Top 3 Methods to Send Money from UK
Choose a reliable method to send money from UK to Philippines quickly and cost-effectively. Don’t believe any agency that claims to let you send money to Philippines for free.
Money transfers used to be a tedious and time consuming process. Even though a lot has changed over the last decade with strides in banking technology, it has also led to a different problem all together. These days there are so many remittance methods available that it is confusing and quite a task to figure out the best option in terms of speed, low transaction fee and other factors.
Here are the top three ways to send money from UK:
1. Online money transfer: Transfer of money online is an alternative to paper based money transfer like cheques, money orders. If you have an internet connection and activated online banking facility, this is the easiest way for sending money from the UK to Philippines. All you need is information about the recipient such as name, address, bank or financial institution details the money is being sent to, the SWIFT or IBAN code of the receiver bank. Online money transfer has two major advantages. One is that you do not incur banking charges which in some cases can be ridiculously high. The other advantage is that you can do it from wherever you are (home or office). Since reputed money transfer agencies offer low transfer fees and competitive exchange rates, it seems as if you are getting to send money to Philippines for free.
2. Wire transfer: The most common way to transfer money internationally is by wire transfer. To get a wire transfer done, you need to visit the branch of an agency such as Western Union or visit your bank branch. The bank or agency branch will need information from you about the recipient and details of the recipient’s bank or any other financial institution the money needs to be transferred to. Once all the required information is gathered by the bank or agency branch, they will send information to recipient’s bank or financial institution along with the wire transfer. The wire transfer process duration varies as per the institution and could take up to a couple of days.
3. PayPal: It is similar to traditional money transfer agencies, except for the fact that it operates electronically. This is a good alternative to online money transfer using your bank. The other difference is that the sender is not charged. It is the receiver who gets charged. Exchange rate of transfer is applicable and a fee of 3.9% of the transaction is applicable for every international transaction.
To carry out a transaction using PayPal, you will have to create a PayPal account by signing up on their website. While signing up, you need to enter your banking details which PayPal will verify. Once registered, all you need is the sender’s email address to transfer money. You just need to log in to PayPal’s website whenever you want to send the money. Click on ‘send money’, enter the recipient’s email address and amount and click send. That’s how simple it is to transfer money these days.