Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
Send money to the Philippines
The safest and most cost-effective ways of sending money to friends and family in the Philippines from Singapore.
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There are plenty of international money transfer services to choose from when you want to send money to the Philippines. First, you open an account with the service provider, deposit your funds into the account and then initiate the transfer.
You’ll need to provide proof of identity such as your NRIC or passport and some personal details to open an account. Once your transfer has been placed, you’ll be provided with a receipt or tracking number so that you can monitor your transaction.
Although it’s simpler than ever before to send money to the Philippines, it’s vital that you shop around for the best deal, so your recipient receives more money from the transaction.
Send money to the Philippines with WorldRemit
WorldRemit can help you get your money where it needs to go in minutes, with upfront exchange rates and low fees.
- Transfers to 150+ countries
- Send to bank account, cash pickup, mobile money, airtime top up
- Pay with card, POLi Payments or Apple/Android Pay
Your options to send money to the Philippines
What's in this guide?
Banks vs international money transfer services
Most Singapore banks will allow you to send money from Singapore to the Philippines and indeed many people do choose to use their banks when conducting international money transfers. However, the fact is that transfers lodged with your bank can attract poor exchange rates and high fees, so you might be much better off looking to send the funds through other options.
Specialist money transfer companies offer fast and affordable overseas transfers, usually at much better exchange rates than those offered by banks. These companies also offer lower fees and faster turnaround times than banks, so it’s sensible to compare your options before choosing a provider.
Paul sends money to the Philippines
Paul wants to send a gift of SGD $1,000 to his cousins in the Philippines, but he knows that using his bank to do so will be unnecessarily expensive. With this in mind, he decides to compare the exchange rate and fees of his bank with those offered by a specialist money transfer company. The results of his comparison can be seen in the table below.
| Using a bank | Using a money transfer company | |
|---|---|---|
| Exchange rate | 1 SGD = 37.21 PHP | 1 SGD = 37.55 PHP |
| Transfer fee | SGD $25 | SGD $13.89 |
| Transfer time | 2-5 days | 1-3 days |
| Transfer options | Online, in branch | Online |
| Amount received for SGD $1,000 (PHP) | PHP 37,212 | PHP 37,550 |
| Difference (PHP) | +PHP 338 |
As you can see, not only can Paul save SGD $11.11 in fees but he can also send an extra 338 Philippine Pesos to his relatives by using a money transfer company.
How do I compare transfer companies when transferring money to the Philippines?
Take the following factors into account when comparing the services offered by different money transfer companies:
- Competitive exchange rates. Obviously, you’ll want to look for a company that offers attractive exchange rates. However, keep in mind that some companies with slightly lower rates than others may also offer lower fees.
- Little to no transfer fee. Most companies will charge a fee for every transfer you make, either at a flat rate or as a percentage of your transfer amount. However, some companies will waive the fees when you transfer more than a certain amount.
- Flexible transfer methods and options. Can transfers be lodged online, over the phone or in a branch? Are there flexible options available to help make the transfer process easier and more affordable? For example, can you lodge regular scheduled transfers or place forward contracts?
- Quick turnaround time. Compare the average processing time offered by each company for transfers to the Philippines.
- Convenient pickup methods for your recipient. Some companies allow cash pickups within minutes while others only send funds directly to the recipient’s bank account.
- Low minimum transfer amounts. Some companies impose a minimum transfer, which can be highly impractical if you only want to send a small amount of money.
- Reliable customer service. Check to see if phone, email and live chat support are readily available in case you require assistance.
How to send money to the Philippines from Singapore
The Philippine Peso is regularly traded on global currency markets, which means you have plenty of options to choose from when looking to send money to the Philippines. These include:
- Bank transfers. Many Singapore banks allow funds transfer to the Philippines, though you should keep an eye out for poor exchange rates and high fees.
- Money transfer for cash pickup. Western Union and MoneyGram allow you to send cash to the Philippines within minutes. Your recipient can then pick up the funds from a number of agent locations across the Philippines.
- Money transfer companies. Specialist money transfer services like TorFX, OFX, WorldFirst, Travelex, and WorldRemit offer fast and affordable international money transfers.
- PayPal. You can send funds via PayPal if both you and your recipient have a PayPal account.
