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How Do I Send Money to the Philippines? My Remittance Rundown

Learn the best ways I have found to send money to the Philippines. This guide shows the best ways to safely and securely send money from the US to the Philippines. Learn hassle-free low cost remittance methods to transfer money quickly and easily to yourself, friends, or family. minutes

  Mins Reading Time

Published On: November 6, 2023

Latest Update: April 12, 2024

Sending Money to the Philippines Internationally.

About the author

Hi, I'm Marco Sison. I worked in finance for Fortune 50 companies before retiring early at 41 years old. I have been an expat for over 10 years, living in over 50 countries to show you the best ways to save, invest, and live in amazing countries outside the USA. I am a trusted resource on personal finance and overseas retirement for US News & World Reports, HuffPost, MSN Money, USA Today, ABC Network, Yahoo Finance, Association of MBAs, the iTunes documentary Seeking FIRE, and the Amazon Best-Seller- Abroad: Expats That Thrive.


  • Different providers have different exchange rates. Exchange rates can differ by 5%+
  • Bank wires and bank to bank transfers are the slowest, but most secure way to move money.
  • New options like cryptocurrency are cheap and fast, but still not completely trusted by everyone (including me).
  • Online services like Paypal and Wise are the middle ground between speed and cost.
  • Be careful. 8.7% of online money transactions in the Philippines are fraudulent. 😨
  • Bank requirements for receiving cash vary by branch. Shop around if one branch manager is a hassle😕.

Money transfers from outside the country are big business in the Philippines. Nearly 9% of the country’s GDP comes from remittances. Nearly US$32.54 billion in international money transfers is sent to the Philippines annually.

With the influx of money, more and more companies want a piece of this action. Over time, methods of sending money to the Philippines have evolved, with various money transfer providers offering quicker, safer, and more affordable options.

I often use online money transfer platforms because they’re secure, offer great PHP exchange rates, and ensure my loved ones get the most from my support.

Online transfers have emerged as a popular, cost-effective choice, offering secure, fast transfer times with competitive exchange rates. With 24/7 service from many providers, it’s a convenient option to send money anytime.

With competition comes more choices- choices with a dizzying array of fees, rates, benefits, and promotions. Which method you choose to send money to the Philippnes will depend on if you want the cheapest, safest, most convenient, or fastest method.

Let’s look at the process of remitting money to the Philippines, what makes up the costs, and which of the 5 most common methods is the best for you.

[Table of Contents – Click To Expand] How Do I Send Money to the Philippines? My Remittance Rundown

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Expat Guide To Living In The Philippines- Costs, Visas, Safety, Pros & Cons (2022)
How To Get A Philippines Retirement Visa For As Low As $1500
2024 Philippines Online Annual Reporting Requirement Guide for Expats
Expat Life in the Philippines: An American Expat’s Pros and Cons
Foreigner’s Guide To Prenuptial Agreements in the Philippines- Protecting Your Money
A Comprehensive Guide To Philippines Health Insurance For Expats
24 Facts About Healthcare In The Philippines Every Expat Must Know
Best Places To Live In Manila- An Expat Guide To Metro Neighborhoods
An Expat Guide On Where To Eat In Manila [Best Restaurants and Groceries]

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What is the cheapest way to send money to the Philippines?

For amounts less than $10,000. Wise and Remitly tend to be the cheapest ways to send money to the Philippines. Which one is cheaper depends on each company’s exchange rate that day.

Wise is almost always the cheapest if you need to send more than $10,000 because Wise provides discounted fees and rates the larger the amount you send.

Understanding the Exchange Rates & Fees

How do Exchange Rates Affect Money Transfers?

When sending money to the Philippines, the exchange rate, sometimes called the interbank exchange rate, decides how much the person on the other end gets. This rate, often known as the Forex or FX rate, can change daily due to various influencing factors, such as:

  • Market Conditions
  • Economy
  • Politics
  • Shifts in currency values

To maximize your transfer, seek the best exchange rate so your recipient gets the highest Philippine Pesos per dollar. Local banks often offer unfavorable rates, tacking on an additional 3–5% to the mid-market or spot exchange rate. Specialized Money Transfer Operators (MTOs) such as Western Union or Wise (formerly TransferWise), which may add less than 1% to the spot exchange rate, can result in substantial cost savings, particularly for larger transfers.

