Send Money To Philippines
Officially known as the Republic of the Philippines, the Philippines is an island country in South East Asia. With a population of approximately 100 million people, the Philippines is the seventh-most populated country in Asia and the 12th most populated country in the world. There are also some 12 million Filipinos living overseas, making up one of the world’s largest disporas – so it is perhaps unsurprising that there are thousands of transactions made on a daily basis to send money to the Philippines.After World War II, the Philippines had the second largest economy in East Asia. However, the economy then stagnated until the mid 1990s, due to the country’s economic policies and volatile political climate, and a number of Asian countries overtook the nation in terms of GDP. A new programme of economic liberalisation was implemented in the late 1990s, which led to economic recovery. This was compromised in 1997, however, when the Asian Financial Crisis hit the continent. Today, with a GDP of $216billion USD, the Philippines is the 45th largest economy in the world.
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Currency and Foreign Exchange
The currency of the Philippines is the Philippine Peso (PHP). Prior to 1967, English was used on all notes and coins, hence the term ‘Peso’ being used. Once Filipino was introduced as a written language, however, the term used on notes and coins became the Filipino equivalent of ‘Peso’, ‘Piso’. Philippine coins and banknotes are produced at the Security Plant Compex of the Bangko Sentral ng Pilipinas, which is located in Quezon City. One Peso consists of 100 Centavos. Denominations under 1 peso are still issued but are not widely used or circulated due to the high production costs of the coins.Currency in the Philippines has a long and varied past. Trade was originally carried out in the country using a barter system, which was based around small pieces of gold known as Piloncitos and gold barter rings. When the Spanish colonised the country in 1521, they introduced a formal coin system. However, the coins used by the Filipino people were minted in various Spanish countries around the world, which led to inconsistencies in the purity and weight of the coins. In 1861, the country’s first mint was established in order to standardise coinage and, when the Philippines gained independence in 1898, the country’s first local currency replaced the Spanish-Filipino Peso. In 1901, however, the territory was captured again, this time by the United States. The new occupiers established a new unit of currency, which was pegged to exactly half of a US Dollar. During World War II, the Philippines found itself occupied by the Japanese who introduced yet another set of notes. Finally, in 1949, the Central Bank of the Philippines was established and a formal Filipino currency was reintroduced.
Money Transfer Regulations in Philippines
It is unlikely that you will have to overcome any regulatory issues when sending money to the Philippines. The Philippine Peso is fully convertible and there are no restrictions when it comes to exchanging the currency for foreign currency outside of the country’s banking system. There are also no restrictions on sending money to the Philippines, carrying foreign currency into the country, or transferring money out of the country. Under the Philippines’ 2001 Anti-Money Laundering Act, all financial transfers in or out of the country that involve a value of more than PhP400,000 must be reported to the Anti-Money Laundering Council.
When transferring money to the Philippines, there are several different methods to choose from. Different options offer different benefits and the best option to choose will very much depend upon the amount you wish to transfer and, if it isn’t a one-off, how regularly you will be making transfers. Wire transfer is the most commonly used payment method. When it comes to sending money to the Philippines via wire transfer, the two main options available to you are via a high street bank or a specialist international money transfer company such as the Western Union. You can also send money to the Philippines using a cash payment method such as MoneyGram. This allows money to be transferred from your account to the Philippines and collected in cash by the recipient. Compared to bank-to-bank transfers, this can be a relatively expensive option and is generally best reserved for instances where you need to move money at speed or if the recipient doesn’t have an accessible bank account in the Philippines.
Potential Difficulties of Sending Money to Philippines
When transferring money to any country, including the Philippines, there are a number of difficulties that you need to be aware of. That said, you certainly shouldn’t let them put you off, they can be easily overcome by using a comparison service. As the Philippines has a relatively free currency, meaning that you shouldn’t encounter any legislative or regulatory difficulties. The main difficulties that you may face will be surrounding fees and exchange rates. Different financial organisations and international transfer providers will charge a range of different fees and charges to conduct your transfer.
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If you are looking for a quick, simple, and cost effective way of sending money to the Philippines, using sendthatcash.com’s comparison service will allow you to compare the worlds fastest and most trusted international money transfer providers and foreign exchange firms, who will be able to safely send your money to the Philippines. Comparing exchange rates and fees can be a complex and drawn out task. It is, however, necessary if you want to ensure that you receive the very best deal. At sendthatcash.com, we take care of all the hard work for you, allowing you to effortlessly view the results of our findings in no time at all – saving you both time and money!