How to send money to the Philippines
Discover how to send money to the Philippines with the lowest fees and best rates in a few easy steps
1. See if the PHP exchange rate is at your advantage
Converting your money on a favorable day gives your more PHP for your money. Keep an eye on the Philippine piso rate and validate your transfer at a favorable moment.
2. Go with the most interesting option by comparing the available providers.
Our comparison engine lists plenty of companies to make money transfers to the Philippines, such as TransferGo, TransferWise, Western Union, MoneyGram, Currencies Direct. Picking the most competitive provider from the list is the best way to save on costs.
3. Pick the best option based on your criteria
What do you value the most? Exchange rate and fees, speed, number of positive evaluations? Balance the pros and cons before selecting the provider.
You may also want to pay attention to the payment solution and pay-out options. Local bank transfer, debit and/or credit cards are the most common payment methods to send money to the Philippines online. On the other side of the transfer, you can decide if your want the converted amount to be transferred to your recipient's account or available for pick-up in cash at an agent location.
4. Sign up and start your transaction with the provider you selected
Go to the provider's website to go through the sign-up process (you most of the time have to give documents to prove your identity), and configure your transaction.
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.