What do we mean by the top provider? The top provider is the money transfer service that we believe is the most suitable for the country you’re sending money to. In order to keep our service free we factor in the commercial agreements we have with partners into this ranking. How do we choose providers to display? We make sure that each table displays the most relevant brands to the country you are sending money to and from. We consider many factors when choosing the providers to display in the table.All of the providers we display are fully regulated to provide money transfer services in the jurisdiction you are searching, relevant regulatory authorities are the FCA, ASIC, Fincen, FINTRAC & AMF. Alongside being regulated the services are manually checked by our team for both quality of service and online trust from such platforms like Trustpilot and Google reviews.We base our rankings primarily on the quality of the service provided, the benefit to the consumer and to keep our service free - the commercial agreements we have. How do we order our comparisons? We are affiliated with some of the partners displayed in the tables. However, the order of the providers is based on the quality of the service for the particular country corridor followed by the commercial agreement in place. You don’t pay any extra and the deal you get isn’t affected by our commercial agreement with the money transfer provider. We may receive a commission when you click through to a listing or when you make a transaction.We aim to find the balance between the quality of the service, customer satisfaction and the commercial agreements we have, and continue comparing services in a transparent way.If you have any questions about our listings, please don’t hesitate to email us at contact@moneytransfers.com

Send Money To The Philippines

Q: Current Exchange Rates For the Philippines

The current exchange rate for the Philippine Peso (PHP) is 48.755395 PHP per American Dollar (USD) as of the time this was written. The PHP reached a high of 49.0765 PHP per USD and a low of 47.9122 PHP per USD during the last 90 days. The average exchange rate over the last 90 days was 48.1640 PHP per USD. The PHP held an average volatility rate of 0.31% against the USD for the last 90 days. This is a moderate volatility rate, and the PHP has fluctuated moderately during the past year. Going forward, you can reasonably expect only moderate fluctuations to continue, barring any unforeseen circumstances.

Q: Common Reasons for Sending Money to the Philippines

There are many reasons why overseas Filipinos send money home to their families, friends and relatives. Below are the most common reasons for remittances to the Philippines: Household Consumption: Inflows from abroad are often used to supplement household income for buying basic commodities. Most families in the Philippines use remittances for food, clothes, and utilities. Education: Households receiving remittances often use part of them to pay for school tuition, transport for school children, books and uniforms. As a result, children stay in school and completion rates rise. Health: Recipients of international remittances in the Philippines tend to enjoy better healthcare and nutrition. Crucial parameters such as high birth weight, lower infant mortality, and increase in health knowledge are some of the evident benefits of remittances on health. Savings and Investment: Households in the Philippines consider remittances to be transitory. Therefore, they save a large proportion of what they receive and invest in physical assets such as land, housing, and machinery. Some households also invest in entrepreneurial activities and financial assets. Social Contributions: Overseas Filipinos send money home for social activities such as festivals, weddings, funerals, and community development projects.

Want to send money to the Philippines? These days, there are a number of options available to help you get your money to the Philippines quickly, efficiently, and for a low fee. To help you find the best service for your needs, in this guide we’ve covered everything you might need to know about an international money transfer to the Philippines, plus how to find the cheapest and fastest options available to you.

Updated: 16/12/2020

Read time: 17 minutes

How To Send Money To Philippines

Step 1: Compare providers to find the best service for you

Finding the best international money transfer service for your transaction to the Philippines can be found by looking at the costs, transfer times, rates, and payment options offered by the operators that support transfers between your sending country and your recipient. Our comparison form provides an unbiased, transparent look into the best money transfer providers for you, comparing all of these things and more.

Step 2: Register with your chosen provider

Most providers will be completely free to sign up to, simply requiring your name, address and contact information. You may also need to upload a picture of a valid photo ID to verify your identity. It’s important to make sure that the provider you are using does actually support transfers to the Philippines from your sending country.

Step 3: Start your transfer

Once you’ve registered for your free account with your chosen money transfer provider, you’ll want to add your transfer details. This will include selecting the conversion from your sending country to Filipino pesos, entering your recipient’s full name, bank details (if sending money via bank transfer), and your payment details.

