The Best Way to Send Money to the Philippines
Want to know the best way to send money to the Philippines?
Stay tuned and I'll explain how I do it.
okay, so this isn't going to be a very long video because, well, there is no point in me telling you about all the different other options when they're not as good. So, what you'll find is the majority of people will use PayPal to pay people in the Philippines and that's fine, you know, try test the people know how to use it.
The problem is that on the other end, the Filipinos get charged a fee and you get charged the fee for sending it. They get charged the fee and when it takes several days for them, to pay it out to their bank account, whereas if you use what I use, which is TransferWise, link will be in the description and click on that.
With TransferWise you can set up bank payments and they can arrive in the Philippines within an hour. I'm not kidding you. Literally I send them from Spain. I send from the UK and they turn up. Less than an hour a very, very worst. It will be a day and people will have to wait. But paying with TransferWise gets you the best exchange rate and a very low fee to do it, and it's the way that I used to pay.
All my staff in the Philippines, they have to have a Filipino bank account, which surprisingly sometimes new starts don't always have it. They've been getting the money paid out through their mom or dad's account or something like that. If they're young and. Anyone who's older has a bank account though. But yes.
Or they just set up a bank account and then they get the money's transferred over. So I pay my staff on the first and fifteenth of every month and generally speaking, most people get the money within an hour, and they love it's the full amount of money. You pay them in the local currency pesos, you get charged and your local currency, so that's either euros, dollars, pounds or whatever, so you know exactly what you're paying.
Yes, currency fluctuation goes up and down each month. That's just the fact of life when it comes to the currencies, but when it comes to getting paid, the Filipinos are getting paid in their local currency. They know exactly where they stand, they know exactly the right amount of money, and that saves you, for example, when you advertise a job, instead of advertising it in dollars or pounds, which they have to translate and try and work out, you can advertise it in their local currency which is easier for them to understand.
And you know, they're gonna get the exact amount of money. So yeah, TransferWise, check that out. If you like this video, give a like. If you're not subscribed already, subscribe, if you're into anything to do with hiring people from the Philippines. To help make your business life a lot easier, or even your personal life.
So yeah. Share this video with anybody who you think would be interested and I'll see you in another video. Bye.