Money Transfer Services in the Philippines: The Good and Not-so Good

Updated June 7, 2010. Whether you’re sending money to a family member or accepting payment for a service or product, money transfer services are the go-to for many Pinoys. Bank transfers either online or over-the-counter are something Filipinos don’t find a luxury or convenience, talking about long queues and access limits of online banking.

Here is a list of money transfer companies that I prefer and frequently go to, there are also some that I have transacted before, and I also found unlikely companies that offer such service.

LBC – is my top choice. You can send money in 3 ways: (a) through pick up, (b) ATM withdrawal and (c) door-to-door delivery. LBC has plenty of branches. You should expect long queues during peak hours. I have to mention that they have a cut off time. Their rates are more attractive than ML Kwarta Padala.

ML Kwarta Padala – my second choice. There are ML Pawnshops everywhere. The good thing about them is that most of their branches are open up until 12 midnight. Though, ML personnel are more picky and stringent.

Western Union Money Transfer – they are known for international remittance, but they also offer domestic remittance as well. They are a bit pricier than the first two, and more meticulous in handling remittances. Did I mention that you need to photocopy your ID every time?

Palawan Pawnshop – is one company I didn’t expect to offer money transfers. But they have 1000 agents in the country. It is a great option if you are sending money to provinces or remote places where ML or LBC aren’t present.

Aside from the first 4, there are also other known domestic remittance services.

Money Gram – has been around for some time.

Lucky Money – has limited branches, but the rates are fair.

Globe G-Cash – now partners with Paypal.

Smart Money – works with BDO ATMs.

I know I mentioned earlier that online money transfer is something Filipinos have limited access to. But I should include one online service that I find really useful.

PayManila.com - i prefer PayManila when withdrawing funds from Paypal to bank. When you usually use the bank withdrawal feature via Paypal, you know it will take you at least 3 days for the remittance to clear. If you need Paypal funds immediately, PayManila.com should be your option.

Now that another school year has opened, money transfer services will be a hit again. Just don’t forget to bring valid IDs every time and don’t forget to write down the transaction code.

Be careful with names and spellings. And most importantly be watchful!

Posted in: Business,Customer Service