Your transfer provider should give you a final overview of the fees to expect and how long your transfer should take before the transaction is locked in. If you’re happy with all the details entered, you can start your transfer and wait for confirmation that your recipient has received the funds on the other end.

Ways To Send And Receive Money In Philippines

There are multiple ways to easily send and receive money in the Philippines but these will largely depend on the provider you decide to use. Below you will find everything you need to know about sending and receiving money.

Sending Money To The Philippines

Receiving Money In The Philippines

Ways to Send Money to the Philippines

International Wire Transfer

Sending money to the Philippines through the banking system can be cheaper and quicker if the beneficiary bank has branches overseas. For instance, the Bank of America has several branches in the Philippines. In such a case, it becomes easier to transfer money to the Philippines as you only incur one-way charges.

The top five banks include Banco de Oro (BDO Unibank, Inc.), Metrobank, Bank of the Philippine Islands, Landbank of the Philippines, and Security Bank Corporation.

Metrobank allows you to open a Foreign Currency account that enables you to receive any amount into your account. The cost per inward transfer is $5.00. When you transfer money from non-partner banks, the transaction fee is a little higher and it may also take longer for your loved ones to receive the money.

Money Transfer Service

Providers such as TransferWise, XendPay, Western Union, MoneyGram, WorldRemit and Xoom all offer money transfer services as an alternative to the traditional sending methods.

Sending through these money transfer operators (MTOs) is often faster, cheaper, and more reliable than a traditional bank. All you need is to sign up for an account online; through the website or mobile app. You can then pay for your transfer online or at a store and send.

There are three options for paying for your transfer online. You can use a credit card, debit card, or bank debit. Credit card is the most expensive because of provider fees, but it ensures that your transfer gets to your recipient in minutes.

There are three different ways you can send money through MTOs: bank transfers, cash pickup, door-to-door delivery, and mobile money.

Bank Transfers

This method of money transfer is similar to the interbank transfer except that an MTO comes in between to allow you to move the money faster and cheaper to the recipient’s bank.

Most MTOs have partnered with banks in the Phillippines to offer this service. For example, WorldRemit allows you to send to banks such as BDO Private Bank, Metrobank, Philippine National Bank, Land Bank of the Philippines, and Bank of the Philippine Islands.

Xoom has nine banks on its payout network. It also partners with stores such as Palawan Pawnshop and the SM Store.

Cash Pickup

When you send money using this method, your loved ones can pick the transfer up as cash at the nearest location. Xoom, MoneyGram, and Western Union have 10,000+ cash pickup locations across the Philippines. Most of these locations operate 24/7.

Cash pickups are almost instant, especially when you pay for the transfer using a debit or credit card.

Mobile Wallet

Providers like MoneyGram and WorldRemit have partnered with GCash, a leading e-wallet company in the Philippines with a customer base of more than 20 million users and 63,000 partner merchants.

Sending money to the Philippines using this method is faster and cheaper, about 50% lower in fees than the cash pickup method.

Door to Door Delivery

Xoom offers door-to-door cash delivery services at no additional fee. If you send the money before 3 pm, delivery takes less than 6 hours to Metro Manila. For the rest of the 80 provinces including Tawi-Tawi in the south and Batanes in the far north, it takes 1 to 2 days.

International Money Order Service

The Philippine Postal Corporation (PHLPOST), offers this service to overseas Filipinos in the United States, HongKong, Thailand, the United Arab Emirates, Japan, Brunei Darussalam, Indonesia, Singapore, Korea, Qatar, and Malaysia.

The central post office gives guidance on the exchange rates to be used by all the 1,383 postal branches across the country.

Cryptocurrencies

Cryptocurrency traders have also joined in for a share of the lucrative remittance business. In the Philippines, virtual currencies such as bitcoins have become popular on the transfer corridors.

In 2015, more than $2 million per month was sent to the Philippines using digital assets. In the first half of 2017, an average of $8.8 million every month entered the Philippines through the blockchain network.

In 2017, Bangko Sentral ng Pilipinas licenced two virtual currency exchanges. There are 12 more cryptocurrency exchange applications in line.

What’s Needed to Send Money to the Philippines?

