Send Money To Philippines

Philippines flagSending money to the Philippines should be a quick and cheap process but most of the time, it’s not. Well, this is true for people still using banks. But if you’ll keep reading this Philippines Money Transfer Guide, you will be able to uncover the many benefits you didn’t know you can receive.

The first thing would be to use a Foreign Exchange (FX) company for their low fees and better currency exchange rates. But there are a lot of companies, which is the best? Take a look at the tables bellow and see for yourself.

The Guide’s Topics:


Cheapest Way To Send Money To Philippines

Payment Facility

Summary

Recommendation

transferwise logoMin. Transfer: £ / € 1.
Transfer: Online or using the App.
Wire Fees: Based on amount.
Best Rates for £100-5,000
Expected Rates* - Any Amount:
- GBP: 63.0982 PHP
- EUR: 52.7842 PHP
- USD: 49.3109 PHP
Transferwise
Transferwise Review
Azimo logoMin. Transfer: No Limit.
Transfer: Online Only.
Wire Fees: £ / € 1 - 12 (Depends on Speed).

Expected Rates*:
- GBP: 62.9708 PHP
- EUR: 52.6776 PHP
- USD: 49.2113 PHP
MoneyCorp
Azimo review
currencyfair logoMin. Transfer: £ / € 1.
Transfer: Online or using the App.
Wire Fees: € 3

Expected Rates*:
- GBP: 63.5125 PHP
- USD: 49.6347 PHP
- EUR: 53.1308 PHP
Currencyfair
Currencyfair review
Philippines Bank$35 International Money Transfer Fee. Bad Currency Exchange Rate.

Exchange rate would be approximately *:
- GBP: 62.4609 PHP to 63.0982 PHP
- EUR: 52.2510 PHP to 52.7842 PHP
- USD: 48.8128 PHP to 49.3109 PHP
paypal logo2.9%+ Transfer Fees, and 2.5% more for Currency Exchanges. Quick But Very Bad Currency Exchange Rates.

Exchange rate would be approximately *:
- GBP: 62.1422 PHP or worse
- EUR: 52.2510 PHP or worse
- USD: 48.8128 PHP or worse
Paypal

* Expected Rates reflect our rate expectations based on our research. We do not guarantee accuracy. For some companies we used a range of rates because they offer wholesale rates for large trades and higher rates for small trades.

Supported Countries & Payment methods

With World First you are able to make fee free money transfers to the Philippines, no matter how big the distance might be. You can send money from countries like USA, UK, Canada, anywhere in Europe, or even from Australia and New Zealand. To get started, all you need to do is to fill the form and request a free quote from their website.

MoneyCorp provides the same high quality services but it has another advantage for those that need to transfer smaller amounts – it has a minimum transfer of only 50 euros (or the equivalent in your local currency). For more info, be sure to check out their website here.


Best Company to Send Money from Philippines

Service Provider

Summary

Recommendation

transferwise logoMin. Transfer: £ / € 1.
Transfer: Online or using the App.
Why Them? Client Rating: 9.6/10. Best European Startup Award.
Transferwise
Transferwise Review

Supported Regions & Currencies

There are no real restrictions when dealing with foreign exchange in Philippines as the BSP (Bangko Sentral ng Pilipinas) will intervene only when is needed to prevent episodes of excessive foreign exchange volatility. Any FX company can freely offer their services to clients from all over the country.

Currencies: Our recommended FX company has access to a huge database of more than 100 international currencies so you can rest assure that any of your criteria will be meet with ease. Some of the usual destinations include the big countries like the United States, Canada, Australia, Switzerland, UAEChina or any of the countries that are members of the EU.

For countries that rely heavily on remittances (which means small transfers on a regular basis) like India, Poland, Sri Lanka, Bangladesh, Thailand, Nigeria or Ghana, we recommend using TransferWise because they have low and fixed spreads for this kind of transactions.


Today’s Foreign Exchange Rates for PHP

GBP to PHP – Pounds to Philippine Peso; 10,000 GBP is 637,356.0000 PHP

PHP to GBP – Philippine Peso to Pounds; 10,000 PHP is 156.8982 GBP

PHP to CAD – Philippine Peso to Canadian Dollars; 10,000 PHP is 270.3670 CAD

CAD to PHP – Canadian Dollars to Philippine Peso; 10,000 CAD is 369,867.6880 PHP

AUD to PHP – Australian Dollar to Philippine Peso; 10,000 AUD is 375,268.4880 PHP

PHP to AUD – Philippine Peso to Australian Dollar; 10,000 PHP is 266.4759 AUD

PHP to USD – Philippine Peso to US Dollars; 10,000 PHP is 200.7669 USD

USD to PHP – US Dollars to Philippine Peso; 10,000 USD is 498,090.0281 PHP

EUR to PHP – Euro to Philippine Peso; 10,000 EUR is 533,173.8330 PHP

PHP to EUR – Philippine Peso to Euro; 10,000 PHP is 187.5561 EUR

NZD to PHP – New Zealand Dollar to Philippine Peso; 10,000 NZD is 349,102.2621 PHP

PHP to NZD – Philippine Peso to New Zealand Dollar; 10,000 PHP is 286.4490 NZD


Sending Money To Philippines Bank Account

The Philippines Peso (code: PHP) is not a very important currency on it’s own but it is distributed worldwide through trading partners like the United States, Japan, China, Singapore, South Korea or European countries like the Netherlands and Germany.

