Need to send money to the Philippines? Find a simple, affordable way move your money internationally.
From bank transfers and online transactions to cash pickups within minutes, you’ll want to compare the transfer fees and exchange rates of the many options available to you to get the best deal.
Compare international money transfers
Save money on your personal or business international money transfer today. Fill in the form and you’ll be contacted by a foreign exchange expert to have an obligation-free discussion about your options.
With over 17 years of foreign exchange expertise and over $100 billion transferred, OFX can help with all your currency exchange needs, including:
- Buying property abroad
- Regular overseas payments
- Risk management
- If the provider quotes a different rate to the one above please let us know
Sending money 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 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.Back to top
Sending money to the Philippines
When sending money overseas, you’ll usually need to create a free account with a money transfer provider. The process varies by company but generally requires you to provide your name, contact information and proof of identity. If you’re not paying for your transaction with cash, you’ll also provide your banking info in order to have the funds withdrawn from your account.
Once you’ve selected a payment option and entered the full details of your transfer, you make your transaction and wait for the funds to arrive. You’ll most likely receive a reference number or receipt that you can use to track the progress of your transfer.Back to top
Banks versus money transfer companies
Many major US banks offer the option to send funds to the Philippines, but they 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.Back to top
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.
While Manny has forged a successful life for himself in Seattle, he maintains regular contact with his grandparents in his home city of Manila. Manny wants to send $1,000 to his grandparents to help pay for a well-deserved vacation, but he doesn’t want to lose a big chunk of his money on the weak exchange rate offered at his bank. He compare two popular money transfer companies to see if he can find a more affordable option.
|Money transfer service A||Money transfer service B|
|Exchange rate||1 USD = 45.265 PHP||1 USD = 46.207 PHP|
|Transfer method||Bank account deposit||Bank account deposit|
|Transfer speed||3–5 business days||1 business day|
|Total pesos received||45,265 PHP||46,207 PHP|
While it will take longer for his grandparents to receive the money with service A, they’d receive nearly 950 pesos more than with service B. For Manny, the extra money by waiting a few days is worth it to Manny.
What are the ways that I can send money to the Philippines?
- Providers with cash pickup. MoneyGram, Western Union and Ria offer fast transfers to the Philippines.
- PayPal. PayPal offers secure international transfers from the US to the Philippines.
- Checks and money orders. Although not a quick option, you could send an international check overseas, obtained from your bank or US Postal Service.
Emergency cash transfers to the Philippines
You might need to send an emergency cash transfer to the Philippines — for example, if a friend traveling 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.
Find a money transfer location near you
- 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.