MoneyTransfers
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Best Ways to Send Money to the Philippines

Be sure of fast transfers, low fees, the best exchange rates, and great customer service on money transfers to the Philippines.

Use our comparison tools & reviews to avoid missing out on the best deals & latest rates.

Read on for reviews, expert advice, and the essentials of sending money to the Philippines.

Jonathan Merry
Author 
Jonathan Merry
7 minutes
January 16th, 2024
Disclosure
Best Overall
9.2
Wise

Wise is the top rated money transfer provider that usually appears in our results to the Philippines.

Fastest Option
8.6
XE

XE offers fast transfer times to the Philippines for many origin countries and send amounts.

Cheapest Option
8
Instarem

Users who transfer money to the Philippines usually find Instarem have the lowest cost.

How much does it cost to send money to Philippines?

Sending money to Philippines can be more affordable than you might think. However, understanding the fees can be confusing. This confusion arises because money transfer providers make money in different ways. They can charge transfer fees, mark up the exchange rate, or do both simultaneously.

Let's imagine you want to send $1,000 from the United States to Philippines.

After analyzing the 20+ providers in our database, we have found that your best option would be to send money with Wise via bank transfer. They add no markup to the exchange rate, and charge a fee of approximately $10.64.

Mid-market rate versus markup

Mid-market rate versus markup

The mid-market rate is the average between the buying and selling prices of two currencies. It fluctuates over time. The markup is the additional amount charged by the provider above this rate.

At MoneyTransfers.com, we make it easy to compare rates by providing the updated exchange rate markup for each money transfer provider. Additionally, you can review fees, transfer times, and read customer reviews.

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Best services to send money to Philippines

When choosing a method to send money to Philippines, you'll want to consider factors like convenience, cost, and transfer times.

  • Wise focuses on providing a great balance between low fees, the mid-market exchange rate, and fast transfer times to and from Philippines.

  • XE offers quick transfers to Philippines, with no fees for transfers above $500.

  • Instarem prioritizes keeping the costs down, with the mid-market exchange rate offered on all transfers.

Use our data to find the best options for you and discover the money transfer providers that offer the exact service you need.

The suggestions below are created by combining data from thousands of real-life searches that were conducted on MoneyTransfers.com by individuals who, like you, wanted to send money internationally to Philippines.

Wise
Wise

Our analysis shows that Wise is the premier service for sending money to the Philippines. One of the standout features of Wise is its commitment to using the mid-market exchange rate for currency conversions. This means when you send money to the Philippines, you're getting the best deal possible, without any hidden fees eating into the amount your recipient gets. It's transparent, fair, and often leads to significant savings compared to traditional banks or other money transfer services.

Wise also offers a highly useful multi-currency account, ideal for those who juggle finances in more than one currency. Whether you're a freelancer receiving payments from abroad, an expat, or managing business transactions, this feature simplifies your financial life. You can hold, manage, and send money in multiple currencies, all within one account. This flexibility is a game-changer for many users, making international financial management a breeze.

Moreover, the ease of use of the Wise app cannot be overstated. Designed with user experience in mind, the app makes it straightforward to send money on the go. Its intuitive interface ensures that whether you're a tech guru or someone who prefers simplicity, you'll find managing and sending your money hassle-free. This, combined with the real-time tracking feature, gives you peace of mind, knowing exactly where your money is and when it arrives in the Philippines.

Watch our video review of Wise
XE
XE

Our analysis shows that XE stands out as the fastest service for sending money to the Philippines. With its seamless process and robust network, XE caters to over 200 countries, making it a top choice for international money transfers. This wide reach ensures that no matter where you are, you can easily send money to your loved ones or business partners in the Philippines without hassle.

One of the most appealing aspects of using XE is the absence of transfer fees for amounts over $500. This feature is a game-changer for those who regularly send large sums of money, as it significantly reduces the cost of transactions. It's a relief to know that more of your money will reach its destination without being eaten up by fees.

Moreover, XE offers high transfer limits, which is super important for both personal and business users who need to move large amounts of money across borders. This flexibility, combined with the convenience of a user-friendly platform, makes XE a reliable and efficient choice for your money transfer needs to the Philippines. Whether you're supporting family back home or managing business transactions, XE provides a swift and secure service that you can count on.

Instarem
Instarem

Our analysis shows that Instarem is the cheapest service to send money to the Philippines, making it a standout choice for both individuals and small businesses looking to transfer funds efficiently. One of the key features that set Instarem apart is its use of the mid-market exchange rate for currency conversions. This means you're getting the best deal possible on your transactions, without any hidden fees eating into the amount you're sending or your recipient is receiving.

Moreover, Instarem offers round-the-clock customer support, which is especially handy if you're in a different time zone or need immediate assistance. Whether you're troubleshooting a transfer in the wee hours or have a pressing question about your account, help is always just a call or message away. This level of support is invaluable, ensuring peace of mind for users who need to make sure their transactions go through smoothly.

For small businesses, Instarem's service is particularly beneficial. The platform understands the unique needs of businesses when it comes to international payments, offering features and support tailored to help companies manage their finances better. With competitive rates, 24/7 support, and a commitment to transparency, Instarem stands out as a top choice for anyone looking to send money to the Philippines efficiently and affordably.

Need more options? Compare ALL rates

Get more for your money: compare and choose from over 20 money transfer providers and find the top options to send money to - best rates guaranteed!

What is the cheapest way to send money to Philippines?

Money transfer services are the cheapest way to send money to Philippines

Whether you need to send money to your loved ones in Philippines, pay for tuition fees, or send large amounts of money to invest in a property, money transfer services help you avoid bank charges and processes.