Sending money to the Philippines is a simple process, especially if you use money transfer services. The following is what you need to send money to the Philippines:

A government-issued identity document. If you are sending from the United States, a driving licence, passport, or a social security card can suffice.
The money you would like to send
The recipient’s name as it appears on their official documents
The recipient’s mobile number and physical address for door-to-door cash delivery and mobile money deposits.
If you are sending to a bank account, you should provide the SWIFT code, bank name, branch name, and the account number of the beneficiary.

You may need to provide additional information depending on the size of the amount or the location to which you are sending. These measures are part of the global anti-money laundering (AML) and financial crime protection.

Ways of Receiving Money in the Philippines

If your loved one abroad sends you money, there are several ways you can receive it.

Bank Deposits

This method is considered a secure way to receive funds from abroad, especially for large amounts of money. However, according to the 2017 Financial Inclusion Survey (FIS), by the Bangko Sentral ng Pilipinas, 77 per cent of Filipino adults are unbanked.

Without access to mainstream financial services and bank accounts, bank transfers can be challenging. For this reason, most people prefer receiving money through cash collections and mobile wallets.

Cash Collections

This channel is the lifeline in most remittance corridors. Filipinos in rural areas with no access to formal banking services can leverage cash collections from agents in the different payout networks.

MTOs have partnered with supermarkets, grocery stores, fuel stations, and independent agents to extend their services to people in far-flung areas. When picking up cash, you should ask a friend or family member along for security reasons. Always choose a payout location that is closer to where you are and in a safer place.

Mobile Deposit

Mobile money has simplified the process of receiving remittances in the Philippines. Most MTOs have partnered with the GCash network to deepen their reach in the country. However, you need to have a GCash mobile account set up on your phone to receive money.

To enjoy the full benefits such as a monthly transaction limit of up to 100,000 Philippine Pesos (PHP) and international remittances, you’ve got to verify your account. You can withdraw mobile money from any of the 63,000+ merchants on the GCash network.

Cash Delivery

The provider delivers money right at your doorstep. If you are in Metro Manila cash deliveries can be done the same day. With that said, people in other provinces may have to wait a little longer.

Despite the safety concerns, especially in rural areas, this method is among the most convenient. Ensure that the sender gets your physical address right for prompt deliveries.

What is Required to Receive Money in the Philippines?

Once the money gets to the Philippines, you will get an SMS or email notification that you’ve got some money. For bank and mobile money deposits, you don’t need to provide any information unless requested by the authorities. You can start transacting right away.

For cash collections, you’ll need to provide the following information to complete the transfer.

A government-issued identity card or passport
The transaction reference code you received from the sender
The amount you expect to receive and the details of the sender

MoneyGram may require you to fill out a form providing more information. Whatever the case, the cash collection process should be simpler and faster.

Best Ways To Send Money To The Philippines

The best way to send money to the Philippines will vary depending on the specific circumstances of your transfer. Things that can affect your transfer include:

The country and currency you are sending from
The total amount you are sending
How you want to pay for your transfer (e.g. wire transfer, money transfer operator, card payment vs bank transfer etc)
How you want your recipient to receive the money (e.g. bank transfer vs cash)
The currency pair you are converting between
Whether getting the lowest cost or the fastest transfer time is a higher priority for your transfer

Ultimately, the best way to find the right provider for your international money transfer to the Philippines is to compare providers that support transfers between your sending country to here.

Sending money to the Philippines from the UK offers a number of options. Overall, Azimo offers the most competitive exchange rate at 1 GBP = 66.82830 (at the time of writing) with no fees for your international transfer. Likewise, Azimo is able to process your transfer within minutes.

In comparison, sending via Western Union would give you an exchange rate of 1 GBP = 1.00 GBP = 63.5492 PHP.

If you are looking to send money to the Philippines from elsewhere, it’s important to make sure you select a transfer provider that supports your currency corridor. For example, if converting USD to PHP, you may find that WorldRemit is the best choice for you. With an exchange rate of 1 USD = 47.75328 PHP and fees starting from $5.00, WorldRemit offers a reliably secure, fast, and cost-effective international transfer service.

Other good options for sending to the Philippines include PaySend and CurrencyFair.

