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How to send money to the Philippines
How to send a fast, secure and low-cost money transfer to the Philippines from Ireland.
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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.
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- Select the payment option; if you aren’t using cash, provide your banking info so the funds can be withdrawn from your account.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.
Banks versus money transfer companies
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.
How to compare transfer companies when sending money to the Philippines
- Exchange rates. Nearly all providers skew exchange rates for a profit. Compare the rate you’re offered to the mid-market rate — the rate banks and transfer services use when they trade among themselves — and look for the smallest margin between them.
- Transfer fees. Find out whether the provider charges a flat fee or a percentage of your transfer. If you’re sending a large amount, ask whether you qualify for a fee-free transfer.
- Transfer speed. If it needs to be there fast, companies like Western Union and MoneyGram allow for quick cash pickups, often in minutes. If you’ve more time, you’ll get better rates and fees with an independent provider.
- Transfer limits. Your best option might depend on how much you want to send. For large transfers, weigh the best exchange rate — especially since providers encourage large transfers by offering low fees. For smaller amounts, consider the fees you’ll pay on top of the exchange rate.
- “Hedging” options. Ask whether you can schedule payments ahead of time or protect your transfer against market fluctuations with a limit order or forward contract
- Delivery options. Can the cash be collected from a transfer agent, or will it be deposited into your recipient’s Philippines bank account?
- Customer service. Most companies offer customer service by Internet chat, phone, in person or by email. Make sure help will be available if you need it.
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 fee | EUR€25 | EUR€14 |
| 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 |
| Difference (PHP) | +PHP2,470 |
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.
What are the ways that I can send money to the Philippines?
- Bank transfers. Bank-to-bank transfers may cost more than other options, but they are a secure way to send money to the Philippines.
- Money transfer providers. Companies like OFX and WorldRemit offer affordable international transfers online.
- Providers with cash pickup. MoneyGram, Western Union and Ria offer fast transfers to the Philippines.
- PayPal. You can send funds via PayPal if both you and your recipient have a PayPal account.
Making an emergency transfer to someone in the Philippines
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.
Tips for picking up cash in the Philippines
- Check an agent’s location and hours of operation before visiting.
- Avoid visiting any unsafe areas.
- Don’t wave your cash around in public and make yourself a target for thieves.
- Don’t carry large sums of money around for any longer than is necessary.
- Deposit the money into your bank account as soon as possible.
Cash pickup locations in Philippines
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