If you are looking to send money to a recipient via PayPal, say in the Philippines (USD to PHP), either for personal or business use, here's some information about the platform that can help make that transaction easier for you.
Here is a step-by-step guide to convert USD to PHP on PayPal:
A PayPal personal account is for those who use it to carry out personal transactions like online shopping or transferring money to family and friends. Setting up a personal PayPal account requires only an email address and some basic information. Once you have a PayPal account, you can receive and send money from/to any user who owns a PayPal account.
PayPal business account is for organizations to manage their global transactions effortlessly. Accepting and processing credit and debit card payments in more than 100 currencies for 200+ countries, PayPal is a reliable and popular online payment service provider that many businesses worldwide employ.
You can easily make a payment via your PayPal account either through a money request/invoice or by setting up the payment yourself. All you need is the recipient's email address or telephone number. Follow these simple steps:
1. Start the Payment
If you've received a money request or invoice via email, all you need to do is click the "Pay Now" button to get started.
You will then be redirected to log in page of PayPal. Simply log in to your account and click the "Send and Request" button.
2. Choose Between a Personal and Business Payment
When you start a payment yourself, PayPal will ask you if the payment is for goods and services or a personal transaction to family and friends either in the US or internationally.
3. Enter the Recipient Details
Next, you will enter the recipient's email address or phone number to whom you wish to pay. Ensure having correct recipient details before proceeding.
4. Enter the Currency and Amount
In this step, you'll need to enter the amount and currency you wish to send in which is USD, and confirm the recipient's currency which is PHP using the drop-down boxes.
5. Choose a Funding Source
There are quite a few choices of funding sources such as PayPal balance, credit or debit card, or a linked bank account. Keep in mind that your source of funds will have an impact on your cost of sending money. Credit cards are usually the most expensive.
6. Review the Payment and Confirm
Once you've added the amount and the funding source, confirm the payment, and a receipt will be sent to you at your email address confirming that the payment has been processed.
Payment through PayPal without an account can be done only when you receive a money request or invoice via email.
All you need to do is click the "Pay Now" button on the email, enter your debit or credit card details and make the payment. However, keep in mind that payment via a debit/credit card will turn out to be more expensive than via a linked bank account.
PayPal fees will vary on multiple factors such as:
While it is free to use the platform for domestic transfers between friends and families, there may be charges for USD to PHP currency conversion.
Here is a snapshot of PayPal fees:
If you've ever sent money abroad, you would have surely come across the term "exchange rate". The exchange rate is one of the most important factors to consider when you are converting one currency to another.
But what is an exchange rate? Simply put, the exchange rate is the value of one currency expressed in terms of another currency.
For instance, when you send money to the Philippines from the USA, the conversion of dollars to pesos is done via an exchange rate. And the rate of exchange rate will determine how many pesos your recipient in the Philippines is getting for every dollar that you send.
Suppose you convert one dollar to Philippine pesos using the following two exchange rates:-
In the first example, one US dollar equals 50 Philippines pesos, meaning payment of 1000 USD will fetch the recipient 50000 pesos. In the second example, the same 1000 USD will only convert to 45000 pesos.
It is simple math but a slight difference in the exchange rate can make a big difference when you are sending money internationally. This is why getting the best exchange rate for an international money transfer is critical.
It is a well-known fact that the exchange rate fluctuates, but a little-known fact is that the exchange rate varies depending on the money conversion or transfer service. PayPal is one such service
How to get the best exchange rate deals for USD to PHP? Compare the exchange rates in real-time offered by the best money transfer companies before sending money internationally.
PayPal is one of the most well-known and dependable platforms to transfer money online today. However, it's not always the cheapest. You can also opt for other reliable alternatives to receive and send money to the Philippines.
Xoom is a PayPal service that allows you to send money to family and friends all around the globe. Whether you want to pay international bills or send money to a recipient's debit card, bank account, or mobile wallet, Xoom is usually a cheaper option to transfer money than PayPal.
Using Wise for money transfers is best for individuals or service-based businesses dealing in large volumes of international transactions. It allows quick transfer of funds and is easy to use. It is often the cheapest way to send money to the Philippines that offers a high USD to PHP exchange rate.
Xe is one of the most popular online currency exchange providers that allows you to send money in more than 60 currencies in over 130 countries. If you regularly transfer money internationally and want to save on every transaction, Xe can be your ideal choice. Why? Because Xe offers competitive exchange rates without any hidden fees.
