 a day for 5 days Lost Luggage Reimbursement: You will be covered up to $3,000 per person Auto Rental Collision Damage Waiver: This allows you to not pay extra by letting you avoid opting for the car rental company’s collision insurance and charge the entire bill to your card. You can get reimbursed up to $75,000 for theft and collision damage for rental cars both domestically and internationallyTravel Accident Insurance: Up to $1,000,000 Chase Sapphire Preferred® Credit Card: Best Comprehensive Travel Insurance Card with an Annual Fee under $100Annual Fee: $95 Sign Up BonusChase Sapphire Preferred Card Rewards Travel Insurance Coverage Details: Travel and Emergency Assistance Services: Call the Benefit Administrator for legal and medical referrals or other travel and emergency assistance. You will be responsible for the cost of any goods or services obtainedTrip Delay Reimbursement: If your common carrier (i.e. flight, train, bus, etc.) is delayed by more than 12 hours or requires an overnight stay, you and your family are covered for expenses that your carrier will not cover for you, such as meals, lodging, etc., up to $500 per ticket Trip Cancelation/Interruption Insurance: You can file a claim to be reimbursed up to $10,000 per per person and up to $20,000 per trip for your pre-paid, non-refundable travel expenses, such as hotel bookings, tour tickets, etc. Baggage Delay Insurance: You will get reimbursed up to $100 a day for 5 days Lost Luggage Reimbursement: You will be covered up to $3,000 per person Auto Rental Collision Damage Waiver: This allows you to not pay extra by letting you avoid opting for the car rental company’s collision insurance and charge the entire bill to your card. You can get reimbursed up to $75,000 for theft and collision damage for rental cars both domestically and internationally. You can be reimbursed up to the actual cash value of the vehicle. However, coverage excludes certain cars, such as high value and exotic vehicles Travel Accident Insurance: Up to $5000,000 Southwest Rapid Rewards® Plus Credit Card: Best Budget Friendly Option with Good Coverage and Low CostAnnual Fee: $69 Sign Up BonusSouthwest Rapid Rewards Plus Rewards Travel Insurance Coverage Details: Travel and Emergency Assistance Services: Assistance and referral via the Benefit Administrator. However, you will be responsible for the cost of any goods or services obtained Baggage Delay Insurance: You will get reimbursed up to $100 a day for 3 days Lost Luggage Reimbursement: You will be covered up to $3,000 per person Travel Accident Insurance: Up to $250,000 to $500,000 (Visa Platinum and Visa Signature, respectively)Rental Car Insurance: Up to actual cash value of vehicle The Platinum Card® from American Express: Best for Luxury Travel BenefitsAnnual Fee: $695Sign Up BonusPlatinum Card Rewards Travel Insurance Coverage Details: Trip Cancelation/Interruption Insurance: You can file a claim to be reimbursed up to $10,000 per per person and up to $20,000 per 12-month periodTrip Delay Reimbursement: If your common carrier (i.e. flight, train, bus, etc.) is delayed by more than 6 hours or requires an overnight stay, you and your family are covered for expenses that your carrier will not cover for you, such as meals, lodging, etc., up to $500 per ticketLost Luggage Reimbursement: You will be covered up to $3,000 per person Travel Accident Insurance: Up to $500,000Rental car insurance: Up to $75,000Capital One Venture X Rewards Credit Card: Popular for its Simplicity, Flexibility, & AffordabilityAnnual Fee: $95Sign Up BonusCapital One Venture Card Rewards Travel Insurance Coverage Details: Travel and Emergency Assistance Services: Assistance and referral via the Benefit Administrator. However, you will be responsible for the cost of any goods or services obtained Lost Luggage Reimbursement: You will be covered up to $3,000 per person. If you are a New York state resident, coverage is limited to $2,000 per person. Travel Accident Insurance: Up to $250,000Rental Car Insurance:  Covers damage or theft with restrictions. You are limited to rental periods that are no longer than 15 consecutive days in your home country or 32 consecutive days outside it. United℠ Explorer Credit Card: Great All Rounded Card with Coverage, Benefits, and Affordability Annual Fee: $0 intro annual fee for the first year, then $95Sign Up BonusUnited Explorer Credit Card Rewards Travel Insurance Coverage Details: Trip Cancelation/Interruption Insurance: You can file a claim to be reimbursed up to $1,500 per person and up to $6,000 per trip.Trip Delay Reimbursement: If your common carrier (i.e. flight, train, bus, etc.) is delayed by more than 12 hours or requires an overnight stay, you and your family are covered for expenses that your carrier will not cover for you, such as meals, lodging, etc., up to $500 per ticketBaggage Delay Insurance: You will get reimbursed up to $100 a day for 3 days Lost Luggage Reimbursement: