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Some of the most well known options have very high fees. At Time Doctor we have a lot of customers that use our software for tracking time for their workers that are working in the Philippines. We have over 2, people working in the Philippines mostly working from home using our software. They need a way to get paid and so we created this article to help our customers find the lowest cost to transfer money. There is a REAL currency exchange rate, which is the rate at which banks exchange money.
Then there is the rate that you get when you transfer money. The difference is a fee that you are charged for the transfer. Sending money via PayPal? You will be charged a hidden fee of 2. We have a remote team with people in 19 different countries around the world. The two transfer methods we use the bitcoin western union moneygram comparison are:. Sometimes you might want to fix the amount that you are sending in pesos. This means for example sending an exact amount of 20, pesos.
The reason you might want to do this is if you are hiring someone in the Philippines you will get a more reasonable local rate if you pay in pesos.
When you start to pay in dollars you might find that your worker will ask for more money just because they are seeing the dollar sign! When sending in pesos, local bitcoin western union moneygram comparison tend to think about it more in local salaries. This is more difficult to do and most services will not allow it. Here are some options that will allow this:. The problem is the time and effort that it takes to navigate the website and send each individual amount.
Here are some options that are easier for sending multiple payments:. What bitcoin western union moneygram comparison hidden currency conversion fees? What transfer methods do we use at Bitcoin western union moneygram comparison Doctor?
The two transfer methods we use the most are: TransferWise — is a new kind of financial company that you can use to transfer money internationally at a very low cost.
Their system is based on local bank account transfers, which makes transfers abroad cheaper than what banks or other providers charge. They charge a small upfront fee between 0. Payoneer — very convenient for sending and bitcoin western union moneygram comparison. They are also one of the few methods that works to receive money in almost every country and the receiver can get their money on a debit card and withdraw from an ATM.
Here are some of the lower bitcoin western union moneygram comparison options you can choose from. Stated fees for PayPal will depend on what method you use.
If you are sending money to a friend or family member, there is no fee only the hidden currency conversion fee. For all of these options there is a hidden currency conversion fee which is somewhere between 2. For sending from the US. If you send using MassPay the hidden currency conversion fee is 2. WorldRemit is offering their services only from the following states in the US: The fees for wire transfers are estimates and vary from bank to bank. Depending on how you send the money, the exchange rate fee will be paid by your sending bank or the receiving bank.
However the fee will be higher for other currencies. Small World FS fees may increase on subsequent transfers. We were not able to get clear information if their transfer rates would stay the same for future transfers. Wells Fargo is one of the economical options to send money to the Philippines. All of the hidden currency conversion costs are based on our calculations and may vary. My experience when checking these costs is that most companies calculate a fixed percentage that they add to the cost and that this percentage does not vary much.
The lowest cost option for Payoneer would be to use their transfer to bank option. If you transfer the money to Payoneer via credit card bitcoin western union moneygram comparison costs will be higher. Also Payoneer generally does not accept businesses that have less than 10 employees.
So to get business access to Payoneer you need to have a larger business with many employees. Or alternatively you can try and send money directly via their website using a credit card; but in this case the costs will be higher and they limit the sending amounts. Xoom has bitcoin western union moneygram comparison reported to cancel any payments that are for the purpose of sending to employees. Adding funds for Abra is free if you do it by bank. Here are some options that will allow this: Here are some options that are easier for sending multiple payments: There is also an integration with PayPal and Time Doctor.
Payoneer — these guys have an easy to use API where you can send to multiple people. We are also developing an integration with Payoneer and Time Doctor. TransferWise — paying multiple people with TransferWise is easy with their batch payments tool.
You simply upload a spreadsheet with payment details and you can pay hundreds of people all around the world in minutes. Let us know your comments about any of these transfer methods below! Other articles that might interest you: Leave a reply Cancel reply. UpVote Reply 0 Upvotes.
Banks tend to offer much worse exchange rates than other providers, while also charging additional fees. I've been using paypal and bank to bank transfer for so many years.
I've never tried any other way, some way are promising but I need reliability. I have tried paypal, transferwise bitcoin western union moneygram comparison payoneer. The best is transferwise so far and it goes to my account directly. No more withdrawal charges. UpVote Reply 2 Upvotes. After using Remitly mostly for smaller transactions for the past few years I needed to make larger transfers.
The first one I made was not pleasant as I had to call them several times to complete it. I had to provide a copy of my bitcoin western union moneygram comparison, SS number, and other details. I assumed that future transactions would be a breeze but I was wrong.
The representative I spoke with Precious was rude and she made me feel unimportant and that my business was of no value to her. I've lost all confidence in Remitly and I'll no longer use or recommend them to anyone.
Bitcoin western union moneygram comparison not as fast as Remitly they do process the transfers in one business day bitcoin western union moneygram comparison their rates are generally lower.
Payoneer is still the cheapest way to send bitcoin western union moneygram comparison to the Philippines. Paypal is quite expensive and the minimum amount in order to withdraw is also high. TransferWire or ShareMoney is my best option for this! UpVote Reply 1 Upvotes. If you use PNB wire transfer bitcoin western union moneygram comparison use at your own risk.
On December 2 thousands were transferred and I have not received funds. All PNB will do is say they do not have funds. They will not trace I used my lawyer in the Dtates bitcoin western union moneygram comparison got all the wire transfer information. Yet for 11 years they have handled the transaction monthly.
I have now hired a lawyer in Davao Ph. I doubt I will get justice in a Ph. I am tied up with Payoneer with my business and so far they are far better and more inexpensive compared to PayPal. They even have some arrangements like my being with their VIP customers that allows you lower fees especially if you'll be sending big amounts like payments, remittances, and the likes.
You can do the transaction online and clients sending out money need not even register. Just follow the online process and you'll be sent an email message if you have receivables. Your account number with them is already registered as an international account and you can transact globally.
Don't get me wrong. Am not part of the company. Just happy to share my experiences with their service and so far, it's topnotch! I bitcoin western union moneygram comparison have a personal account executive assigned to me who checks me out every now and then for any concerns or clarifications with regards to their service. I hope that helps! Major factors to be considered while transferring money abroad are 1 It is safe 2 Exchange rates are low 3 Convenient processes 4 Quick transactions I am myself used to transferring money abroad to my sister in USA.
I have tried many options bitcoin western union moneygram comparison have found services from Centrum Forex to be best among others. Hence, I would refer you to try and use their services.