11/24/2011

What's the Cheapest Way to Send Money from China to the Philippines

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Arguably the cheapest way to send money from China to the Philippines is through the use of the China Union Pay (CUP) network.

Logo owner: en.unionpay.com/comInstr/brands/file_4600165.html
The China Union Pay (CUP) is the sole national bank card system of China and has become the largest payment card network in the world, surpassing the network of Visa.

How do we use China Union Pay for remittance from China to the Philippines?

Open two bank accounts in your bank in China, such as Bank of China (BOC), Industrial and Commercial Bank of China (ICBC), Agricultural Bank of China, China Merchants Bank and other banks that issue China Union Pay (CUP) bank cards or ATM cards.

Send one ATM card to your family in the Philippines through the EMS postal system, a vacationing trusted kababayan, or any other secure courier. Note that some couriers do not transport bank cards.

Your family can then use the China-issued ATM card to withdraw money from an ATM machine that displays the Union Pay logo. The transaction fee is 200 pesos per withdrawal (may be higher or lower, depending on the Philippine bank), so choose a Philippine bank that has the highest ATM withdrawal limit per transaction.

According to unconfirmed sources, HSBC has the highest ATM withdrawal limit per withdrawal. If you can withdraw 20,000 pesos for only 200 pesos, then this would be the cheapest way to send money from China to the Philippines. Even if you can withdraw only 10,000 pesos at the price of 200 pesos, it's still cheaper compared to other China-Philippines remittance methods.

Of course, if you need to send much more than a hundred thousand pesos at one time, you need to compute and compare it with the fees charged by other remittance services.

Here's another cheap way to send money to the Philippines from China: Metrobank remittance.

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