What’s the Cheapest Way to Send Money to the Philippines?


How to open an online stock trading account in COL Financial (Citiseconline) – for OFWs and newbies. How to open an online stock trading account in COL Financial (formerly Citiseconline) to start investing in Philippine Stock Market is very simple and as easy as opening a regular bank account. If you're looking for cheap ways to send money to the Philippines, this guide will show you the best options.

Just in case youve chose the col starter is the will be part of your funds or it is just a fee for opening the account. Hi Agave, any deposit you make will already become part of your buying power your funds to buy stocks. To those who had an account. Do they offer a live stock screener feature in their platform? Can they screen stocks for breakouts? Sir, on-going na po young fill-up ko sa COL financial para mag open ng account kaso required yung residential phone number.

You should receive an email from your broker in the next working days. If none, better send them an email. Hi I am an OFW in Saudi Arabia It is indicated upon finishing opening an account that we have to print out the documents we are required to fill out. Hello po, ask q lng po kz dmi q requirements n wla ktulad po ng tin number wla po aq, tpos ung bills po nmin ng krynte tsk tubig e nkasubmeter lng po kmi kya d po s amin nkapangaln wla rn po kmi bank account paano po kya aq mkakasimulang sumali?

Pls help nman po oh, slamat po…. Hi, minimum to invest is 5k… Is there also a minimum maintaining balance to the bank account that I will open even if the purpose is solely for trading? Sir kindly send me detailed forms and requirements for opening acct intended outside manila.

My e-mail jlbagamaspad yahoo. Oliver kung ano ayung address na nasa billin statement po, dapat parehas sya ng nasa application form. Sir, Pwede po bang address ko dito sa abroad ilagay ko sa filled up form if I open an account in one of the online stock broker or yung talagang permanent address ko po sa Pinas ang dapat kong ilagay.

Im planning to open an acount po kasi sa COLfinancial pero I need to open a bank account first here in Israel thru BDO para fund transfer na lang for my broker acct to start buying in stock market.

Anyway, may I ask what is the best stocks to buy today? I have an account for beginners. Could you help me with this one? Cristina, wala masyadong important difference.. Sir student po ako at nakikitira po ako sa aunty ko at iba apilyedo nya pano po yung billing address?

Sir gusto ko po mag invest sa stock market. Sir paano po un,dto po ako abroad taz wla po akong billing statemen cguro n ma bgay,paano po kya un? He want to register his daughter but he said that his daughter is only 7yo. Ang alternative ways na apat ba ay required na apat talaga ang gagawin? Paano po yung contract of employment if student pa lang at di nagtatrabaho? Paano din po yung TIN for students? I can not download the COL form online.

Kindly email me the form at yuishi13 yahoo. Christina, you need to submit all the requirements via courier ex: Im curious, if ever na 1 month pa lang nakakapag invest sa stock market, then gusto ng kunin ung money.

Hi K, you will need TIN. Go to BIR and apply for it. Free seminars are available here — http: Also read this — http: Student lang po ako, and nagrerent lang po yung family namin ng bahay. Wala po kaming billing dito with our surname. Tawag ka sa trunk line nila icall them using trunk line dati na akong may TIN number so narettieve ko ang number ko thru sa pag tawag sa BIR..

Just a quick question. What if COL suddenly closed down it's shop, say became bankrupt. What would happen to our money? My Mama is now investing in the stock market… ikaw din ba? At dun po sa field 20, ano po lagyan ko ng mark? I have three questions po sana: Regarding one of the requirements — at least 1 valid ID issued by Philippine Government. What other proof can I provide po?

Or is Philippine passport copy enough? On funding my account, can I use Western Union for remittance or only wire transfer through my UK bank account? Medyo mahal po kasi ang charge pag through UK bank account. Thanks in advance for your time and for your reply. Doon po sa no. Kunwari po wala pa akong account at balak ko sa BPI mag-open. Kahit anong klaseng account ba ang i-open mo doon pwede?

