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Find the best way to send money to the Philippines

Learn how to send money to the Philippines from the US in our step-by-step guide.

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Looking for the best way to send money from the United States to family, friends or businesses in the Philippines (or even to your own overseas bank account)?

Don't head straight to your American bank – compare specialist money transfer services instead. They nearly always offer better PHP exchange rates and lower fees, so for the same amount of US dollars you send, your recipient will receive more Philippine pesos.

Of the companies we've compared, MoneyGram is among the cheapest, with competitive exchange rates and fees starting from $0. Need a really fast transfer? Wise (TransferWise) can get money to your recipient in the Philippines within minutes.

Best ways to send money to the Philippines from the US

The best way to send money to the Philippines depends on your payment method, how you want your money to be received and how fast you need it to arrive.
  • Online money transfer provider. When buying US dollars or Philippine pesos , money transfer specialists typically offer better rates and cheaper fees than a local bank.
  • Bank transfer. Bank transfers are an easy way to send money to the Philippines, but they charge extra for the convenience and are often slower than other methods. US banks generally add a 3% to 6% markup onto exchange rates.
  • Cash pickup. If you need your money to arrive fast, cash pickup gives your recipient instant access to the money you've sent when they collect it from their agent location in the Philippines.
  • Mobile wallet. Essentially an electronic wallet service, mobile wallets allow users to store, send and receive eligible currencies using their phone, often with fees attached.
  • Home delivery. If your recipient may struggle to get to a cash pickup location, you may be able to opt for door-to-door cash delivery.

Compare the best money transfer companies to send money to the Philippines

Use our table to compare the best money transfer companies to send money to the Philippines. You can compare deposit and receiving options, fees and transfer speeds, then click the "Go to site" button when you've found the best one to get your money to the Philippines.
1 - 6 of 6
Name Product USFMT Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
Instarem  logo
24 hours
From 0%
New Instarem customers will get a special FX rate and zero-fees on their first transfer.
Instarem offers offers rewards on every transaction.
Wise logo
Within minutes
From 0.41%
Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies.
MoneyGram  logo
Within minutes
From $0
MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide.
Airwallex
Airwallex logo
Within minutes
$0
After spending $15k in your first 90 days, receive a one-time $500 bonus that will automatically be credited to your account on any FX conversion.
Airwallex can help you make business payments to 150+ countries in 60+ currencies.
OFX logo
24 hours
$0
Business customers: Send safe, no-limit transfers with no fees and competitive exchange rates.
OFX logo
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
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Cheapest way to send money to the Philippines

Bank transfers are typically the cheapest way to get your money to the Philippines. MoneyGram and Instarem have some of the lowest bank transfer fees of the brands we've compared.

When you're hunting down the cheapest ways to send money to the Philippines, it's more important to look at the overall cost of your transfer. This has a couple of elements:

  • Transfer fees. While still cheaper than your American bank, some money transfer services charge either a fixed or percentage-based fee for making your transfer.
  • Exchange rates. Another way money transfer providers make money is to add a margin to the mid-market USD/PHP exchange rate.

Some providers may charge the mid-market rate but add fees on top. Others may have very low fees but apply a markup on the exchange rate. This means it is important to compare exactly how many Philippine pesos your recipient will end up with.

Fastest way to send money to the Philippines

Many online providers can offer transfers to the Philippines within minutes, although you're likely to pay a premium for the convenience.

Here are some of the fastest average transfer speeds to the Philippines:
  • Wise (TransferWise) — within minutes
  • MoneyGram — within minutes
  • Instarem — within 24hours

Actual transfer times from the United States to the Philippines can depend on several several factors including transfer amount, payment method and currency.

Safest way to send money to the Philippines

The safest way to get your money to the Philippines is to use a provider registered with the United States's industry regulator, the Consumer Financial Protection Bureau. All the companies we've compared in our table are overseen by a local regulator and comply with the relevant laws and regulations in both the United States and the Philippines.

A great way to dive deeper is by reading our extended reviews of each transfer service and researching first-hand customer feedback on Trustpilot and similar platforms.

Large money transfers to the Philippines

If you need to make a sizable money transfer to the Philippines, consider using a provider such as OFX to benefit from its expertise in handling larger transfer amounts.

Using a large transfer specialist can have the following advantages:
  • Tax guidance. Large transfers to the Philippines may have tax implications for you or your recipient. A transfer specialist can help get you up to speed on the IRS's latest advice.
  • Foreign exchange (forex) tools. Advanced tools such as forward contracts, limit orders and stop-loss orders can help you lock in the PHP exchange rate you want.
  • Account manager. Some money transfer providers assign a personal account manager who can help and advise you on your transfer needs.
  • Phone service. If you want to talk your transfer through with someone, providers such as Instarem and Wise (TransferWise) can give you support over the phone.

How to send money to the Philippines from the US

To send money to the Philippines, you'll need the necessary documentation, your recipient's details and a way to pay.

  1. Compare your options.
    Use our table to find a money transfer provider that sends funds to the Philippines. One may be better for cash pickups, while another may suit a bank transfer. Once you've found the best one for your requirements, click "Go to site".
  2. Create an account.
    You'll need to give your name, address, contact details, proof of ID and method of payment.
  3. Provide your recipient's details.
    Enter your recipient's name and contact information. If you're sending straight to their Filipino bank account, you'll need the account number, SWIFT or IBAN plus their bank branch's address.
  4. Enter your transfer amount.
    Make sure you're happy with the fees, exchange rates and transfer speed, then enter the amount you wish to send. Double-check the total Philippine pesos your recipient gets.
  5. Complete your transfer.
    Send your money transfer to the Philippines. Keep your transaction reference number safe so you can track your transfer. Your recipient may need it, too.

