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Still wondering how to lớn save the most money on exchange rates and transfer fees when sending money lớn the Philippines?
If you think sending by banks is the cheapest way, think again. After a certain amount, you thất bại money on poor exchange rates & transfer fees by using a bank.
In this guide I’m going to break down the cheapest way to send money to the Philippines.
To make things easier for you và me, I use a sample transfer of $1,000 US Dollars throughout the guide to see which method saves you the most money on exchange rates và transfer fees.
In the tables at the end of this guide, I also use two transfers of $10,000 và $100,000 to lớn see how things change as your transfer amount increases.
In short, the cheapest way khổng lồ send money to the Philippines is though an online money transfer service provider. You can compare their rates using Monito.
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A Quick Summary of This Post
If you have a Metrobank or Land ngân hàng account, transferring $1,000 into the Philippines through either of those accounts would get you the most Pesos in return.
If you have an tài khoản in the Philippines with a bank other than Metrobank or Land Bank, your next choice lớn send $1,000 should be Wise.
The other method that would save you more money would be to lớn come khổng lồ the Philippines with cash và exchange it here.
But with the number of robberies in the Philippines it’s risky to lớn walk around with a lot of cash.
If you want lớn exchange more than $1,000, Wise should be your next choice.
They beat out their competitors for transfers over $1,000, which you can see in the tables in the Overview section.
For a detailed look at sending money to the Philippines, keep reading.
What to lớn Watch Out For
When you send money to lớn the Philippines you need to lớn consider transfer fees, exchange rates, taxes, and transfer speeds.
Transfer fees, exchange rates, and taxes affect how much money it costs you lớn make a transfer & how much the receiver in the Philippines gets. Transfer speeds are more about convenience.
Let us take a closer look at each one.
Transfer Fees
When you send money to lớn the Philippines, you pay one of two transfer fees:
Fixed amount feesCombination feesFixed Amount Fees
Fixed amount fees are what a company like Wise would charge you. You send a certain amount of money khổng lồ the Philippines, và Wise charges you based on the total amount và how much they expect your ngân hàng to charge.
Combination Fees
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Combination fees are what a company like PayPal would charge you. They charge you $0.99 flat fee along with a 2.5% fee to lớn convert your currency into Pesos.
Exchange Rates
Exchange rates are important lớn keep in mind because that’s where you thua kém the most amount of money during a transfer.
A little further down this guide, you can see all the money transfer services offer different exchange rates. Và even those that offer “free” transfers make their money in exchange rate fees.
Whenever you transfer money into the Philippines it’s important to kiểm tra the current exchange rates. I use XE.com.
XE offers up-to-the-minute exchange rates on currencies from all over the world before the exchange rates are marked up by banks and transfer services.
At the time of writing this article, the mid-market exchange rate for US Dollars lớn Philippian Pesos is $1 khổng lồ 52.52.
Maybe you’re okay with a lower exchange rate of one US Dollar to lớn 49.89 Pesos if you transfer a $100 into the Philippines and get 4,989 Pesos using a money transfer service with poor exchange rates.
But when using a money transfer service with poor exchange rates for a $1,000 transfer at one US Dollar lớn 49.89 Pesos, you đại bại 2,630 Pesos at that exchange rate or just over 5% of your total transfer.
With a $10,000 transfer you đại bại 26,300 Pesos.
Taxes
If you’re American, you must notify the government if you send over $10,000 to the Philippines. You must địa chỉ that money lớn your annual US income & possibly pay taxes on it.
If you send over $14,000, you must notify the Philippine government as well. Và if you’re working legally in the Philippines, they may consider it income. In this case, you must pay taxes on that money.
If you’re a Filipino working outside of the Philippines và you send money lớn your family back home, you’re exempt from paying taxes.
Similarly, if you’re a non-Filipino and you send money khổng lồ a dependent in the Philippines, lượt thích your child or spouse, you also exempt from paying taxes.
