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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. Xoom pairs with your PayPal account for bank transfers, while WorldRemit and Remitly are often cheaper than MoneyGram and Western Union to deliver cash pickups in minutes. TransferWise 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.
Top picks are our selection of some of the best money transfer products and services, based on our extensive research and market experience. Our top picks are displayed at the top of some pages to help you make decisions faster, but our top pick may not be the best pick for you.
Read our full methodology here to find out more.
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. Bank transfers, account-to-account transfers through PayPal and other options are available but come with high fees, weak rates and long turnaround times.
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 30 September 2020.
|Digital money transfer service||Cash transfer||Bank transfer|
|Fee||£0||£3.90||£20 + additional correspondent bank fees|
|Exchange rate||1 GBP = 61.90 PHP||1 GBP = 61.39 PHP||1 GBP = 60.76 PHP|
|Transfer speed||1-2 day||Minutes||2-5 days|
|Amount received||PHP 122,813||PHP 122,788||PHP 120,309|
The bank option ends up being both the slowest way 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 2,504 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.
If you don’t have a bank account, you can still use cash transfer services to send money to the Philippines. Similarly, a recipient can get the money with a cash transfer if they don’t have a bank account. These services are widely available around the world and although they’ll typically not be the cheapest available, they can be fast and convenient.
Many popular money transfer providers, including WorldRemit and TransferWise, let you 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 options 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 pound sterling, 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.
To send money to the Philippines from the UK, 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 the UK to the Philippines, you’ll need documentation and details that include:
To pick up money in person, documentation can include:
Most money transfers between the UK and the Philippines shouldn’t have any specific tax obligations attached to them, so long as they are for personal use and kept under £10,000 GBP.
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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