Compare money transfer servicesOur table below lets you compare the services you can use to send money overseas. By inputting how much you want to transfer and to what currency, you'll be shown live exchange rates, fees and more.
What is an international money transfer?
An international money transfer is what happens when you send money to someone overseas. You provide funds and your recipient’s details to a bank or an independent transfer provider, which then exchanges the money into your desired currency and sends it to your recipient. You can send money over the phone, in person, through a mobile app or online.
- Credit or debit card
- Bank transfer
- Bank account
- Mobile wallet
- Cash pick-up
- Door delivery
How to transfer money internationally
There are two main ways to send money out of the Philippines: a specialist money transfer service or your bank. Both banks and transfer services offer online transfers, with some offering in-branch transfers or the ability to send money over your phone via an app or calling an agent.
We’ll go through the steps each method takes if you were sending online.
Through a money transfer specialist
The following steps give a good example of a typical transfer using a money transfer company.
- Register online with the transfer service of your choice.
- Input transaction details, including the amount you want to transfer.
- Get approved by the transfer company. You may need to scan or email a copy of your ID for the first transaction.
- Transfer funds through your bank using the account details from your transfer company.
- Get your money. Your transfer service will deposit your funds in your destination account.
For you if
You want a more competitive exchange rate and lower fees than a bank transfer.
Not for you if
You want the familiarity and convenience of a known bank and don’t have time to be verified.
Through your bank
If you choose to use a bank to carry out your transfer, the process is a little different.
- Navigate to the international money transfers section of your account.
- You’ll usually need to know the address of the receiving bank, the account details of the receiving account, the account name and often the receiving bank’s SWIFT code (an international bank identification system).
- It’s a good idea to check with your bank about exchange rates.
- You can use this method to send an international money order online to your home bank account or to a third party.
For you if
You want the convenience of sending money directly from your existing bank account immediately.
Not for you if
You want fewer fees and a better exchange rate.
Tips for saving on your international transfer
While there’s no best way to transfer funds overseas, there are a few things you can do to make it cheaper.
- Know your transfer currency’s mid-market rate. This rate is the midpoint between worldwide supply and demand for that currency – and the rate banks and transfer services use when they trade among themselves. Use it as a baseline to compare against the rates you’re being offered. The company that’s closest is offering you the best rate.
- Send more money per transfer. Many services discount the fees or waive them altogether when you send larger amounts.
- Use forward contracts and limit orders if sending money regularly. A forward contract allows you to lock in a favourable exchange rate for future transfers. This means you’ll avoid unpredictable movements in exchange rates. A limit order allows you to wait until a favourable exchange rate is found, and then lock it in for your transfer.
What should you watch out for?
Keep an eye out for the following when you send money overseas:
- Hidden fees. No transfer is truly free. If a service is advertising “fee-free transfers”, there’s probably a larger margin added to the exchange rate. Compare the rate you get quoted against the mid-market rate (which you can find on Google) to see if you’re getting a good deal.
- Fake rates. If you see a great exchange rate advertised on a provider’s website, make sure the rate you see is the rate you will actually receive. Some companies advertise the mid-market exchange rate, which is the rate at which banks purchase foreign exchange, rather than the rate they actually offer their customers.
- Failing to do your research. If you want to save some money, compare several transfer providers before choosing one to sell your transaction. Shop around for a company that offers reliable and affordable transfers, instead of just diving in head-first.
- Scams. Scams cost Filipinos millions of pesos annually. With this number increasing each year, it’s important to keep an eye out for the most common scams. In general, it’s best to only send money to someone you know personally.
- Taxes and regulation. Each country regulates money transfers differently. Make sure you’ve read up on if your recipient needs to pay taxes on the money they’re being sent. In the Philippines, for example, money transfers over ₱500,000 get automatically reported by our bank to our regulatory body Bangko Sentral ng Pilipinas (through the Anti Money Laundering Council) and you don’t need to do much. But other countries, like India or the US, have stricter regulations.
Other frequently asked questions
Sending to a specific country? Learn more
More guides on Finder
TransferWise promo codes and discounts November 2020
Does Transferwise offer deals or discounts on money transfers?
Ria Money Transfer promo codes November 2020
How much could you save on your next Ria international money transfer? Check out these promo codes to find out.
Remitly promo codes and discounts November 2020
Don’t pay too much for a money transfer. Check out the latest Remitly promo codes and discounts.
XE Money Transfer promo codes November 2020
Can you pay less for an international money transfer? Browse XE coupon codes to find out.
Foreign exchange rates
Getting a good forex rate could mean hundreds if not thousands of pesos in savings when you make a money transfer. Compare the best rates here.
PHP to KRW exchange rate
Live exchange rates Philippine Peso to Korean Won. Historic exchange rates for 10 days ✔ 10 months ✔ 10 years ✔ Calculate your money transfer to KRW.
PHP to SEK Exchange Rate
Live exchange rates Philippine Peso to Swedish Krona. Historic exchange rates for 10 days ✔ 10 months ✔ 10 years ✔ Calculate your money transfer to SEK.
PHP to QAR exchange rate
Live exchange rates Philippine Peso to Qatari Riyal. Historic exchange rates for 10 days ✔ 10 months ✔ 10 years ✔ Calculate your money transfer to QAR.
PHP to NOK Exchange Rate
Live exchange rates Philippine Peso to Norwegian Krone. Historic exchange rates for 10 days ✔ 10 months ✔ 10 years ✔ Calculate your money transfer to NOK.
PHP to NGN Exchange Rate
Live exchange rates Philippine Peso to Nigeria Naira. Historic exchange rates for 10 days ✔ 10 months ✔ 10 years ✔ Calculate your money transfer to NGN.
Ask an Expert