Okey lng poba na ilagay ko muna sa application form na Single dahil ang mga ID na isesend ko is ung surname ko pa when im single then after kopong mapalitan ang mga ID ko update ko nlng po ang COL? May expiration po ba ang account sa COL after na received mo yung confirmation?

Nagamit ko kasi yung funding ko sa emergency. Hi Neth, you can do investing in stocks directly as a form of diversification in addition to your UITFs. About po dun sa funding your account. Need ko po ba agad my lagay ng fund after ko maipasa ang appliction o wait ko munang dumating ang comfirmation from COL? I want to open an account in COL. I have filled out all forms and are ready to be sent through LBC.

They prioritize clients dropping by.. David Cledera, you can follow the click-by-click presentation above. Your First Step to Investing -Saving! Omeng Tawid, I am from Iloilo City.

For instance, after I filled up the necessary requirements and application form. Can I submit my papers through mail LBC, etc.. I shared the steps in above tutorial. You can opt not to go to the Philippines but you'd need to provide the additional requirements for non-resident Foreign Citizens as enumerated above.

If i like to open the online share trading account. Which stock broker you introduce and recommend? Do i have to go to Philippines to open the account? Do you assist people to open the account? My email is ooigimeng yahoo. Sir, yung billing statement ba pwede ko gamitin kahit sa wife ko naka pangalan sa pinas?

I am still outside the country right now. Fill out the three forms mentioned above and add the following upon submission. Non-Resident Foreign Citizens Authentication of a photocopy of one 1 valid passport Photo and signature must be clear Proof of Income Billing Statement — Recent, no later than 3 months past. Online Trading with COL Financial Online trading can give you the convenience of accessing your account through the internet wherever and whenever you want.

As a quick reference, summarized below are the steps you need to do to open an account in COL Financial: Choose your account type: In other words, is your investment capital at least 5k but less than 25k? Then choose COL Starter.

Then choose COL Plus. The differences are minimal so this is not really that important. It may appear long but the process is actually simple. Is there a fee in opening an account in COL Financial? Leave your comments below.

Sorry, your blog cannot share posts by email. Duly fill out all forms. Submit a photocopy of at least 1 valid ID issued by the Philippine Government.

Payoneer — these guys have an easy to use API where you can send to multiple people. We are also developing an integration with Payoneer and Time Doctor. TransferWise — paying multiple people with TransferWise is easy with their batch payments tool. You simply upload a spreadsheet with payment details and you can pay hundreds of people all around the world in minutes. Let us know your comments about any of these transfer methods below! Other articles that might interest you: Leave a reply Cancel reply.

UpVote Reply 0 Upvotes. Thank you for mentioning orbit remit as one of the best remittance format from UK to pH been a great help. I always suggest and recommend Transferwise to my clients and employers. The fee is low and the exchange rate is realtime. Wester union is the best sending money in philippines and also moneygram. I Think Transferwise is the cheapest and fastest way to transfer money from Australia to Philippines at a very low cost.

UpVote Reply 1 Upvotes. Directly send money to your clients personal bank in the Philippines. Try to partner with different banks here in Philippines. As other company do. Banks tend to offer much worse exchange rates than other providers, while also charging additional fees. I've been using paypal and bank to bank transfer for so many years. I've never tried any other way, some way are promising but I need reliability. I have tried paypal, transferwise and payoneer.

The best is transferwise so far and it goes to my account directly. No more withdrawal charges. UpVote Reply 4 Upvotes. After using Remitly mostly for smaller transactions for the past few years I needed to make larger transfers.

The first one I made was not pleasant as I had to call them several times to complete it. I had to provide a copy of my passport, SS number, and other details. I assumed that future transactions would be a breeze but I was wrong. The representative I spoke with Precious was rude and she made me feel unimportant and that my business was of no value to her. I've lost all confidence in Remitly and I'll no longer use or recommend them to anyone.

