You can find many people from the Philippines who work in the UK. Many of them send money home to their friends and families, primarily via banks, PayPal, or an online money transfer service. However, people have shifted away from banks in recent years because they charge crushing fees, inadequate rates, and take longer to deliver the funds.
When you combine that with PayPal’s strict limits and policies, you can see why many people use online money transfer services for sending money to the Philippines. So, let’s review the top three money transfer services to send money to Philippines.
Wise
By offering reasonable fees, Wise has become a well-known name for international transfers. Once you send money to the Philippines with Wise, it’ll take two to three days to arrive. Moreover, compared to other services in the remittance industry, Wise provides reasonable Pound to Philippine Peso rates.
However, for some locations such as the Philippines, additional fees can be somewhat costly. In addition, Wise doesn’t offer any tools to monitor your budget and manage your spendings, which can be a problem in the long term.
InstaReM
If you’re an InstaReM customer, you can send money to the Philippines via multiple user-friendly platforms. You can also get bonuses and loyalty offers. It’s most suitable for transfers to Asian countries, Australia, etc.
If you plan on transferring money using a credit card or a digital wallet, you should forget InstaReM. In addition, customer support is online for specific hours on weekdays and none during weekends. Of course, you have to pay additional fees for large transfers; however, it does offer sensible Pound to Philippine Peso rates.
LycaRemit
People mostly love Lycaremit because it’s the best all-around option. Not only does it offer a mid-market Pound to Philippine Peso rate, but it also doesn’t fool you by adding hidden fees in the margins. In addition, Lycaremit is well-known for having a solid presence in countries like the Philippines, Benin, Sri Lanka, and other less popular destinations.
With Lycaremit, your money will arrive within 48 hours maximum no matter where in the world it is. A key distinctive feature of LycaRemit is it ensures transaction safety via RSA 256-bit encryption. LycaRemit provides 24/7, including weekends and/or holidays.
Bottom Line
While the instant transfer of PayPal and the security promises offered by banks appear attractive at first, online remittance services are a wiser choice in the long run. First, even costly services charge far less than PayPal. Second, their transaction security technology is just as good as banks, if not better.
So, logically, it’s advisable to select an online money transfer service, and it’s even better to go for one that’s the best of the bunch. Few companies can compete with Lycaremit on international transfers, especially exotic destinations like the Philippines. Hence, what are you waiting for? Visit the Lycaremit website and place your order for sending money to the Philippines!
