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Throughout 2018 and 2019, the Philippines imposed stricter tax guidelines on gifted money. Gifts of over ₱250,000 — or about US$4,795 — as of August 2019, will be taxed at a rate of 6%. The donor is responsible for filing BIR form 1800, regardless of whether or not they reside in the Philippines.
The new laws also don’t have different tax brackets based on your relationship to the recipient. Gifts to relatives are taxed at the same rate as gifts to friends. Though certain types of gifts, like gifts to some charities, are exempt.
Check with a tax professional if you’re unsure if you need to file and/or you need help filing your tax returns.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Failing to file a large remittance can result in steep and complicated penalties. For example, if they owe taxes and miss the April 15th deadline, they can expect to pay 25% of the taxes due, plus 20% annually until the tax is paid. If they even mistakenly fail to include the money they’ve received, they could be found by the tax courts to have willfully filed a false or fraudulent claim, which comes with a 50% penalty on the tax due.
You might. If you’re sending more than $10,000, you may need to file:
By law, banks report all cash transactions that exceed $10,000 — and any transaction of any amount that alerts their suspicions. Independent money transfer businesses are sometimes required to report amounts as low as $1,000, depending on the circumstances. Sending a lot of money out of the country? Know what the IRS expects of you.
You can send as much money as you want to the Philippines.
While there is not a legal cap, some transfer providers will set their own limits. If you plan to initiate a large transfer, Xe doesn’t have a maximum transfer limit.
Depending on the bank or transfer service you choose, your recipient can pick up the money in cash or have it deposited directly into their account or mobile wallet.
If your friends or family are picking up your transfer in person, advise them to take along ID and any transaction or confirmation number on your receipt.
As with all international money transfers, be wary of potential fraud and only send money to people you know. Using a reputable provider can safeguard you from potential scams.
Online transfer providers make it easy to send money to the Philippines, but if you’re sending money to a foreign account in your name or more than $15,000 as a gift, you’ll need to let the IRS know — and your recipient may need to include it on their taxes. Before sending money abroad, compare international money transfer companies to make sure you’re getting a fair rate.
Sign up for an account and pay no fees to send quick and easy money transfers to multiple beneficiaries.
Sigue offers speedy money transfers to 50+ countries, but you have to set up a transfer to see the transaction fees.
Join Boss Revolution with an email address and phone number, and send money within minutes.
Usend combines money transfers, bill pay and mobile phone reloading.
Paysend offers transfers to more than 70 countries through its app and online service.
Using international money orders to send money overseas? Learn about better options.
Sending a payment to a company but confused about which address to use? Learn about remittance addresses with our guide.
We’ve unpacked the most recently available data from the World Bank to get an idea of how much money is being sent around the globe.
Learn about how TransferMate’s personal product works and what it can do for you.
Check out this side-by-side comparison of Xe and OFX to find out which provider offers the best value on international money transfers.
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