You will be covered up to $3,000 per person.Travel Accident Insurance: Up to $250,000Rental Car Insurance: Covers damage or theft with restrictions. How to Select the Right Credit Card for Travel InsuranceChoosing the perfect credit card for travel insurance involves careful consideration of various factors to ensure it aligns with your specific needs and preferences. Here's a comprehensive guide to help you navigate through the selection process:1. Determine Your Desired Travel Insurance BenefitsDifferent credit cards offer varying levels of travel insurance benefits. Some may provide only basic coverage such as trip cancellation and interruption, while others include a broader range of benefits like trip delays, baggage delays, medical emergencies, and emergency evacuations. Assess your travel habits and requirements to determine which benefits are essential for you.2. Evaluate Coverage Limits and TermsUnderstanding the coverage limits, exclusions, and any requirements associated with the benefits is crucial. Pay attention to details such as pre-existing condition clauses, minimum spending thresholds to activate benefits, and the total trip cost covered. Also, consider the coverage for rental car insurance, ensuring it aligns with the types of rental cars you typically use.3. Consider When Coverage AppliesIt's important to note that having coverage doesn't guarantee its applicability in all situations. For instance, trip cancellation insurance may only permit cancellation for specific covered reasons. Similarly, rental car coverage may not include liability coverage, leaving you, as the driver, uninsured. Evaluate the circumstances under which coverage applies to ensure it meets your needs.4. Assess Your Travel HabitsTake into account your travel patterns and preferences, including whether you travel domestically or internationally, the mode of transportation you use, and your accommodation preferences. This will help you prioritize the types of coverage that are most relevant to your travel style when comparing credit card options.5. Consider the Annual FeeMany credit cards offering robust travel insurance benefits come with an annual fee. Evaluate whether the benefits outweigh the card's annual fee based on your expected card usage and the value you'll receive from the travel insurance coverage. Additionally, consider any other perks or rewards associated with the card that may offset the fee.6. Explore Additional Card BenefitsAside from travel insurance, assess the card's other features such as travel rewards, airport lounge access, travel-related discounts, or concierge services. These additional perks can enhance your overall travel experience and provide added value, making the card more appealing.7. Research Reviews and RecommendationsRead online reviews and seek recommendations from other travelers who have experience with the credit cards you're considering. Their insights can offer valuable perspectives on the reliability and quality of the travel insurance coverage provided by different cards.Frequently Asked QuestionsHow do I file a travel insurance claim with my credit card?The process for filing a travel insurance claim varies among credit card issuers. Contact the number on the back of your card to inquire about the necessary steps to initiate the claim process.Is credit card travel insurance sufficient?It depends on your specific trip and personal circumstances. Review the coverage details provided by the credit card and assess if they align with your needs. Consider supplementing your credit card coverage with a separate travel insurance policy if necessary.Does credit card travel insurance work?Yes, credit card travel insurance does work, but coverage, amounts, and limitations can vary significantly among cards. Carefully read the fine print in documents such as your credit card agreement and benefit terms to understand the limits and exclusions.Conclusion: Opting for Comprehensive Coverage with VisitorsCoverageWhile credit card travel insurance can offer valuable benefits, it won’t include everything. It is essential to ensure you have comprehensive coverage for your travels. The last thing you want is to be traveling and run into an emergency only to have to pay out of pocket at the end. Consider obtaining additional travel insurance through VisitorsCoverage to supplement your credit card coverage and ensure you're adequately protected against unforeseen circumstances. By being informed and prepared, you can enjoy worry-free and enjoyable travel experiences.Remember, both travel insurance and sending money overseas require careful consideration and research to ensure a smooth and secure experience during your international journeys. If you're looking to send money overseas, compare exchange rates and choose a reliable money transfer service to maximize the amount received by your recipient.For more information on travel insurance, visit VisitorsCoverage.com!

