Two Estonian friends were fed up with high transaction fees and poor exchange rates when they started Wise in 2011. Over 7 million customers, including thousands of overseas Filipino workers (OFWs) seeking to reduce remittance fees, use Wise to conduct $5 billion in monthly transactions.
The fact that Wise uses the actual foreign exchange rate sets it apart from the majority of other online money transfer services. In addition to their transaction fees, other money transfer and online payment companies like PayPal make money by lowering exchange rates. For instance, if the actual exchange rate is 50 yen for one dollar, you will only receive 49 yen, with the remaining 1 yen going to the business. Wise is different because it uses the real rate of exchange, so the recipient in the Philippines will get more pesos for their dollars or euros. ,'_com-medrectangle-3','ezslot_5',191,,_('div-gpt-ad-_com-medrectangle-3-0');
It should come as no surprise that Wise is quickly becoming the preferred money transfer service for many Filipinos all over the world thanks to its transparent pricing, real exchange rates, and low transaction fees. Compared to banks and other remittance companies, Filipinos living and working in the United States, Europe, and other Asian nations can send money at lower rates. In point of fact, Wise is eight times less expensive than bank transfers.
Therefore, you might want to think about Wise if you want to send money to the Philippines faster and for less money. Wise, in contrast to Western Union and MoneyGram, is only an Internet-based service where you can conduct transactions with your computer or mobile phone. You do not need to go to a remittance center and hand over your cash. You only need a debit or credit card or a bank account to begin.
You have the option of sending the money to your Filipino recipient's bank account, GCash, or PayMaya e-wallet. There is currently no option for cash pickup at remittance centers.300,250],'_com-medrectangle-4','ezslot_6',192,,_('div-gpt-ad-_com-medrectangle-4-0');
Step 1 of Using Wise (formerly TransferWise) to Send Money: Enter your country, email address, and password to get a free account. Check your email after registering and click the link to confirm your email address.
Step 2: Select ""Send money"" from the Wise dashboard.
Step 3: Enter the sum you want to move. Check to see that the currencies you prefer were selected. The total fees and conversion rate are already visible.
When you are finished, select ""Continue.""
Step 4: Choose whether the transfer is for personal or business use. If you are making the payment from your personal bank account, select ""Personal"" (or your name). '_com-box-4','ezslot_7',193,,_('div-gpt-ad-_com-box-4-0');
Step 5: Enter information about yourself, including your full name, birth date, phone number, and address.
To continue, select ""Continue.""
Step 6: You can choose to give the money to ""Myself,"" ""Someone else,"" or ""Business or charity."" If you want to send money to another person, select ""Someone else.""
Step 7: Enter the full name, email, and address of your recipient.
Select your recipient's bank and enter his account number under ""Bank Details."" Click the ""E-Wallet"" tab, select GCash or PayMaya, and enter the recipient's e-wallet number to send money to a mobile wallet. 300,250],'_com-banner-1',);
When you are finished, select ""Confirm.""
Step 8: On the drop-down menu, select the reason for the transfer. Choose ""Continue.""
Step 9: Check the details of your transfer to ensure that they are accurate. Click ""Confirm and continue"" after selecting ""I accept the Terms of Use"" from the drop-down menu.
Step 10: Now you can pay using any of the following options:
Bank debit (ACH): Wise will use the Federal ACH network to get the money directly from your bank account.
Wire transfer: Use your bank account to manually transfer the funds to Wise.
International wire: Transfer funds from your US bank account to another country. Fees will be added by your bank.
Debit card: USD to PHP transfers are currently not possible. On the other hand, you can use your debit card to add money to your balance.
Credit card: USD to PHP transfers are currently not possible. Instead, you can use your credit card to add funds to your balance.
Your balance: To instantly pay for transfers, open a multi-currency account and add funds.
You will need to manually transfer the funds to Wise's UK bank account for international wire transfer. The bank code (BIC/SWIFT) and the International Bank Account Number (IBAN) will be provided. The wire transfer can be made through your bank's online banking or mobile app. Please keep in mind that your bank and/or the SWIFT system may charge additional fees.
Alternately, you can sign up for a free multi-currency account that enables you to quickly and easily pay your Wise balance. Every time you want to send money, you don't have to use a wire transfer or bank debit with a borderless account. You only need to use your bank, debit card, or credit card to add money to your balance.
Step 11: To authorize the transfer, simply enter your password.
Wise will now begin transferring the funds to the e-wallet or bank account of your recipient. After the transfer has been processed, both you and the recipient will receive an email.
The funds ought to arrive within a few minutes or hours, depending on how you paid for them. The transfer may take longer to process at some banks. Your transfer may take up to a week to complete if you paid via international wire. Go to your Wise account and click the link in the confirmation email to keep track of your transfer.
These are the local supported banks to which Wise can send money:,,_;
BDO (Banco De Oro) Unibank BDO Network Bank (One Network Bank) BPI Family Savings Bank Bangkok Bank Bank of China Bank One Savings and Trust Corp. Bank of Commerce Bank of Tokyo Bank of the Philippine Islands (BPI) CTBC China Bank Savings China Banking Corporation250,250],'','ezslot_14',700,,_('div-gpt-ad-0');
Deutsche Bank Development Bank of the Philippines (DBP) East West Bank Equicom Savings Bank Far Eastern Bank Filipino Savers Bank (A Rural Bank) First Allied Bank First Consolidated Bank First Macro Bank Guagua Savers Bank HSBC Savings Hongkong and Shanghai Bank (HSBC) 250,250],'_com-leader-2','ezslot_16',701,,_('div-gpt-ad-_com-leader-2-0');
Land Bank of the Philippines Luzon Development Bank Malayan Bank MayBank Philippines Metropolitan Bank and Trust Company (Metrobank) Pen Bank Philippine Bank of Communications (PBCOM) Philippine Business Bank Philippine National Bank (PNB) Philippine Savings Bank (PSBank) Philippine Trust Company Philippine Veterans Bank Planters Bank Postal Bank300,250],'_com-large-mobile-banner-2','ezslot_15',702,,_('-2-0');
Tong Yang Savings Bank UCPB Savings Bank Union Bank of the Philippines United Coconut Planters Bank (UCPB) United Overseas Bank University Savings Bank Robinsons Savings Bank Security Bank Corporation Security Bank Savings Standard Chartered Bank Sterling Bank Tong Yang Savings Bank UCPB Savings Bank Union Bank of the Philippines United Coconut Planters Bank (UCPB)
Conclusion Filipino migrants and OFWs are utilizing a variety of remittance services to send money to their home countries' loved ones. Western Union is a dependable option for international money transfers. However, Wise is your best bet if you want to send money to the Philippines quickly and affordably. You don't even have to go to a remittance center to save thousands of pesos each month on transaction fees with Wise.
Share this article with friends who are interested in sending money to the Philippines from abroad. Send them a message or simply leave a comment below if you have any inquiries regarding Wise.
Tags: Online banking, GCash, money transfer, PayMaya, TransferWise" - https://www.affordablecebu.com/
