My experience with the new BCRemit Money Transfer from UK to Philippines is great. The exchange rate is very competitive and the transfer rates are very low compared to other money transfer facilities. Currently they are only processing from UK to Philippines, Great Britain pound to Philippines peso, but hopefully they can cater to other countries in the future as well.
The steps in sending money is very easy and straightforward, everything is on their website and you can call or send them an email(and they reply very fast!) if anything is unclear. I just copied the steps in their site, send it to my sender from UK and had figured it out easily.
There are also 3 ways on how you can receive the money:
Credit to Bank Account
– Cheapest way to send money. Transfer funds to all major banks in the Philippines, within minutes to 24-hours.
– Fastest way to send money. Funds will be available for pick-up within minutes to any of their partners nationwide.
– They deliver to your beneficiary’s home, within 24-hours in Metro Manila and 3-5 days for provincial areas.
To demonstrate how cheap and cost efficient it is to send money from them, here is my comparison with Paypal, which I use for many years due to its security and popularity in the online money transfer companies.
Current exchange rate October 18, 2017 from Google – 1 GBP = 67.73 PHP
Paypal exchange rate October 18, 2017 – 1 GBP = 65.24 PHP
BC Remit exchange rate October 18, 2017 – 1 GBP = 67.60 PHP High conversion rates!
Paypal processing fee for £1000 GBP = £44.20 GBP
BC Remit processing fee for £1000 GBP( Online bank transfer, cheapest option) = £6.49 GBP Less processing fees!
So if we calculate our savings based on a £1000 GBP figure:
Paypal = £1000 – £44.20 = £955.80 x 65.24 = PHP 62,356.39
BCRemit = £1000 – £6.49 = £993.51 x 67.60 = PHP 67,161.27
67,161.27 – 62,356.39 = Php 4,804 pesos total savings!
Paypal transfer to bank account processing is 2 to 3 days, BCRemit processes within minutes to a day upon transaction completion! My sender had processed the transfer 10am UK time (around 5pm PH time), and the funds is readily available and has reflected
in my bank account within less than a day!
One thing I mostly like in BCRemit is how fast they respond in customer support, whether it’s just a simple inquiry or transaction matters, they will get back to you instantly! I had contacted them twice, they responded within a minute. How cool is that? 🙂
In the end, I’ll still use Paypal to receive money from one time transactions and to buy stuff online, but for my monthly remittances from the UK, I will definitely use the service of BCRemit regularly from now on. Check them out at https://www.bcremit.com/
Disclaimer: I am in no way related to BCRemit and this is just my personal experience from them. The figures presented is based on the current details upon creating this post.
BCRemit personal review, BCRemit vs Paypal, cheapest money transfer option from UK to Philippines.