PH Trivia

What Are Safe Ways of Sending Money in the Philippines?


Sending money in the Philippines

What kind of money transfer methods are available? A prevalent concern for overseas employees and migrants is transferring money or giving their loved ones money regularly. So, how do you choose which money transfer service is most suitable? It’s beneficial to consider the Philippine Peso exchange rate. It can help you decide on the best money transfer option for your needs. The features that allow you to evaluate the Peso exchange rate (such as cost, delivery speed, and security) to help you discern the best service for your needs. No one service handles all these factors. We are looking at other ways to send money to the Philippines because of this. Some of these options include instructions on how to send money via an online money transfer service. Discover the details on how to have it transferred in a short time, be paid less, and make sure it’s secure.

What to Consider Before Sending Money in the Philippines

What to consider sending money in the Philippines

Transfer fees, currency rates, and taxes all impact how much money it costs you to send money to the Philippines and how much money the recipient receives. Transfer speeds are more about convenience than anything else.

Let’s take a closer look at each of them individually.

1. Philippine Peso Exchange Rate

exchange rate

It is a PHP, and it is the designated unit of exchange in the forex markets. “Piso” is what Filipinos call the peso. One of the Philippines’ primary currencies, the peso, is often called the “sentimos” and consists of 100 centavos. The peso sign is an image.

Following the 1993 implementation of the New Central Bank Act, the currency was freed from its peg and began to suffer devaluation.

Thanks to this decision, the currency became more stable. The black market that flourished because of the pegged system’s existence is no longer serving.

When transferring money to the Philippines, you must consider transfer fees, currency rates, taxes, and transmission speeds, in addition to the amount of time it takes to send the money.

2. Transfer Fees 

transfer money in the Philippines

Transferring money to the Philippines means paying one of two transaction fees.

2.1 Fixed in amount

A company like fees charges specific rates since they are in advance. The company will collect a fee for every transaction based on how much money you send and what your bank will take out in return.

2.2 Fees for Combining Services

Businesses such as PayPal will charge you for processing your transaction. These are the “combined charges” that will apply. You pay a percentage conversion fee on top of a flat price charged for changing your money.

3. Exchange Rates 

exchange rate

It’s essential to keep an eye on currency exchange rates since it’s here that you lose the most money when moving funds from one country to another. You may see that all the suppliers of money transfer services have various conversion rates listed in the guide. Even though “free” transfers are available, every company charges multiple fees and commissions.

When sending money to the Philippines, you must confirm the currency rates each time. I benefit from XE offers the most up-to-date currency rates before money service companies add to their existing fees.

Currently, the USD/PHP conversion rate was $1 to 49.72, representing a difference of $1.52. Send $100 to the Philippines via a money transfer company and receive 49.72 Pesos for each dollar. You may be satisfied with a worse exchange rate of one dollar for 49.72 pesos.

4. Taxes


In the U.S., you must tell the authorities if you transfer moreover than $10,000 to the Philippines. When you earn money working in the United States, you must report it to the government and pay it.

You need to tell the Philippine government if your cargo totals more than $19,000. Your income will include your earnings as long as you are legally working in the Philippines. You’ll have to pay the taxes on the money if that’s the case.

If you work abroad and send money to your family in the Philippines, you don’t have to pay taxes. Money sent to a relative in the Philippines, such as a child or spouse, may also be considered foreign-earned money. The money is tax-free.

How can you find out whether you need to pay taxes? Consult with your financial adviser before proceeding. You may ask this person whether you need to pay taxes and what paperwork you have to complete. 

You may have problems with the law and have a 25 percent fine if you don’t inform the U.S. government that you have transferred more than $10,000 into the United States and the Philippines.

5. Speeds of Data Transfer

data transfer

Whether the amount of money the receiver gets in the Philippines links to the amount spent on a transfer, waiting more than a week to collect your money is always painful.

Transfers to the Philippines often take only a few days since most banks operate via the internet.

Cheapest Ways to Send Money in the Philippines

Are you worried about how to minimize expenses on foreign currency and remittance transfers to the Philippines? Research how to transfer money to the Philippines in the most effective way.

Service at the ATM 

ATM service

Open a bank account using an ATM network like Plus, Cirrus, or Master Card. Then, you will send the ATM card through courier service to the Philippines. The PIN does not need to be on the card. You’ll be able to take money out of your account by using your ATM card as long as there’s money in the statement. It’s a technique of lowering money transfer costs.

Remittances from Banks 


When you want to send money to someone in the Philippines, you should determine whether your recipient’s bank has a branch in the country; this is the best option for the transfer.

To transfer money, you may use various banks in many countries, including BDO, Metrobank, BPI, PNB, and Citibank. It is a secure way to send money, although delivery times and costs vary according to the supplier.



It’s a money transfer service that you may do online. Using the internet, you can send money to someone as a Visa Prepaid Card, sent by mail, and transferred money from a U.S. bank account or credit card. 

You can have an initial transfer done in 3-5 days, but future transfers will take seconds. There are many expenses to consider, such as a monthly fee, ATM withdrawal fees, and bank chargebacks. These charges are not as costly as those imposed by Western Union and MoneyGram, but they are something to bear in mind.

With MoneyGram’s international money transfer service, you may send money to the Philippines in just an hour, available in over 190 countries. LBC has several ATMs for you to use and withdrawal money using your LBC ATM card. You may have the money delivered, pick it up, or withdraw cash from any of these ATMs. The credit card option for sending money via the internet is available as well. Western Union fees are almost identical to those levied by others.