Send to the Philippines now

Cheapest Way To Send Money to the Philippines

The two main costs you need to be aware of when sending money are transfer fees and the exchange rate offered by whatever service you are using to send money.

Transfer fees can range from nothing to $30 and upwards depending on the provider you use, whether you opt for a rapid or regular transfer service, and on the payment method you select. Bank transfers, for example, may have higher fees than a mobile wallet transfer.

The exchange rate is the charge that can make a real difference to how much your recipient receives on the other end of your transfer. As a rough example, banks can add anywhere between 3 – 5% onto the mid-market rate for an international transfer, whereas MTOs usually add between 0.10 – 3% on the mid-market rate. This can vary massively depending on what provider you use, so is worth keeping in mind when comparing services.

Money transfer providers such as Azimo and PaySend charge no fees for international transfers to the Philippines and instead add a small markup on to the exchange rate. Sending £500 to the Philippines with either of these two providers, for example, would give you an exchange rate of 1 GBP = 66.860 PHP or 64.346 PHP respectively (at the time of writing), with no fees, giving your recipient a total of 33,430.43
PHP with Azimo, or 32,173.26 PHP with PaySend.

Other providers, such as TransferWise, offer international transfers at the mid-market rate and for a set fixed fee, which can often work out cheaper overall. Sending the same sum of £500 with TransferWise would give you an exchange rate of 1 GBP = 64.894 PHP at the time of writing, with a fixed fee of £4.52, giving your recipient a total of 32,154.03 PHP.

In this case study from December 2020, therefore, we could conclude that the cheapest way to send money to the Philippines from the UK is Azimo. This is susceptible to change however and the cheapest provider may vary depending on your sending country, the current exchange rate, and what payment/delivery method you select.

What’s the Fastest Way to Send Money to the Philippines?

For some international transfers, your money could be with your recipient within a matter of minutes. Providers such as WorldRemit, Azimo, Currency Fair, and PaySend can all process your transfer within two hours, if not sooner. Make sure that your chosen provider does support transfers from your sending country before starting your transfer.

Equally, your payout method can affect the speed of your transfer. Selecting a cash pickup from one of Western Union’s 8,400 agent locations, or one of the banks WorldRemit has partnered with, can be one of the fastest way to receive money in the Philippines, with most cash pickups available immediately. Of course, you’ll need to make sure there is an agent location close to your recipient’s address for an easy collection.

It’s worth noting that the fastest transfer is rarely the cheapest transfer. Would you rather get your transfer to your recipient quicker, or for less fees?

Things to Consider When Sending Money to the Philippines

In 2019, the Philippines was in the top five receiving countries for USD remittances, with millions of overseas Filipino workers sending money back home to support family and loved ones. There is no doubt that these regular remittance payments are a vital means of support for many families within the Philippines, providing a boost to local economic all over the country.

When sending money to the Philippines, there are a few considerations to take into account. The top must-think-about factors are exchange rates and taxes.

Taxation on Remittances – When sending money from the United States to the Philippines, you must notify the government if the amount is $10,000 and above. When it comes to time for tax returns, ensure you file the amount sent as part of your annual US income and pay the relevant taxes. Money coming into the Philippines from abroad is not considered income hence not taxed. If you find taxes confusing, get a tax consultant or accountant to advise you.
Exchange Rate – The Philippines runs a freely floating exchange rate system. This regime means market forces determine the direction of the currency. You should watch for declines in the Philippine peso and send when its at a low. For instance, in the last four months of 2017, the peso dipped by 3.6 per cent against the United States dollar. As a result, remittances to the Philippines from countries using dollar-pegged currency regimes such as the UAE, went up by about 9.9 per cent.

Therefore, sending money to the Philippines is dependent on your preferences, how much you know about providers, the different ways of sending money and the factors to consider. The information you’ve just gone through is critical.

Your Questions Answered

Current Exchange Rates For the Philippines

How we compare?

Common Reasons for Sending Money to the Philippines

Looking to Send Money Somewhere Else?

Sending money anywhere else in the world is as easy as sending money to the Philippines. If you’re looking to send money to another country, here is the list of the most popular destinations.

Written by
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