- Fair exchange rates
- Transparent fees
- Low minimum transfer amount
- Fast registration and verification
- Easy to use
Not so great for
- Large transfers
- If the receiver is unbanked
- Paying by cash
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Unfortunately, you won’t be able to transfer money from an account in the Philippines at this time. However, you can still receive money from overseas through TransferWise in several ways. You can check out the other options you have for sending funds overseas from the Philippines here.
TransferWise is one of the few services that offers its customers the mid-market rate. This is the rate you can see on Google or Reuters and it’s what your money’s actually worth on the global market, compared to another currency.
While you might see that the quoted exchange rate from other money transfer services is different to the mid-market rate, this won’t happen with TransferWise. Other services make their money from this margin added on to the exchange rate, but TransferWise only charges a fee.
TransferWise offers money transfers to over 45 different currencies. Some of the more popular ones include:
With TransferWise, you can transfer funds to a bank account or a mobile wallet (GCash or PayMaya) in the Philippines, but you can’t send to a cash pick-up location just yet.
|Receiving account||Transfer limits|
|Bank account (personal or business||PHP480,000 per transfer|
|Mobile wallet (GCash or PayMaya)||PHP100,000 per transfer|
TransferWise also doesn’t offer some of the forex products its competitors do, like forwards contracts and limit orders, but there is a service specifically for business.
If you’re sending money to China, you’re now able to pay directly to your recipient’s AliPay ID. This means the money will appear instantly in their linked bank account.
You can pay for your transfer a few ways, including:
Keep in mind that a bank transfer will usually cost you the least. Paying by credit card ends up adding a percentage fee on top.
Transfer time depends on what currency you’re sending.
As a general rule, it’ll be anywhere between one and two business days. But if you’re sending to the UK, for example, your money should arrive in minutes.
On the other hand, sending to USD will take around two business days.
If someone sent you money from overseas using TransferWise, it will take 1-2 days to arrive in your Philippine bank account or mobile wallet.
Transfers typically take
According to TransferWise and Trustpilot on 16 January 2019.
TransferWise uses 2FA, meaning that when you log in, you’ll need to go through two levels of verification to access your account. This gives you extra protection for your account. Since TransferWise is government-regulated, it keeps its clients’ money separate from its own funds. This means if TransferWise runs into financial hardship, your money will be safe.
TransferWise was founded in 2011 when two friends, Taavet Hinrikus and Kristo Käärmann, devised a way to transfer funds overseas without losing any of their money. TransferWise now has 11 offices, including the headquarters in London and other offices in New York, Sydney and Singapore.
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.
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