Even with specialized money transfer companies, it pays to shop around. I found a difference of up to 5% on the exchange rate offered by different MTOs.

Sample Exchange Rates As of 10/31 USD to PHP
XE Money Transfer56.3414
Western Union55.67

By monitoring the ever-changing currency exchange rates, you can ensure your loved one gets the most value from your transfer.

Understanding Transfer Fees

Different FOREX rates are just one way you’ll get charged when sending money to the Philippines. Additionally, you’ll often have to pay transfer fees. These fees can change based on the transfer method you choose and which money transmitter you’re using.

There are two main types of fees:

  • Flat fees: A fixed amount you pay no matter how much you’re sending.
  • Percentage-based fees: A variable fee based on a portion of the money you’re sending.

The way you choose to pay can also affect the fee. For instance, using a credit or debit card might cost more than a wire transfer because credit card companies might charge a cash advance fee for money transfers.

Phillippine Exchange rate and fee when sending 1,000 USD to Philippines

INSIDER TIP: Exchange Rate Markups – Not all providers, including financial institutions like the Bank of the Philippine Islands or the Philippines National Bank, offer the same exchange rates as traditional banks, which can sneakily increase your costs through exchange rate markup. Additionally, many transfer services will give you a better exchange rate for larger money transfers. For example, Wise provides mid-market competitive FX rates and lowers transfer fees by .02% (2 basis points) for sending 150,000 USD vs 100,000 USD. Check the lower rates for larger money transfers.

Always compare fees across different providers to get the most bang for your buck. And don’t forget to consider your payment option – some come with hidden charges. Stay informed, and you’ll save a good chunk!

Costs of Sending Money with Different Payment Methods

total cost of sending money to the Philippines

Sending money to the Philippines offers various delivery options. Each method has its own costs and considerations, with some being more cost-effective than others. “Traditional” methods of sending cash to the Philippines include:

  • Bank Transfers
  • Credit Cards
  • Debit Cards
  • Cash Pickups

While newer “fintech” options include platforms like:

  • Remitly or Appsend
  • Mobile Wallets such as Coins, U-mobile, GCash, PayMaya, and GrabPay,
  • Cryptocurrency Transfers

Before sending money, think about the total cost. It’s helpful to compare wire transfer fees, PHP exchange rates, and other possible platform fees or charges. Don’t forget to check for extra charges from your bank or card company. Making a smart choice with these apps can save you a significant amount of money!

Wise (formerly known as Transferwise) has special rates for large dollar transfers. When I had to move $10,000 US dollars to the Philippines, I first transferred the amount from my US bank to Wise, then Wise to my Philippines bank.

To save more money, I converted USD to PHP using Wise, which gave me a rate of roughly 56 Philippine pesos for each US dollar. BDO only offered 54.5 PHP per USD, saving nearly $1,500 on a $10,000 transfer.

Transfer Money Internationally- For expats and nomads, Wise offers an International Bank account for your money transfers. It’s an easier and cheaper alternative for paying your bills while overseas.

Looking to buy property abroad or a vehicle abroad, Wise has a Large Transfer Rate for even bigger savings. 

Top 4 Payment Methods to Send Money to the Philippines

When sending money to the Philippines, pick a payment method that’s both convenient and fits your budget. Here are the methods:

Method 1: Bank Wires for Safe International Money Transfers

Bank transfers are a reliable way to move money between accounts easily. This tried and true method is also the most secure method. Bank wires are ideal if you value:

  • Safety: Banks prioritize the Security of your funds. They make sure your money is safe and sound.
  • Convenience: Forget long lines or trips to the bank. With bank transfers, you can send money online or via phone anytime, anywhere.

Method 2: Fast Money Transfer Services To Philippine Bank Accounts

This is my recommended method to move money internationally. Companies like PayPal, Revolut, Xoom, and Wise (formerly Transferwise) can send money directly to bigger Philippine banks, like Banco de Oro or Metrobank. Typically you can get favorable exchange rates on for money transfers vs. bank deposits.