Gambling: The influx of global business efforts is having a positive effect on the economy, at least on the main island and around Manila. The latter, if you didn’t know, is a growing gambling paradise for high rollers from China and other parts of the world.

City of Dreams Manila is a Las Vegas-style cluster of four casino-resorts which has already created 5,000 jobs and has been raking in more than $6 billion in annual gambling revenue each year.

Remittances: Most of the money influx to the Philippines comes from remittances sent from people working in foreign countries and overseas business owners who have workers and branches in this country. It is reported that in 2014 the total of remittances reached $28 billion.

The almost 13 million overseas Filipinos count for more than 10% of the country’s population, with the highest concentration being in the USA with 3.5 million people. This is not unusual as Philippines was a United States colony from 1898–1946.

Thinking Of Relocating To Philippines?

If you want to move to the Philippines and live there as an expat, you may find the following information helpful.

Advantages Of Moving To Philippines:

  • Affordable Housing: Housing is 64% more affordable than the UK.
  • Affordable Food: Food is 44% less expensive than the UK.
  • Personal Care Costs are Low: Personal Care costs 62% lower than the UK.

Disadvantages Of Moving To Philippines:

  • Education System: The education system is poor and expats must invest in international schools that average more than 10,000 GBP per year.
  • Poor Electricity: There are many blackouts in the Philippines per month that is an enormous inconvenience to expats.
  • Job Discrimination: Higher rate of job preference to Filipinos for employment hiring.

Popular Destinations in the Philippines

Popular cities for business and real estate transactions in Philippines are: Manila, Quezon City, Budta, Davao City, Malingao, Cebu City, General Santos, Taguig, Pasig and Antipolo.


Best Way to Send Money to Philippines For Cheap

Foreign exchange companies will offer the smallest fees and sometimes even provide a zero fee for larger international transfers in addition to many other benefits. But how can they provide so much more compared to banks and remittance companies such as Western Union or MoneyGram ? The explanation is in their business model.

FX companies buy currency in large quantities for which they receive a wholesale price. When a customer decides to place a transfer, they actually help the currency dealers to move the currencies. That’s why these companies can provide such low fees and great exchange rates, especially when compared to high street banks.

Because, most of the time, the money is sent to a bank account, these are the details needed for your next transfer:

  • Bank Name and Address
  • IBAN
  • Swift/BIC Code
  • Account Number
  • Receiver’s Complete Name

After you provide all the details listed above, the process is simple:

  • You create a free account with the company.
  • Receive a quote from one of the dealers – be it online or by the phone.
  • Send the money to your account so you can fund the transfer.
  • Get a confirmation from the company (usually the same dealer that gave you the quote) that the transaction is completed.

Our Company Recommendation:


Regulations and taxes when transferring money to and from Philippines

The Philippines’s currency is the Philippine Peso (PhP). The PhP is fully convertible, making transfers in and out of the Philippines relatively simple.

Bangko Sentral ng Pilipinas

Bangko Sentral ng Pilipinas (the Philippines central bank) oversees payment systems, monitors the proper function of financial systems, and works to preserve price stability.

The PHP is now a free floating currency. Although the Bangko Sentral ng Pilipinas can intervene in monetary markets to ensure the PhP’s stability, its policy is to refrain from foreign currency trading except in the case of drastic shifts.

Transfer regulations

There are no transfer restrictions on money going in and out of Philippines, but foreign transfers exceeding US$10,000 must be declared to customs authorities. 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.

Taxation on foreign income

Residents of the Philippines are taxed on any foreign income. Non-residents are taxed only on income originating in Philippines. Double tax treaties are in place to avoid double-taxation.

Biggest banks in Philippines

  • Banco de Oro Universal Bank
  • Metrobank
  • Bank of the Philippine Islands
  • Landbank
  • Philippine National Bank

The Philippines diaspora is everywhere so is not hard to send money to Philippines, but it is expensive. And when you talk about diaspora, you talk about remittances. And in this discussion, every pound makes a difference. So stop using the banks to stop overpaying for something that should so easy to do in 2016 with all this technology around us. If you need to send money from Philippines, be sure to use our listed FX companies and start enjoying zero fee transfers and great currency exchange rates.

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