Understanding USD to PHP
Understanding USD to PHP Exchange Rates in 2024

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.

EFT Cover
What is an EFT (Electronic Funds Transfer)?

Electronic funds transfer (EFT) is one of the commonly used methods to send money nowadays. There are various ways of making an electronic fund transfer. It includes more than online ACH transfers or wire transfers.EFT payments have become an essential part of our daily lives. From online shopping to paying bills, transferring money electronically has revolutionized how we handle financial transactions.So, EFT is a term you've probably come across and most likely have sent money by EFT but what does it really mean?In this blog, we discuss what is an EFT, different types of EFT payments, how ETFs work and its key components, benefits, and drawbacks so that you can make a wise decision on which is best for your transfer needs.What is an Electronic Fund Transfer?Electronic Funds Transfer (EFT), is a digital transfer of money through an online payment system, either between banks or people. EFT payments can be done within the same bank, or between banks.As the money transfers are all digital, there is no need for physical currency or paper checks. Because of this, EFT payments are far quicker and more accessible than other methods of sending money.As the traditional paper-intensive processes become more digitized, EFTs will continue to grow and evolve.The Key Components of EFT PaymentsTo fully grasp how an EFT works, it's essential to understand its key components. These include:Sender or OriginatorThe party or individual who initiates the electronic funds transfer. This could be a person sending money to a friend or a business paying its employees.ReceiverThe recipient of the funds receives the electronic transfer in their account. This could be an individual or a company.Financial InstitutionsBanks, credit unions, and other financial institutions play a crucial role in facilitating EFT. They serve as intermediaries that help process and complete the electronic transactions.Electronic ChannelsEFT transactions can occur through various electronic channels, including online banking, mobile apps, point-of-sale terminals, and ATMs.Payment SystemsPayment systems are the networks and protocols that enable electronic funds transfers. Some well-known payment systems include ACH (Automated Clearing House), SWIFT (Society for Worldwide Interbank Financial Telecommunication), and card payment networks like Visa and MasterCard.Types of Electronic Funds TransfersThere are several different types of Electronic Funds Transfers, each designed for specific purposes. Here are some of the most common types:Direct DepositsThis is a common form of electronic funds transfer where funds are deposited directly into a bank account. For example, direct deposit from the employer's bank account to to employee's bank account.This EFT uses an electronic funds transfer network called the automatic clearing house (ACH). The money can be transferred instantly and automatically into the receiver's bank account.The ACH system is also used for recurring payments, such as utility bills, mortgage payments, and subscription services.Wire TransfersWire transfers involve the immediate funds transfer between two banks, often used for high-value or international transactions. The electronic transfers are handled by a network of financial institutions such as the Fedwire Funds Service, Clearing House Interbank Payments System (CHIPS) in the U.S. for domestic wire transfers, or the SWIFT network or IBAN for international payments.Debit and Credit Card TransactionsWhen you use your debit or credit card for a purchase, you're essentially conducting an EFT transaction. The funds are electronically transferred from your account to the merchant's account.The cards feature 16-digit numbers across the front, along with the expiration date and the cardholder's name. Both cards are used either by swiping through a reader, but the more common methods are the chip and PIN or contactless technology.Mobile PaymentsMobile wallets like Apple Pay, Google Pay, and Samsung Pay allow you to make electronic payments using your smartphone. To make a contactless payment, you hold your smartphone up to a reader like you would a credit or debit card.Bank ATM (Automated Teller Machine)Bank ATM transactions are EFT payments that use Internet banking to move money electronically between bank accounts, deposit money, or withdraw cash. The bank-issued debit or credit card and PIN are used to make the ATM transaction. Although ATM fees are common, they are usually waived if you use an ATM that is owned and operated by the same bank that holds your bank account.How Long Does an EFT Take?EFTs are typically far speedier than any paper-based option. However, there are different types and transfer times vary.For example, certain mobile payments, and peer-to-peer payments are settled instantly. Domestic automated clearing house transactions are completed the following business day.It can take as little as one minute for a domestic wire transfer initiated using a non-bank money transfer service and destined for an account at the same financial institution. Whereas it can take three to five days for an international wire transfer to clear.What is the Cost of EFT?The cost of an electronic funds transfer varies depending on the type of transfer you select and the total amount of money you wish to send.If you own a company and need to pay an employee's salary, using direct deposits is a cost-free option for you to consider. Or you can use a debit card or a smartphone to make a contactless payment in stores without incurring any transaction fees.Benefits of EFT PaymentsEFT provides several advantages, both for individuals and businesses.Speed: EFTs are much faster than traditional paper-based methods. Money transfers are instant, making them ideal for urgent transactions.Convenience: EFTs allow you to initiate and receive transactions from the comfort of your home or anywhere with an internet connection. You don't need to visit banks or handle checks manually.Security: EFTs are generally more secure than paper-based ones. Banks and payment service providers employ encryption, multi-factor authentication, and real-time fraud detection systems to safeguard electronic transactions.Cost-effective: EFTs are less expensive for both individuals and businesses. You can save money on postage, check printing, and transportation costs associated with paper checks.24/7 Availability: EFT systems are available 24/7, allowing you to make transactions at any time.Drawbacks of EFTsInternational wire transfers, which are a type