So how vì chưng you know if you must pay taxes? You should talk khổng lồ your accountant. He or she can let you know if you must pay taxes and which form(s) you have to lớn fill out.
If you fail to lớn tell your accountant that you transferred $10,000 or more into the Philippines & the US govern finds out, you have to pay a 25% penalty.
If you have an accountant in the Philippines, you want to lớn let them know as well.
Transfer Speeds
Transfer speeds are unrelated to lớn how much you spend on a transfer or how much the receiver gets in the Philippines, but it could be inconvenient if you have lớn wait a week lớn get your money.
Because banks are connected online, most transfers to the Philippines clear within a few days.
Sending Money Online
If you have a ngân hàng account, making online transfers is easy. Three popular online money transfer service providers are Remitly, Wise, and XendPay.
You can use Monito khổng lồ compare rates & delivery tốc độ of these online transfer services.
Remitly
You can send money khổng lồ The Philippines using Remitly in one of four different ways: bank deposits, cash pickup, sản phẩm điện thoại money, or home delivery.
If you send up to USD$99.99 lớn the Philippines through Remitly, you could pay the following fees depending on the tốc độ you opt for: Express fee of USD$9.99 (minutes)Economy fee of USD$6.99 (three khổng lồ five days)
However, the fee increases with the amount of money you send. For instance, if you transfer US$9,000 into the Philippines using Remitly, you would pay the following fees:
Express fee of USD$93.99 (minutes)Economy fee of USD$37.99 (three lớn five days)Keep in mind that banks in the Philippines also charge a USD$5 khổng lồ USD$6.50 fee on all incoming transfers.
Also, be aware of Remitly’s hidden charges, as the online money service provider takes a percentage of the exchange rate as a fee.
If you send USD to the Philippines, for example, they will charge a fee equal to lớn 0.5 percent to 0.75 percent of your transfer.
Wise
Wise charges $12.41 in fees. $1.50 is what your trang chủ bank charges & $10.91 is what Wise charges. They show fees up front và they match XE’s exchange rate of 52.52 Pesos to one US Dollar.
Wise usually transfers money within three banking days. Và in the rare case that it takes longer, they give you the next transfer free.
To mix up an trương mục with Wise, head over to their website và sign up. Wise makes it easy for you to lớn confirm your ID. You can start sending money at once.
If you need help creating an account, check out our in-depth guide lớn using Wise.
XendPay
You can set up an tài khoản with XendPay just as easily. But you have lớn wait a bit longer for XendPay lớn verify your ID. This means you can make transfers after you send ID like a passport or other govern ID.
XendPay lets you send your first $2,000 in transfers without fees. Instead, they let you pick what fee you want lớn pay—you could choose $0.
That may sound as sweet as flan, but you still thua kém money when using XendPay.
XendPay hides their fees in their exchange rates. For example, you get 49.89 Pesos to lớn one US Dollar. With a mid-market rate of 52.52, that means you thua thảm 5% of your transfer.
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XendPay’s transfer speeds can be hit or miss. But it seems lượt thích the more transfers you make with XendPay, the quicker they transfer your money.
If you need help creating an account, check out our in-depth guide lớn using XendPay.
Sending Money with Credit Cards
You may be tempted to use a credit thẻ to send money khổng lồ the Philippines. But think about all the fees & interests rates you have to lớn pay.
When you use a credit thẻ to transfer money online, your credit card company charges you a fee for using your card, similar lớn when you buy something at the store.
According to ValuePenguin, Visa and Mastercard charge 1% lớn 3% of your total international transfer.
AdvertisementWhen you tack that fee on khổng lồ what Western Union, PayPal, or other money transfers providers charge you in transfer fees, you thất bại even more money.
And what happens when you can’t pay the balance of your credit card right away and you’re charged interest on that money transfer? You thua kém even more money.
There are two case when it makes sense to use your credit card to send money khổng lồ the Philippines: in emergencies situations và if you have the right card.