Example: Maria transfers money to the Philippines

Maria is working in the United States as a doctor and she stays in regular contact with her elderly parents back home in the Philippines. Her parents need some funds to help pay off a mortgage, so Maria plans to send them $2,000 from the United States.

She decides to compare a bank and a money transfer specialist to see which one can save the most money on her transaction.

Bank Money transfer company
Exchange rate 1 USD = 57.64 PHP 1 USD = 58.40 PHP
Transfer fee $10 $2.50
Transfer method Bank account deposit Bank account deposit
Processing time 2 - 5 working days Next day
Amount received 114,706.46 PHP 116,663.01 PHP

The money transfer company enables Maria to send an extra ₱1,956.55, which is transferred straight to her parents' BDO Unibank Inc. account.

How to choose the best money transfer companies to send money to the Philippines

When choosing a money transfer provider to send money from the United States to the Philippines, it's important to consider the cost, how you want your recipient to receive the funds and the turnaround time. Here are other features to review:

  • Exchange rates. Banks and transfer services use the mid-market rate to trade with one another. It is the best rate you can get. However, not all money transfer providers offer you this mid-market rate so compare the PHP you're offered to the mid-market rate and look for the smallest difference.
  • Transfer fees. Are you being charged a flat fee or a percentage of your transfer amount? For example, a provider offering to transfer your money to the Philippines for a flat or low fee might work out better if you plan to send a large amount.
  • Transfer type. Does your recipient have a Filipino bank account or is cash or cell phone top-up a better option? Each transfer type has different fees. For example, instant cash pickups tend to be more expensive than bank transfers .
  • Transfer speed. If you need your transfer to arrive quickly, you can pay for an express delivery. Companies such as MoneyGram offer instant cash pickups but may charge more. If you're not in a rush, online money transfer services offer the best value and get your money to the Philippines faster and cheaper than banks.
  • Transfer limits. Find out how much you can send with each service. For example, MoneyGram has a transfer limit of $25,000 while Instarem allows unlimited transfers.
  • Discounts. Some providers may offer you a free transfer simply for signing up. Others may offer a discount if you transfer more than a specific amount of Philippine pesos.

Is this a good time to send money to the Philippines?

Compared to a month ago, the US dollar is a little weaker against the Philippine peso. Currently, $5,000 is worth ₱293,490.00, whereas a month ago, $5,000 was equivalent to ₱293,650.00. That's a decrease of 0.05% over the past month.

But compared to a year ago, the US dollar is stronger against the Philippine peso. A year ago, $5,000 was equivalent to ₱278,400.00. That's an increase of 5.42% over 12 months.

What's more important, however, is the strength of the US dollar against the Philippine peso and where it goes from here – which is harder to call. But whichever way it goes, shopping around has the potential to get you more Philippine pesos for your US dollars and can help you get the best out of any market conditions.

Ready to compare providers?

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Frequently asked questions

Whether products shown are available to you is subject to individual provider sole approval and discretion in accordance with the eligibility criteria and T&Cs on the provider website.

Name Product USFMT Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
WorldRemit  logo
Within minutes
From $0.99
Use promo code 3FREE and pay no fees on your first 3 transfers. Conditions apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
OFX logo
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
WorldRemit  logo
Within minutes
From $0.99
Use promo code 3FREE and pay no fees on your first 3 transfers. Conditions apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
Instarem  logo
24 hours
From 0%
New Instarem customers will get a special FX rate and zero-fees on their first transfer.
Instarem offers offers rewards on every transaction.
Remitly  logo
Within minutes
From $0
Remitly has quick, affordable transfers around the world, with both express and economy options.
PayPal logo
Within minutes
$0
Provides business solutions for small business owners in over 24 currencies worldwide. Try 3 months free of Spotify Premium when you sign up with PayPal.
Wise logo
Within minutes
From $8.16
Enjoy high maximum transfers into more than 40 currencies, while saving up to 90% over local banks.
CurrencyFair logo
24 hours
€3
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Remitly  logo
Within minutes
From $0
Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
OFX logo
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
Remitly  logo
Within minutes
From $0
Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
CurrencyFair logo
24 hours
€3
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Remitly  logo
Within minutes
From $0
Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
PayPal logo
Within minutes
From $0
Use PayPal to safely send money and receive payments from around the world in over 25 currencies with just an email address or mobile number. Try 3 months free of Spotify Premium when you sign up with PayPal.
Wise logo
Within minutes
From 0.41%
Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies.
MoneyGram  logo
Within minutes
From $0
MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide.
Wise logo
Within minutes
From 0.41%
Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies.
OFX logo
24 hours
$0
Business customers: Send safe, no-limit transfers with no fees and competitive exchange rates.
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2 Responses

    Default Gravatar
    leeJuly 23, 2018

    is it possible to go into western union in cambodia ,vietnam ,thailand laos , and use my nationwide debit card to collect us dollars , ie 1000$ at a time or my maximum in £ ‘s to avoid 3% charges on my card ? i want to send it to my self

      AvatarFinder
      JoshuaAugust 5, 2018Finder

      Hi Lee,

      Thanks for getting in touch with finder. I hope all is well with you. :)

      Yes, it is possible to send money to yourself when you are abroad. This is one of the ideas travelers think of to avoid fees. However, please note that there are fees that you should think about first and weigh your options. For example, WU might give a lower exchange rate compared to simply using an ATM abroad. Plus, it takes days before you get your money in WU.

      So, it is up to you to consider the pros and cons of your options. Moreover, you may also consider other money transfer service providers listed on this page.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!

      Cheers,
      Joshua

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