Philippines is a small island country, it falls on Southeast Asia located in the Western Pacific Ocean. Philippines is a third world country and the economy of the country is solely based on agriculture and also on tourism and services. The per capita income of Philippines was 8,900 PPP in 2016. Philippines has limited sources of sending and receiving money in the country as the financial system is still significantly under developed.
Money transfer to Philippines:
The currency of Philippines is Philippine Peso. Money can be sent or received by direct bank transfer method or online banking method as well. However most of the population feels comfortable and still considers banks as the main medium of any money transfer services. Also there are yet only few online money transfer services operating in the country, thus the people prefer to make direct bank transfers.
Restrictions on receiving and sending out money in Philippines:
The locals and foreigners residing in or out of Philippines have to attain a permit from the Ministry of Finance for physically carrying or electronically making any transactions of more than PHP 50,000. Any excess amount that is being transacted without the permission of the authorities is immediately subjected to confiscation by the authorities. This is done to examine and confirm the credibility of the beneficiary. After attaining the permit, the transaction can be directly made from the local commercial banks or by other online means. Also the task of currency exchange in Philippines is done through the commercial banks operating in the country. However, over the years after a slight increase in the economic stability, international money exchange services started their operations in Philippines.
During the last fiscal year, Philippines had undergone significant economic transformation mainly due to the growing tourism industry. However, due to lack of employment and business opportunities, the GDP of Philippines has contracted to -1.5% during the last year.
Transferring Money Instantaneously to Philippines?
With the innovations in technology you can do money transfer to Philippines using the Internet or the telephone which is a finger touch away. Using e-commerce, you can do all transfers on the Internet making it convenient for you. It acts as a substitute for the old methods like money orders and cheques. You need to have an account ready to be funded which is done electronically by using a credit or debit card. The beneficiary can request for a bank account transfer or a cheque.
Frequently Used Method to Send Money to Philippines?
Currency transfer to Philippines by way of money transfer organisations is considered to be the safest method. Reputed companies will have branches worldwide ensuring the reach of such companies. All you have to do is to open an account with them and they will give you a money transfer control number on remission. You need to give this number to the recipient to allow him to collect the funds. The currency rate of Philippines will affect the total expense that has to be incurred by you.
Transferring Money Using ATM cash to Philippines?
Using a prepaid ATM cash card your beneficiary can draw cash at almost every ATM in Philippines. You can keep reloading cash into the card over the phone or online so as to ensure that your recipient can withdraw money at any time. This service can be done online or over the phone at any time during the day making it comfortable for you.