Compare money transfers to the Philippines with Finance.co.uk and find the best deal for you. Whether you're sending money to a relative or buying a property.
We're on a mission to improve the finances of the nation by helping you to spend wisely and save money
We're on a mission to improve the finances of the nation by helping you to spend wisely and save money
By Laura Rettie, Personal Finance Journalist.
It can be challenging to know how to get the best deal when transferring money internationally. To find the best offer for you and learn more about how to send money to the Philippines, read our helpful guide.
There are various ways to send money to the Philippines, each with advantages and drawbacks of its own. The common methods for sending money to the Philippines are:
Using international bank transfers, also referred to as wire transfers, you can send money to a bank account in the Philippines. Most banks will provide an international payments service, though it's likely that you'll need to have an account open with them in order to use the service. Using your current bank may seem like a good idea, but doing so is often expensive. While fees and charges vary between service providers, it is typical for most banks to charge a hefty fee for international transfers. Digital banks like Monzo and Starling are frequently a less expensive option when using international bank transfers.
If you need to send a substantial sum of money or make frequent payments to the Philippines, currency brokers might be a wise choice. Brokers offer specialised services and FX knowledge. They frequently locate the best exchange rates and the lowest fees for their customers. You'll usually need to open an account with a currency broker in order to send money to Pakistan through them; you might also be able to lock in your exchange rate for a specified amount of time, which is helpful if you intend to send payments on a regular basis.
The newest and one of the most common ways for people to transfer money abroad are money transfer apps and online money transfer services. If you want to send a one-time or small payment to the Philippines, this might be a good option. When compared to banks, money transfer apps frequently charge less, plus you're able to make payments directly from your phone.
One of the first methods of sending money abroad was through money transfer agents like Western Union. Whilst the majority of these companies now have online or mobile-based services, in the past, you would have needed to visit a branch and speak with an agent in person to make a transfer, though this is still an option.
Although many transfer agents now also provide online transfers, the recipient can still pick up the funds at the closest branch. Money transfer agents can be a good option since they offer a variety of money transfer solutions.
Money transfer agents regularly charge lower fees than banks, though this varies depending on several factors such as the recipient country, currency, and method of payment.
The cost of sending money to the Philippines is determined by a number of factors, such as;
It's important to compare your options and determine the total cost of the transfer to get the best deal.
The time it takes to transfer money to the Philippines varies depending on the provider and the payment method you choose. Some companies offer transfers "in minutes," whereas others can take 1-5 days.
International bank transfers typically take 1-5 business days, whereas cash transfers through money transfer agents or specialist money transfer apps can result in funds being available almost immediately.
Some providers will charge you a fee for a faster transfer, whereas others will provide their fastest transfer as standard. It's important to compare providers and weigh all of your options, especially if you need a quick transfer.
The details you need to be able to transfer money to the Philippines will depend on the method chosen for both sending and receiving, and the provider you use.
Below is a list of details that you might need, so be prepared to provide:
Different providers may impose a minimum or maximum transfer amount, but as a general rule, there is no limit to the amount of money you can send to the Philippines.
If you are wanting to send a large sum of money to the Philippines, it's a good idea to research any Filipino laws, regulations and tax implications. For example, some Filipino banks have maximum limits to how much money can be received in an individual transfer.
The best way for you to transfer money to the Philippines will depend on your individual needs. It's important to do your research and consider all options and costs before choosing a provider. Using a comparison site like ours is a good way to get a clear picture of different providers.
The information provided does not constitute financial advice, it’s always important to do your own research to ensure a financial product is right for your circumstances. If you’re unsure you should contact an independent financial advisor.
Different countries have different rules regarding how any money received is taxed, but it is likely to depend on the reason for receiving it, such as gifts from family members, income from rental properties abroad or inheritance.
If you’re unsure whether the money you transfer or receive from abroad is subject to taxation, it’s a good idea to seek the help of an independent financial adviser.
Whilst there are a number of online money transfer scams, it is generally safe to send money abroad online. As long as you use a regulated, reputable company and do your research, your money should be safe.
The exchange rate providers offer is based off the interbank rate, which changes regularly. Some companies will offer customers a worse exchange rate than they buy the currency for in order to not have to charge a transfer fee. Some companies will do this as well as charging a transfer fee.
It’s a good idea to compare the total cost of different transfers to find the best deal.
Yes, all UK-based money transfer companies need to be either authorised or registered by the FCA (Financial Conduct Authority).
FCA authorised companies are generally the safest option, as they have to safeguard your money by keeping it separate from company funds, making it easier to get your money back if the company goes bust.
FCA-registered money transfer companies don’t have to place the same safeguards in place; they simply need to prove they are based in the UK and that managers haven’t had any convictions for financial crimes.
If you want to check if a company is authorised or registered by the FCA, you can check the Financial Services Register.
Some money transfer companies won’t be based in the UK, so it’s worth checking if they are regulated by foreign equivalents.