Though not as fast as Remitly they do process the transfers in one business day and their rates are generally lower. UpVote Reply 2 Upvotes. Payoneer is still the cheapest way to send money to the Philippines. Paypal is quite expensive and the minimum amount in order to withdraw is also high. TransferWire or ShareMoney is my best option for this! If you use PNB wire transfer you use at your own risk.

On December 2 thousands were transferred and I have not received funds. All PNB will do is say they do not have funds. They will not trace I used my lawyer in the Dtates and got all the wire transfer information.

Yet for 11 years they have handled the transaction monthly. I have now hired a lawyer in Davao Ph. I doubt I will get justice in a Ph. I am tied up with Payoneer with my business and so far they are far better and more inexpensive compared to PayPal. They even have some arrangements like my being with their VIP customers that allows you lower fees especially if you'll be sending big amounts like payments, remittances, and the likes.

You can do the transaction online and clients sending out money need not even register. Just follow the online process and you'll be sent an email message if you have receivables. Your account number with them is already registered as an international account and you can transact globally. Don't get me wrong. Am not part of the company.

Just happy to share my experiences with their service and so far, it's topnotch! I even have a personal account executive assigned to me who checks me out every now and then for any concerns or clarifications with regards to their service. I hope that helps!

Major factors to be considered while transferring money abroad are 1 It is safe 2 Exchange rates are low 3 Convenient processes 4 Quick transactions I am myself used to transferring money abroad to my sister in USA.

I have tried many options but have found services from Centrum Forex to be best among others. Hence, I would refer you to try and use their services. I am from Delhi India and want to send usd to Silay city phillippines in cash to my friend.

Please advice me the process and charges with your agents at New Delhi. UpVote Reply 5 Upvotes. My mom sends me money through Xoom and i get it right away and cheaper for her bec any amount will be the service charge fee. Hello,I am sorry but I cannot agree with the article, it is quite misleading. PayPal is almost 20 years old, and it is not hiding anything. One must know the rules in any transactions. Charges apply to any kind of business, even the free ones. PayPal has an established reputation.

There are many other worldwide online payments system to choose from and each has their own rule and price. Change the part of the article that says hidden fees, it is not hidden. Also, clarify the charges for it is not clear. Separate the Personal and Business account. Then a clear comparison can be seen. I find some of this information 'misleading' at best. Western Union offers 2 services: I wonder if this is a 'sales site' for other services that charge MORE to transfer money?

For example here are the exchange rates last July 24, for sending money with delivery method: Hi there, I am marketing team member of mHITs Remit and I just would like to clarify some information about this post and how you collect it so we can help keep it accurate. First of all, our transfer is instant, so it will take seconds SMS speed to arrive to the Philippines and NOT days as the post says.

We are probably the fastest company in Australia to send money to the Philippines. If you want to know our great rate today to send money to Philippines please visit http: Thank you for the space, I hope it had helped customer to understand our service features more clear. Kind Regards, mHITs marketing team. I was wondering if considering Bitcoins as mode of payment.

It is very easy to open a wallet account and there is also API integration. This also take just minutes and direct to whoever the payment is intended for. It takes 10 minutes to pay them, then stuck at "Processing by local partner" for two full days. Terrible considering the huge hidden cost the inflict with a high exchange rate gap. Before sending money to Philippines , one should compare and choose option which is offering best rate on the day of transaction.

Hi all, does anybody have any idea which services from the U. I want western union because i know my money is secured at this money transfer at easy to claim. I prefer xxom and western union, we need to have our pay in fastest time though than paypal we need to wait business days and not only the sender will be charge also the receiver they highly expensive than other money remittance. As far as I know its either western union or xoom its because its fastest way to send money here in the Philippines.

For me it is Western Union always has the best and the greatest ways of sending money to the philippines from the states, for me it wasnt about how much will be the charges. As far as i know sending money by western union charges less mount to person who sends money whether from the philippines to other country or from the states to the philippines, western union is great not only less charge, it also delivered the money that people send fast and safe, making sure that the money that a person send will reach exactly to the person to whom it was send by the sender Again, it wasnt about the charges,it doesnt talks about how much, rather it talks about good services to people, fast and safe in all time From the Philippines to the USA?