Plus, money transfer services are often paid in minutes for so you or your loved ones in the Philippines get the money fast.

Method 3: Cash Pickups in the Philippines for International Transfers

Cash pickup is a dependable way to send money to the Philippines, especially for those without a local bank account. It’s a convenient option and ensures quick access to funds. Cash pickup allows recipients to collect the funds at designated cash pickup locations in the Philippines.

To receive money through this method, recipients follow a few simple steps.

Pick a Service: Choose a company that offers cash pickup in the Philippines. Big names include Western Union and MoneyGram.

Details: When setting up the transfer, you’ll need to give the receiver’s name and contact info.

Reference Number: After you send the money, the person getting it will get a unique number called an MTCN (Money Transfer Control Number).

Pickup Time: The receiver then goes to a popular cash pickup location in the country, including:

  • LBC
  • Cebuana Lhuillier
  • Palawan Express
  • MLhuillier

Receivers should show an ID and give that unique number to get the cash. There are many places to pick up money, from banks to pawnshops. The receiver can choose the most convenient option for them.

Method 4: Sending Money with Mobile Wallets in the Philippines

Using mobile wallets like GCash makes sending money to the Philippines a breeze. These apps, including popular ones like PayPal and Apple Pay, offer quick transfer times and added features, like linking to your bank.

Leading e-wallets or e-payment services in the Philippines as of October 2022

Statistics of Philippine's Popular E-Payment Services

With the rise of smartphones in the Philippines, they’re becoming the preferred, safer alternative to traditional bank methods. Consider trying them out; they’re game-changers!

Method 5: Cryptocurrency Transfers: The newest kid on the block

Cryptocurrencies are the latest technology solution for sending money to the Philippines. Bitcoin and Ethereum are the most prevalent crypto coins, but several digital currencies are getting more popular daily.

Here’s how it works: First, you’ll need a digital wallet to keep your cryptocurrency safe. Then, you change your regular money into cryptocurrency on a trusted exchange platform.

Once done, you can send it to someone’s digital wallet in the Philippines. They can then change it back into regular money if they want.

Why try it? Cryptocurrency transfers can be super fast, sometimes just taking minutes. They can be the cheapest option, especially if you’re sending a lot of money.

Step By Step Guide To Remit Money To The Philippines

Calculate the Total Amount

You need to consider the total amount to complete the transaction, not just the dollar amount to send. Check for the provider with the best exchange rates and lowest potential fees to ensure you’re getting the most value. Additionally, be aware that some providers have daily or monthly transfer limits on the amount of money you can send.

Choose Your Transfer Method

Besides cost, speed of transfer and your urgency are the next biggest factors playing a role in choosing a remittance method. Instant money transfers or cash pickups offer same-day transfer speed, but bank transfers, although potentially slower, might be more economical for larger sums.

You’ll need to factor in the money recipient’s convenience as well. Philippine banks are notoriously inconsistent in what their requirements will be to receive cash. Some bank branches require having a cash account at the branch, while other branches only require valid identification.

I have found sending money to a digital wallet is the easiest.

Provide Recipient Details

Accuracy is paramount. Whether it’s bank details for a direct transfer, matching names for cash pickups, or contact information for online transfers, always double-check. This is not the time for fat fingers, transposing numbers, or getting lazy when checking for proper spelling.

There is no easy process of getting your money back once your transfer is completed. If you make a mistake, your money is as good as gone.

Pay for the Transfer

There are several payout options to cover the transfer cost. You can opt for a credit card payment, bank transfer, or cash advance. Watch for additional charges that some apps sneak in because you inadvertently clicked on an option without realizing it.

An example is this Paypal screen. I choose “No Fee” transfer, but if I click on the receive “in minutes” option instead of 1-3 days, I get hit with a transfer fee. It’s the same issue if you choose to receive a paper check- additional fees apply.

Screenshot showing Paypal fees if you transfer money to the Philippines.

Track and Confirm

Lastly, monitor your transfer to confirm receipt. Many reputable providers will send you an email or SMS notification for each step in the money transfer process. Notify the recipient of the potential delivery times, and always confirm with the recipient once they’ve received the funds.

