How can I send money with low fees and good exchange rate to the Philippines?

filipino is sending all payment with „WISE“ and we are very satisfied

Using Wise (formerly TransferWise) to send money internationally has several advantages over traditional banks. Here are some key benefits:

1. Lower Fees

• Transparent Fees: Wise is known for its transparency in fees. You can see the exact cost upfront before making the transfer.
• Lower Transfer Fees: Typically, Wise charges lower fees compared to traditional banks, which often have hidden charges or higher service fees for international transfers.

2. Better Exchange Rates

• Real Exchange Rate: Wise uses the mid-market exchange rate (the rate you find on Google or Reuters), which is more favorable than the rates offered by banks, which usually include a markup.
• No Hidden Markup: Banks often hide their fees in the exchange rate, making it less transparent. Wise avoids this by showing you the true exchange rate.

3. Speed

• Faster Transfers: Wise can often complete transfers faster than traditional banks. Many transfers are completed within a day or even within hours.
• Efficient Processing: Wise uses a peer-to-peer system that matches users sending money in opposite directions, speeding up the transfer process.

4. Convenience

• User-Friendly Platform: Wise offers an easy-to-use online platform and mobile app, making it convenient to send money anytime, anywhere.
• Tracking: You can track your transfer in real-time through the Wise platform, giving you peace of mind.

5. Security

• Regulated Entity: Wise is regulated by financial authorities in multiple countries, ensuring it adheres to strict security standards.
• Data Protection: Wise uses robust security measures, including encryption and two-factor authentication, to protect your personal and financial information.

6. Multiple Currency Support

• Wide Range of Currencies: Wise supports a large number of currencies, making it easier to send money to various countries around the world.
• Multi-Currency Account: Wise offers a multi-currency account (Wise Account), which allows you to hold and manage money in different currencies and convert between them at the real exchange rate.

7. Transparency

• Clear Costs: Wise provides a detailed breakdown of costs before you make a transfer, so you know exactly what you are paying for.
• No Surprises: With Wise, there are no unexpected charges or hidden fees, making it a more predictable option for sending money abroad.

8. Customer Support

• Responsive Service: Wise offers robust customer support through various channels, including chat, email, and phone, to help with any issues or questions.

Summary

Wise offers a more cost-effective, faster, and transparent way to send money internationally compared to traditional banks. With better exchange rates, lower fees, and a user-friendly platform, Wise is a popular choice for individuals looking to make international money transfers efficiently and securely.

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