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. It is also one the most dynamic market for the money transfer industries and there often is an overwhelming number of options when looking for the right provider to send money to the Philippines.
The provider offering the lowest fees and best exchange rate for your transfer will depends from where you are sending the money, how much you want to transfer and how you want the money to be received. Use our real-time comparison engine before each of your transfer to make sure to get more Philippine Pesos for your money.
There are tenths of providers available for transfers to the Philippines from almost any part of the world, many of which offer many different ways to send and receive the money in the Philippines, ranging from transfer to a bank account, cash pick-up, mobile wallet, airtime top-up, cash home delivery, bills payment or even bitcoin remittances. With that many options, it can feel complicated to find the right provider for your needs, but don’t worry as we’re here to help.
Let’s start with the options we don’t recommend for transfers to the Philippines. Using your bank to make a direct international transfer to a bank account in Philippines will usually be very costly. In addition to the transfer fees you’re likely to pay, you will also lose a lot of money due to the high margin banks take on the exchange rate when converting your money into Philippines Pesos (PHP). PayPal might also sounds like a convenient solution at first, but as we explain in our full review of their services, it is a very costly solution for international money transfers and it could end up costing you and your recipient up to 8-10% of the amount you’re sending.
If you are sending money from the United States to the Philippines, US-based companies such as Remitly, Transfast or Xoom are interesting options, who are often (but not always) more competitive than traditional player such as Western Union or MoneyGram. Some companies based out of Europe such as TransferWise or WorldRemit have recently expanded to the US and are now increasing the competition on this corridor.For transfers to the Philippines from Europe, you can also consider Azimo, Lycaremit or OrbitRemit (also available for transfers from Australia or New Zealand).
Should you need to make a high-value transaction (more than 10,000 USD to PHP), it is often worth considering going through a foreign exchange company, as they are often able to offer you very competitive exchange rates for large transactions. You can request quotes from WorldFirst, Currencies Direct, OFX or Frontierpay to compare the current rates they can give you.
Find out how to send money to the Philippines at the best rate in 4 easy steps.
Is the exchange rate favorable? For example, today’s GBP-PHP exchange rate (currently at 1 GBP = 68.1076 PHP on the 12/8/17) is close to its highest level over the last 14 days. It might be a good time to send money to the Philippines.
There are lots of services offering money transfer services to Mexico such as Remitly, Metro Remittance, Xoom, BPI, or the PNB. You will save a lot by comparing them all and finding the cheapest way to transfer your money. For example, if you’re transfering £1,000 from the United Kingdom, you'll save £53 by using the cheapest available service instead of the most expansive money transfer operator in our comparison.
The best option varies significantly depending on the amount sent, so make sure you compare services for the exact amount you need to transfer.
Decide if you’re looking for the service with the best price, lowest transfer speed, best customer reviews, or a good combination of the three.
In addition, you may want to consider the pay-in and pay-out methods. That's the ways the money will be sent and received. For example, from the UK, you can pay in by credit and debit card, bank transfer, cash or direct bank payment. At the other end, the money can be deposited on a bank account or withdrawn in cash at an agent location, delivered home in cash. Money transfer companies work with Filipino Banks such as BDO, Metro Bank, PNK, Landbank or BPI as well as cash pickup location like M Lhuillier, Cebuana, Palawan Pawnshop and PSBank.
Most online services will allow you to track your transfer until the money arrives at its destination, be it in Luzon, Panay, Cagayan or Manila for example. The exact steps will vary depending on the service you choose. For example, you can discover how to make a transfer with WorldRemit, which offers money transfers to the Philippines from 53 countries.
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.
TBanks 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.