How to choose Online money transfer providers for sending money from HK to PH?

Remittance

2019-08-23

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If you’re a Filipino working abroad, every dollar counts without proper financial planning, the money you’ve worked hard for years could quickly go down the drain. This is why you have scheduled your remittances. It starts with knowing which money transfer service can help you save money and send your remittance fast and safely to your loved ones in the Philippines.

 

The factors to consider when sending money to the Philippines:

 

Cost - How much will it cost you to send money to the Philippines? This includes the exchange rates, service fees, and any hidden charges.

 

Speed - How soon will your money be transferred to your family abroad? Some remittance can transmit it in just a few minutes, while others take several days.

 

Convenience - Is the money transfer service easily accessible to you and your recipients back home?

 

Reliability - Can the provider transfer your money safely?

 

TransferWise

An online money transfer provider based in the UK. It uses peer-to-peer technology that matches currency flows, meaning if you convert dollars to pesos, the provider will find a person who wants to convert pesos to dollars. This way, exchange rate costs are reduced and hidden charges are avoided.

Cost

The money transfer rate is 1% for the Philippine peso. Depending on the amount to be sent, TransferWise fees start at $5 to the Philippines. Sending 2000 HKD and how much PHP you get:

 

Speed

The downside of the low-cost remittance channel is its slow delivery that takes more than a week. It’s doesn’t offer a same-day delivery option.

 

Convenience

Like other online channels, creating an account is fast and easy - you can use your email address or link your Facebook or Google account to register with TransferWise.

The service, however, is available only for bank-to-bank transfers and those received in Philippine pesos.

 

Reliability

TransferWise has security measures in place, such as a two-step login and verification procedures to protect user accounts against unauthorized access.



Epay

Epay is one of the popular web-based money transfer options for many OFWs based in the HongKong. 

Cost

12 HKD / per transaction. Unlike banks and other remittance centers, Epay doesn’t charge an exchange rate markup. It makes money only from charging transfer fees. OFWs can benefit from the best exchange rate this online provider offers. The important thing is How much you will receive eventually if you send 3000 HKD to PH:

Speed

Sending money from Hong Kong to the Philippines is within two hours.

 

Convenience

Money only can be transferred via bank-to-bank. To send money to the Philippines, you have to create an Epay account and verified which is free and easy.  After your first money transfer, your next transactions can be done with just one click because your recipient and payment information is already saved in its system.

 

Reliability

Established in 2014, Epay has branch offices in China, USA, the United Kingdom, Europe, and Samoa, and obtained Hong Kong financial services license, America money service license and PCI security certification.

Epay has a total of 500,000 global users and more than 150 cooperative banks and financial institutions, connecting with all major financial regions of the world. Epay has a legal financial license.



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