Remitly is a Seattle-based digital financial service provider that can transfer money in over 135 countries worldwide. It is one of the fastest money transfer platforms to get your money to the recipient within hours. The fee at Remitly ranges typically between 0.5% and 2.0%.
Instarem offers fast and cost-effective international money transfer services for personal and business use in over 55 countries around the globe. InstaReM offers comparative transaction charges, ranging between 0.25% to 1.0%. It also provides faster transactions compared to many other modes of international money transfer.
Another option you have when sending money to the Philippines from the United States is Pomelo. Pomelo is a new way of sending money overseas to the Philippines that doesn't actually involve sending money! Sign up for an account on their website, and a card will be sent to your beneficiary in the Philippines. Your beneficiary can spend money using the card, and you pay the monthly balance. Plus, pay no fees, get a super competitive USD to PHP exchange rate, and avoid the hassle of waiting for funds to arrive or cash pickup. Try Pomelo today!
Unlike sending money to someone in the same country, international transactions bring in the added difficulty of currency conversion. Now that you know why the exchange rate is essential in sending money to the Philippines, always compare USD to PHP exchange rate before making an international money transfer.
When it comes to repatriating large sums of money from India, it puts every NRI in a situation where he has to consider different obligations regarding monetary cross-transfer. Taxation, reliability and transfer timelines are a few things that influence these decisions.Personal finances have to be dealt with delicately and ensured that there is no loss during the due process of remittances. There are various options available in the marketplace today, be it via traditional banking or the modern ways of online transfers.CompareRemit offers a platform that allows you to compare different players in the market and pick the best rates that suit your needs.Repatriation from an NRE AccountAs a component of the liberalization scheme of the Reserve Bank of India, remitting funds from India has become relatively easier. Balances in NRE (Non-Resident External) accounts are freely repatriable. No formalities or requisite permissions are required for remittances abroad be it any amount. Funds in accounts are usually funds deposited from abroad or current income like interest or dividends on investments made through foreign funds.Repatriation from an NRO accountBalances in NRO (Non-Resident Ordinary) accounts are subject to certain conditions. The remittance of USD 1 million per financial year from NRO accounts is allowed subject to certain procedural formalities. NRO account balances include income earned locally or certain capital account transactions. Form 15-CA and 15-CB need to be submitted before a remittance can go through.Read more on difference between NRE and NRO account on CompareRemit.The Traditional Option - BanksThe most sought after choice for remittances to the UK are banks. Banks are the most popular means of transferring money to the UK because:There is a high level of trust owing to the various government regulations.Familiarity and the comfort of knowing the neighborhood-friendly banker.There are two ways one could remit funds using banking services:Online - If your bank has given you access to internet banking and allows repatriation through online instructions.In-Person - One could walk into the bank yourself and have the formalities completed there and then and have the satisfaction of seeing it to its destination with a receipt in your hand.However, it is important to note that INR to GBP/GBP to INR exchange rates may not always be competitive. The transfer fees can be high and the charges, not always transparent.Selection of Remittance Service ProviderShould you want to avoid remitting through banks, approaching a marketplace of money changers would be the next best option. A selection of remittance service providers should be made based on the following:- Transfer chargesSpeed of transferExchange ratesCharges on the conversion of currency (INR to GBP)Freeze option on exchange rate while process requirements are completedFlexibility of payment optionsAlternative Options for Remittance from India to UKWise - UK based transfer service supporters - Wise incorporates credit cards/debit cards, SWIFT, international transfers to bank accounts, domestic wire transfers and more. Wise offers competitive exchange rates for pound to rupee or rupee to pound conversions. It assures fast and low-cost online money transfers from India to the UK.ExTravelMoney - One of the easiest services for transferring funds from India to the UK, they also offer the facility of booking orders online.Western Union - In four easy steps available online and your money is sent from India to the UK. They offer competitive rates and faster transfers as well.Thomas Cook - Provides the best foreign exchange rates besides giving the assurance of secure and timely remittances for specific purposes.BookMyForex - With zero commission and zero charges, they claim to send money from India to the UK at guaranteed lowest exchange rates. The time span for the transfers to be effective is 12 to 48 hours.To select the right money transfer service one should keep the cost and time factors in mind. Convenience at a reasonable cost should be the mantra for selecting a suitable remittance service provider.
