How to send money to Nigeria from Philippines with the best PHP-NGN rate

The exchange rate determines how much Naira you will get for every Philippine Peso you want to send. A better exchange rate is the best way to save money on transfers from the Philippines to Nigeria.

The current rate between the Philippine Peso and Naira is 22.3133.

With currencies, the exchange fluctuates constantly, and the PHP-NGN exchange rate is no different. Tracking the rate and understanding the averages can help get a better deal. Even waiting a day or two can help you get more NGN for the same amount of Philippine Peso. Also, a forward contract allows you to lock in an agreed exchange rate between the Philippines and Nigeria.

The total cost of money transfers from Philippines to Nigeria is a combination of fees and exchange rates. Get the best of both, and you will be getting a good deal.

• The Mid-Market and Exchange Rates: The mid-market rate for PHP-NGN is currently 22.3133 NGN per Philippine Peso. Providers offering services closer to this rate will ensure more Naira for your Philippine Pesos.

• Fees: Transfer fees are charged alongside a transfer. The company offering the lowest fee is Wise, just 93.67 PHP per transfer. In all cases, we recommend searching for your exact send amount as fees may change.

• Amount Received: Money transfer companies will show you the amount eventually received in Naira. Simply, the higher the amount received in the Philippines, the lower the cost of sending from Nigeria.

The most cost effective way to send money from the Philippines to Nigeria is via a bank transfer.

Here are all the ways to send money from Philippines to Nigeria:

Bank transfers

Bank transfers are often the fastest option, and normally the cheapest, for sending money from the Philippines to Nigeria.

By opting for a money transfer company such as Wise for transfers from the Philippines to Nigeria, you can send money via a bank transfer while benefitting from lower fees and more favorable exchange rates. 


Debit and prepaid cards

Using a debit card, or prepaid option, for sending money from the Philippines to Nigeria is easy with Western Union Agent.


Western Union Agent is a market leader in debit card payments for transfers from the Philippines to Nigeria, this is among a total of 5 money transfer companies compared.

Credit cards

When it comes to credit card transfers from the Philippines to Nigeria, we recommend running a quick comparison to get the best deal as not many companies offer direct credit card deposits.

Regulations are important for keeping your money safe, Philippines and Nigeria have different regulations to consider.

Our directory of worldwide financial regulators contains details on regulation for money transfers between the Philippines and Nigeria.

Some companies offering money transfers between the Philippines and Nigeria will come with minimum or maximum thresholds on how much you can send or receive and this could cause rates or fees to change.

Comparing PHP-NGN rates for your specific transfer amount will factor in these rates and fees changes, so you’ll get the best provider for your specific needs. For regular transfers from the Philippines to Nigeria, it’s best to check any changes in fees and rates every time you send.

For large transfers of money transfers from the Philippines to Nigeria we’d recommend Wise. They offer a competitive combination of rates and fees when sending from the Philippines to Nigeria, even at larger amounts.

Also, be sure to check with the recipient and understand any declarations needed on large amounts of money entering Nigeria from the Philippines.

Receiving Naira in Nigeria has a few different options. The most popular ways to receive are through a direct bank deposit, cash pickup, a mobile wallet or receiving money into a multi-currency account.

Not all companies offering money transfers from the Philippines to Nigeria will cater for every method for incoming Naira, so it’s best to check ahead of time.

One of the more popular ways is sending money from the Philippines directly to a bank account in Nigeria. This is because it means the recipient in Nigeria has to do very little. Wise is the best company for bank transfers between the Philippines and Nigeria.

Whilst cash pickup is popular, it is not always supported and can be costly compared to cheaper options.

Mobile wallet or P2P services and payment apps like PayPal, Xoom, and CashApp operate in Nigeria and are popular because of convenience, but they come with more limitations and higher costs compared to money transfer providers like Wise.

When using a money transfer provider to send Philippine Pesos to Nigeria, you will need to verify your ID at the sign up stage.

Documents needed will vary and in some cases you might need a couple of options.

Generally speaking, those in the Philippines can verify through a government issued ID such as a driver’s license or passport. If the recipient needs an ID to collect money or open a multi-currency account in Nigeria, both can also be used there as well.

Large transactions between Philippines and Nigeria will be subject to additional security measures such as proving where the funds originated, these will be for anti-money laundering purposes.

Wise has scored highly for transfers to Nigeria because of the easy sign up process in the Philippines.

There will be tax declarations to consider when sending larger amounts of money between Philippines and Nigeria.

Transfers into Naira may need to be reported to tax authorities in Nigeria as well, where regular income, large amounts (such as property or inheritance) and business payments will all be subject to tax checks.

Based on the recipient, tax limits in Nigeria, as well as personal allowances will change. When in doubt, we’d recommend contacting a tax professional in the Philippines or Nigeria to discuss your personal circumstances. This ensure you are not missing any specific tax declarations associated with your circumstances.