As an Overseas Filipino Worker, one of the challenges that you will face is how to send money to the Philippines. What is the best option to choose? While some of the financial institutions and money transfer companies are well-known and established in the industry, they also have very high fees. But if you want a faster money transfer that you can do without leaving the house, you can do that with PayPal. With this money transfer service, your receiver doesn’t need to pay any PayPal fees, you only have a minimal fee on your end. Your family in the Philippines can already receive the money.
Many Filipinos who work online and in other countries are choosing PayPal as their payment gateway. PayPal is very easy to use and anyone can get started in no time. It is proven safe when sending money to family and friends.
Not only that, you can also use it when you are shopping online and transacting payments with other people. It is safer compared when you are using your credit card since it has an additional layer of security to keep your bank information private.
Why is There is a Minimal PayPal Fees
It is actually simple. Instead of paying for high PayPal fees, PayPal charges you for currency conversion fees instead. Once you send the money to your family members back in the Philippines, the rate that they will receive is not the same rate that you can get from banks. PayPal usually offers slightly lower rates than banks and money transfer companies. This is why you don’t need to pay high PayPal fees.
In a matter of minutes, you can already start using your PayPal account. To get started here is how to create and set up a PayPal account.
Opening a PayPal account
To open up a PayPal account, you need to go to https://www.paypal.com and hit the Sign-Up button. You will be prompted to choose from two available PayPal account types. If you are just sending money to family and friends or to shop and do payments online, choose the Personal Account type. However, if you are a merchant who does business and will use the account to receive payments, you need to choose Business Account.
You need to enter your email address and create a password that will not easily get hacked. You also need to fill out the form with your needed information such as your email address and create a password that will not easily get hacked. complete name (as shown in your ID), phone number, and complete address.
Linking Your Credit Card
If you want to transfer funds with different accounts, you also need to enter your bank account information.
You will also be promoted to link your debit or credit card after filling out your personal information. Entering this information will immediately enable you to use your account. If you don’t have an available card, you can just skip this by clicking “I’ll do it later.”
Once you’re done entering all the information in the account registration process, PayPal will send you a verification email to activate your account.
If you don’t have any available PayPal balance, you can use your debit or credit card to fund the transaction. To use your card on PayPal, you need to add it to your profile.
To do so, go to your “Wallet” and find the section to “Link a Card or Bank.” Select the type of card you are using and provide the card information.
Tip: Make sure that the card you are linking matches your home or mailing address and they have a three or four-digit security code on the back.
Once you already linked your card, you can send the money by:
1. Going to “Send & Request.”
2. Choose “Send Money to Friends and Family.”
3. Enter your family member’s PayPal email address and click Next.
4. Enter the amount you want them to receive and click Continue. You also have an option to Add a Note to your loved ones.
5. PayPal will prompt you how much the transaction will be and where you want the funds to be taken. If you agree with the fee, click “Send Payments Now” and your family will receive the money instantly.
Sending money to your family members back in the Philippines is easy and fast. You don’t need to go out of your house and send any transaction details to your family anymore.