If you or someone you love needs cash quickly, take the hit & use your credit card.
If you have a credit thẻ that waves foreign transaction fees, you can use that card while you’re in the Philippines và save some money—not a lot, but some.
There are many cards that wave foreign transaction fees. American Express has nine credit cards with no foreign transaction fees.
If you want an more in-depth look at credit cards that waive foreign transaction fees, kiểm tra out this post by the Points Guy’s.
Sending Money through International Banks
When you make a transfer through a bank, you vị the same thing as when you make a transfer through an online service.
Some banks in the Philippines have branches overseas, making international money transfers cheaper and quicker.
Through a ngân hàng transfer, though, you’re charged twice: once by the bank you send money from và once by the bank you send money to.
If you have an tài khoản with a bank in America that also has a branch in the Philippines, you’re only charged once.
Let’s look at using Metrobank & Land ngân hàng for international transfers. They often have fair exchange rates and branches located all over the world.
Metrobank
If you have a Foreign Currency tài khoản with Metrobank, you pay a $5.00 fee for inward transfers. Và you can transfer any amount you lượt thích into your Metrobank account.
Metrobank gives you 52.30 Pesos for each US Dollar. This means Metrobank give you 99.5% of the mid-market rate. Or in other words, you thua 0.5% in exchange rate fees
If you use a Metrobank branch or partner in your trang chủ country, your transfer will be ready at once.
If you transfer from your non-partner bank into your Metrobank account, your funds will be ready within 24 hours.
You can also ask the ngân hàng to deliver the transfer to your house. This takes three khổng lồ five business days.
Land Bank
Land Bank, another popular ngân hàng in the Philippines, charges a 50 Peso ngân hàng commission và a fee of 0.60 Pesos for each 200 Pesos you transfer.
Land bank gives you 52.24 Pesos for each US Dollar. This means Land ngân hàng gives you 99.4% of the mid-market rate or a loss of 0.6%.
Land ngân hàng can handle international transfers on the same day if you’re transferring on a business day.
Sending Money through Other Methods
Aside from banks & online transfer services, you have a few other choices for sending money to lớn the Philippines.
You can use companies like Speed Send, Western Union, và PayPal.
Western Union
You can send money to lớn the Philippines through Western Union. They offer three separate ways for the receiver khổng lồ get their money.
Pick up in personTransfer through bankSend khổng lồ a mobile walletIf you decide to send money khổng lồ the Philippines through Western Union, kiểm tra their exchange rates và fees.
The Philippines has Western Unions all over the country.
At the time of writing this guide, they’re giving an exchange rate of one US Dollar to 51.43 Philippine Pesos or 97% of the mid-market rate. If you use Western Union that means you thua 3% on exchange rate fees.
Western Union also charges between a $4 & $10 fee.
PayPal
PayPal charges $0.99 as a flat fee lớn send money to lớn another PayPal address in the Philippines. They also charge a 2.5% of your total transfer amount to convert your currency into Pesos.
That means is you transfer $1,000 khổng lồ the Philippines through PayPal, you lose $25 in exchange fees.
Cryptocurrencies
You may have a cryptocurrency wallet or account and wish lớn send cryptocurrency to the Philippines. Because of all the information online, it would take an entire article to lớn cover this topic.
If you want a good place lớn start, check out Bitpinas.com.
In a nut shell, it makes sense khổng lồ use either a bank or online transfer service instead of cryptocurrency to send money to the Philippines.
Even when using an established company lượt thích Coinbase you have to lớn pay a $25 fee, plus the amount of money you thua thảm you in exchange rates and fluctuating cryptocurrency rates
Bringing Cash
One final way khổng lồ send money khổng lồ the Philippines is lớn bring cash.
Exchanging cash in the Philippines still gets you the most money in return, but it’s not a good option if you’re already in the country or need over $1,000.
