August 2017


Best banks to transfer money to Philippines  


There are a number of banks that allows you to transfer money to Philippines without any fee though usually as it’s just an overseas arm of the same banking group. So the person to whom you want to send money, open accounts, you can send remittance very conveniently and cheaply. There is one major difference though. One allows you to send money to anyone who holds an account with the same bank overseas, while the other group requires both the accounts in respective countries to be in your name. We have enlisted the best banks who will let you transfer money easily to Philippines irrespective of all conditions.

Bendigo Bank

You can send funds to the Philippines with Bendigo Bank. They provide two forms of money transfer using Telegraphic Transfer service or Bank Drafts for non-urgent payments. For quick remittance, you may choose their Telegraphic Transfer Service for a charge of $30. You must have an account with them and can achieve this service through any of their branches or online through Bendigo e-banking. If you are a shareholder with them, you enjoy some amazing discounts. If not in a hurry of money transfer you can opt for the more cost effective bank draft. The draft will be made on the spot for you to send and the recipient will receive Philippine Peso for $10 only.


With ANZ, you can help transfer funds securely and conveniently into your nominated account. With them, you can transfer funds in both Peso and Australian dollar. Payment orders for remittance, received by 3pm will be effected on the same day. You can enjoy this lucrative service at a competitive remittance fees. You will enjoy a hassle free service with the minimum paper work possible which makes it easy to complete transfer forms. Account holders can also place a request online, through e-mail or fax.


CommBank is the name which has made money transfer utterly easy, through their advanced mobile app and net bank service. Plus they will compensate any type of loss from transactions with their 100% security service. You can also opt to submit an International Money Transfer with a request that all charges applied by the intermediary and receiving banks for their role in processing the payment be charged to you, rather than to the recipient. Then a correspondent fee of $37 will apply in addition to the normal International Money Transfer fees which range from $22 – $30 based on how the transfer is requested. It is least when applied through CommBank app.


They offer a full range of services to fulfill your remittance needs to the Philippines. Selected Metrobank branches and foreign remittance partners offer real-time crediting to Metrobank Peso Account or World Cash Card. This is one of the few banks that accept remittance to other banks.  Beneficiaries will receive the money directly to their account with other banks just within 24 hours. They also take cash to the door of the beneficiaries in Metro Manila or other key provincial cities. Your loved ones can receive your remittance just within 1-3 days.

Westpac Bank

Sending money to Philippines has been made much cheaper, faster, more transparent and more convenient. Bank of the Philippine Islands (BPI), Philippines and Westpac Banking Corporation (Westpac), Australia’s first bank, have entered into a partnership to facilitate the lowest cost and fast transfer of funds from people living in Australia to their families and friends in the Philippines. The recently launched payment service called LitePay International sends money from a Westpac account directly to a BPI bank account within hours at a low AUD 5.00 fee.

These are some of the best banks for remittance to Philipines. Though you must consult the bank authority for overseas money transfer and clear all your queries regarding the same. The leading-edge international money transferring services like INSTAREM, WorldRemit and OFX are adding to the convenience and making the process hassle-free and quick for sending money to Philippines. Banks are undoubtedly reliable but this money transferring services are great for the on-the-go customers. These services demand lesser information and competitive charges. You don’t have to depend on a bank that allows international money receiving. You can send and accept money from anywhere anytime.

read more

Hidden Aspects You Should Know About Small Business Loans in India

The recent initiatives by the Indian Government such as Make in India have encouraged a spirit of entrepreneurship within the Indian economy. We see a lot of young businesses taking shape and the pace of setting up new enterprises is only going to accelerate in the near future. While it takes a toll on promoters to set up a new enterprise, a key challenge that they face during their growth journey is the lack of adequate business finance. Most of their small business loan requirements could be short-term in nature and not having access to sufficient business finance at the right time could lead to missed business opportunities.

Therefore, it is important for a growing economy like ours to provide structured small business loans to enterprises at nominal interest rates. It must be remembered that most small businesses do not have adequate assets to take secured small business loans from banks, so the role of lenders who provide unsecured business finance becomes important. There are quite a few Fintech companies that have taken shape over the last few years which specialise in providing unsecured small business loans. They provide innovative business finance products that are tailored to suit the needs of young enterprises. Also, since they understand the business finance needs of enterprises, they provide flexibility in the repayment of small business loans.

Small businesses are too focused on their day-to-day operations and seldom have the time to explore beyond traditional small business loan providers. Also, before applying for any kind of business finance, an enterprise should thoroughly evaluate its needs and compare the various capital loan options available. Many-a-time a small business might miss out on key aspects to consider before applying for a small business loan in India. Here we discuss such aspects in detail.

