How to Send Money from Philippines to UAE?
Sending money from the Philippines to the UAE might seem tricky at first, but it is simpler than you think. Whether you are supporting family, paying for services, or helping a friend, you have plenty of options. Read on!
Bank Transfers
You walk into your bank or log into their app. You will need the recipient’s full name, bank account number, bank name, address, and the SWIFT code, a special code for international transfers. Fill out the form, pay, and hit send. It is straightforward but requires exact details.
However, banks charge a flat fee, usually between PHP 500 and PHP 1,500. On top of that, their exchange rates are not the best. You lose more when your pesos turn into dirhams. Some even tack on sneaky fees from middleman banks, hiking the total cost.
When it comes to security, banks are rock-solid. Your money is safe with them, but mistakes in the recipient’s info can delay things. Double-check everything. Whether it is high-end shopping, a luxury car rental, an air charter service, or sending money to the UAE, I recommend double-checking to remain on the safer side.
Money Transfer Services are Fast and Flexible
Heard of Western Union or MoneyGram? These services are everywhere and perfect for quick cash sends. Visit an agent, like a pawnshop or store, or use their website. Give the recipient’s name and location, pay the amount plus a fee, and they will get a code to pick up the cash in the UAE. Some services even deposit it straight into a bank account.
Fees depend on how much you send. For PHP 10,000, expect to pay around PHP 500. Exchange rates vary; some are decent, others not so much. Compare before you commit. Moreover, money can land in minutes or hours, which makes this process perfect for emergencies.
Sending Money to UAE Online
Sending money online is a reliable and convenient option. Online services likeWise or PayPal shake things up with better rates and slick apps. Sign up online or download their app. Type in how much you are sending and the recipient’s bank details. Pay with your card or bank account. They convert your pesos to dirhams and send it over.
Wise charges about 1% of what you send, which is way cheaper than banks. Their exchange rates hug the real market rate, so you keep more money. PayPal works too, but watch for higher fees if it is not a personal transfer.
Transfers range from minutes to a couple of days. Wise often delivers in 1 to 2 days, while PayPal can be instant if linked to an account. The good news is that these platforms lock down your info with top-notch security. Pick a trusted name, and you are safe as houses.
Digital Wallet is the Safest method to Send Money
Digital currencies offer a quick and efficient way to send money, but they’re not for everyone. To use them, you’ll need a digital wallet, purchase the currency with your local currency, and transfer it to the recipient’s wallet. They can then exchange it for their local currency. Fees can vary depending on the network, sometimes low, sometimes higher, and converting to cash might involve extra costs as well.
While the process is secure if you protect your wallet and double-check addresses, the value of digital currencies can fluctuate, meaning the amount received might change. So, what’s the best transfer method? It all depends on your needs. Here are some factors to consider:
- Cheapest: Online platforms like Wise typically offer the best rates.
- Fastest: Money transfer services or digital currency options are the quickest.
- Easiest: If cash pickup is important, Western Union is a solid choice. For bank deposits, try Wise.
- Safest: Traditional banks, digital currencies, and reputable online platforms are equally trusted.
Final Words
Sending money from the Philippines to the UAE is totally doable. Banks offer tradition, money transfer services bring speed, online platforms provide savings and ease, and digital wallet safety layer.
