Over the past several years, it's gotten easier for people to send money overseas to their friends, families and others. Costs have gone down and different options have emerged. In addition, new U.S. federal consumer-protection regulations offer better transparency: Money-transfer providers are now required to give you a prepayment disclosure that specifies (among other things) the exchange rate, the total amount your recipient will receive, fees and a disclaimer that the recipient may receive less than the disclosed total due to fees and taxes charged on the recipient's end.

In 2014, $583 billion in USD was transferred between countries – 74% of that ($436 billion) was received by developing countries. The most recent report from the World Bank shows the Philippines, a developing country of 7,000+ islands in the western Pacific Ocean, received nearly $24.5 billion in remittances from other countries in 2012 – $10.6 billion from the U.S. alone.

Need to send some money to friends or family in the Philippines? Here are four services to get you started.

Citibank Global Transfers lets you transfer funds between Citibank accounts around the world, including the Philippines. To send money, transfer funds from your Citibank account to your recipient's Citibank Philippines account (you'll need the recipient's account number) either directly from your computer through Citibank Online Internet Banking or from any Citibank ATM. Fund transfers can be made 24 hours a day, seven days a week, and recipients can access the funds almost immediately through online banking or a Citibank ATM card. There are daily and weekly limits on the amount you can transfer, based on the type of account you have with Citibank, but the service is free for both the sender and the recipient.

This money transfer company, headquartered in the U.S., lets you send money to the Philippines 24/7 online using the MoneyGram website after you have signed up for an account. Or you can visit one of MoneyGram's more than 347,000 agent locations worldwide – check the website to find a location, directions and hours. The website has a handy Estimate Fees feature that lets you see how much the transaction will cost. Once you've made the transfer, let your recipient know the reference number associated with the transfer; with the same-day service, the funds will be available within 10 minutes of being sent, according to MoneyGram. (For a comparison with another well-known money-transfer company, check out Sending Money: MoneyGram vs. Western Union.)

TRANSFAST is an international money transfer and payments company. To send money, create an account online on the TRANSFAST website, enter your recipient information and pay using your debit or credit card. Funds can be delivered to a bank account, picked up at an agent location or delivered to an address: in six hours or less to Metro Manila, within 24 hours to key cities and nearby provinces, and within 48 to 72 hours to other locations. If your friends/family don't need the money right away, TRANSFAST VALUE+ service offers a better exchange rate and no transfer fee, with a transfer time of three to five days. Or choose TRANSFAST FASTRACK for instant transfers – but you'll get a slightly worse exchange rate and have to pay a $4.99 transfer fee.

A digital money transfer provider, Xoom Corporation allows you to send money from the U.S. to 39 countries, including the Philippines. To send funds, you need to create an account at Xoom.com and provide your recipient and payment information – either online or with the Xoom App, available for iOS and Android. Fees vary depending on the transfer amount and your payment method – use your bank account for the lowest fees. The funds can be sent to your recipient's bank account, picked up at a partner location (24/7 cash pickup is available in some locations) or delivered for free (peso delivery only) in under six hours to Metro Manila, or within one to two days in most provinces. For more insights, read Xoom 101: How Do Xoom Money Transfers Work?

Globally, sending money costs an average of 7.52% of the amount sent. To make the market more transparent, the World Bank tracks remittance prices worldwide and maintains a searchable database on its website where you can find and compare prices for sending money. If you plan on sending money on a regular basis, it's well worth your time to research your options and find the service that works best for you and your recipient(s) – not just in terms of fees, but also factoring in the payment/delivery options and the speed of the transfer.

See also Find the Top Money Transfer Services and Best Ways to Send Large Sums of Money Abroad.