Articles worth reading
Photo Courtesy of GETTY IMAGES

TikTok rejects Microsoft's buyout offer 

account_balanceMetro Manila access_time4 days ago

US tech giant Microsoft said Sunday its offer to buy TikTok was rejected, as a deadline looms for the Chinese-owned video app to sell or shut down its US operations. TikTok has been at the center of a diplomatic storm between Washington and Beijing,...

US Marine Lance Cpl. Joseph Scott Pemberton / Photo Courtesy of BI

Pemberton to face court martial in US

account_balanceMetro Manila access_time4 days ago

US Marine Joseph Scott Pemberton will face court martial proceedings in the United States. Presidential Spokesperson Harry Roque said that American authorities have promised that Pemberton will face court martial upon his arrival in his home country...

DFA reports no new infections among OFWs

account_balanceMetro Manila access_time5 days ago

The Department of Foreign Affairs (DFA) reported no new cases of coronavirus disease 2019 (Covid-19) among Filipinos abroad, with the total tally remaining at 10,181.    In its latest case bulletin, the DFA also reported that there are no n...

Metro News

Photo Courtesy of Unsplash

Cheapest Ways to Send Money Internationally

account_balanceMetro News chat_bubble_outline0 Comments

This article is originally posted on Sigue.

Whether you’re sending money overseas regularly, or just paying a few expenses while traveling, it’s important to find the cheapest way to send money internationally. Exchange and transfer fees can add up quickly. Here are some ways to transfer international remittances and other overseas payments at the lowest possible cost. 

The SiguePay Mobile Money Transfer App

Send money to more than 50 countries with SiguePay for either deposit to your recipient’s bank account or for a cash pick up and it is FREE to download on iOS or Android. The app makes sending money quick, easy, and affordable. Sigue charges a flat transfer fee for each transaction; you see the fee and the applicable exchange rate before you hit send. There are special Foreign Exchange rates available for first-time customers to the following countries: Mexico, Guatemala, Philippines, Dominican Republic, Costa Rica, Argentina, Peru, Colombia, Ghana, Nigeria, and Togo. SiguePay shows you exactly how much you will pay and how much your recipient is getting – no hidden fees, no surprises. 

With the SiguePay app, there is no need for you to stand in line or wait to send money to your loved ones. Simply download the App on your phone, register, and you are set! You can send money from the comfort of your home and from all 50 states with simplified in-app navigation. SiguePay only accepts US-issued Visa or MasterCard debit cards linked to your personal bank account. Pre-paid cards or Corporate Accounts will NOT be accepted. Your security is a priority for us: SiguePay is PCI Certified and uses industry-standard security technology, such as encryption, to protect your personal and financial information. For more information, you can visit www.siguepay.com

TransferWise

TransferWise is another good option for transferring money overseas, as upfront fees tend to be low when you use a bank account to make the transfer (rather than a credit card). TransferWise uses “inter-bank” exchange rates and low upfront fees – typically less than 1% of the transfer amount. This exchange rate means that if you’re transferring dollars to Philippine pesos, for instance, your recipient gets the best deal possible. Note that for high-value transfers, however, a service that offers a flat fee may be a better option.

International wire transfer

If you’re looking to send money overseas quickly, then an international wire transfer is a good option. And, because the limit to how much you can transfer is higher than a money transfer company, this makes it an affordable option if you need to send a lot of money at once. Banks typically charge $15 - $50 per transfer, depending on where the money is going and how much you are sending. That might sound like a lot, but keep in mind that the upper limit to a wire transfer amount can be $100,000 per transfer. Comparatively, $50 is a small fee for sending an amount at that level. 

OFX

Another cheap way to send money internationally is through OFX, an Australian online foreign exchange company that offers money transfer services to Travelex, MoneyGram, Xero, ING Direct, and individuals and small businesses. This service charges no transfer fees regardless of how much gets sent. However, note that there’s a minimum amount you can send: your transfer must be at least $1,000. There’s no maximum. Likewise, transfers through OFX can only be made between bank accounts. If you need to send money to someone to pick-up in person, OFX isn’t the right service for you. 

Western Union

Western Union gives you a few different ways to send money overseas and can be affordable depending on the destination to which you’re sending funds. NerdWallet reports that fees for transfers up to $1,000 can be under $5. Bear in mind, however, that Western Union markups can range from less than 1% to over 6%, depending on the destination. Western Union offers convenience at that markup: the Western Union app lets you transfer funds using a credit or debit card, directly from your bank account, or via Apple Pay. If you want to pay cash, just visit a Western Union agent. 

Xoom

For an online provider, Xoom is less affordable than many of these other options. However, Xoom can still be cheaper than a bank account transfer. Xoom’s upfront fees are typically under $5 when you use a bank account instead of a credit or debit card. Beware of their exchange rate markups, which can run over 3% per transfer. 

International money order

Money order providers all charge different fees, so do your research before you decide to use this option. And, there are stricter limits on how much you can send per money order. The USPS offers low-cost money orders for up to $700 ($500 for El Salvador and Guyana). The benefit to using a money order is that it’s a secure way to send funds overseas. The USPS charges an issuing fee of $10.25, as well as a processing fee based on the country. Sigue also offers money orders – learn more here.

WorldRemit

WorldRemit is another low-cost way to send money overseas. WorldRemit provides money transfer services to over 150 countries using five different transfer methods: bank transfer, cash pickup, mobile money, WorldRemit Wallet, and airtime top-up. No matter how you choose to send money, WorldRemit will show you the fees associated with your transaction upfront. Their data shows making a transfer through their platform is, on average, 22% cheaper than other services like Ria, Western Union, and Moneygram.


date_rangeDate Published
3 days ago
shareShare article
folder_openArticle tags
content_copyCategorized under

Share your thoughts with us

Related Articles

Asian Development Bank (ADB)

Philippine economy seen to contract 7.3% in 2020

account_balanceMetro Manila chrome_reader_mode4 days ago

The Philippine economy is forecast to contract by 7.3% in 2020 amid the coronavirus disease (COVID-19) pandemic before growth returns to 6.5% in 2021, according to a new report from the Asian Development Bank (ADB) released today. The Asian Developm...

Senate bill aims to strengthen digital careers 

account_balanceMetro Manila chrome_reader_mode3 days ago

Senatpushed for a measure seeking to equip more Filipinos for digital careers, especially in a COVID-19 economy. Senate committee on labor chairperson Joel Villanueva said Senate Bill No. 1834 or the proposed Philippine Digital Workforce Competitive...

177-page report on PhilHealth submitted to Duterte 

account_balanceMetro Manila chrome_reader_mode4 days ago

The inter-agency task force investigating irregularities in the Philippine Health Insurance Corp. (PhilHealth) submitted its 177-page initial report to President Rodrigo Roa Duterte. "As the task force awaits any further directives from the Pre...

The struggles in 2020 of the casino industry in the Philippines

account_balanceMetro Manila chrome_reader_mode2 weeks ago

Do you want to learn more about the challenges and predictions for the gambling industry in the Philippines? Find all answers in this article!

Let's Stay Connected Like us on our Facebook page.
×
Click on the article to continue reading
Muntinlupa extends P1-million loan to cooperative Gov't to close all cemeteries nationwide during Undas DOH guidelines lead to 'low' fatality rate Crimes decrease 47% in 6 months Customs studies donating seized gadgets to students LTO releases new motorcycle plates Send Press Release MNC Facebook Page MNC Twitter Page MNC Instagram Page LGU Spotlight Barangay Front Business Sports Entertainment Metro Gen Metro Feature