TransferWise now Wise


A more cheap and novel way of money transmission has arisen. It transfers money at the current exchange rate. This service links you with someone open to receiving dollars in exchange for pesos if you are situated in the United States and are ready to send pesos. 

Your funds are payable to your receiver’s peso account and the recipient’s peso account. Preventing money from being moved across borders by avoiding the need for banks will make many companies very happy. You get to skip out on things like transfer charges and hidden expenses.

Western Union Philippines 

It’s a payment service. Customers may visit practically any kind of retail location in the Philippines to get cash after using the company’s hundreds of cash-out sites. Funds are deposit in minutes! Send your money in pesos or U.S. dollars! 

Money may transfer across 200+ nations all over the globe in under 24 hours. Whether via the bank’s website or through an agent. Although Western Union’s rates and fees are pretty high, you will be disappointed if you’re looking to save money on money transfers.

Money Transfer through Xoom 

People may send money over the internet using their credit card, debit card, or PayPal account. You may send money to anybody, anywhere, without paying a fee, thanks to a Xoom coupon. Money may obtain in pesos or dollars via an ATM deposit, delivery to one’s house, or a cash pickup at over 10,000 different locations throughout the nation. The exchange rate is less than the market rate, and delivery time is longer. Other elements of the service, which are speedier and more protected, are outstanding. I’ve been using Xoom to get money from friends and relatives since 2004.

It’s possible to compare exchange rates, transfer times, and money transfer costs all in one place. Assume you live or work in one of the 84 countries supported by the WorldFirst network. In such a scenario, you may personalize your services.

Finding the right money transfer provider depends on what you need. Find out what works best for other Filipinos and Filipino immigrants via consultation. How you move your money over to the Philippines depends on what makes the best decision for you. Deciding when you send it and who you send it to someone.



PayPal is an online payments system that allows money transfers to accounts in most countries, such as the Philippines. The American multinational technology company PayPal Holdings, Inc. owns it.

It provides an electronic alternative to traditional paper methods such as checks and money orders. When transferring money to someone in the Philippines using PayPal, you pay a fixed cost of $0.99. A 2.5% fee is charged on the total amount of your money transfer to convert your dollars into pesos.

Transferring Funds Using Credit Cards

Many people want to use their credit cards while transferring money to the Philippines. However, consider the interest rates and other expenses you’ll be paying all along the route. Using your credit card at a store, you will be charged fees to pay for anything using your card. In the same way, when you use your credit card to transfer money online, your credit card company will charge you fees.

According to Visa and MasterCard, which, according to, charge 1-3% on your international transaction amount. In the end, it costs you more money to move money around than it is worth.

What if you can’t pay your credit card bill and have additional interest for your transfer money? 

More money remains on the table as a consequence. The only instances in which you should use a credit card to transfer money to the Philippines are in cases of urgency or if you have the proper credit card.

When you’re in a crunch, you should use your credit card for cash. In the Philippines, you may get a credit card that will allow you to avoid foreign transaction fees and save a little money in the process.

You may avoid international transaction fees for credit cards with the wide selection of cards available. The American Express Platinum Card has no minimum foreign transaction fees. This card is one of the nine cards that do not have such costs.

Frequently Ask Questions

Q: Would it be possible to transfer funds to one another if none of us has a bank account?

A: And, if you choose any of the choices listed above, you can succeed. Anyone who doesn’t have a bank account may utilize alternative money transfer methods, like money orders, prepaid debit cards, and mobile wallets to send. Then receive money without a bank account.

Q: How can I move money without having a bank account?

A: Depending on your circumstances, the best way to transfer money without a bank account is via your preferred method. Selecting a plan to send cash depends on many factors, such as your need for urgency, the recipient’s location, what’s most convenient, and the amount you want to pay.

Q: Can my receiver use their mobile wallet to transfer their money to a bank account?

A: Yes. PayMaya and GCash are two of the biggest mobile wallets, enabling quick money transfers to local banks. Still, the most recent transactions take a maximum of two days.

Q: How much do the fees cost for sending money if one does not have a bank account?

A: Service costs differ depending on where you’re sending the money and how it will receive. The transaction may be a scam if you become confused. Before doing anything, check with the money order issuer, mobile wallet provider, or prepaid debit card service.

Q: How can I make a payment in the Philippines using PayPal?

A: For your Paypal account, enter your details on the website and choose “Philippines” as your country. You must select “Philippine Peso” as your primary currency. You can use your Security Bank account to create an account with PayPal for free. You may connect any Security Bank checking or savings account to your PayPal account.

Q: Does PayPal need a bank account?

A: You will need a PayPal Personal account, no other payment method. If you wish to deposit money into your PayPal account, you need to add a bank account.

Q: Is it secure to use PayPal?

A: Actually, we hold all your data. Paypal won’t reveal your sensitive financial data like your credit card or bank account number when you transfer money to someone. It minimizes the risk of sending cash to individuals you don’t know.

Q: Is PayPal a Western Union rival?

A: Currently, you cannot connect your PayPal account to Western Union using the standard method. The best choice you can have is to connect your PayPal account with the Prepaid Mastercard or use PayPal’s debit card to transfer money to Western Union. You can do this just as quickly as if you used an ordinary debit card.

Q: What institutions have permission to transfer money to the Philippines?

A: Western Union can deliver money instantly. Pay big banks like BDO Unibank, BPI, and Landbank in the Philippines money. You will need the recipient’s account number and reason for transfer to get your payment started.

Q: How can I transfer money to the Philippines using an app?

A: WorldRemit. Sending money from the U.S. to the Philippines with WorldRemit is as simple as sending an email. Pay for family, friends, or your company with secure, straightforward, low-cost services.


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