Find a simple, secure and affordable way to send an international money transfer to the Philippines.
When you need to get money to a loved one overseas, the last thing you want to have to deal with is navigating a potentially complicated and expensive process. Sending money from the United States to the Philippines doesn’t have to be expensive. 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
How do international money transfers work?
An international money transfer allows you to send money to a recipient overseas. Generally, a transfer involves you providing funds to a bank or an independent transfer provider, which then sends the money to your recipient in another country — in this case, the Philippines. This can be done in person or oftentimes online. You can use cash or transfer funds from your bank account, which will then either be deposited into your recipient’s bank account or made available as cash for them to pick up at a location in their country.
Banks versus money transfer companies
The first place many people go when they need to send an international money transfer is to their bank. While banks can certainly send money overseas for you, their fees are often higher compared to companies that specialize in international money transfers. These money transfer companies focus on international transactions and can offer much better exchange rates than most major banks. This means that you save money, and your recipient ends up with more Philippine pesos in their pocket.
How to compare transfer companies when sending money to the Philippines
- Exchange rates. How does the company’s exchange rate compare to those offered by other providers? A better exchange rate will mean more pesos for your recipient.
- Fees. How much will you pay to send a transfer, and can the fee be waived for large transfers?
- Transfer methods. Can you place transfers online, over the phone, by visiting a branch or by using a mobile app?
- Transfer options. Can you lock in an ideal exchange rate now and transfer the money later, known as a forward contract? Does the institution offer limit orders, which allow you to take advantage of changing market conditions by executing the money transfer when a certain exchange rate is met? Can you schedule reoccurring payments?
- Turnaround time. How long will it take for your beneficiary to receive the money?
- Minimum amount. Is there a minimum transfer limit that you may struggle to meet? Also check whether a maximum limit applies.
- Pickup methods. Can the cash be collected from a transfer agent, or will it be deposited into your recipient’s Philippines bank account?
- Customer service. Is phone, email and/or online support offered? During what hours?
While Manny has forged a successful life for himself in Seattle, he still maintains regular contact with his beloved grandparents in his home city of Manila. Manny wants to send $1,000 to his grandparents to help pay for a vacation they’re planning, but he doesn’t want to lose a big chunk of his money by taking the poor exchange rate offered at his bank. He decides to compare two popular money transfer companies to see if he can find a more affordable option.
|Money transfer company 1||Money transfer company 2|
|Exchange rate||1 USD = 45.265 PHP||1 USD = 46.207 PHP|
|Transfer method||Bank account deposit||Bank account deposit|
|Processing time||3-5 business days||1 business day|
|Amount received (in PHP)||45,265 PHP||46,207 PHP|
As you can see, Manny can send almost 1,000 extra pesos if he uses the second transfer company.
How can I send money to the Philippines from America?
- Bank transfers. Bank-to-bank transfers may cost more than other options but they are a secure way to send money to the Philippines.
- Online money transfer providers. Companies like OFX and WorldRemit offer affordable international transfers.
- Money transfer companies with cash pickup options. MoneyGram, Western Union and Ria offer fast transfers to the Philippines.
- PayPal. PayPal offers secure international transfers to the Philippines.
- Checks. International checks can be obtained from your bank and then mailed overseas.
Emergency cash transfers to the Philippines
If you find yourself in a situation where you need to get cash to the Philippines as soon as possible, the good news is that you won’t have trouble finding a company that can make funds available for your recipient to collect within minutes. The bad news is that you should expect to pay extra for such a transaction thanks to higher transfer fees and less-desirable exchange rates. With this in mind, it’s critical that you always take a few extra moments to read all the fine print and make sure you’re completely aware of the full cost of your transfer.Back to topFind a money transfer location near youBack to top
Tips for picking up cash in the Philippines
- Check an agent’s location and opening hours 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.
How to send money to the Philippines
The first step in the transfer process is to provide a little information about yourself, such as your name, address and contact information. A photo ID will often be required, plus you’ll need to supply your beneficiary’s name, address and contact information, along with their bank account info if the funds will be deposited in their bank account.
The next step is to outline all the details of your transfer: the amount you’re sending, your desired currency and where you want the money to go. If you are not using cash for this transaction, you will need to provide your banking info in order to have funds drafted from your account.
Once you have completed your transaction, you will be given a tracking number. Make a note of this number so you can monitor the progress of your money transfer.