Money remittance is the process of sending money from one person or entity to another, typically across international borders. Money remittance can be done through various channels, such as banks, online platforms, or specialized money transfer companies.
The purpose of money remittance can vary, but it is often used to support families or individuals who live in different countries, to make international payments, or to send money as a gift or support. It’s a common way for people to transfer money across borders, and it is often faster, cheaper, and more convenient than traditional methods such as wire transfers or checks.
Wise (formerly known as TransferWise) is a financial technology company that allows individuals and businesses to send money internationally at a low cost. Founded in 2011, the company has quickly become a popular choice for those looking to send money abroad due to its competitive exchange rates and low fees.
One of the main benefits of using Wise for money remittances are the cost savings. The company claims to offer rates that are significantly cheaper than traditional banks and some other money transfer services. This can be particularly important for those sending large amounts of money, or for those who make frequent international transfers.
In addition to low fees, Wise also offers competitive exchange rates. The company uses the real exchange rate, which is the rate that banks use to exchange currencies with each other, rather than charging a markup like many other money transfer services. This means that customers can get more for their money when sending it through Wise.
Another benefit of using Wise is the convenience of the service. The company has a user-friendly website and mobile app that make it easy to send money internationally. Customers can sign up for an account, link their bank account, and start sending money in just a few minutes. The company also offers a range of delivery options so customers can choose the option that best suits their needs.
Sending Money to the Philippines
For those looking to send money from Europe to the Philippines, Wise can be a particularly cost-effective option. The company has a strong presence in both regions, so transfers between the two can be completed quickly and efficiently.
You can send PHP to any individual and business bank accounts in Philippines. And importantly, you can also send to PayMaya and GCash mobile wallets, making it super-convenient for recipients to access their funds.
For transfers to bank accounts, you’ll need the recipients full name, address, bank name and 6-18 digit long bank account number.
For transfers to mobile wallets, you’ll need their mobile phone number, starting with the country code +63.
There are some limits to consider; you can send up to 480,000 PHP per transfer to bank accounts or 50,000 PHP per transfer to mobile wallets.
Money remittance services don’t normally do too well with reviews on Trustpilot – but at last count, Wise score 4.5 out of 5, from 184,311 reviews. That’s impressive
Finally…
In conclusion, Wise is a cost-effective and convenient choice for those looking to send money internationally. The company’s competitive exchange rates and low fees make it a top choice for those looking to save on money transfer costs, particularly for those sending money from Europe to the Philippines.
If you want to check out their rates, click here.