Sometimes it will be necessary to send money to your loved ones in the Philippines, here are a few of the main options for sending money.
- International Bank Transfer : With a normal bank account you can often make international transfers online. With HSBC you can send money to a peso account with BPI, PNB, Metrobank and more for 17 pounds per transaction, regardless of the amount sent. The rates tend to be favorable bank rates and the service is quick, usually taking 2 or 3 days. You simply need the account number and SWIFT code of the person you are sending to.
- Transfer using a UK based branch of BPI or PNB. If you setup an account with these branches you can transfer for free between your UK high street branch and your UK BPI/PNB account often instantly. Then you can transfer for fees as low as 5 pounds direct to the BPI/PNB account in the Philippines. This is the quickest, and often the cheapest way of transferring money to the Philippines with low fees. But it does require you to go through what is sometimes a lengthy procedure to setup a BPI/PNB Account in the UK. http://www.pnbeurope.com/ http://www.bpieuropeplc.com/
- Transfer using companies such as Western Union or Xoom, which can be performed either online or using high street branches in places such as travel agents, shops and newsagents. This is an instantaneous way of sending money to the Philippines and can be collected by the recipient branches within a few hundred meters of most residential areas in the Philippines. The money can be collected by simply showing the reference number and proof of identity. This system is costly, often with poor exchange rates. It's good for emergencies and one off transactions, but general is not a good way to send money. http://www.westernunion.co.uk
- Remittance Agents are found in most major cities in the UK, and are generally setup to allow overseas workers to send money back to the Philippines. They generally offer reasonable rates and low fees, but you should use a reputable agent, as there are scams involving people posing as agents.
- Setup a HSBC Advance current account, for the sole purpose of giving the debit card to your family or loved one in the Philippines. The account has a monthly fee, which is currently 6 pounds a month for the first three months. You are then not charged any fees for using HSBC bank machines in the Philippines and can withdraw up to 40,000 PHP per day. The exchange rates can be very favorable.
- Nationwide bank also currently offer fee free transactions on current accounts, although this is scheduled to change in November 2010
Remember, be cautious when transferring large amount of money, it is advisable in the first instance to send a smaller amount to ensure that you are sending the money correctly, particularly if using the internet.
Do not send money to someone you have not met in person. There are people, who choose to take advantage of dating websites to lure and scam victims, don't take a chance like that and wait until you have met someone first.
Glossary:
PNB: Philippines National Bank
BPI: Bank of the Philippine Islands
HSBC: Hong Kong Shanghai Banking Corporation
SWIFT Code: This is a form of BIC 'Bank Identifier Code' which is used in international transactions and identifies your branch on an international database in a similar way to how a branch sort code works for transactions within the UK.
