Top 10 Money Transfer Services to the Philippines - Mar. 2019

Compare best services & send money to the Philippines in minutes!

 
1
Transfer Fees: Low
2
Transfer Fees: Low
3
Transfer Fees: Low
4
Transfer Fees: Low
5
Transfer Fees: Med
6
Transfer Fees: Med
7
Transfer Fees: High
8
Transfer Fees: Med
9
Transfer Fees: High
Service
Regulation
Delivery Speed
Delivery Methods
Transfer Charges
Score
Transfer Money Now
1
FCA
Instant
  • Cash pick-up
  • Direct to Bank
  • Mobile top-up
  • Mobile Transfer
EUR
PHP
Low
GBP
PHP
Low
USD
PHP
Low
Main Services: International money transfers, remittance services, mobile transfers
Transfer Objective: One time/ Recurrent
Transfer Method: Direct to Bank, Cash pick-up, Mobile top-up
Min Transfer Amount: $15
Available in:
Extra Features:
- Great on mobile transfers
- Easy to send or receive money
- Good for remittance services
Time to open Account: Few Hours
2
FMA
Instant
  • Cash pick-up
  • Direct to Bank
  • Mobile Transfer
EUR
PHP
Low
GBP
PHP
Low
Main Services: International money transfers, cash pickup, remittance services, mobile transfers
Transfer Objective: One time/Recurrent
Transfer Method: Bank transfer, Phone/App, debit or credit card, cash pick-up
Min Transfer Amount: £0.01
Available in:
Extra Features:
- Locked-in exchange rates
- 145+ years of experience in moving money
- Tracking options for transfers online
- 0-3 days of delivery (depends on destination)

Time to open Account: Few minutes
3
ASIC (AU), CFSB (US), MAS (SG)
1-2 hours
  • Direct to Bank
  • Mobile Transfer
  • SWIFT
EUR
PHP
Low
GBP
PHP
Low
Main Services: Send money worldwide to family or friends, pay bills, moving abroad, international invoices, living expenses , business mass payment & more
Transfer Objective: One time/Recurrent
Transfer Method: Bank Account
Direct Debit
International bank transfer
Min Transfer Amount: $50
Available in:
Extra Features:
- Sign up using your Google or Facebook account
- Transfer generally within one business day
- Custom services for SMBs
Time to open Account: Few minutes
4
ASIC, CBI
2-5 hours
  • Direct to Bank
  • SWIFT
EUR
PHP
Low
5
FCA
Up to 24h
  • Cash pick-up
  • Direct to Bank
EUR
PHP
Med
6
FCA
Up to 24h
  • Direct to Bank
EUR
PHP
Med
7
FCA, HMRC
24-48h
  • Direct to Bank
  • Cash pick-up
EUR
PHP
Med
8
FCA
More than 48h
  • Direct to Bank
EUR
PHP
High
9
FCA
More than 48h
  • Direct to Bank
EUR
PHP
High
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Top10moneytransfer.com is an independent professional comparison site that provides users with free and valuable information on leading money transfer services. Top10moneytransfer.com is supported by referral fees from listed companies. We do not provide a listing of each and every company in the market. We do not guarantee 100% accuracy of the information. The information which appears on this site is subject to change at any time. We aim to help users make an informed choice that best suits their particular needs.

Frequently Asked Questions

One of the first things that you need to do when considering an international money transfer is to make a research of the providers, including exchange rates, speed of transfer, and credibility of the companies which you are considering.

Follow the link to get the main checklist on how to compare. 

