Sending money from the Philippines to the UAE can be a relatively straightforward process, but it is important to understand the different methods and fees associated with each option. This article will provide an overview of the most common ways to send money from the Philippines to the UAE, including banks, money transfer companies, and digital platforms.
Understanding the Exchange Rate
Before sending money to the UAE, it is important to understand the exchange rate between the Philippine peso and the Emirati dirham. The exchange rate fluctuates daily, so it is essential to check the current rate before sending any money. You can check the exchange rate on the websites of major banks or currency exchange companies.
Sending Money through Banks
One of the most common ways to send money from the Philippines to the UAE is through banks. Many banks in the Philippines offer international money transfer services, which allow customers to transfer funds to a bank account in the UAE. The process is simple, but it can be costly, as banks usually charge high fees for international transfers.
To send money through a bank, you will need to provide the recipient’s bank details, including their account number and the name of their bank. The transfer may take several days to complete, and the recipient may also be charged fees by their bank to receive the funds.
Sending Money through Money Transfer Companies
Another option for sending money from the Philippines to the UAE is to use a money transfer company. These companies specialize in international transfers and often offer lower fees than banks. Some popular money transfer companies in the Philippines include Western Union, MoneyGram, and Xoom.
To send money through a money transfer company, you will need to provide the recipient’s name and location. The recipient can then pick up the funds at a designated location in the UAE, usually a bank or a money transfer company branch. The transfer can be completed within minutes, but fees may vary depending on the amount sent and the location of the recipient.
Sending Money through Digital Platforms
With the rise of digital platforms, it is now easier than ever to send money from the Philippines to the UAE. Digital platforms such as PayPal, TransferWise, and Skrill offer fast and secure international transfers at lower fees than banks and money transfer companies.
To send money through a digital platform, you will need to create an account and link your bank account or credit card. You will then need to provide the recipient’s email address or mobile number, and the transfer can be completed within minutes. Fees may vary depending on the platform used and the amount sent.
Choosing the Right Option
When sending money from the Philippines to the UAE, it is essential to choose the option that best suits your needs. Factors to consider include the amount you want to send, the speed of the transfer, and the fees involved.
If you need to send a large amount of money quickly, a bank transfer may be the best option, even though it is more expensive. If you are sending a smaller amount and can wait a few days, a money transfer company may be more cost-effective. If you prefer a digital option, consider using a platform like TransferWise, which offers competitive rates and low fees.
Sending money from the Philippines to the UAE can be a simple process, but it is essential to understand the different options and fees involved. Banks, money transfer companies, and digital platforms all offer different benefits, and it is important to choose the option that best suits your needs. By following the tips outlined in this article, you can ensure a fast, secure, and cost-effective transfer of funds to the UAE.