Sending money internationally is now easier than ever with the right service provider. PassTo is a convenient option for individuals in the UK who want to transfer money from GBP to INR and support their loved ones in India. In this article, we will guide you through the simple and efficient process of using PassTo for your international money transfer needs.Why Should You Choose PassTo?When it comes to international money transfers, PassTo is the clear choice for users in the UK. With their reliable and secure platform, PassTo ensures that your funds are transferred safely and efficiently.Here are some of the reasons why PassTo should be your top choice when sending money abroad:The first transfer is freeSpecial welcome exchange rates for new usersSend money to over 70 countries worldwide from the UKTransfer money in as little as a few minutes or same day/next business dayExcellent customer service via email, phone, or in-App chatSend up to £3,000 per day to most of our countriesSet up an account in just 2 minutesEarn a £50 gift through our rewards program when you invite 3 friends to make their first transfer of at least £200 eachPassTo is authorized and regulated by the FCANow that you understand why PassTo is the preferred option for sending money abroad, let's dive into the straightforward steps involved in initiating your first transfer from the UK to India.How to Send Money from the UK to India with PassToIn just a few simple steps, you'll be well on your way to sending money from the UK to India in no time. Step 1: Create an Account with PassToTo get started, visit the PassTo website (https://passto.co.uk) or download the PassTo mobile application from here and sign up for an account. Provide the necessary details and complete the registration process. Once your account is created, you'll gain access to PassTo's features and services.Step 2: Verify Your IdentityAs with any reputable money transfer service, PassTo requires you to verify your identity to comply with regulatory requirements. This step typically involves submitting valid identification documents, such as your passport or driver's license, and proof of address.Step 3: Choose a Payment MethodOnce you have successfully registered, you can proceed to choose a payment method from the options provided. PassTo allows you to select either your bank account, credit card, or debit card as the source of funds for the transfer.Step 4: Add a RecipientAfter verifying your identity, you can add a recipient to whom you wish to send money. Provide the recipient's details, including their full name, contact information, and bank account details in India and the details will be saved for future transfers . You also have the flexibility to choose how the recipient will receive the money. PassTo offers three options: bank deposit, mobile wallet credit, or cash pickup. You can select the most convenient option for your recipient.Step 5: Choose the Transfer Amount and CurrencySpecify the amount you wish to send in GBP and select the desired currency as INR. PassTo will display the current exchange rate and any applicable fees associated with the transfer. Take note of the exchange rate as it will impact the final amount your recipient will receive in Indian Rupees.Step 6: Review and ConfirmCarefully review all the details of the transfer, including the recipient's information, transfer amount, exchange rate, and fees. Double-check for any errors or discrepancies. If everything is accurate, proceed to confirm the transfer.Step 7: Track the TransferThroughout the process, PassTo keeps you informed and updated on the status of your transaction. You can conveniently track the progress of your transfer within the app itself or receive push notifications, ensuring that you are always aware of where the money is going and how long it is expected to take to reach its destination.Step 8: Money Delivered to the RecipientOnce PassTo processes the transfer, the money will be delivered to the recipient's bank account in India. The time it takes for the funds to reach the recipient may vary, but PassTo strives to offer quick and reliable transfers. It often can be delivered in as little as a few minutes!Sending money from GBP to INR can be a hassle-free experience with PassTo. By following the steps outlined above, you can take advantage of PassTo's user-friendly platform and robust services to securely transfer funds to India. With PassTo, you can ensure that your money reaches your loved ones in India conveniently and efficiently.
