Highest remittance rate for converting 1 EUR to PHP = 61.7
International money transfer is today a simple process that sending money from Spain to Philippines should be easy. However, it is advisable to do your own research and select the most appropriate way to send money from Spain to Philippines. At Exchange Rate IQ, we help money senders to save time and money during their transfer by providing them with a detailed analysis of the available services and other vital details that will make their transfer seamless.
Many people are stuck between options when it comes to sending money from Spain to Philippines because of the many available and confusing options. Thanks to Exchange Rate IQ however, you can quickly select a suitable money transfer service and learn how services like XE Money can make life easier for you.
If we have to look for the reasons as to why anyone can need to send money from Spain to Philippines, then the list is endless. However, the highest number of people that send money from Spain to the Philippines are migrants sending money back home to their loved ones and companies that have outsourced their services from Philippine freelancers. With millions of money being sent to the Philippines from Spain, it is important to understand that the money transfer process can be tricky more so for first-timers.
Although money transfer has many methods especially in the past, it is important to recognize that there are three main cheap ways to send money from Spain to Philippines and they include;
Online cash transfer: As one of the newest international money transfer methods, online cash transfer can be said to be the best solution there is. Generally, online cash transfer is the cheapest way to send money from Spain to Philippines with services like XE Money offering free services. However, it is important to note that using these services can prove to be a big headache especially if you use a cash transfer app or service that is available in Spain and not the Philippines. As stated, online cash transfer can be cheap but you have to understand what the rest of the package entails. For example, you will enjoy a free service with XE Money but you should be ready to wait around three to five days before the transfer is complete. Nevertheless, much faster transactions come at a fee. Some of the top online cash transfer services that you can trust to send money to the Philippines from Spain include; Remitly, CurrencyFair, WorldRemit, Azimo, Ria, and XE Money.
Cash delivery services: these are one of the first money transfer services that ever existed and remains relevant to date. Cash delivery services are known to be one of the fastest ways to send money from Spain to Philippines. In the past, the process required the sender to visit their agent in order to initiate the transfer but technology has changed everything. Today, using services like Western Union or MoneyGram have been simplified by technology. That means, as the sender, you can transfer cash for a pick up straight from your smartphone without having to visit the location of the service provider. This makes cash delivery services to be much easier to work with. Keep in mind that instant cash transfer services are relatively expensive compared to online cash transfer.
Bank transfer: you can easily send money from your bank account in Spain to a bank account in the Philippines. Normally, the transaction takes about three to five days to clear and the charges also depend on the kind of bank that you use. Bank transfers have been around for a long time and thanks to mobile banking, sending money from Spain to Philippines only requires a few minutes with your phone. The best part is that mobile banking has made it possible for money senders to use any of the available money transfer services. That is because you can make payments to a money app or cash delivery service directly from your bank giving you limitless control over your money.
Although it seems like a straightforward process, many people have failed in their mission to send money from Spain to Philippines because of the following reasons.
Cost: without knowing how much it will cost you to send money to the Philippines can mean not affording the service or sending less money than expected. Therefore, confirm the cost of service first.
Transfer time: knowing the average duration of your transfer will help you know if the transfer is delayed. This will help you track your money until the end
Service option: you need to make sure that you use an international money transfer service that is available in both Spain and the Philippines. That way you can avoid complications during transfer.