The exact cost of sending money to PHP can be influenced by factors like:

  • The country of origin

  • The amount you need to send

  • The payment method you select

  • The current exchange rates

Our comparison engine helps you find the best deal for your transfer by comparing the exact costs of all the most reliable money transfer services on the market in 2024.

USD to PHP Live Exchange Rate

Mid-market Rate
1
= 55.638496 PHP
Mid-market rate at: 12:55 UTC
USD/PHP Median: 55.554080 Low: 55.365033 High: 55.638496

Sending money to another country requires an understanding of exchange rates. An exchange rate can be compared to a constantly changing price tag that indicates the value of your currency in relation to another country's currency, in this case Philippines's PHP.

A favorable exchange rate means that you will receive more foreign currency for each unit of your own currency, making your transfer more effective.

Use the tool on this page to get the latest exchange rate for your currency to PHP. It's pre-set to USD but, if you're dealing with different currencies such as Euros or Canadian dollars, you can easily adjust the settings and get the values you need. This helps you know exactly how much money will arrive in Philippines when you send it.

Expert Tip: Watch the Exchange Rate

Did you know you can save money by keeping an eye on exchange rates? If you're not in a hurry to send money to Philippines, watching how the rates change can be smart. When the USD to Philippine Peso rate is good, your money will get you more in Philippines. This means you can send more money without spending extra!

Sign up for our automated notifications. We'll let you know the best time to send money. With these alerts, you won't miss out on a great rate. It's like having a money-saving expert in your pocket!

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How long does it take to send money to Philippines?

Quick and efficient - that's what you need when sending money to Philippines. Money transfer services offer a great solution to those times when speed is of the essence, as their transfer times tend to be much shorter compared to banks.

Take, for instance, an urgent need to transfer $1,000 from the USA to Philippines. Services like XE excel in this regard, completing most of their transfers in 24 hours. Even other providers like Wise and Instarem, while not as fast, ensure your money arrives swiftly.

Bear in mind that speed, like costs, can be influenced by:

  • The amount you're transferring. Smaller sums often move through the system quicker, while larger amounts may face delays due to necessary security verifications.

  • The time you start the transfer. To maximize speed when you send the money via bank transfer, initiate the operation before your bank's cut-off time. Miss this, and your transfer gets postponed to the next business day.

How to send and receive money in Philippines

Sending money to Philippines, is easy, especially when you gather the necessary documentation, and meet all legal requirements. To help you avoid unnecessary complications and delays, we have compiled a simple step-by-step process.

Use our comparison engine to find the best deals.
Pick the provide the offers what you need.
Register a free account and confirm your identity. Usually, you will need a photo ID and a proof of address.
Choose the destination country of your money transfer, the amount to send, and your preferred payment method.
Confirm your recipient's details. You may be asked to confirm your relationship to the recipient and the purpose of your transfer.
Check the recipient's details to make sure they're correct.
Submit the transfer and wait for the money to reach its final destination.
Important information

Transfer limits in Philippines. There are no legal limits on how much money you can send to the Philippines. But transfers to the Philippines must be reported by the recipient as part of their income taxes.

Taxes: Personal money transfers from abroad are not taxed in the Philippines. Gifts are taxed at a rate of 6%.

What do you need to complete an international transfer to Philippines?

When you open an account with a money transfer service, you will be asked to provide your personal information. Before the transfer is executed, you will also need to share the necessary details of your recipient.

Your contact details

You will need to share your contact details with the provider of your choice, so make sure to double check your email and address are correct.

Photo ID

Money transfer services will need you to share a photo ID to confirm your identity. Have it ready and make sure it's valid.

Proof of address (optional)

Some providers may ask you to share a phone bill or a bank statement to prove your address.

Philippines money transfer guides

Financial regulators in Philippines

The Philippine Central Bank is responsible for the accounting standards of banks and other financial institutions.

Analysis and methodology

At MoneyTransfers.com, we're not just another comparison site; we're your ally in beating the high costs and complexities of international money transfers. Our platform is designed to turn the tables on overpriced banks and providers, ensuring you get the best deal every time.

What sets us apart

  • Unmatched Transparency: We believe in honesty and clarity. With us, what you see is what you get - no hidden agendas, no preferential treatment for providers.

  • Comprehensive Provider Network: We go the extra mile to include an extensive range of providers in our comparisons. From industry giants to innovative newcomers, we partner with a diverse array of trusted providers, ensuring you have access to the best options available.

  • Tailored Solutions: We understand that every customer's needs are unique. That's why we offer personalized recommendations based on your specific requirements, ensuring you find the perfect match to send money to Philippines.

The results displayed on this page are based on data we collected via our comparison engine during the past six months and show you a simple way to get the best fees, fastest transfer times, or most helpful customer support.

What are the best options for sending money to the Philippines?
How do exchange rates affect my money transfer to the Philippines?
What are the fees associated with sending money to the Philippines?
How long does it take to send money to the Philippines?
Is it safe to send money to the Philippines online?
What information do I need to send money to the Philippines?
Can I send money to the Philippines from any country?
Are there limits to how much money I can send to the Philippines?
How can I track my money transfer to the Philippines?
What should I do if my money transfer to the Philippines goes wrong?
Can I send money to the Philippines via MoneyTransfers.com?
Do I pay taxes on money transfers to the Philippines?

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Contributors

Jonathan Merry
Jonathan is the founder and editor of MoneyTransfers.com. Jonathan is highly experienced in the currency transfer market, having previously worked in the FX trading industry, alongside being an avid traveller. Using his knowledge he identified a need for transparency and further education to help people save money on their money transfers, leading to the creation of MoneyTransfers.com