of EFT, can be costly considering there are charges for sending and receiving money, including correspondent bank fees, and other penalties, such as investigation fees, in the event that the wire transfer is misplaced.Wire transfers are irreversible once sent. Any funds that were sent to the wrong person by mistake or at the request of a fraudster cannot be recovered.EFTs are vulnerable to fraud, hacking, and identity theft. It's essential to take precautions to protect your financial information. This includes regularly monitoring your accounts, using strong and unique passwords, and being cautious about sharing your financial details online.What is the Electronic Fund Transfer Act? (EFTA)The Electronic Funds Transfer Act (EFTA) is a federal law in the US enacted in 1978 to protect individual consumers engaging in EFTs.Guidelines and responsibilities for consumers and banks to address errors are included in the EFTA. Customers have the choice to dispute and correct inaccuracies without incurring financial penalties.In accordance with the act, banks are also required to give customers specific details on how to reduce their liability in the event that their card is lost or stolen.In light of the growing preference for electronic transfers over paper checks, customers required reassurance regarding the security of their money. This led to the development of new regulations that would enable users to safely utilize electronic fund transfer services.Alternative Money Transfer OptionsIf you are looking to transfer money overseas, there are specialized money transfer providers offering EFT services that offer overall better experiences in terms of costs, speed, convenience, and efficiency.InstaremInstarem offers seamless cross-border money transfers to more than 55 countries via its network of more than 8000 banks worldwide, with competitive exchange rates and low fees. Their user-friendly platform ensures swift and secure transactions for individuals and businesses alike.WiseWise revolutionizes international transfers by providing transparency, real exchange rates, and minimal fees. Users can trust Wise for cost-effective and efficient cross-border transactions. Additionally, Wise offers a multicurrency account that lets you keep more than 50 different currencies and convert them at an affordable rate.RemitlyRemitly focuses on fast and affordable money transfers, catering to the needs of expatriates and those supporting loved ones abroad. Remitly provides two-speed options for money transfers: Express ensures immediate delivery with higher fees while Economy delivers funds in 3 to 5 business days.XEXE is a trusted currency converter and money transfer platform, providing real-time exchange rates and tools for individuals and businesses to make informed financial decisions in the global market. It offers international money transfers in 139 currencies to over 220 countries and territories.PandaremitPandaremit stands out for its user-friendly interface and competitive rates in the remittance market. It's a reliable choice for individuals seeking convenient and efficient international money transfers. Transfers can be completed in as little as 2 minutes, and a 100% satisfaction guarantee ensures a full refund if expectations aren't met.AboundAbound, previously named Times Club and affiliated with the Times of India group, serves as a rewards and remittance app tailored for Non-Resident Indians (NRIs). Abound enables the transfer of funds from the U.S. to India with attractive exchange rates, providing cashback and rewards. You get competitive exchange rates and no transfer fees when sending money to over 130 Indian banks from the U.S.PomeloPomelo introduces a fresh approach to seamless money transfers from the U.S. to the Philippines, integrating consumer credit with international remittance services. It offers a Family plan for global credit sharing, delivering individual cards within 10 days. Users can send money now, pay later at zero APR, and control card balances monthly at a competitive USD to PHP exchange rate.SBICFor fast money transfers from the United States to India, consider SBIC (State Bank of India-California), a subsidiary of India's State Bank of India. As a full-service bank with multiple California branches, SBIC provides various financial solutions and international services. Key features include zero-cost transfers to any Indian bank within hours, competitive USD to INR exchange rates, and flexible transfer options through the SBIC Mobile App, online, or in-person.PlacidPlacid offers a comprehensive platform for international money transfers, focusing on speed and security. It streamlines currency exchange across 25+ countries through direct affiliations with various banks. It ensures rapid transfers, allowing recipients to receive funds directly in their bank accounts or through convenient cash pickup at local agents. Notably, their spotCash! service distinguishes itself with speed, simplicity, and convenience for recipients.PassToPassto stands out for its commitment to providing cost-effective and reliable international money transfer services. It caters to expats in the UK, offering a mid-market exchange rate and transparent fees, facilitating money transfers to 60 countries and real-time airtime top-ups to 150+ countries. Users can PassTo Plus Points with each transfer, which is redeemable for fee discounts on future transactions.ConclusionElectronic Funds Transfer has revolutionized the way we handle financial transactions, providing convenience, speed, and security. EFTs continue to evolve as technology advances. The future of EFT holds the promise of even greater convenience and efficiency.As we have discussed in the blog, there are various specialized services for a seamless and efficient global money transfer. Explore these options to make informed decisions based on your specific transfer needs.To compare your options for international money transfers, use CompareRemit's comparison tool and find a provider that best fits your money transfer needs!

Download the CompareRemit App
Download the CompareRemit App
Personalize your CompareRemit experience with your preferred corridor and receive target exchange rate notifications, seamless transitions to partner apps, and real-time comparisons of top remittance providers at your fingertips.
Personalize your CompareRemit experience with your preferred corridor and receive target exchange rate notifications, seamless transitions to partner apps, and real-time comparisons of top remittance providers at your fingertips.

Get Listed or Advertise

Download Our Free App

Try our faster, enhanced mobile app for a better experience

CompareRemit App