Over ten million Filipinos are employed in other countries. They contribute significantly to their chosen nations while also sending money home to their loved ones in the Philippines. Filipino expats need a dependable, simple, and rapid money transfer service able to help their friends and families receive the most money possible with the least amount of difficulty.
You have a few options when you wish to send money to the Philippines. You can either use a high street bank or a remittance provider to transfer funds or do it yourself utilizing online transfer services.
Going ‘in-store’ to send money can be convenient if you need help with your money transfers, but you’ll pay extra for these services, resulting in less money arriving in the Philippines. Online and in-app money transfers are there for avoiding fees and wiring as fast as possible.
Consider Converting PHP to Another Currency
The exchange rate must be considered while sending money to the Philippines. This tells you how much pesos are worth relative to the currency in your new country. For example, Filipinos who have relocated to Australia will need to check the exchange rate between the Australian dollar and the Philippine peso.
It’s important to note that exchange rates are constantly fluctuating. If you compare the dollar or pound to peso rate from a year ago to today, you’ll see a significant difference. The rate may even vary from one second to the next.
Filipinos can use their bank accounts or specific money transfer providers to change Philippine pesos to US, Canadian or Australian dollars, euros, sterling, or any other currency. However, it’s critical to remember the requirements of the Central Bank of the Philippines. Individuals can only transfer up to 50,000 pesos without the Central Bank’s written clearance.
Use Lycaremit
You may take advantage of our agreements with several of the Philippines’ most well-known banks and financial institutions by utilizing Lycaremit to support your loved ones back home. These agreements ensure that remittances are always safe and simple.
To use Lycaremit, you must first create an account on the website or through the mobile app. We’ll need some basic personal information from you, such as your name, phone number, and preferred payment method. You simply provide the pertinent details of your friend or family members to ensure that the money is directed to the correct recipient. Depending on the amount sent or not verifying your identification, we may request more documentation.
You can choose to wire funds via various methods because Lycaremit is here to make life as simple as possible for you and your beneficiaries. It’s possible to send money directly to your loved one’s bank or mobile money account. Alternatively, you can pick up the banknotes in person at one of the pick-up sites. If it’s convenient, you can have the pesos delivered to your recipient’s residence.
Bottom Line
There are various international remittance options available, each with its own set of advantages and disadvantages. Some businesses have acceptable rates and fees, but they aren’t transparent. Others are cheaper, but they take longer to deliver and are more susceptible to cyber-attacks. Lycaremit, fortunately, meets all of the right criteria, making it a good choice for both large and small transfers. Register with us if you’re looking for a low-cost and fast way to send money to the Philippines.
