How to send money to the Philippines
Learn how to transfer money to the Philippines at the most competitive cost in a few easy steps
1. See if the PHP exchange rate is at your advantage
Sending money on a favorable day can help you save money. Frequently check the mid-market exchange rate and validate your transfer when the rate is at its highest level of the past days.
2. Compare up to more than thirty services available for transfers to the Philippines and select the best one.
Monito's comparison engine lists plenty of providers to make money transfers to the Philippines, such as TransferGo, TransferWise, Western Union, MoneyGram, Currencies Direct. Using the right service from the more than 37 available options is a sure way to save on fees and exchange rate.
3. Pick the best service with your own criteria
Do you want to make a transfer to the Philippines with the most competitive provider, with the fastest provider or with the best rated provider?
You may also want to pay attention to the options to pay for the transfer and receive the money. You can often have providers offering to you the option to wire the money from your bank account, some will also allow you to pay with your credit and debit cards. On the recipient's side in Philippines, look at different options if you need the amount in PHP to be deposited on a local bank account or available for pick-up in cash at an agent location.
4. Sign up and get started wih your transaction with the money transfer provider you selected
The last step is to complete the sign-up form on the money transfer provider's online portal (you most of the time have to give some information to confirm your identity), and set upyour money transfer to the Philippines.
I Want to Transfer Money to the Philippines, but Which Provider Should I Use?
There are plenty of options for sending money back to the Philippines. Here on Monito we detail over 25 specialist money transfer providers and banks for converting your money into pesos and sending it home. We know that’s a lot of ways to transfer currency to the Philippines, which is why we compare all of the most popular options side-by-side so you can make an informed choice.
The best money transfer provider for you will depend on several areas like how much you are sending, where you are sending from, the currency you are exchanging into pesos and some other factors. We take all of those details into account when recommending the best way to send money to the Philippines. We’ll help you find the fastest and cheapest ways to send money home. For example, we can tell you the best providers for sending money to the Philippines from the USA or the UK.
With more than 10 million Filipinos living abroad and regularly sending money back home, the Philippines are one of the biggest recipient of remittances in the world.
Millions of people like you send money back to the Philippines every week. With over 10 million of us living outside the Philippines, we all need an easy and inexpensive way to send pesos back home to benefit our family, friends and others, and the Philippines are one of the biggest recipient of remittances in the world.
Banks in neither your adopted country nor the Philippines have the best fees or exchange rates for converting money into pesos. That’s why it’s vital to compare all of your options for sending money back to the Philippines so your pesos can go further. Whether you want to make a one-off currency transfer or you need to send money regularly, we can help you find the best options.
People from the Philippines send around $30 billion back home each year, that’s an average of $3,000 each. Our research shows that most people overspend by up to 5 percent on their transfers, so using a lower-cost provider could save us up to $1.5 billion collectively, or around $150 each, every year. We want to stop you from overpaying, so use the form above to easily compare the best-value options for money transfer, or select one of our recommended currency providers below.
Find which provider is the best for your transfer to the Philippines
What information do you need to send money to a bank account in the Philippines
Name of the recipient
The name of the holder of the receiving bank account.
Address of the recipient (Street, City, Postal Code)
For legal reasons, it is usually necessary to enter the postal address of the recipient.
Name of the recipient's bank(ex. Union Bank of the Philippines)
You will need to enter the name of the bank, often by selecting the name in a list.
Account number (ex. 0044XXXXXXXX)
The account number of the recipient.
There are more than 30 major universal banks in the Philippines. Some money transfer providers will be able to send money to any bank in the Philippines while others will only allow you to send to certain banks. In most cases however, if the recipient’s bank account is with one of the most used banks in the Philippines, it should work with any of the providers we recommend.
Banks in the Philippines do not use the IBAN system, which means you will generally be asked to enter the name of the recipient’s bank (or choose from a list of banks) in addition to entering the recipient’s bank account number. For most transfers, you will also be required to enter the postal address of the recipient in the Philippines.
The Best Ways to Send Pesos to the Philippines
There are several good options for currency exchange, depending on how the person you’re sending money to wants to get access to their pesos.
Sending Less Than $1,000 in Pesos to a Bank Account in the Philippines
If you want to send money to a bank account in the Philippines, we recommend using a specialist currency provider. If you’re transferring under $1,000 or equivalent, your best options include WorldRemit, TransferWise, Transfast and Pangea.
Sending More Than $1,000 in Pesos to a Bank Account in the Philippines
Banks that You Can Transfer Pesos to in the Philippines
You can normally arrange to send pesos to any of the following banks: BDO Unibank, Metropolitan Bank & Trust Company (Metrobank), Land Bank, Philippine National Bank and Bank of the Philippine Islands
Cash Pick-Up Locations in the Philippines
Some of these banks are also popular locations for picking up pesos that you have transferred. If the beneficiary wants to collect pesos as cash in the Philippines without going through a bank, then providers like WorldRemit, Transfast and Pangea are good options.
WorldRemit provides cash pickups from various bank networks and their partners including branches of Metrobank, LBC, Palawan and PS Bank network, branches of The Banco de Oro network and branches of M Lhuillier.
Transfast provides cash pickups from Cebuana, BDO, LBC, M Lhuillier and many more.
If you have any questions about sending pesos to the Philippines, we’re happy to help, get in touch with us now.