Are you an OFW looking for the best way to send money to your family and loved ones back in the Philippines? Or perhaps you've been searching for the most convenient way to send funds securely and maybe at a lower cost. If that's the question on your mind, we got it covered! We picked eight of the best remittance centers in the Philippines to help you out.
Since banking services are less common to average Filipinos, local and international remittance services are widely used to send and receive money. That's why in almost every busy street or even village, you can see stores with remittance services being offered. Should you wish to send money to a family relative or a friend? Just simply visit a remittance center near you, follow the process and you're good to go. Even now, there are online-based services available so money transfer, local or abroad, has become convenient.
Top Eight Remittance Centers and Money Transfer Services in the Philippines
1. Optimum Exchange Remit and AllCash
This is a corporation registered with the Securities and Exchange Commission (SEC) on March 06, 2007. Its primary focus is to engage in the business of overseas remittances and received its foreign exchange and remittance licenses on May 24, 2007, from The Bangko Sentral ng Pilipinas (BSP). Originally, they were known as Overseas Network Exchange Remit, Inc. (ONE Remit). However, the company changed to its current corporate name on April 21, 2014. They serve as the fulfillment arm in the Philippines of its various remittance tie-ups in Kuwait, the UAE, Saudi Arabia, Hong Kong, Singapore, and Saipan, through its different product offerings.
Optimum Remit aims to provide a fast, reliable, and convenient way of money transfer worldwide for Filipinos. Optimum Remit continued to invest in system development to better cater to the needs of OFWs. Through their advanced technology, they now offer convenient and efficient money transfer services.
Optimum Remit also operates as AllCash. It's the bill payment facility of AllBank, AllDay Supermarket, AllDay Convenience Stores, and AllDay Mart recognized by the BSP. AllCash processes different types of bills including household utilities, insurance, loans, credit card payments, and even government services. Plus, they also offer money exchange at competitive rates and money remittance among others.
2. Western Union
Western Union believes that when money moves freely, good things can happen. We think so too! This company provides a convenient way for Filipinos to move their money without the hassle. With branches in over 200 countries and territories, Western Union Sulit Padala and Overseas Money Transfer have been providing excellent money remittance services for 145 years. Western Union has lots of programs to reward its users making it one of the best remittance choices for OFWs.
3. MoneyGram
MoneyGram International, Inc. leads the evolution of digital P2P payments. It aims to deliver innovative financial solutions to users all around the globe and connect communities. With 5 years of experience, they have served over 150 million people with the sole of mobilizing the movement of money. The Company leverages its modern, mobile, and API-driven platform and collaborates with the world's top brands to serve consumers through its direct-to-consumer digital channel, global retail network, and embedded finance business for enterprise customers. MoneyGram is also a leader in pioneering cross-border payment innovation and blockchain-enabled settlement.
4. Cebuana Lhuillier Pera Padala
Cebuanna Lhullier is one of the biggest and most popular remittance service centers in the Philippines. Equipped to provide both local and international money transfers, Cebuana Lhuillier isn't just limited to remittance services. Once you check out their services, you can find micro-loan with collateral (pawnshop), microinsurance, and even micro-savings as well! Indeed, they took all the time to adapt to what most Filipinos need and have established quite a reputation among their competitors.
Cebuana Lhuillier's transfer speed is real-time and all branches operate from Monday to Sunday which opens as early as 7:00 am and closes as late as 9:00 pm. Note that they also have branches that are open 24/7. The notable features of Cebuana Lhullier are their Money Savings via the 24k Rewards Program, faster transactions via an online appointment system, and accessibility via 24/7 branches in Makati, Imus, Olongapo, and Angeles City. For Pera Padala rates, check out their website for specific details.
5. LBC Express Remittance
Before, LBC was just a local courier service provider here in the Philippines. Throughout the years, they have managed to innovate the services they offer. From moving parcels, they delved into providing remittance services that claim to be as fast and reliable as their logistic performance. It stays true to its claim as they have been providing quick money transfers at affordable rates. Unlike other money transfer services, they provide an option to have your money delivered straight to your recipient's doorstep. That door-to-door feature has set them apart from their rivals and has brought convenience to loyal customers.
6. Xoom
Xoom is one of PayPal's services. providing security to over 250 million customers around the world to make online transactions every day. With a PayPal account, you can immediately start sending money to the Philippines conveniently. You can choose cash pickup, bank deposit, mobile wallet, and door-to-door delivery for your money transactions.
You can conveniently send money to the Philippines through the Xoom app. You also have the option to track transactions as the Xoom mobile app is equipped with biometric login and features our easy Slide-to-Send technology.
Did you know that you can send money to cash pickup locations and banks throughout the Philippines? They are with Cebuana Lhuillier and M. Lhuillier and banks including Banco de Oro, Bank of the Philippine Islands, and Philippines National Bank. Transfer money directly to mobile wallets without the hassle.
7. RCBC Telemoney
RCBC TeleMoney is one of the strong players when it comes to overseas remittance. They also have subsidiaries in Asia and international banks & money transfer partners. Rizal Commercial Banking Corp. (RCBC) partners up with local remittance centers so customers have wider options where they can claim money transfers from loved ones or business transactions. Just like the remittance centers mentioned above, customers can now claim remittances from MLhuiller, Palawan Pawnshop, Palawan Express Padala, Bayad Center, and LBC Payments & Remittance Centers apart from RCBC branches and automated teller machines.
8. PNB
Send Money to the Philippines online quickly and easily with PNB Web Remittance Service. The Philippine National Bank specializes in international money transfer services from the United States to the Philippines. Also, it offers one of the best currency exchange rates available and low service fees too! PNB also offers flexible money transfer options for personal or business purposes.
As one of the country's largest and most trusted commercial banks in the Philippines, PNB Web Remit is the latest addition to PNB's current extensive range of banking services and financial products. Create an account online today, and send money immediately and securely with tools for tracking your transfers.
Using a bank account in the United States, you can send money to any bank in the Philippines, PNB Global Filipino Cards, schedule cash pick–up or door-to-door delivery. We will even notify the beneficiary of your money remittance via text message through our remittance tracker.
You can credit the remittance to your PNB account and can also credit it to other banks. Door-to-Door Delivery is also available and you don't need to open an account. It'll be delivered right to your doorsteps in only 24 hours for Metro Manila and up to 3 days for provincial and selected key cities.
For Remittance Pick-up, you can claim it at any PNB Domestic Branches and Payout Partners. Again, you don't have to open a bank account and pick-up is free of charge. One more thing is there it has open branches even on weekends in selected locations.
Have you had the chance to pick which remittance service providers and money transfer services to trust? For domestic money transfers, international remittance, door-to-door delivery, and up to fund transfer services, you will definitely find a provider that will match your needs.
Choose the Best Remittance Center or Money Transfer Service
In choosing between remittance and money transfer companies, you have to consider a few things. The transaction speed of money transfer, location, convenience, and even excellent customer service. Do your research and trust only a reputable service provider. There's no room for trusting a new service provider unless the money involved is not for an emergency and if you must really look for other options. Also, compare the service fees so you can make smarter picks.
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If you're smart enough to carefully choose the best remittance center to move your money, you should do the same to your investments. For OFWs, seeing the fruit of their labor is probably one of the greatest rewards to have. Hence, partner with a real estate developer like Lumina Homes and secure your future. We offer affordable yet decent housing projects that are built to last.
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