Send money: is it safe?
What better place to retire than a tropical paradise? Tropical countries have become one of the main places of retirement. They have a rich culture and varied ethnicity. They are made up of lush landscapes and bustling urban landscapes. It’s easy to see why people would like to spend the relaxing years of their life in such a fantastic place. However, the question is how the retirement funds are transferred to the Philippines in order to enjoy such things.
Believe it or not, transferring money to the Philippines or any other country has become an easy option for those who relocate to the islands. Whether by bank, internet or paper checks, one way or another it is possible. However, with these variable options come variable prices and it depends on what you’re looking for, what you can afford, and how permanent you want the setup to be. If, for example, you are looking to establish a permanent residence on the island, the option of establishing a bank account between the two countries is probably the best option. This will allow your money to be deposited into your account on the US side, wired/transferred to the Philippine side, and converted to the correct currency at the correct exchange rate. However, with sending remittances and transfers like these, the fees are high, and while convenient and efficient, it can still take 24-72 hours.
This option, of course, is more reliable than, for example, a paper check, but you will have to pay for it. You can simply send your funds in the form of a check so that you can deposit them into your checking account. However, once your funds have been deposited, it may take 3-6 weeks before they are available to you. That’s why one of the most popular ways to transfer money internationally is through the Internet or a prepaid debit card. Online sites like PayPal can receive your funds almost instantly. In fact, PayPal even goes so far as to offer a debit/credit card that will allow you to deposit funds to it and use it instantly. There are some fees, but they are small and nothing like a banking institution.
Once you are established in the country, the whole process becomes easier and even using a paper check will be faster. However, if you’re only there for a limited time, it would probably be more cost-effective for you to simply transfer some of your retirement money to a prepaid debit card like the ones offered by online money transfer services and use it for all your needs. . Just make sure you have something set up before you make the move and know everything there is to know about your options. In cases like this, knowledge is key to success and it’s easy to do and no knowledge is too much.