How To Send Money from India to Philippines in 8 Ways

Over the last few years, the Philippines has become a popular destination for Indian students who want to plan their studies abroad. But  managing their stay here is often a challenge for students. Cultural and cultural differences are two major aspects that students who come here are concerned about. 

You need to know about international money transfers in case you have plans to study overseas. In this blog, we have explained the various ways on how to send money from India to Philippines.

What is the most convenient way of money transfer from India to the Philippines?

When we talk about the various options related to money transfer, we cannot ignore the importance of Wire Transfers (SWIFT). SWIFT(Society for Worldwide Interbank Financial Telecommunications) telegraphic or wire transfers are essential for hassle free movement of money across the globe. The SWIFT network enables messages between financial institutions to be exchanged safely and efficiently, minimizing the risks of errors and fraud. 

This payment method is accepted across the world and is trusted by users for its reliability in making international payments. SWIFT transfers enable global financial transactions to be done, from paying college tuition fees to supporting family members abroad.

When should you use a wire transfer?

Wire transfers are common for both domestic usage within India as well as overseas. They are widely utilized for international transfers since they can be used to effortlessly change foreign currency, whenever necessary. 

They are a viable option for people who want to get a money transfer done urgently. Usually, domestic transfers get processed on the same day itself, and international transfers are done within a few working days. You can also go for a wire transfer if you want to transfer a large sum of money. 

Methods for Sending Money to the Philippines from India

In the section below, we have explained below some of the major options for answering queries about how to send money from India to the Philippines. But the method you opt for will completely depend on the purpose for which you are transferring the money. 

1. Traditional Bank Transfer

This is the most traditional method for sending money to the Philippines. It is as simple as depositing money in a bank. With the advent of financial technologies, traditional banks now provide quick, reliable money transfer services to different countries, including the Philippines. 

If you want to send money to anyone close who is based in the Philippines, you can either go to a local bank branch nearby or use the bank’s online wire transfer services. 

2. International Money Transfer

This is one of the major options that you can use to transfer money from India to the Philippines. You can deposit money orders via a bank, and they will be received by the receiver based in the Philippines. This is regarded as one of the safest and affordable ways to transfer money overseas. 

3. Online Wire Transfer

In the money transfer domain, online wire transfer is the latest method which offers lower charges for making an international money transfer from India to any other country. There are many financial institutions which you can use for transferring money from India to the Philippines. 

These include Western Union, Book My Forex as well as authorized banks and money exchangers. It is one of the most affordable ways to transfer money, but takes more time as compared to other methods.

Where can a wire transfer be sent?

Though a wire transfer can be done for both domestic and international recipients, their fees tend to vary on the basis of provider, destination, and the amount of money transferred. The information which you are looking for depends on whether you are using a banking or nonbanking service provider. 

• While sending a domestic bank wire, you will have to share the name of the recipient, address, bank account number as well as ABA number (routing number). 
• When you send an international bank wire, you will need to offer the name of the 

recipient, address, bank account number, bank’s SWIFT BIC and also International Payments System Routing Code for certain countries.

4. Bank Draft

A bank draft is another way for transferring money from India to any other part of the world. But, this process might take more than a week. So, it would be wise on your part to go for this option if there is no urgency to send money from your end to a family member or relative. However, one major drawback about this option is that you will have to physically go to the bank and complete the documentation process manually. 

5. Online Money Transfer

Online money transfer has become one of the easiest ways for transferring money these days. But, to transfer money from India to the Philippines, you will need to share detailed bank information, along with the IBAN or SWIFT code, and other details related to the receiver’s bank account. While paying through this method, you will have to pay a higher rate of interest apart from platform charges.

6. Interbank Exchange

In this type of a transaction, your bank will get in touch  with the recipient’s bank using the SWIFT network. The recipient bank’s SWIFT code will ensure that the exchange is secure and perfect. In some situations, the sender’s bank might need to transfer the money through an intermediary bank. 

This normally happens when the sender’s bank doesn’t have a branch or affiliate banks within the country and region of the recipient. Where an intermediary bank gets involved, they usually charge for handling the currency conversion fees. 