  • Bank transfers. Many major banks can safely wire your funds to The Philippines. Banks rely on existing links between banks and banking systems worldwide. However, a downside is the higher fees and weaker exchange rates you’ll typically receive. The fees for wire transfers are estimates and vary from bank to bank. Depending on how you send the money, the exchange rate fee will be paid by your sending bank or the receiving bank. Most Philippine banks like METROBANK, CEBUANA LHUILLIER BANK, M LHUILLIER, LBC BANK and COINS.PH however are reasonable when exchanging from USD to pesos and only charge a 1% hidden fee. The fee will be higher for other currencies though.
  • Online money transfer services. Companies like World First, OFX and WorldRemit make international money transfers to The Philippines easy. These specialists offer more affordable transfers than banks do, allowing you to quickly and easily manage your transactions from home. With competitive exchange rates and lower fees, you can send funds from your bank account. Many also allow you to pay with a credit or debit card.
  • Providers with cash pickup. Trusted providers like  Western Union, MoneyGram, and Ria offer the option of cash pickups from thousands of agent locations across Philippines. (For example, Western Union has more than more than 8,600 agent locations in Philippines) Using this money transfer service, you can send dollars or pesos to Manila, Pampanga, Bulucan and other Philippine cities. In some cases, Western Union allows you to send up to $2,999 for free.They offer the key advantage of giving your recipient fast access to the cash you send — sometimes within minutes. However, services typically cost more than an online transfer specialist and vary by where you’re transferring your money and how you’re paying for it.
  • PayPal and/or Payoneer transfers. Payoneer is also one of the best ways for sending money to the Philippines. Not just for online purchases, PayPal offers transfers to more than 100 countries, including Philippines and supports multiple currencies. Its exchange rates are often better than those you’ll get from a bank but not quite as strong as rates from money transfer companies. PayPal calculates its transfer fee as a percentage of the amount you’re sending — meaning it’s often better for sending smaller amounts of money. Despite having minimal fees for their selected partners, you need to keep in mind that Payoneer charges recipients, too.
  • In most cases you will need a valid I.D. presented at some point. In some cases the recipient personal data might be required as well. Please check the local regulations of the sending location & agent.
  • If sending to a bank account, you also need your recipient’s bank name and account number.
  • If sending to a mobile wallet, you also need your recipient’s mobile number with international dial code

The limit per one transfer may vary depending on the conditions of the provider that you are using. For example, the maximum amount per transaction through Western Union is USD $5,000, while many others have no maximum limit. However, many if not all of the agents have a minimum limit for a transaction and it could vary from 1$ to 1000$. Local country laws may further limit payment amounts. See locations for additional country restrictions & check the specific conditions fitting your case.

There is no general limit on sending money to The Philippines. You can send as much as you need. But for example, if you’re sending more than $10,000 from the US to the Philippines, you’ll want to make sure to report it. 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. Please check the local regulations of the sending location.

Depending on the type of remittance and the provider you are using, the transfer could be available to your recipient in The Philippines anywhere between few minutes and few days. Please check the specific conditions fitting your case.

Most of the financial institutions have online tools on their website that allow you to track the money transfer. If you have carried out the money transfer to The Philippines via a bank, you can track your transaction by entering information like the tracking number and beneficiary’s account no. on the bank’s website.

When you send money via services like Xoom, Western Union, or Ria, you can always track your transfer by logging into your account on their website. The status tracking tools on the websites of these services keep the customers updated about the change in status. The recipient in The Philippines can also check the status of the transfer online. The check transfers and bank draft transfers can also be tracked online. Some of these institutions even provide updates via email and SMS where the sender and the receiver can keep a check on the status. A few companies like TransferWise and Xoom have mobile apps that enable customers to check the status of transfer on their mobile devices.

If you send more than $14,000 to the Philippines, encourage your recipient to claim your remittance on their annual income tax filing. All sums exceeding PhP400,000 must be reported to the Anti-Money Laundering Council. Hard currency over the value of PhP10,000 must be reported to the central bank.

Failing to file a large remittance can result in steep and complicated penalties. For example, if they 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.

Despite a recently proposed 12% value-added tax on remittances from the Duterte administration, the Philippines does not yet require its citizens to pay taxes on personal money transfers of up to $14,000 from abroad. To help migrants support their families in the Philippines, the government also waives taxes on any transfer intended for your children, no matter how much you’re sending.

Your recipient may be required to file forms as an “overseas Filipino worker” — what the government calls migrants who send money back home to support their loved ones. These forms are not for tax purposes but merely help the government keep track of remittances that are such an important part of the government’s GDP.

When you’re sending money overseas, in many cases you’ll need to convert the funds you send into another currency, such as U.S. dollars into local currency. But with remitting to The Philippines it is not the case. The receiver in the Philippines could by paid out both in U.S. dollars and Philipino pesos upon his choice. Therefore, if your receiving party in Philippines doesn’t need to convert dollars into pesos, send them dollars.