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Find the best providers to send money to the Philippines

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Find the best providers to send money 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.

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.

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.

How to send money to the Philippines

Learn how to transfer money to the Philippines with the best rate in four easy steps

1. Check the PHP exchange rate against your own currency

Making your transfer at the right time is a good way to optimize your transfer. Monitor the mid-market exchange rate and convert your money when the PHP rate gets to a specific level.

2. Compare more than 56 companies available for transfers to the Philippines and select the best deal.

Monito's comparison engine lists 56 companies to make money transfers to the Philippines, such as Wise, TransferGo, Remitly, Wise Multi-Currency Account, Paysend. Get the most of your transfer by comparing all these providers and select the best one for your upcoming money transfer.

3. Pick the best money transfer company for you

What is the most important for you? Fees and exchange rate, time for the money to arrive, customer reviews? Evaluate the pros and cons before making your decision.

4. Sign up and start your transaction with the service you selected

Go to the provider's homepage to complete the sign-up process (you usually have to provide information to confirm your identity), and get started with your transfer.

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

If you’re sending more than $1,000, we recommend TransferWise, WorldRemit, Transfast and Remitly.

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.

Frequently Asked Questions

Compare all available providers before your next transfer to the Philippines

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