How to Send Money to Philippines from USA Cheap

international money transfer

Sending money from USA to overseas countries has become easier with the emergence of online services that allow worldwide money transfer instantly. However, some of these services charge high fees to send money. There is a cheaper way of sending money to the Philippines that allows you to send up to $ 3,000 a day for a low transaction fee of $5-$7 and no service fee for your beneficiary. Follow these steps:

Things You'll Need

• Beneficiary's Bank of the Philippine Islands (BPI) account in Philippines
• Wells Fargo Bank account in the US

Instructions

1. 

   Open a Wells Fargo bank account, or if you have an existing account already, it is even better. You can transfer money from your eligible Wells Fargo checking or savings account to the person receiving the money either for cash pickup or transfer it to the beneficiary's account.

2. 

   Let your beneficiary open an account at Bank of the Philippine Islands in the Philippines. This is the bank in the Philippines accredited by Wells Fargo where your beneficiary can receive the money you will send.

3. 

   Enroll in Wells Fargo's ExpressSend service. Talk to your Wells Fargo banker about the options available and select the one you like best, that fits you and your beneficiary's needs.

4. 

   You will need to provide the beneficiary's information such as full name and physical address in the Philippines to which the funds are being sent. Take note that the bank does not accept Post Office box addresses. You need to specify also how you want to send the money (from account or from cash) and how you want your beneficiary to receive the money (either cash pickup or to your beneficiary's account). When sending money to an account, the bank will require your beneficiary's qualifying Philippine peso deposit account number at BPI.

5. 

   Once you completed filling up the application, your bank will establish the transfer details to ensure your money is sent quickly and safely. As soon as everything is set-up, you can start sending money from your account to your beneficiary in the Philippines. Inquire from your bank regarding their current transaction fee. Currently, they charge $5 from account, while $7 from cash.

6. 

   Your beneficiary will receive the amount in Philippine peso denomination and usually takes up to three business days.

Tips & Warnings

• Effective 04/21/09, the minimum cash or account-based remittance amount you can send is $25.

• Funds transferred to the foreign Remittance Network Member bank are not FDIC insured. Transfers to the Philippines are subject to the exchange rate of the day.

Resources

• Wells Fargo ExpressSend® Service