#Wise transfer how to#
How to Send Money Using Wise (formerly TransferWise)
Cash pickup at remittance centers is not yet available. All you need is a bank account or a debit or credit card and you’re good to go.Īs for your recipient in the Philippines, you can choose to send the money to his bank account or his GCash or PayMaya e-wallet. You don’t have to visit a remittance center and give your money to the cashier. Unlike Western Union or MoneyGram, Wise is solely an Internet-based service where transactions are done using your computer or mobile phone. So if you’re looking for a faster and more affordable way to send money to the Philippines, you might want to consider Wise. In fact, Wise is up to eight times cheaper than bank transfers. Filipinos living and working in the United States, Europe and other countries in Asia can send money at lower rates compared to banks and other remittance companies. With its transparent pricing, real exchange rates and low transaction fees, it’s no surprise that Wise is fast becoming the go-to money remittance service for many Filipinos worldwide. Wise is different because it uses the real foreign exchange rate, so your dollars or euros will mean more pesos for your recipient in the Philippines. For example, if the real exchange rate is ₱50 for $1, you’ll only get ₱49 while the remaining ₱1 goes to the company. Other money transfer and online payment companies like PayPal make money by slashing the exchange rates on top of their transaction fees. What makes Wise different from most other online money transfer services is that it uses the real foreign exchange rate. Wise now handles $5 billion worth of transactions every month for more than 7 million customers, including thousands of overseas Filipino workers (OFWs) who are looking to save money on remittance fees. Wise was founded in 2011 by two friends from Estonia who were tired of high transaction fees and bad exchange rates. One of them is Wise (formerly TransferWise). With the advent of the Internet, however, online money transfer services are starting to gain popularity among those who desire the ease, speed and convenience of the Internet. When we hear the word “remittance,” we usually think of people counting their money at a Western Union outlet or something similar.
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