As with any other currency pair, the GBP to INR exchange rate fluctuates based on supply and demand on the international market.Inflation rates, interest rates, imports and exports, the political climate, and economic conditions are a few of the key factors that affect the fluctuation of currency values.Rate Increase by the Bank of England is Viewed as DovishEven though the Bank of England is expected to raise interest rates by 75 basis points, which would be the biggest increase since 1989, economists predict that policymakers will take a more dovish stance in the future as the likelihood of a recession rises. As U.K. inflation reached a 40-year high of 10.1% in September this year, the Bank is anticipated to increase its main lending rate for the 8th time in a row. However, slower growth momentum and a significant change in fiscal policy are expected to limit calls for further aggressive monetary tightening. The new prime minister, Rishi Sunak, dropped the controversial tax cuts at the centre of his predecessor Liz Truss' fiscal policy plan, so there is no longer a conflict between monetary and fiscal policy.The government's U-turns, which reduced market turbulence, mean that the Monetary Policy Committee (MPC) of the Bank won't have to counter the additional inflationary impact of government policy as it considers the possibility of future weaker growth.In light of what is likely to be a less generous household and business energy cost assistance scheme under Sunak, Goldman Sachs economists on Monday downgraded their 2023 U.K. growth predictions from an annual rate of -1% to -1.4%.Following Liz Truss' dismal fiscal policy statements in late September, the pound hit a record low versus the dollar. However, with Sunak's appointment and his decision to keep the more moderate Finance Minister Jeremy Hunt, the pound has since recovered somewhat.Sending Money Overseas When sending money to a foreign country, you need to take the current exchange rate into consideration. Take, for instance, the case of sending money from the UK to India. When you send money to India at a time when the exchange rate is favourable, the amount of money that your recipient receives will be higher.Today’s GBP to INR exchange rate (as of November 27, 2022) is 98.7572 INR per 1 pound as per Pound Forecast.GBP to INR 2023 Forecast Monthly GBP to INR Forecast 2023 MonthOpenMin-Max in INRCloseAveragedJanuary 1 GBP/102.05 INR102.05-106.691GBP/105.11 INR103.98February1 GBP/105.11 INR101.99-105.111 GBP/103.54 INR103.94March1 GBP/103.54 INR98.92-103.541 GBP/100.43 INR101.61April1 GBP/101.09 INR99.43-102.451 GBP/100.94 INR100.81May1 GBP/92.09 INR97.53-100.941 GBP/99.02 INR99.61June1 GBP/99.02 INR99.02-102.421 GBP/100.91 INR100.34July1 GBP/100.91 INR96.41-100.911 GBP/97.88 INR99.03August1 GBP/97.88 INR94.93-97.881 GBP/96.38 INR96.77September1 GBP/96.38 INR95.97-98.891 GBP/97.43 INR97.17October 1 GBP/97.43 INR95.49-98.391 GBP/96.94 INR97.06November1 GBP/96.94 INR96.18-99.101 GBP/97.64 INR97.47December1 GBP/97.64 INR93.84-97.641 GBP/95.27 INR96.10Source: Pound ForecastEven though you can send money through your banks, this is not the best option for sending money abroad. The good news is that the market is flooded with companies specialising in money transfers.PassTo is one such company that offers money transfer services from the UK to several countries and could be your best option for transferring money from GBP to INR. It is a London-based money transfer app that was introduced in late 2019 to offer simple, affordable money transfer services that save time, effort, and money. It primarily targets expats living in the UK.Reasons to Choose PassToPassTo has a lot to offer when it comes to transferring money:Easy Sign-up processSend money to friends and family in over 60 countries worldwide, and expandingGet the best exchange ratesTransfer money with no hidden fees Get discounted pricing for new usersFree First 2 transfers FCA regulated secure platformGet your money transferred in just a few minutes or same day/next business daySend Airtime Top-ups to 150+ countries in real-timeSend up to £2,000 per dayEarn money using PassTo Rewards ProgramMultiple payments and delivery methods24/7 customer service via email, phone, or in-App chatTrust score 4.6/5 stars on TrustPilotPassTo FeaturesTransparent Pricing and Competitive Exchange RatesPassTo fees are always shown upfront before you make your transfers. Do note that the fees will vary based on the destination country, the payment method, and the delivery method.PassTo uses an in-house algorithm that compares the exchange rates on behalf of its customers to provide the best exchange rates when sending money abroad. Even though there are several variables that affect the rates, you'll be able to view the best rates for the currency corridor you've chosen so that you can estimate how much money your recipient will receive.Faster Transfer PassTo can deliver your money in as little as a few minutes, making it one of the fastest transfer services available. For some countries, it can show up the same business day or the day after.Higher Sending LimitsYou can typically send up to £2,000 per day, £10,000 per month, and £50,000 annually. However, the limits will vary from country to country.Multiple Payment Options You can fund your transfers using debit cards, bank transfers, and credit cards.Multiple Delivery MethodsTransfer money to bank accounts, mobile wallets, Cash Pickup agents, and airtime top-ups. PassTo Rewards ProgramRefer your 3 friends to PassTo and earn a £50 gift when they make their first transfer of at least £200 each. Your friends will also get a £5 gift each. You can visit their website to learn more about their rewards program.How Do I Transfer Money Using PassTo?Here is a step-by-step guide to transferring money using PassTo:Download the PassTo app from the App Store or Google Play Store or visit their websiteSign Up & create an account Verify your account Set up your preferred payment method Enter details about your recipient Verify the transfer details Press Send!Track your transfer in the app itselfBy using PassTo, you can send money internationally with transparent fees, the best exchange rates, and a platform that is both safe and simple to use. Use PassTo to send money from the UK to India today!To compare all exchange rates, fees, and transfer speeds, use our online comparison tool for GBP to INR here.
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