When you are looking to send money to the Philippines from the USA, choosing the right method and service provider is crucial to saving money and getting the most out of your dollar. Whether you are an Overseas Filipino Worker wanting to send money to the Philippines to your family and loved ones, making a business transaction, or simply curious about how to send money to PH, you have landed at the right place.
Sending money to the Philippines is not just about knowing the exchange rates. It also means being mindful of other factors such as transfer fees, hidden charges, various methods, and the benefits offered by multiple service providers.
By the end of this article, you will know the fastest and cheapest ways to send money to the Philippines from the USA—and how to make the most of every dollar. Keep reading to know how to smartly transfer money from the USA to the Philippines.
Factors to Consider Before Sending Money
While there are various methods available today to send money to the Philippines from the USA, let us consider all the factors that come into play.
- Exchange rate: Not all providers offer the same exchange rates. Compare them to find the highest exchange rate when you send money to PH.
- Transfer fees: Some providers charge a higher fee as compared to others, whereas some offer 'zero-fee' transfer options too. Be mindful that some zero-fee transfer services may have other associated costs, such as receiving fees.
- Transfer speed: If you need to transfer money from the USA to the Philippines urgently, providers offering faster transfer speed may charge you an extra fee. Slower transfers generally cost less.
- Security: Choose a reliable provider so you can be confident that your money is safe and reaches the right account on time.
- Accessibility: Online services can save you the time and hassle of going to a financial institution, allowing you to transfer money right from the comfort of your home.
Pro tip: Use online comparison tools, like CompareRemit, to find the best exchange rates along with the lowest transfer fees. Save more on your dollar, making every transfer count.
Top Ways to Send Money to the Philippines
Here's a breakdown of the best ways to send money to the Philippines from the USA so you can make an informed decision for your next transfer.
- Bank transfers: Banks are the traditional way to send money to the Philippines from the USA. They are secure as well as reliable. However, not all banks offer the same exchange rate, fees, and transfer times. Some also partner with local banks in the Philippines to expedite the process.
Generally, you can transfer up to $19,000 as a remittance to the Philippines, although your daily transfer limit will depend on your history and the service provider you use to send money to PH.
- Online money transfer services: Online money transfer service providers offer some of the best exchange rates, charge the lowest fees, and are comparatively faster than banks. Some of the well-known and reliable online money transfer platforms include:
- Remitly: Offers both express and economy transfer options, balancing speed and cost. You can also use their mobile app to transfer money from the USA to the Philippines.
- Wise: Formerly TransferWise, Wise is known for its transparent fee structure and mid-market exchange rates. It usually takes 1–4 days to transfer the money.
- Xoom: Offered by PayPal, Xoom allows quick transfers with options for bank deposit, cash pickup, and mobile reload.
- WorldRemit: Ideal for mobile-to-mobile transfers. It provides upfront exchange rates, making it a reliable option.
- Forex agents: Various service providers act as forex brokers or agents. They are reliable and quick. It is the best way to send money to the Philippines from the USA when your loved ones need money immediately. They allow cash pickups, which impose an extra fee.
- Money orders: Money orders are a prepaid service and a secure way to transfer money from the USA to the Philippines. You can purchase one at a bank or post office at your nearest location and mail it to your recipient. While they are safe, they are also one of the slowest options.
Common Mistakes to Avoid When Sending Money to the Philippines
Even the seasoned senders can encounter problems if they are not careful. Here are some common mistakes that could cost you time and money—and how to avoid them:
- Not comparing services: Always compare exchange rates and transfer fees using tools like CompareRemit to ensure you are getting the best deal.
- Entering incorrect receiver's information: Even a minor typo in the recipient's name, account number, or contact details can delay or cause your transfer to fail. Double-check all information before confirming the transaction.
- Overlooking hidden fees: A “no fee” transfer can still be costly due to poor exchange rates or payout-related charges.
- Making assumptions about services: Not all transfers are instant—verify speed and processing times before sending.
- Not checking availability in rural areas: If your recipient is in a remote location, ensure they have access to the designated pickup point or bank branch.
Tips to Get the Best Value on Your Transfers
Want to stretch every dollar when you send money to the Philippines from the USA? These smart tips will help you make the most of your transfer:
- Keep an eye on exchange rates: Even slight fluctuations in exchange rates can make a big difference, especially with larger amounts. Transfers made mid-week often offer more favorable rates—use that to your advantage.
- Take advantage of first-time offers: Many money transfer services offer sign-up bonuses, lower fees, or better rates for new users. Don’t miss these easy savings when trying a new provider.
- Set rate alerts: Rather than constantly checking rates yourself, let CompareRemit notify you when your preferred rate is available.
- Combine small transfers into one: If you regularly send money, fewer larger transfers can help you save on fees compared to multiple small ones.
- Choose the most cost-effective method: Bank deposits are usually cheaper than cash pickups. If your recipient can receive funds digitally, both of you will likely save more on fees and time.
Make Smart Transfers with CompareRemit
Sending money to the Philippines from the USA doesn’t need to feel confusing. You can choose the most efficient method to send money to the Philippines by comparing exchange rates, transfer fees, and transfer speeds. Whatever method you choose, make sure your provider is reliable and secure.
Use CompareRemit’s rate comparison tool to make the smartest decision every time you send money to the Philippines from the USA. Save more with every dollar and make each transfer count.
Frequently Asked Questions (FAQs)
Q: How can I send money to the Philippines without a bank account?
There are various ways to send money to the Philippines without a bank account. You can use digital wallets, mobile payment apps, money transfer services, or even forex brokers if you don't have a bank account.
Q: What details are needed to send money to a bank account in the Philippines?
To send money to the Philippines through a bank account, you will need the recipient's bank details, such as the bank name, account number, account holder's full name (as it appears on their account), city code, and domestic contact number.
Q: Is Google Pay available in the Philippines?
Yes, Google Pay is available in the Philippines. However, it might not be the best option for international money transfers due to several limitations and restrictions associated with the app.
Q: What is the maximum amount of money I can send to the Philippines using WorldRemit?
With WorldRemit, the maximum amount you can send to the Philippines is PHP 500,000 per transaction. This limit applies to transfers made in currencies such as USD, CAD, AUD, and GBP.
Q: Does PayPal work in the Philippines?
Yes, PayPal is fully operational in the Philippines. You can use it to send or receive money online, make purchases, and link your credit card or local bank accounts to your PayPal account for seamless transactions.