A specialised money transfer company can help you take advantage of competitive exchange rates on a secure transfer to the Philippines, but which provider is best will depend on how much you’re sending and how quickly you need it to arrive.
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Compare international money transfer services to the Philippines
How do international money transfers work?
An international money transfer allows you to send money to friends, family and businesses overseas. Generally, it involves you sending cash or money from your bank account in Ireland to an intermediary transfer service or bank, which then exchanges and sends the money to your recipient in another country — in this case, the Philippines.
Depending on the provider, you can initiate a money transfer in person, online or by phone. Your cash or bank account transfer is then either deposited into your recipient’s bank account or made available as cash for pickup at a location in their country.
Steps to send money to the Philippines
- Choose the money transfer provider from our comparison table that best serves your needs considering rates, fees and delivery speed.
- Create an account with the transfer provider; expect to provide your name, contact information and proof of identity.
- Select the payment option; if you aren’t using cash, provide your banking info so the funds can be withdrawn from your account.
- Complete your transaction and you should receive an email receipt or reference number to track your transfer and find out when the funds arrive.
Foreign exchange rates explained
An exchange rate determines how much one country’s currency is worth in another currency. When a country’s currency is strong, it yields more money when exchanging it in a country with a weak currency. The Philippine peso has historically been one of the weaker currencies in Asia. Economic stability, inflation and regional politics all impact the Philippine peso’s value.
Many banks in Ireland offer the option to send funds to the Philippines, but will typically charge high transfer fees and offer exchange rates that are significantly lower than the mid-market rate — or the rate banks and transfer providers use when trading among themselves.
A reputable money transfer specialist can often offer better exchange rates and also charge lower fees, saving you money and putting more Philippine pesos into your recipient’s pocket.
Case study: Paul sends money to the Philippines
Paul wants to send a gift of EUR€1,000 to his cousins in the Philippines, but he knows that using his bank to do so will be unnecessarily expensive. With this in mind, he decides to compare the exchange rate and fees of his bank with those offered by a specialist money transfer company. The results of his comparison can be seen in the table below.
|Using a bank||Using a money transfer company|
|Exchange rate||EUR€1 = PHP56.44||EUR€1 = PHP57.29|
|Transfer time||2-5 days||1-3 days|
|Transfer options||Online, in branch||Online|
|Amount received for EUR€1,000 (PHP)||PHP56,440||PHP57,290|
As you can see, not only can Paul save EUR€11 in fees but he can also send an extra 850 Philippine pesos to his relatives by using a money transfer company.
You might need to send an emergency cash transfer to the Philippines — for example, if a friend travelling through the country loses their wallet. When you need to transfer funds urgently, your fastest possible transfer will often be your most expensive option. Carefully review the exchange rate and transfer fee against your needs so that you understand exactly how much it will cost you.