Sending Money to the Philippines From the USA With the Remitly Rate (Is It the Cheapest?)

Remitly has historically been the best online remittance service to send money from the United States to the Philippines quickly, safely, and affordably. Remitly's mobile app makes money transfers easier by eliminating the hassle of traditional methods, including forms, SWIFT codes, agents, and hidden exchange rate fees.

The company offers zero fees on bank transfers, card deposits, and mobile wallet transfers. Cash pick-ups and home deliveries will cost a nominal fixed fee. With Remitly, you can send up to $10,000 dollars to pesos per day to the Philippines.

What Monito Likes About Remitly

• Cheapest on 63% of USD to PHP comparisons on Monito in 2022;
• Excellent choice for cash pick-ups;
• Numerous pick-up locations available across the Philippines;
• Special exchange rates for first-time users.

What Monito Dislikes About Remitly

• 35% of fees are hidden in the exchange rate margin;
• A limited number of origin countries can't send to each other.

Overview About Remitly to Send Money to the Philippines from the United States

Remitly is headquartered in Seattle and has offices in London, the Philippines, and Nicaragua. It operates transfers in over 47 currencies around the world, and offers especially strong rates for USD to PHP transfers.

The money transfer company allows you to transfer money to bank accounts in major Filipino financial institutions, such as BDO, Palawan Express, GCash, Metrobank, LBC, and many more. Most importantly, Remitly is regulated under the following authorities:

• Registered Money Services Business with US Department of Treasury;
• Licensed as a money transmitter in the US;
• Regulated in the UK and Ireland (for the EU);
• Registered with FINTRAC.

Remitly is trusted by more than 3 million customers annually and offers a 100% satisfaction guarantee. All in all, this option ensures fast deposits and on-time delivery for transfers from the USA to the Philippines. To learn more about the company, read our in-depth Remitly review.

Remitly Transfer Fees to Send to the Philippines From the USA

If the recipient receives their Remitly transfer in pesos, then Mobile Wallet has no fee, Bank or Card Deposit has no fee, Cash Pickup costs $4.99, and Home Delivery costs $4.99.

If the recipient receives their transfer in USD, then the fees depend on the size of the transfer. For transfers less than $1000, Bank or Debit Card Deposits cost +1.5% of the amount sent plus a $1.99 fee. Cash Pickups cost +1.5% of the amount sent plus a $2.99 fee.

For transfers of $1000 or more, Bank or Debit Card Deposits cost +1.0% of the amount sent plus a $1.99 fee. Cash Pickups cost +1.0% of the amount sent plus a $2.99 fee.

Remitly Exchange Rate to the Philippines from the United States

When you send money overseas, the exchange rate used by your transfer service can significantly impact the amount of money your recipient receives. Unlike big banks and mobile apps like PayPal that apply high exchange rate margin markups, Remitly offers some of the most competitive exchange rates for transfers from American dollars to Philippine pesos.

According to Monito's real-time comparison engine, Remitly was the cheapest overall provider for 63% of USA to Philippines searches in 2022. Remitly generally charges rates around 1% below the mid-market exchange rate for USD to PHP, making it a top choice for sending money to the Philippines from the US. For its global operations, the company's low markups can fall between 0.4% to 2%.

Remitly Rate: Dollar to Philippine Peso

Let's look at an example of the Remitly rate from the USA to the Philippines, recorded on February 14th, 2023. Remitly offers promotional rates for first-time transfers. Repeat customers will get their standard exchange rate.

• USD to PHP Real Mid-Market Exchange Rate: ₱54.95
• Remitly First Time Rate: ₱55.23
• Remitly Everyday Rate: ₱53.34

*Rates recorded on February 15th, 2023 at 17:00 CEST

If you get Remitly's promotional rate, then the company will apply an exchange rate that is better than the mid-market exchange rate. That means your recipient will be getting an even better deal than the market price. For every 54.95 pesos you send, your recipient will get 55.23. If you get Remitly's standard rate, then you will experience a 2.9% markup.

While Remitly usually offers very good rates, the Remitly rate can fluctuate from minute to minute. This is why we recommend you use Monito's live comparison engine to compare the best rates today.

Money Delivery Options With Remitly to the Philippines

You have three options as a sender from the USA to the Philippines. With Remitly, you can transfer your money by bank transfer, credit card, or debit card. A bank transfer will likely be your best option since card processors like Visa and Mastercard may charge fees for processing debit and credit cards.

Your recipient in the Philippines will have four convenient ways of receiving money:

1. Bank deposit
2. Cash pickup
3. Mobile Wallet via Coins.ph, GCash, or Maya
4. Cash home delivery

We recommend you prepare the following items (if you send to a service like GCash, for example, then you will also need to provide your recipient's GCash name and account number):

• Your email address
• Receiver name and address
• Your debit card, credit card, or bank account.

Remitly Pick Up Locations in the Philippines

Remitly delivers cash for pick up at some of the most common locations in the Philippines. A few of Remitly's remittance partners in the Philippines include:

• PNB
• Cebuana Lhuillier
• M Lhuillier
• BDO
• Metrobank
• LBC
• BPI
• Villarica
• Palawan Express
• USSC
• Landbank

Compare Remitly With Other Top USD to PHP Remittance Services

In summary, we highly recommend Remitly as an international money transfer service for sending money to the Philippines from the United States. Not only was it the cheapest provider in 2022 for 22% of all global searches on Monito. It was also the cheapest service for over 63% of Monito comparisons for transfers specifically from the USA to the Philippines.

In comparison, Panda Remit was the cheapest option for over 21% of USD-INR searches on Monito in 2022. XE Money Transfer took third place with over 5% in 2022.

If you're still not sure if Remitly is the cheapest or safest, use our real-time comparison engine below to compare Remitly's dollar to Philippine peso rate with other top remittance companies 👇