About Singapore and Philippines
As expected, there are so many Philippines residing in Singapore for various reasons. Needless to say, the need to transfer money to the Philippines from Singapore had spearheaded the establishment of some impressive money transfer services. With over millions of SGD converted to PHP annually, there is a tight competition between money transfer services to win more users. How do they do this? By providing competitive rates and that is what you need to take advantage of.
How to send money from Singapore to the Philippines with the best rates
If you want to send money from Singapore to the Philippines today, you will need to choose from 3 main options. Remember that money transfer is a service that has changed over the years and in an era when technology is making the world a better place, money transfer has become much simpler. The main ways through which you can complete your Singapore to Philippines transfer today include:
Through banks: Banks have been the main means of sending money to the Philippines from Singapore for a very long time. These services have only gotten better today with options like mobile banking being introduced. When sending money to the Philippines via bank transfers, you might want to be keen on the exchange rates as provided by the available banks that offer the services. It will go a long way to cut the cost for you.
Using money Apps: This is perhaps the most popular way of sending money from Singapore to the Philippines. Money apps have changed the financial world today and when it comes to cross border transfers, these apps will impress you. Don't forget that there are plenty of money apps to send money to the Philippines out there but you will need to be extra cautious so that you can identify a legitimate one. At Exchange Rate IQ, we help you to make the right decision by providing you with online money transfer services that are legit. Some of the top picks according to money senders include; TransferWise, WorldRemit, RIA, and XE Money.
If you are looking for the cheapest way to send money from Singapore to the Philippines, you may want to consider using online money transfer services. You will however like to know that some apps will not charge you for the transfer only that you will have to wait significantly longer, about 3 to 5days before your transfer is complete.
Cash pick up services: If you were born before technology then you already understand that money used to be sent to be picked at specific points. The service is still alive today and through companies like Western Union and MoneyGram, you can have your money sent and picked in cash in the Philippines. Cash transfer services are known to be one of the fastest ways of sending money plus, there is little requirement for you to initiate a transfer. It is however imperative to know that the fastest way to send money from Singapore to the Philippines will in most cases come at an extra cost.
Things to consider when sending money from Singapore to the Philippines
One of the main things that will come to mind before you initiate any transfer is the cost of service. There are three ways through which money transfer agents make their money from you. They can have a cost of service, they can implement hidden costs and lastly, they can set low exchange rates in order to earn big commissions. By using our platform to compare money transfer services, this is information that you will easily access without breaking a sweat.
You will want to consider how long the transaction will take so that you can know if the money has reached the owner or if there is an issue. Luckily enough, many professional money transfer agents that you will come across will offer you tracking services to help you know the status of your transfer. In case there are any abnormalities, your first step of action should be getting in touch with the customer care for help. Also, make sure to pick a service that will not give the receiver hard to access the money.