For me Moneygram is good to me, because of the fastest way of sending money. The money sends fast. Hey Rob I think Payoneer and Pay Maya is the best and low cost if you want to transfer money here in the philippines. It just takes 10 minutes to get the money. Thank you for asking me this actually I personally had experience in having to send money before when I work outside the country and most of the time the company I worked at was using wire transfers to certain banks and other would use western Union and Money gram.

Thank you so much for sharing this great article. The information of best Money Converter that you given is good. I would recommended to add CurrencyKart. Thank you team currency karthttps: With some of my companies, they make me open an account from a platform they choose. I plan to open payoneer next. I plan to open a Payoneer account.

At times, the company i work for decides what money transfer to use then they will instruct me to open an account and make it as my payroll.

I been using western union every time, I have transaction from international. You can receive your money less than an hour. The payment is very competitive and safety transaction just make sure you have the exact details and PIN number for security purpose.

I pay 20 UAE Dirhams as transfer fee and the exchange rate is good. I use Transferwise weekly for sending money to the Philippines they are excellent there is nothing else to compare for international money transfers.

PayPal is a joke. Xoom is a joke. Ria is a joke. I've burned a lot of bridges in this industry but these companies will take all your personal information and then ask for more, and then decline service for some absurd technicality. I use PayPal only to receive funds never to send out internationally as that will freeze the account.

I used to use RemitHome and they had good service but they just can't compete with Transferwise on price. Transferwise is the best!! Uses the market rate and very very low fees. You can even set a minimum limit. And I can get my money within 5 minutes. I use Remitly to send my wife money weekly from the USA and she can pick it up in Philippine pesos within minutes. I don't understand why it takes this long. Remitly does make a little bit on each dollar exchanged.

To transfer money overseas and not pay loanshark fees, there's transferwise. Transferwise is a revolutionary way to transfer money across countries with non-blood sucking bank fees. It's funded by the co-founder of Paypal and even Sir Richard Branson. Personally I've Transferred over 10, Euros in total each time and I never had any problems and the staff are very responsive when i email them. There's no percentage commission but a small fee of euros per transfer.

Hi Rob, Western Union or Money Gram would be better since we can get our salary faster and will not wait for 21 days. Paypal takes time and we are working hard so we can get paid and pay our bills but paypal is giving us headache. The problem with WU is that they have the worst IT department of any financial-transactions company I have ever seen. If something goes wrong, as it often does, they are clueless most of the time and their agents have no way of accessing the cause.

Hope you could include a review of Rebit. I prefer to send money through bank to bank. I will never use Paypal services again. I just started getting in this business of mine from where you need a mode of payment. It happened to be paypal. They have this horrifying policy that you need to wait for 21 days to get the money. I am working because I have urgent payments that I need to. It's annoying the blood-earned money you get will be stuck on hold in a company. I don't even know why they do that but obviously they're doing it for their own good.

Filipinos I use paypal or xoom for transfer. And now xoom is merged and owned by paypal. For my Filipino friends I will suggest that I used paypal and transferwise. I guess moneygram is the best money transfers to send money here in the philippines.

All the money transferred are reliable, but nothing beats Money Gram. It might be a little expensive for some but its the most efficient way specially if you're recipient here in the Philippines needs the money right away I would also want to commend the wire transfer because its soo secured, bank will even help you in case problem arise during the process.

This is really helpful. And yes, PayPal is very expensive. What I really don't like about PayPal is their exchange rate. We really lose a lot there. So when I was freelancing, bank transfer to my bank account works best than being paid via PayPal.

For my personal clients, outside freelancing websites, I usually use PayPal because they say that it's the most convenient way for them. I might try the other ones here and let my client know. I have opened an account here in saudi arabia, my bank is Philippine National Bank. I saw in my bank's website that there is a way for me to send money from my savings to my family in the Philippines through XOOM. I find it was the easiest and fastest money transfer.