- International money order. You can also obtain an international guaranteed cheque from your bank, which you can then post overseas.
Emergency cash transfers to the Philippines
There are some situations where you may need to transfer funds to the Philippines as quickly as possible. For example, you may have a relative visiting the region who has their wallet stolen by thieves and is in desperate need of cash to be able to return home to Singapore.
Whatever the case may be, it’s important that you exercise caution when lodging an emergency cash transfer. Make sure you know the exact exchange rate that will apply to your transaction, and read the fine print to familiarise yourself with any fees and how long the transaction will take to be processed. Taking the time to do this will ensure that you get a good deal.
Cash pickup locations in the Philippines
WorldRemit, Western Union and MoneyGram offer multiple branch locations across the Philippines where your recipient can pick up the funds you send. When you go to pick up funds, remember to take proof of identity and some details of your transaction with you. Also, it’s wise to phone ahead and make any necessary arrangements if you are picking up a large sum of cash.
WorldRemit
WorldRemit allows you to make cash pickups at M Lhullier, Metrobank, Palawan Pawnshop, PSBank, LBC, BDO and Cebuana Lhullier branches.
Quezon City
M Lhuillier
Palawan 7 Quezon
New Public Market, Poblacion 5304
CLH Bago Bantay
132 D Ilocos Sur St cor Bukidnon St. Bago Bantay, Brgy. Ramon Magsaysay District 1
2-928-3425
Open Monday to Saturday 7am to 7pm, Sunday 7am to 6pm
Manila
CLH G. Tuazon
2019 G. Tuazon St. Cor. Honradez St. Ext., Brgy. 549 Zone 045, District IV, Sampaloc
2-708-8051
Open Monday to Saturday 7am to 8pm, Sunday 7am to 6pm
PSBank Caloocan
G/F G. Raymundo Building, 314 EDSA
Monumento, Caloocan
(632) 361-2163
Western Union
Quezon City
Aguirre Pawn Shop
General Luis Street 245
Novaliches
Quezon City, Metro Manila 1123
+63-2-6202360
Open Monday to Saturday 8am to 5pm
Alyanna Pawn Shop
N Domingo Cor Dna Juana Rodriguez
Alyanna Mini Mart
Quezon, Metro Manila 1100
+63-2-4138510
Open Monday to Saturday 8am to 6pm
Manila
Aguirre Pawn Shop
Prime Block Podium Level
Tutuban Center
Manila, Metro Manila 1013
+63-2-6202360
Open 9am to 6pm seven days
China Banking Corporation
J A Santos Ave Cor Batangas St No 2159
Tondo
Manila, Metro Manila 1014
+63-2-6202360
Open 9am to 4pm Monday to Friday
MoneyGram
Quezon City
Bank of Commerce
Am Assoc Bld 28 Quezon Avenue
Quezon City, 0
6327122560
Open 9am to 3pm Monday to Friday
Banco De Oro
Cedar Executive Building II 26 Timog Ave Cor Sct Tobias St
Quezon City, 0
6327026652
Open 8:30am to 5:30pm Monday to Friday
Manila
Bank of Commerce
609 SALES ST.
QUIAPO
MANILA, 1001
27338705
Open 9am to 4pm Monday to Friday, 10am to 3pm Saturday
Banco De Oro
No 116-120 C Palanca St Quiapo
Manila, 1000
6327337434
Open 9am to 6pm Monday to Saturday
Tips for picking up cash in the Philippines
The Ministry of Foreign Affairs (MFA) recommends that travellers to the Philippines take all necessary precautions for their personal safety, so keep this in mind when picking up cash. If possible, ask a friend along but make sure not to advertise the fact that you are holding on to a large sum of cash to anyone. Avoid questionable areas where muggings occur frequently and head straight to your bank to deposit the funds. You can also find more travel safety tips from online blogs and forums.
About the Philippines and Singapore
On a global scale, Singapore and the Philippines are located quite close to one another and enjoy friendly ties. In fact, more than 167,000 Filipinos reside in Singapore (in 2013). When you consider this fact, it’s quite unsurprising that many people find themselves needing to transfer money between Singapore and the Philippines. While such transactions can be carried out via your bank, there are other more affordable methods to send money overseas.