Credit rating of a small business

Most small or young businesses do not have a perfect credit history to qualify for a business loan in India. This hampers them from approaching banks and other traditional financial institutions for taking a small business loan in India. Such institutions demand collaterals as security for providing a business loan in India and also have a long checklist of documents required to be submitted by a small business. The new-age Fintech companies understand this challenge and also the fact that most small businesses might not have a well-established track record as far as capital loan borrowing is concerned. So, they look more at the revenue model of an organisation and how its revenue stream is poised to grow in future. If they feel that a capital loan will genuinely alleviate the cash flow issue and lead to more profitable growth in future, they are more than happy to lend. They offer a variety of small business loans in India, each designed to meet a specific need of a small business.

Unsecured loans from Fintech lenders

Banks and other traditional financial institutions still follow archaic rules and regulations while disbursing a capital loan to a small business. They have tedious processes right from loan application to the actual disbursal of small business loans. Most banks expect small businesses to have healthy collaterals before considering their business finance application. Also, they require small business owners to submit a huge set of financial documents to prove their financial worth. In today’s world, businesses work at a lightning pace and therefore need to take quick decisions. This is especially true of young businesses that work on new ideas and technologies. Therefore, to grab new opportunities, they can’t wait for business finance for far too long. The Fintech lenders understand this need for quick disbursal of business finance and use cutting-edge technology to work on applications for small business loans. You can apply for a business loan in India online or through a mobile app anytime and from anywhere. Just a basic set of financial documents needs to be uploaded. The small business loans are disbursed within a few days of getting approved.

Loans that vary with business need

No two businesses are alike and neither are their needs. That is why there are different types of small business loans available. In case a business is waiting to receive payments from large customers and is short on cash to pay its suppliers for raw materials, it could go for a quick working capital loan. Likewise, a business that is in expansion mode and needs to shift to bigger premises or hire more employees to serve customers could go for business finance that can be repaid over the next few months. Then there is online seller finance that is meant to help e-commerce companies stock up before the advent of a busy season. Supply Chain Finance could be used by small businesses with pending receivables from large corporates to take advances against those receivables. Similarly, Merchant Cash Advance is meant for merchants who receive payments from customers through POS machines. Based on their card transaction history, such merchants could get up to 200% of their monthly settlement value which can be repaid over subsequent months through a fixed percentage deduction from the total card payment receivables each month.

Flexibility offered by an unsecured capital loan

Traditional lenders such as banks offer secured loans as a percentage of the total value of the collateral pledged against that loan. However, unlike banks, Fintech lenders do not require collateral to be pledged and instead decide on the small business loan amount based on the business potential and credit worthiness. The guiding philosophy behind sanctioning of loans by such lenders is that the capital loan should support a business in times of need and aid its growth. They typically offer small business loans ranging from Rs 1 lakh to Rs 1 crore. The loan repayment conditions are flexible and a business can choose to increase the repayment amount when it has more funds available and likewise reduce the amount when there is a cash crunch or if funds are needed to be deployed elsewhere. There is no pre-closure penalty levied should you decide to repay the entire capital loan in one go.

read more

EPF Investments Are Often the Simplest Way to Save Money for Retirement

Banks and credit card companies often join other financial institutions in helping young people save for retirement and they do this through a variety of different methods including newsletters, blogs, and detailed information on their websites. An Employee Provident Fund (EPF) is one of the most popular ways for salaried employees to save money and if you make over a certain amount of money each year, these programs are mandatory. An EPF is easy because the money comes directly out of your check and therefore you barely notice it. Over time, however, the money in your EPF account builds up to a nice sum, enabling you to retire comfortably and enjoy your later years.

The Basics of EPF Investments

There are a few rules that apply to all EPF accounts regardless of where you work. For the most part, this is an account specifically designed for your retirement so if you withdraw money before a certain age, there are certain conditions that usually apply. Having said that, you are usually allowed to withdraw money if you are getting married, to educate your children, or to pay for medical emergencies. Interest is added to the account and the money is usually invested so that it can grow over time. The general rules that apply to the accounts are easy to understand; however, a good financial institution can fill you in on the additional details so that you can more fully comprehend what they are and how they work. If you are curious about any type of EPF investment in Malaysia for young working adults, the best thing to do is contact your bank, credit card company, or financial advisor so that you can learn all about it before signing the paperwork.

Become Worry-Free in Later Years

Everyone wants to be able to retire comfortably one day and an EPF account helps you do just that. While you are saving, you won’t notice the money coming out of your account because it is taken out before you receive your salary. Over time, the money adds up and can equal quite a large sum by the time you retire. You are also allowed to choose where your money is invested, including entities such as Prudential Unit Trusts Berhad and Commerce Trust Berhad. Signing up is also very easy and you can get started with an online application, through a mail-in application, or even by visiting your financial institution in person. Although your involvement in an EPF is mandatory when you are working and receive a certain salary, it is still good to learn all you can about the account so that you can better manage it and therefore better prepare for your eventual retirement.

Investing for the future is a lot easier than you think and an EPF account is one of the easiest ways to save for retirement. They are easy to sign up for, easy to manage, and easy to keep track of and it all starts by contacting a reputable financial institution and letting them know what you need.

read more