The USA to the Philippines is one of the most competitive transfer corridors where many people look for the cheapest services, so here we have bought you some of the best money remittance companies. These companies provide multiple offers to reduce the transfer fee and deliver funds at best exchange rates. But the major question arises that after seeing competitive exchange rates, which company you should pick to transfer funds from the USA to the Philippines.

A large number of banks, MTOs and startups are also 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 few base points which you should consider before transferring the US Dollar to Philippine Piso:

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 InstaReM, Placid, TransferWise and Transfast money transfer, which will deliver funds 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, InstaReM offers live mid-market exchange rates but keep it locked until it reach the recipient. Besides this, WorldRemit changes it depending on the pay-out option you choose.

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. WorldRemit, Transfast, XE Money Transfer, TransferWise, and OFX Money Transfer are also providing their mobile app.

ACH and Wire transfers are the most common method used by migrants living in the USA to send money back to their families. But both differ from each other on the basis of fees, transfer speed, safety and certainty. So, here are the common differentiation points of both the services:

• Transfer fees: ACH transfers are almost always free for the consumers, especially, when you are receiving the funds. Even if you are sending money abroad, using apps or P2P payment services is usually free or around $1 per payment who frequently uses ACH services. While in Wire Transfer, banks and credit unions charged in between $10 to $35 to make an international money transfer, which makes Wire Transfer costly.
• Transfer Speed: Amount send using Wire Transfer services will be received by the recipient within a day or even instantly. While the amount sent via ACH transfer will be received by the recipient after 2-5 working days. So, if you want to transfer funds in an immediate manner and in large amount, you can select Wire transfer of any bank or transfer company.
• Safety and Certainty of Transfer: ACH transfers are bit safer compared to Wire transfers as they get completed from the bank account while Wire transfers are completed manually by bank staff. At the same time, you can send money and request payment in ACH transfers. On the other hand, you can only send money using Wire transfer.

So, both the transfer services are best at their places, but if you have no emergency and looking for a more secure option, you must go for ACH transfers to send money from the USA to the Philippines.

Both the USA and the Philippines have set regulations and taxes on transferring the large amount to and from the Philippines. If you send more than USD $10,000 from the USA, you need to report the USA government while if you transfer or receive more than USD $14,000 in the Philippines, you need to inform the government there. “Maximum money transfer to the Philippines” amount to USD $15,000 in one transfer so you should be careful while making an international money transfer.

If you fail to file the large remittance then it may result in penalties. Even if mistakenly, someone forgets to report the amount received, then they could be found by the tax courts to have willfully filed a false or fraudulent claim, which comes with a 50% penalty on the tax due. So, if you are sending a larger amount to the Philippines from the USA, you need to provide the details of transfer to both the governments.