7. Currency Conversion

All money sent to the Philippines must be converted to the Philippine peso for use within the country’s borders. If you do not know how to send money from Philippines to India, then you need to know that once you send the money from India to the Philippines, your bank will convert the rupees to Philippine peso. 

Banks normally convert money at their foreign exchange rate which can slightly vary from the existing market rates. You will also have to pay a charge to the bank for converting currency before the money is sent to the recipient. 

8. Mobile Wallet Transfer

This is one of the safest ways for sending money to the Philippines. For making such a money transfer, you will have to create a digital bank account with a mobile money operator. Funds will be deposited from a pre-existing bank account. You can utilize well-known mobile wallet providers like PayTM or PhonePe for money transfer. The transaction fees are comparatively affordable. 

Completion

After the transfer has been done and all associated fees have been deducted by the bank, the money will get deposited into the recipient’s account within five working days.

However, the exact timing can vary on the basis of the recipient bank’s processing time. During the transfer process, you as well as the recipient can receive status updates or notifications confirming the progress and completion of the transaction.

Important Factors To Consider While Transferring Money Overseas

While transferring money from India to another country, it is necessary to consider some major factors before making the transfer. These include-

1. Transfer Speed

Transfer speed is an important factor you need to look into before transferring money. In case the receiver needs the money urgently, you need to consider a quicker money transfer provider. In such a situation, you need to avoid wire transfers as it takes long hours to transfer money overseas.

2. Timing of The Transfer

Stay safe from currency volatility by planning your international money transfers wisely. If the timing of your transfer is right, then your money will go further. Your transfer might get delayed if there are bank, public or religious holidays. This applies for both the sending and receiving country. The worst time for exchange is during weekends since markets across the world stay closed. 

Exchange rate and currency fluctuations might have a negative impact on your investments. Your international mortgage can become more expensive if you are converting your home currency into a strong foreign currency to clear the payments. 

3. Exchange Rate

It is clear that when you transfer money between two countries, you convert your currency into some other. Therefore, the whole process comes with a specific charge when you utilize money transfer services. So, whenever you select any service, you need to analyze the exchange rates. The exchange rates of all service providers are never the same. So, you need to analyze these rates first.

Interest rates and inflation may also influence exchange rates. Even if there are small variations, the difference can be substantial, especially while transferring large amounts. 

4. Transaction Limit

According to the existing RBI guidelines,  there is no set limit on the amount you want to send overseas. But, it is up to the banks or fintech companies to decide transactional limits. It also differs in case of taking SWIFT or non-SWIFT options for payment. Therefore, it is one of the major factors you should consider if you want to transfer money from India to the Philippines. 

5.  Prioritize Security At Each Step 

The rise of cybercrime has made secure money transfers essential. So, even if you are wondering how to send money from Philippines to India, you will have to use only official banking or service provider platforms to ensure that the payments you make are secure. Avoid using public Wi-Fi while performing transactions. 

Make sure that your login credentials remain confidential. Be aware of phishing calls or emails asking for sensitive information. No bank will ever ask you for your PIN, OTP, or password either over the mail or phone.

6. Check Whether You Have All The Necessary Information

Digital wallets might require just an email or phone number. However, compatibility issues might lead to major problems. Compatibility issues can occur when the recipient’s bank or digital wallet doesn’t support the service you’re using. This can lead to failed transfers or the need to restart the process with another platform. The recipient might fail to access the service you’re using. Are you making a wired transfer? Adding the wrong details may cause delays. 

7. Have A Clear Understanding of Regulatory Limits and Documentation

When you send money overseas from India, you will have to comply with RBI’s guidelines. Transactions can also require a valid purpose code (for example maintenance of family members or education), PAN card details or proof of funds or additional documentation, based on the purpose of the transfer. Non-compliance might lead to penalties or delays in processing your transaction. 

Conclusion

There are various ways to transfer money from India to the Philippines. But the transfer completely depends on the urgency and personal requirements. As per the requirements, you should select suitable ways for transferring money. The methods which we have discussed are equally competitive when it comes to speed, convenience,security and reliability. But there are slight differences in service fees, processing time and ease of usage which may influence your choice. 

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