Are you a Filipino who is presently residing in Malaysia for business reasons? If so, you must be feeling the urge to routinely transfer money to your family and other relatives back home. All you need to do is find a reliable money transfer service provider that can be dependable. 

When you use such services related to a Money Transfer to the Philippines, you can anticipate the most competitive prices. The payment method you select will determine the optimal exchange rate for an international money transfer. With several payment methods, there are benefits like reduced transaction costs and speedy money transfers.

How to get the best international money transfer exchange rates?

When you choose bank transfers or other dubious services, they charge a markup that may reach up to 5%. As the exchange rate falls, the transaction’s overall price rises. It implies that the cost of your International money transfer from Malaysia to the Philippines will increase. Low transfer fees and the best exchange rates are what you can anticipate when you transact with a reliable money transfer company.

What is the best option for money transfer to the Philippines?

If you opt for the services of a reliable money transfer services provider, money transfer to the Philippines might become a simple process for you. Although there are various service providers on the market, not all will provide you with the most competitive prices. When you work with a renowned money transfer company to remit money, you can count on getting exceptional value for your money.

Things to keep in mind when sending money abroad to the Philippines

Here are a few things to know when you want to remit money to your relatives in the Philippines. These tips will help you get the best deal.

  • Exchange rates

Exchange rates fluctuate due to the changing trends in financial markets. You may come across a reasonable rate a moment and find it decreased by about 0.5% an hour later. Different service providers also offer varied exchange rates based on markups and hidden charges.

It is vital to research well to get the best rates. Finding the best rates will also lower your transaction costs. Ensure that there are no hidden charges that can take you by surprise when the recipient receives a lesser amount than what you transfer.

  • Processing fees

Processing fees are the amount charged by the service provider for helping you transfer the money. Some service providers charge a percentage of the overall amount, while others have a flat fee structure. A flat fee can be beneficial for you. When you transfer a large amount, the fee will remain the same and not increase with the amount.

You should research well and understand the processing rates to ensure they are not on the higher side.

  • Transfer time

A reliable money transfer service provider should not take more than a day for the money transfer. However, depending on factors like mode of payment and destination country, some money transfer agencies can even take up to 3-5 days. If you have emergencies, always choose service providers who can transfer the amount in no time.

Bottom line

Finding the cheapest option for money transfer services is all about researching well. Look around for different companies and the rates they provide. Do not forget to check their processing charges and transfer duration. It will help you make informed decisions and make the most of your money.