Back to blog categories

How to Send Money to Philippines Cheap and Fast

Are you looking for ways to send money to the Philippines from abroad? Using the bank is often expensive. Unless it’s your only option, there are more affordable ways to send money internationally. This guide unpacks how to process your transaction cheap and fast.

3 Common Ways to Send Money to The Philippines 

Traditional Bank Transfer

Banks allow current account holders to transfer money internationally via wire, SWIFT, or telegraphic transfer, depending on where you live. This option is often regarded as the safest, but it’s the longest and most expensive. 

Banks can employ several business days to process the transfer and charge over US$25 per transaction. The recipient’s bank can also take several days to make money available and charge the recipient additional fees for transfers received from abroad.

Most banks have online banking options, but you may have limits regarding the max amount you can transfer from the online account. If you want to transfer more money, you’ll have to visit the branch.

In addition, you also need a lot of information about the recipient, including: 

  • The bank’s name and address 
  • The account name
  • The recipient’s bank account IBAN code 
  • The receiving bank’s SWIFT/BIC code

Money Transfer Specialists

Money transfer specialists offer a much faster option than the bank, although some transactions still require a few business days to complete. 

These services give people without a bank account the possibility to send or receive money from abroad. 

The main disadvantage is safety. These services can operate from banks, but also supermarkets or convenience stores. Although the transaction itself is secure, you’ll be handing sensitive personal data to shop clerks who may use the details for illicit purposes.

To transfer the money, you need: 

  • Your ID
  • The recipient’s name as written on their ID
  • The recipient’s passport or national card number 
  • The recipient’s address

To withdraw the funds, the recipient will have to know

  • Your name as written in your ID
  • Provide the transaction code you received from the terminal

Money Transfer Apps

The best way to send money to Philippines from abroad is via money transfer apps. These apps are operated by financial technology companies that offer bank services; they are government-regulated and as safe to use as a traditional bank.

All money transfer apps allow you to send money to other app users within seconds. If the recipient doesn’t use the app, you can use their bank account details to transfer the funds via SWIFT or wire transfer.

Even if you opt for a SWIFT or wire transfer, money transfer apps charge cheaper fees per transaction, often have higher or no amount limits, and complete the transaction faster.

To transfer the money, you need: 

  • The recipient’s phone number, or email address, or user name (depending on the app)
  • The recipient’s bank details (if you want to send money via SWIFT or wire transfer)

Cheapest Way to Send Money to Philippines 

Most banks charge between $45 and $50 per transaction for international wire transfers. SWIFT transfers are slightly cheaper, but you will still pay between $10 and $25 per transaction. On top of it, you can expect an additional charge of about 3% to 5% of the transaction amount in exchange rate costs.

On average, money transfer specialists offer cheaper solutions but still charge $8 to $20 per transaction.

Revolut, one of the most popular money transfer apps, charges no transfer fees when transferring money to another Revolut account, providing customers with the cheapest way to send money to Philippines online.

Fastest Way to Send Money to Philippines 

Banks require 2 to 5 business days to complete an international transfer, whereas most money transfer specialists require up to 2 business days.

Revolut and Wise provide the fastest way to send money to the Philippines into the recipient’s bank account (generally within hours). Most apps complete a transaction within seconds when transferring the funds to another app user.

Best Ways to Send Money to Philippines from Specific Countries 

While the figures above are general estimates, the costs and conditions can vary from country to country. Below, we provide details on sending money to Philippines from the most popular corridors.

Send Money to Philippines from the USA 

Wise is the cheapest and fastest way to send money from the Philippines to the USA and vice versa if both of you have the app installed. Users can send money in the same currency between accounts (using their Wise balance) free of charge – you can send or receive either USD or PHP, then exchange the amount in the app.

If your recipient doesn’t have a Wise account, you can still use the app to send money to their bank account. You can use your Wise balance to transfer the funds or pay with a debit card, credit card, or through bank transfer from your bank account. 

Same-currency transfers aren’t allowed in this case, Wise converting the money automatically when you make the payment. 

While this service is fast (the transfer is generally processed within 1 business day), the app charges a variable per-transfer fee. At the moment of this writing, sending US$1,000 would cost you US$5.93, and the recipient would receive ₱50,051.42.

Revolut offers a cheaper solution for SWIFT transfers. Although the app isn’t available in Philippines, US residents can use their Revolut account to send a SWIFT transfer to a Philippines bank account for a cheaper fee. 

Sending US$1,000 with Revolut costs the sender a fixed US$3 transfer fee, and the recipient would get ₱50,166.96 in about 1 business day. 

Send Money to Philippines from Australia 

Once again, Wise is the cheapest and fastest way to send money to Philippines from Australia and vice versa if both sender and recipient have the app installed and use their Wise balance. 

Revolut still offers a cheaper solution for SWIFT transfers. When sending AU$1,000, the sender will pay an AU$3 transfer fee, and the recipient will get ₱36,308.26* in 1 business day. 

Send Money to Philippines from India 

Revolut isn’t supporting Indian users at the moment, so how to send money from India to Philippines? Wise is the best solution. For transferring ₹100,000, the sender will have to pay a fee of ₹1.935,98, and the recipient will get ₱66.737,47.

Wise also offers the best solution for transferring money from Philippines to India, and users can use their app balance for free, same-currency transfers.

Conclusion

Back to blog categories