Popular Money Transfer Companies and Providers in Philippines

If you’re into tech, GCash and PayMaya are popular platforms. They’re fast, have loads of agent locations, and tend to be the cheapest providers. The cash apps are easy to use. Just get the app from the Google Play Store or Apple Store, and you’re all set! And, they do more than send money – think shopping and paying bills.

For those who like online options, WorldRemit is a winner. It’s speedy, has different ways for folks to receive money, and their customer service is top-notch.

Don’t forget Western Union – it’s been around for ages and is still one of the most widely used money transfer companies. I just sent $2,000 from my American Bank yesterday, as a matter of fact. They have the fastest transfer speed when using a bank debit card (literally only took a few minutes). 

And, for those who stick to banks, BDO, BPI, and PNB are the big names in the Philippines. They’ve all got their own benefits, from having loads of convenient locations to user-friendly services.

Keep an eye out for our next article, where we rank the best ways to transfer money to the Philippines!

Precautions and Tips When Sending Money To The Philippines Ensure Security And Avoid Scams

In the Philippines, 8.7% of digital transactions were suspected to be fraudulent—the third-highest percentage among all countries in 2022.

When sending money to the Philippines, ensuring Security and avoiding scams should be a top priority. Here’s a quick guide to keep your money tranfers safe:

  1. Pick the pros. Always use trusted international money transfer services. If they’ve been around for a while and have good reviews, that’s a good sign.
  2. Do your homework. Before sending money, check out different services. Look for ones with good feedback and avoid those with bad reputations.
  3. Watch out for random offers. If you get unexpected emails or calls about transferring money, be wary. Scammers love this trick.
  4. Double-check details. Ensure you’ve got the correct info for the person you’re sending money to. Please don’t send money to strangers or anyone who can’t prove who they are.
  5. Stay safe online. If you’re sending money online, ensure the website is encrypted and secure. Look for “https” in the URL (remember “s” for secure) or a lock icon in the address bar of your web browser. And don’t use public Wi-Fi for any money transfer or financial transaction without a VPN.
  6. Beware of fake messages. Scammers might send you fake emails or texts pretending to be from real money transfer services. Please don’t fall for it. Always double-check before giving out any info.
  7. Be Aware of sneaky fees. Again, always check for hidden fees when transferring money. Some providers might have low fees but not-so-great exchange rates, or vice versa.

Key Takeaways- How can I send money to the Philippines?

If you do any kind of remittance transaction to the Philippines, always double-check the transferring bank account details and read the fine print. There are sneaky extra charges, from transaction fees to exchange rate markups, that can increase the real cost of your PHP payments. 

FAQs- Philippines Money Transfers

How fast can I send money to the Philippines?

If you use a money transfer service like Xoom, Wise, or Revolut, sending money to a major Philippine bank (like PNB, Metrobank, or BDO) account can happen in minutes. Transfers to mobile wallets or cash pick up also happen in minutes.

However, if you want cash delivery to your home, it can take up to 6 hours in Metro Manila or up to 2 days if you are sending money to the provinces.

How do I send money from the Philippines to the US?

Sending money from the Philippines to another country requires you to prove how the money was made and whether and if funds were from illegal activities. If your funds meet the remittance requirements, a local Philippine bank can assist with a transfer.

The Philippines, like many Asian countries (notably China, Vietnam, and Thailand), has strict restrictions for sending money out of the country to cut down on money laundering and to keep more capital in the country.

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About the author

Hi, That's me. I'm Marco Sison. I am a survivor of the corporate rat race. I started Nomad FIRE to show you an alternative to the stress and grind of 70-hour weeks to pay off a mortgage, student loans, and countless bills. After getting laid off in 2015, I said screw it all and retired early at 41 years old. I have traveled the last eight years to over 50 countries to show you the best ways to save, invest, and live in amazing countries for 70% less cost than the US. I have been featured in: US News & World Reports, HuffPost, MSN Money, USA Today, ABC Network, Yahoo Finance, the iTunes documentary Seeking FIRE, and the Amazon Best-Seller, Abroad: Expats That Thrive. [view press...]