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Gone were the days when transferring money to the Philippines could only be done from one city to another, or one province to the other. Now, with the ever-changing global remittance climate, foreign payments are flowing into the country every minute, whether it is a payment for a business service or a remittance for a loved one.
Understanding Incoming Foreign Payments
You might be wondering where the bulk of the foreign payments to the Philippines come from. There are a few common scenarios. A popular scenario is a fact that there are many Filipino migrant workers working in other countries around the world who are sending money to their loved ones in the Philippines. In the US alone, the Commission of Filipino Overseas has recorded a total of 3.536 million Filipino workers which makes it the number 1 foreign destination for Filipinos overseas. Saudi Arabia comes next with 1.028 million Filipinos overseas.
Another big source of incoming foreign payments coming into the Philippines is the existence of online job opportunities like web design, content writing, and online tutoring. These jobs are paid through various remittance channels, counting formal channels that are sent through banks or online remittance services as well as those sent via informal channels through the help of friends and relatives.
Now, the Bangko Sentral ng Pilipinas, the country’s central bank, has encouraged sending through formal channels instead of just relying upon relatives and friends to bring home the money by hand to distribute to the supposed recipients.
What is the Primary Currency Used in the Philippines?
The primary currency in the Philippines is the Philippine peso, abbreviated as PHP. It is the official currency of the Republic of the Philippines and has been in use since 1852. The peso is divided into 100 centavos and is symbolized by the “₱” sign.
The peso is issued and regulated by the Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines. The BSP is responsible for maintaining price stability and ensuring the smooth operation of the financial system in the country.
The peso is an essential part of the Philippine economy and is used in a wide range of transactions, including domestic and international trade, remittances, and investment. The strength and stability of the peso can have a significant impact on the country’s economic performance, and the BSP closely monitors and manages the currency to ensure its stability.
The peso can be exchanged for other currencies at banks, foreign exchange dealers, and other financial institutions. There are also a number of online money transfer services that allow for the convenient and secure transfer of pesos between countries.
Use Swift Codes and Bank Routing Numbers for Wire Transfers
For those of you sending money from abroad to the Philippines through a specific local bank account in the country, using the list of routing numbers or swift codes will help facilitate your wire transfer transactions. The swift code is a code that represents the particular bank with which you will send the amount while the routing numbers will help route funds to the bank’s local branch where the recipient’s account is located. Confusion may come with these numbers as they are often used interchangeably. Make sure you know your recipient’s bank swift code and routing number so that you can make a successful transfer.
The Use of Online Money Transfer Services
Today, many foreign payments to the Philippines arrive in the country through the help of money transfer services. Take time out to review these websites before you use them to send foreign payments to the Philippines. Fees vary from one to the other and it will also be best to go for one with competitive currency exchange rates.
Use Sharemoney to Send Foreign Payments to the Philippines
Sharemoney is one of the service providers you can consider. We have partnered with many top banks in the Philippines including BDO, Metrobank, Bank of the Philippine Islands, and PNB among others. We also offer cash pick-up services at different locations and if you want, you can also make use of your door-to-door delivery options. We charge a nominal fee starting from $2.99 and we offer competitive exchange rates for your fund transfer. Try us today!
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