If you fly into Manila, you have two places khổng lồ exchange your cash:
You can’t ship your cash to lớn the Philippines.
You can find the most competitive exchange rates in these two areas.
Whatever you do, avoid exchange kiosks at the airports & malls. You get poor exchange rates at these places.
For a more in-depth look at where lớn exchange cash in the Philippines, kiểm tra out this post by Travelvui.
Cheapest Way to lớn Send Money
If we take our sample $1,000 transfer and consider what you’ve learned about transferring money to lớn the Philippines using the current mid-market rate of one US Dollar to lớn 52.52 Pesos, here’s what it comes down to:
Exchanging $1,000 in cash in the Philippines gets you the most money. For exchanges over $1,000 you save more money using Wise.
Transfer Method | Amount Sent (USD) | Transfer Fees | Exchange Rates (Pesos) | Amount Received (Pesos) |
Cash | $1,000 | – | 52.36 (average) | 52,360 |
Metrobank | $1,000 | $5 | 52.30 | 52,039 |
Land ngân hàng | $1,000 | $3.95 | 52.24 | 52,033 |
Wise | $1,000 | $12.41 | 52.52 | 51,868 |
Western Union | $1,000 | $4 – $10 | 51.43 | 50,916 – 51,225 |
PayPal | $1,000 | $26 | 51.21 | 51,184 |
XendPay | $1,000 | không lấy phí for first transfer | 49.89 | 49,890 |
If you want to lớn send $10,000 to the Philippines, the next table shows a breakdown of the numbers.
You can see the more money you transfer, the more things change.
For a $10,000 transfer, Wise saves you the most money, unless you show up with $10,000 cash.
But vị you want lớn carry around that much cash? I think not.
At this level, we also lose the choice lớn transfer money through Western Union because they have a $5,000 transfer limit.
Transfer Method | Amount Sent (USD) | Transfer Fees | Exchange Rates (Pesos) | Amount Received (Pesos) |
Wise | $10,000 | $73 | 52.52 | 525,127 |
Cash | $10,000 | – | 52.36 (average) | 523,600 |
Metrobank | $10,000 | $5 | 52.30 | 522,995 |
Land ngân hàng | $10,000 | $7.90 | 52.24 | 522,392 |
PayPal | $10,000 | $251 | 51.21 | 511,849 |
XendPay | $10,000 | Undisclosed | 49.50 | 495,000 |
Western Union | $10,000 | n/a | n/a | n/a |
And finally, a $100,000 transfer khổng lồ the Philippines.
At this stage you thất bại the ability khổng lồ transfer money through Western Union and PayPal.
And again, Wise beats their competitors—unless you show up with $100,000 cash, which is illegal.
Transfer Method | Amount Sent (USD) | Transfer Fees | Exchange Rates (Pesos) | Amount Received (Pesos) |
Wise | $100,000 | $700 | 52.52 | 5,251,300 |
Cash | $100,000 | – | 52.36 (average) | 5,230,600 |
Metrobank | $100,000 | $5 | 52.30 | 5,229,995 |
Land bank | $100,000 | $10 | 52.24 | 5,223,990 |
XendPay | $100,000 | Undisclosed | 49.49 | 4,949,000 |
Western Union | $100,000 | n/a | n/a | n/a |
PayPal | $100,000 | n/a | n/a | n/a |
Now, on lớn You
If you’re looking for a Transfer method that saves you the most money on exchange rates & transfer fees when sending $1,000 to lớn the Philippines, come here with cash in hand và exchange it at a currency exchange office.
If you’re already in the Philippines and looking for a way to lớn get $1,000 into the country, use Metrobank or Land bank if you have an account at one of their branches in your trang chủ country.
If you don’t have an trương mục with Metrobank or Land bank in your trang chủ country and the Philippines, or you want lớn transfer over $1,000, send money to the Philippines with Wise. They are usually the cheapest way khổng lồ send money khổng lồ the Philippines in these two cases.