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.
ANZ
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
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.
Metrobank
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.
