A hidden fee is the conversion fee charged by the companies which is not shown on the transaction page but will get charged from the amount you are transferring and leads to less transfers to the recipient. The companies will not tell users about this fee that means it’s hidden.

Many companies charge approximately 5% of the total amount as hidden fees depending on the method of transferring and amount transferred. So, your recipient will not receive the amount which is shown to you on the transaction page and you will be charged more than told. Therefore, you always check if the company is charging any extra hidden fees or not.

Canada to the Philippines is not very much competitive transfer corridor as there are only a few companies which offer their services on this route. A few of banks and money remittance companies are offering these services which offer multiple offers to provide discount and best exchange rates. The major question arises that after seeing competitive exchange rates is which company you should pick to transfer funds from Canada to the Philippines.

A few banks, MTOs and startups are offering these services to customers with multiple offers and benefits. Due to this competition, consumers now have a large number of choices and negotiating power. But again the question arises is which is the “best money transfer company” according to your needs and requirement of the recipient. So, here are a few base points which you should consider before transferring Canadian Dollar to Philippines Peso:

1. Speed: How soon you want your money to reach the recipient? If you want to transfer money faster, you can use cash pickup services of WorldRemit which provides the instant transfer. While, if you have no emergency, then you can use services of TransferWise, QuickRemit and Xendpay, which will deliver money in 2-3 working days.
2. Exchange Rate: The companies offer different exchange rates depending on the fees they are charging and their margin of profit. For example, XE Money Transfer offers its customers mid market exchange rates. Besides this, other companies offer a bit lower rates comparing to live market rates and lock-in so that the same amount will be received by the recipient.
3. Fees and Other Taxes: There are taxes levied on every transfer depending upon the policies of both the countries which will be deducted from the amount paid. The fee is charged by companies on different types of transfers. Before transferring, first, watch out that you will not end up paying more than you should.
4. Transfer Convenience: If one can transfer in an easy way without any support of customer assistance, then the company is considered as highly convenient. You can make transfers online without physically visiting its office. In the era of digitalization, mobile apps are also necessary which can ease the transfers anytime anywhere. Xendpay, WorldRemit, and XE Money Transfer are also offering their mobile apps.

TransferWise and OFX both are global level money transfer companies and have offices in some of the major cities worldwide. But when we compare TransferWise vs OFX, we can see that the exchange rates are highly competitive and both of them can save more for you as compared to bank transfers. OFX transfer services are there for people from the past 17 years, while TransferWise was established in the year 2011. We understand that you will have multiple questions such as TransferWise or OFX, which one is best? Which is the most affordable option to send money internationally? So let’s have a look at both the companies using different perspectives such as:

• Fees
• Better exchange rate
• Transfer speed

Fees: OFX does not charge any fees for transferring money if you are transferring money more than USD $1,000 or more while TransferWise fees depends on where and how much amount you are sending. Its fees range in between 0.55% to 2.35% of your transaction and sometimes more. So, here we prefer OFX as it is charging lower fees compared to TransferWise.

Better Exchange Rate: TransferWise is one of some companies which offer the mid-market exchange rates while OFX exchange rates are approximately 0.4% above the mid-market rates, as it includes the transaction fees too which it is not charged under fees head. Both have competitive rates, but TransferWise has much better rates.

Transfer Speed: TransferWise mostly deliver its money with 1-2 days, so does OFX. So under this head, both the companies are providing money to the recipient within a period of 1-4 days. So, here is a tie.

But as we see the TransferWise is not charging any hidden fees, while OFX is offering lower exchange rates makes TransferWise a better option to send money to the Philippines. So, if you are thinking of "remittance to Philippines from USA", you can choose the best of them and at the same time, ERIQ is providing you multiple offers which will reduce your transfer fees.