Find Out the Facts Before You Make a Money Transfer to Philippines
Find Out the Facts Before You Make a Money Transfer to Philippines
Unlike some countries, Philippines has shown a steady rise in remittances to the area, except of course in very recent years. For example, in 1977, just over a mere $300 million was sent to the nation, which nearly doubled just two years later. By 1990, the numbers were up to nearly $1.5 billion, and they hit $6 billion in 2000. 2006 saw yet another doubling of dollars, up to nearly $15 billion. By 2007, Philippines was second only to China on the list of countries who received the most remittances that year, at $17 billion.
Since then, the numbers have dwindled, which is bad news for many residents of Philippines. In fact, the remittance growth dropped to just six percent in 2009, which is a huge reduction compared to the double digit numbers seen in prior years. Nonetheless, some experts claim that the drop could help make the ability to make a money transfer to Philippines cheaper than before. This is partly because many people have less income than they used to, and also because officials want to encourage transfers as much as possible, especially to the countries that heavily rely on them. Thus, the reduction in remittances could turn out to be a good thing for those who still need to make money transfers.
Right now, there are plenty of options available anyway. Many people opt to use the traditional route of either banks or money transfer agencies, where fees range from about $10 to $45. Of course, it usually depends on how much is being sent, since many typical methods charge a percentage of what is being sent. If you send either a lot of money at once, or send money regularly, you should consider other avenues. One such option is the prepaid debit card, which charges a flat fee of $5 to add funds to the card, which you would send to your relatives in Philippines. Clearly, this could be the best choice for you, unless you find a way to make a money transfer to Philippines for free equally quickly.
Before you transfer money home to relatives, you should get to know the data regarding remittances. You should also put some thought into the method you select. Finding the fastest and cheapest option can obviously benefit both you and your recipients.
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