Looking for an easy way to send money abroad from the Philippines online? Because, let’s say, for instance, that you have a relative or a family member who is an OFW and they are affected by a lockdown, and they desperately need money because they haven’t saved for an emergency fund. And they’re asking you to send them your money because you’re the only one they can count on.
You can choose from these several cash transfers and remittance services, such as Western Union, MLhuillier, and LBC, to name a few. However, given that the Philippine government is imposing community quarantines on some areas, most of the time, these services are closed and people are not able to go to their branches personally to transfer money.
So, the Help Center PH team searched for a great and efficient cash transfer service to help Filipinos send money abroad and vice versa. Now allow us to introduce this great tool we’ve found, meet TransferWise.
What is TransferWise?
To give you an idea of what is TransferWise, TransferWise is an online account that lets you send money, get paid, and spend money internationally. With a TransferWise account, you can send money abroad, get paid in other currencies, and spend abroad on the TransferWise debit Mastercard.
Create a TransferWise Account
Now let’s get on with account creation for us to send money abroad.
The first step you would like to do is to visit their site and try to get to know the services they offer.
You can see on their welcome page that they’ve got the real-time currency conversion.
If you have also tried to search for PHP as the source currency, you may notice that it is not currently available.
To explain this further, if you want to use TransferWise to send money abroad using Philippine Peso, TransferWise will need you to convert your PHP to USD first, then you can choose where to convert your USD whether AED, CAD, GBP, or EUR to name a few.
Browsing further, you can see their oversimplified steps on how to send money abroad.
Now, let us do the first step which is the Registration.
By clicking the “Registration” link on the upper right-hand corner, it will show you this page where you can enter your account type whether Personal or Business, Email Address, Password, and Country of Residence.
You may also use your Apple, Google, or Facebook to sign-up to their site. But in our case, we’ll be using our email address to fill-up the necessary fields.
If you already have an account, you can simply click the login link, then enter your credentials to use TransferWise’s money transfer features.
Add Money to TransferWise Account
Upon logging in, you may see your activity page including the current balance on your TransferWise account.
In our case, we already have a balance of $10.19 in our account. But just to show you how to add money to your TransferWise account, just click the “Add Money” button then proceed with the guided steps in adding funds.
Upon clicking the “Add Money” button, you can see fields where you can enter the amount you’d want to add to your TransferWise account.
When you click “Next”, this page will allow you to choose how would you like to pay to add funds to your account.
In this scenario, we’ll be using Debit Card to add funds to our account.
If you have finalized the choice of how you would want to add funds to your account, just click the “Continue to payment” to see the next page.
This page will show you the total amount that you’ll need to pay to add funds to your account. In this example, since we’re adding $100 and we are using a Debit Card that is not issued in the U.S., TransferWise demands additional fees.
If you feel like the amount is fair and now ready to pay, just click the green button to proceed with the payment.
Since we’re just demonstrating how to add money to a TransferWise account, we are not actually going to pay for the $104.55.
Now let’s move on to the next steps where we are going to transfer our money abroad.
Send Money Abroad
When you click the “Send money” button, it would show you this page where you can enter the amount you would like to send abroad.
If you have finalized the amount that you’d want to send, just click “Continue”. You also have the option to compare prices from other online money transfer services.
When you click the “Continue” button, it would show you the “Recipient” page where you can enter the details where you would want to send your money. After entering the details of your recipient, just follow the guided instructions to proceed with the next page.
On this page, TransferWise allows you to finalize the recipient where you would want to transfer your fund.
If you have clicked the “Confirm and continue” button, it would show you this page where you can again choose how would you like to pay for money transfer.
Since we already have added funds to our TranferWise account on the previous steps, just select the “Your balance” option to use your TransferWise balance to pay for the money transfer.
After finalizing and reviewing the details of this transaction, you may now finally click the “Finish and pay” button to proceed with the transfer. But if you would like to modify your amount or you just want to cancel the transaction, you have the option to cancel it by clicking the “Cancel this transfer” button.
After clicking either of these two, TransferWise will show you a page showing that either your payment has been successfully received or there’s a problem with your payment.
Let us know if we gave you an idea on how to transfer money abroad using this great tool called TransferWise.