Sending Money: Is It Secure?
Sending Money: Is It Secure?
What better place to retire than a tropical paradise? The tropical countries have become one of the top retirement locations. They boast a rich culture and varied ethnicity. They are made up of lush scenery and bustling city-scapes. It is easy to see why people would like to spend the relaxing years of their life in such a great locale. The question is though, how does one transfer their retirement funds to the Philippines so that they may enjoy such things.
Believe it or not transferring money to Philippines or any country has become an easy option for those relocating to the islands. Whether it is by bank, internet or paper checks, one way or another it is possible. With these varying options though, comes varying prices and it depends on what you are looking for, what you can afford, and how permanently you wish the set up to be. If per say you are looking to set up a permanent residence on the island than the option of setting up a bank account between the two countries would probably be best. This will allow your money to be deposited into your account on the US side, transferred/wired to the Philippines side and converted into the correct currency at the correct rate of exchange. However, with wiring remittance and transfers such as these comes high fees and while it is convenient and efficient it can still take 24 to 72 hours to go through.
This option of course, is more reliable then say, a paper check, but you are going to have to pay for it. It is possible to simply have your funds sent in check form so that you can simply deposit them into your checking account. However, one your funds have been deposited it can take 3 to 6 weeks on hold before any of it is available to you. That is why one of the most popular ways to transfer money internationally is through the internet or a prepaid debit card. Online sites such as PayPal can have your funds to you almost instantly. In fact PayPal even goes so far as to offer a debit/credit card that will allow you to place funds on it and use instantly. There are some fees, but these are small and are in no way like those of a banking institution.
Once you have established yourself in the country the entire process does get easier and even using a paper check will become quicker. If however you are there for only a limited amount of time it would probably be more profitable to you to simply transfer some of your retirement money onto a prepaid debit card like that offered from online money transfer services and use that for all of your needs. Just be sure to have something set up before you make the move and know all there is to know about your options. In cases such as this, knowledge is key to success and an easy time at it and no knowledge is too much.
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