How to send money to Spain from Philippines with the best PHP-EUR rate

The exchange rate is the price you will pay when buying Euro in the Philippines. A better exchange rate means you send more Euros to Spain.

Currently, the mid-market rate between the Philippine Peso and Euro is 0.0143.

Ensuring a strong combination of fees and exchange rates ensures the best deal on money transfers from the Philippines to Spain.

• The Mid-Market and Exchange Rates: Finding a provider as close to mid-market rate as possible will ensure more Euro for your Philippine Peso. The current PHP-EUR mid-market rate is 0.0143 EUR per Philippine Peso.

• Fees: Money transfer fees are charged on top the exchange rate and can be set, or a percentage of the total amount of Philippine Peso you’re sending to Spain. Wise currently has the lowest fees for transfers into EUR of just 54.79 PHP. We always recommend searching for your exact send amount for an exact fee.

• Amount Received: The amount received in Euro is the biggest indicator of the total cost of sending money to Spain from the Philippines. The bigger the amount received in Spain, the lower the overall cost of sending from the Philippines.

A better option is to use a forward contract. This allows you to lock in an agreed exchange rate for transfers between the Philippines and Spain for a set amount of time, this can be up to two years in some cases.

Sending through a money transfer company via a bank transfer will most often be the way to get the best price when sending money from the Philippines to Spain.

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

Bank transfers

Bank transfers are often the better option for money transfers from the Philippines to Spain.

Sending money via a bank transfer with a company such as Wise for transfers from the Philippines to Spain allows you to benefit from lower fees and more favorable exchange rates than you would get with a traditional bank. 


Debit and prepaid cards

Sending money from the Philippines to Spain with a prepaid or a debit card is very simple with Western Union Agent.


Western Union Agent is a leader in card payments for transfers from the Philippines to Spain, competing among a total of 5 active money transfer companies on this route.

Credit cards

We recommend avoiding credit card deposits as it usually means taking a cash advance and using it for the deposit. Instead, use a bank transfer or a debit card deposit to save on fees.

If you have to, we recommend running a comparison to find the best deal for your transfer.

Money transfer companies offering services between the Philippines and Spain have minimum or maximum thresholds on how much you can send or receive. These can be daily, weekly or monthly.

In particular, rates and fees for sending different amounts of Philippine Peso could change. We always recommend comparing PHP-EUR rates for your specific transfer amount. Then, with transfers to Spain, shopping around each time can make a huge difference - as some providers offer introductory rates.

If you’re worried about transfer limits, for sending large amounts of PHP to Spain, we’d recommend Wise.

There are different options for receiving Euro in Spain. The most popular are direct bank deposit, cash pickup, a mobile wallet or receiving money into a multi-currency account. Not all providers offering transfers from the Philippines to Spain will offer every method for incoming Euro, so it’s best to check ahead of time.

Sending directly to a bank account is one of the most common ways to send money from the Philippines into Spain. For most part, this is because it means the recipient has to do very little. Wise is the best company for bank transfers between Philippines and Spain.

And if you need cash right away, check if cash pickup is an option for transfers between the Philippines and Spain.

Mobile wallet services and payment apps like PayPal, Xoom, and CashApp are popular too, but they come with more limitations and higher costs compared to money transfer providers like Wise.

You will need to verify your ID at the sign up stage when sending from the Philippines to Spain through a money transfer company.

Documents needed will vary and in some cases you might need a couple of different forms of ID.

ID can be verified in the Philippines through a government issued ID such as a passport or driver's license. If the recipient needs ID to collect money in Spain, both of these will also likely be accepted. Depending on the company you are using and where the money is going in Spain, it’s always best to check ahead just in case.

Larger transactions between the Philippines and Spain are likely to be subject to additional checks such as proof of funds for anti-money laundering purposes. This could slow down the process of sending money if you’re not prepared for them.

One of the reasons Wise scored so highly for large and regular transfers to Spain, was their easy sign up process in the Philippines.

When sending money between the Philippines and Spain there will be tax declarations to consider.

Some transfers into Euro may need to be reported to tax authorities in Spain. This is of particular note where inheritance or property purchases are involved.

Personal allowances and tax limits will change in Spain based on age, income and personal circumstance. When in doubt, please contact a tax professional in the Philippines or Spain to discuss your individual needs. This will ensure you are not missing any specific tax obligations associated with your transfer.