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The best way to send money to the Philippines involves comparing providers to find one that fits your budget and needs.
PayPal typically cost as much as bank transfers, while WorldRemit and Remitly are often cheaper than MoneyGram and Western Union to deliver cash pickups in minutes. Wise offers strong mid-market rates with no hidden fees. Shop around with a few digital specialists to find the best deal on your next transfer.
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
To help you narrow down the best, we’ve dug through the details of many leading money transfer companies. Online money transfer providers typically offer the strongest exchange rates and lowest fees on money transfers to the Philippines. Direct transfers from banks, account-to-account transfers through PayPal and other options are available but come with high fees, weak rates and long turnaround times.
Companies like OFX and Wise specialise in foreign currencies, making them some of the most cost-effective transfers. Most offer a variety of options for your recipient to receive their money, including to bank accounts as well as in person.
Services like MoneyGram allow you to transfer cash for pickup at a local branch in the Philippines— often in 15 minutes. While it’s a fast way to send money, you’ll pay for the convenience in weak rates and high fees. If a cash pickup is necessary, look to digital services like WorldRemit or Remitly.
Philippine pesos is usually accessible from banks in Singapore, but beware of high fees and wide margins on the exchange rate compared to digital and other options.
Let’s say you need to send $2,000 to family in the Philippines. Here’s what you might face as far as fees and exchange rates as of 27 September 2020.
| Digital money transfer service | Cash transfer | Bank transfer | |
|---|---|---|---|
| Fee | $0 | $5 | $25 + additional correspondent bank fees |
| Exchange rate | 1 SGD = 34.849 PHP | 1 SGD = 35.106 PHP | 1 SGD = 34.768 PHP |
| Transfer speed | 1-2 day | Minutes | 2-5 days |
| Amount received | PHP 69,698 | PHP 70,036 | PHP 68,667 |
| Verdict |
|
|
|
The bank option ends up being both the slowest and gets the smallest amount of money to your recipient. If you go with the digital money transfer service, your recipient ends up with PHP 1,369 more than the bank offers.
Sign up and send money with a digital money transfer specialist in four steps:
Weigh costs and fees against convenience, and learn how to compare money transfer providers that send to the Philippines to meet your needs:
When it’s more important to get your money to the Philippines quickly, look for money transfer companies that support cash pickup in minutes. You can pay with a credit or debit card for fast pickup, but fees are higher than other methods.
Cash transfer services can help you if you’re unbanked or marginally banked. If you don’t have a bank account, look for a local company that supports storefronts for cash payments. These services include agent locations in other countries that allow your recipient to pick up cash without a bank account.
Many popular money transfer providers, including WorldRemit and Wise, allow you to send money directly to a mobile wallet in the Philippines. Mobile wallets, also known as e-wallets, are a convenient receiving option because the recipient can store and spend money directly from their phone. Some of the most popular mobile wallet option in the Philippines include:
When you’re looking for a convenient way to send money to the Philippines, having the funds delivered to a mobile wallet is one of the more straightforward options. Just be sure to always double-check the associated fees, exchange rates and processing times for each mobile wallet before signing up and using it.
The exchange rate determines how much one country’s currency is worth in another country’s currency. When a country’s currency is strong, it yields more money when exchanging it in a country with a weaker currency. The Philippine peso often fluctuates when compared to the Singapore dollar, so expect exchange rates today to be different than those you’ll see tomorrow. Factors that influence the exchange rate include interest rates, economic stability and inflation.
Track how the Philippine peso trades against the Singapore dollar in our historical rate chart.
To send money to the Philippines from Singapore, you’ll need government-issued ID and other documents, while documents needed to pick up money in the Philippines may be different by company.
To send money from Singapore to the Philippines, you’ll need documentation and details that include:
To pick up money in person, documentation can include:
Sending your hard-earned money to the Philippines shouldn’t cost a fortune. Compare transfer companies that specialise in foreign for the strongest rates, lowest fees and flexible delivery. For transfers to other countries, rely on our country specific guides the next time you need to make a transfer.
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