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An international money transfer allows you to send money to friends, family and businesses overseas. Generally, it involves you sending cash or money from your bank account in Ireland to an intermediary transfer service or bank, which then exchanges and sends the money to your recipient in another country — in this case, the Philippines.
Depending on the provider, you can initiate a money transfer in person, online or by phone. Your cash or bank account transfer is then either deposited into your recipient’s bank account or made available as cash for pickup at a location in their country.
An exchange rate determines how much one country’s currency is worth in another currency. When a country’s currency is strong, it yields more money when exchanging it in a country with a weak currency. The Philippine peso has historically been one of the weaker currencies in Asia. Economic stability, inflation and regional politics all impact the Philippine peso’s value.
Many banks in Ireland offer the option to send funds to the Philippines, but will typically charge high transfer fees and offer exchange rates that are significantly lower than the mid-market rate — or the rate banks and transfer providers use when trading among themselves.
A reputable money transfer specialist can often offer better exchange rates and also charge lower fees, saving you money and putting more Philippine pesos into your recipient’s pocket.
Paul wants to send a gift of EUR€1,000 to his cousins in the Philippines, but he knows that using his bank to do so will be unnecessarily expensive. With this in mind, he decides to compare the exchange rate and fees of his bank with those offered by a specialist money transfer company. The results of his comparison can be seen in the table below.
|Using a bank||Using a money transfer company|
|Exchange rate||EUR€1 = PHP56.44||EUR€1 = PHP57.29|
|Transfer time||2-5 days||1-3 days|
|Transfer options||Online, in branch||Online|
|Amount received for EUR€1,000 (PHP)||PHP56,440||PHP57,290|
As you can see, not only can Paul save EUR€11 in fees but he can also send an extra 850 Philippine pesos to his relatives by using a money transfer company.
You might need to send an emergency cash transfer to the Philippines — for example, if a friend travelling through the country loses their wallet. When you need to transfer funds urgently, your fastest possible transfer will often be your most expensive option. Carefully review the exchange rate and transfer fee against your needs so that you understand exactly how much it will cost you.
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