I think that Routing Number is the issue due to i mailed my bank on what is their Routing number then they gave me 3 routing numbers 1 is new york 2nd is los angeles and 3rd the BIC.

When sending money from Hong Kong to Philippines, my cheapest experience was money changers like Czarina or Frankies Remittance specially when you send big amount. I tried sending money to my BPI account last month here in HK and I haggled for them to increase the exchange rate and make the remittance charge free, and to my surprise they did.

I jumped to the other money changer and they also did the same. The running exchange rate that day was somewhere around 6. I don't think anyone can beat that.

No wonder a very long line of domestic helpers line up during pay day there. Only hassle is that you have to go to there personally no online or phone call transaction. Such a very good information. Thanks for posting this blog article. The fastest and the cheapest way of sending money to the Philippines is through Bitcoin. Bitcoin conversion rate is too volatile. For now, I don't think this is good for the recipient. Hi Rob,Thanks for the info.

Surely many Filipinos freelancer will find it very helpful. Hi Rob, I was surprised to receive an email from you. I know of a non-bank player called I-Remit.

It is known for having revolutionized the remittance industry by employing the latest in IT technology and utilizing the Internet platform making it possible to cut down the usual remittance period to only seconds. The nationwide coverage of I-Remit's iDelivery Door-to-Door remittance mode reaches more beneficiaries than other remittance companies with an area spanning 17 regions, 80 provinces and cities and municipalities in the country.

The iNotify Remittance Pick-up is an alternative service mode where beneficiaries in the Philippines can claim remittances from any of I-Remit's more than 10, designated pick-up centers nationwide within 24 hours after receipt of the remittance from the its foreign offices. I-Remit also opened new remittance corridors by introducing iNotify Foreign, a method of remittance from one country to another.

Both Filipinos and non-Filipinos abroad can remit money from their country of origin to selected countries where the designated beneficiaries can pick-up the proceeds from an I-Remit office.

In , it was cited by the Asian Development Bank as a significant non-bank player in the remittance industry and its I-Remit Visa Card was regarded as an innovation.

It is the fastest remittance service mode that features real-time crediting of remittances from abroad. It also provides global access to over 2,, Visa ATMs in more than countries and territories worldwide. For more info visit http: Hi Rob,Thank you for this article! I received notification in my email about this. Great help to all freelancers who are considering which method is the best.

Yes, you have to pay the fees every time your make a transaction. Hi Rob,I have been a freelancer in oDesk now Upwork for more than five years and I have been withdrawing funds from my oDesk wallet directly to my local bank account.

For me, this is the cheapest method. As per oDesk's support page, "Local Funds Transfer LFT is the most direct and least expensive payment method for freelancers with bank accounts in participating countries. When you select to get paid by LFT, you directly deposit your earnings into your local bank account, in your local currency, for a low, flat fee.

But the exchange rate in Paypal is very low, compared to the exchange rates in the bank. I have sent thousand of dollars to many places in the P. Lots of relatives during the past two years and the money is ready for pick up in pesos within 5 minutes from when I click Send. Yes, it is more expensive than some of the other remittance companies but I like their fast service and great status notification.

I tell them to pickup the remittance at M Lhuillier because they are everywhere. I don't use credit card or debit card with Xoom. Not only that it's cheaper to send money not converted. Do a wire transfer obviously if you are sending a lot of money, to a local account to the country you are sending.

The rate in the country is higher than from where you are sending. For example, sending money from USA to Philippines is It can easily cost you hundreds of dollars just on the exchange rate. The recieving bank will have the best rate. Don't be scam by the bank exchange rates. Yes I absolutely agree with this. The problem with sending a wire however is that usually there is an additional fee for sending the wire and receiving the wire. So in the case of smaller amounts of money wire transfers are not a good idea.

Interesting that you left RemitHome. Great support and fast transfer. Fairly good rates plus a reward system. Based on comparing exchange rates they're not as good as Ria though.

It doesn't work unless you have multiple staff.

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Some don't even update the rates over the weekend.

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