Cheapest Ways To Send Money To The Philippines From The USA

Updated on January 25, 2022 04:13 pm

Cheapest way to send money to the Philippines from the US

Sending money to your family back home in the Philippines is easy, safe, and affordable using the world's best online money transfer options.

Whether you're an overseas Filipino worker, own property or a business in the Philippines, or have family back home that you need to support, being able to send money to the Philippines from the US easily and quickly is important.

Luckily, you have many options to compare when it comes to the best ways to send money to the Philippines from the US. Online remittance services are becoming more user-friendly and offer competitive rates to make the process of sending money online simple.

Compare Online Transfer Options to Send Money To Philippines From US

Online remittance services are a fast, easy, and reliable way to send money to the Philippines. Our service, CompareRemit, is the leading money transfer comparison platform that helps you get the best deals based on your specifications.

You can compare the fees, exchange rates, transfer speed, amount receivable, and even discount offers of top money transfer service providers at your fingertips.

Read on to learn more about the top online money transfer companies that offer the cheapest ways to send money to the Philippines from the US.

Remitly

Remitly offers a special rate and zero transfer fees for your first transfer. You can send via bank account, cash pick-up, mobile wallet (GCash), or opt for home delivery in the Philippines.
You have the option to send cash to over 18,000 locations in the Philippines, such as Palawan Pawnshop, Cebuana Lhuillier, BPI, BDO, SM branches, LBC, and others.
For transfers funded by a bank account, there is no Remitly fee. However, it only takes 3 business days. If funded by a debit card, it arrives almost immediately, but there is a fee on top of the exchange rate margin.

Pomelo

Pomelo offers a new way of sending money from the US to the Philippines. Rather than sending money in one transaction online, you can sign up for Pomelo and your beneficiary receives a spending card. They can use this card as spending funds. You pay the bill monthly, and still receive a very competitive exchange rate. Plus, you pay no transfer fees, no waiting for funds to arrive, and no cash pickup hassle. Try Pomelo today!

Wise

Wise's popular claim is that they are 8x cheaper than banks. They indeed use the mid-market exchange rate when transferring your money. The fees are always upfront, so you don't have to worry about hidden charges. But exchange rates are subject to fluctuations. Compare before sending money internationally.
You have two options to fund your transfer: direct bank debit (ACH) or wire transfer. ACH is cheaper than a wire transfer.
Transfer your money to your recipient bank account via their online platform or app. The transaction is done in 3-5 days.

XE Money Transfer

XE also offers a special rate to new customers. Their rates are generally competitive. Your recipient will need a bank account to receive your money, and the transfer can be funded by a bank account or debit/credit card. Most of the transfers to the Philippines arrive within minutes.
XE charges a small fixed fee for transfers below $500.
There is no transfer fee above $500. However, they make their profit from the marked-up exchange rate when making larger transfers. You sometimes need to pay for third-party charges.

Small World

If you prefer to transfer money for cash pick up in the Philippines, Small World is a good option for competitive fees and exchange rates. There are over 11,000 cash collection locations across the country. Your first transfer is fee-free.
You can send money directly to a bank account, send money for cash-pick-up, prepaid card reloads, airtime top-up, and home delivery. For larger transfers, Small World can be your cheapest option.

Instarem

Instarem provides transparent and upfront fees. Their service is low-priced, fast, and secure. The fees can vary from 0.3% to 1% of the transfer amount. Your first transfer generally comes with offers and discounts (especially for customers in the U.S).
For small transfers, Instarem is a popular choice. You can directly transfer via ACH or direct debit or wire transfer, and the money is received directly in the recipient bank account. In the Philippines, there is also the option to transfer for cash collection by the recipient.

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What Should You Know About Transfer Fees When Sending Money To The Philippines?

Depending on the money transfer service providers, the method you choose to send your remittances, how the money is received, or the transfer speed, the transfer fees can range from $0 to $30 and above.

You will have to pay more fees for faster transfers. Payment with credit cards comes with higher fees than transfers via bank account or debit card. Direct cash transfers are also quick but carry higher fees, etc.

So, based on your urgency or convenience, the cheapest option may not be your best option. That's why before you decide which provider you want to send your money with, you have to note down certain information to help you make the best decision for your transfer needs.

In addition to the speed of money transfer, transfer fees and exchange rates are the two main costs that you need to be aware of. You want the lowest fees with the best exchange rates for every transfer.

9 Questions To Ask Yourself That Will Affect Your Money Transfer Cost

How much money are you sending?
How are you paying for the money transfer?
Does your recipient have a bank account?
How do you want the money to be received?
How fast do you want the money to reach your recipient?
How much will be the total cost of the transfer?
What is the exchange rate between your currency pair?
Are there any hidden charges that might cost you more money?
How will your money be protected?

What Are The Best Exchange Rates For Philippines?

Money transfer companies can offer a marked-up exchange rate which is not the real exchange rate available on Google search. The marked-up can be anywhere between 3-5% onto the real rate (mid-market rate). The difference in these two rates is how these companies make a profit.

This currency conversion cost is often not disclosed, and customers unknowingly end up paying high fees. While banks are a convenient way of sending money to the Philippines, online money transfer service providers are cheaper than traditional money transfers via banks.

It is best to choose a service that is upfront about the fees. Most specialist money transfer operators have a price estimator on their website that allows you to check an estimate before you send it.
The rate varies widely with different money transfer service providers. That's why comparing service providers is highly recommended.
Some companies allow you to lock in a favorable rate for a certain period. So even if the actual rate fluctuates in the market, you still can send your money with your locked-in rate.

If you are sending money from the USA, watch for any dip in the PHP to USD exchange rate and send your money when it is low so that your recipient receives more Pesos for your Dollars.

Discounts And Coupons To Reduce Transfer Costs

If you are a first-time user, the first transfer generally is for free. Many companies also offer discounts and coupons from time to time. Take advantage of such offers to waive the transfer fees.

Facts About USA-Philippines Remittance

The USA-Philippines remittance corridor is a competitive corridor which means that there are a plethora of money transfer companies that are ready to offer you good exchange rates and low fees.

In 2020, the Philippines received $11.9 billion in remittances from the U.S. alone. Remittances sent by Overseas Filipino Workers (OFW) are an important source of income for both the households and the government. But sadly, $476 million of the money sent gets lost in transfer fees and bad USD to PHP exchange rates.

The Bottom Line

How to send money from the Philippines to the US is easy once you compare and evaluate your options. The cheapest option currently may not always be the cheapest option, and when it comes to sending money internationally, the cheapest is not the fastest. That's how the money transfer market works.

Banks may seem to offer convenient transfer options to the Philippines. Still, money transfer specialists provide better exchange rates at a low and transparent fee, which is faster and easier. Just remember, you have options when it comes to the ways to send money to the Philippines. To conclude, there are many cheap options to send money to the Philippines, but always compare your options and find the least expensive one for every transfer.

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Money Transfer FAQ's

Celebrate India’s Independence Day by Sending Money Home

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Risks That Travel Insurance Can Help Protect (2024)

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Whether it's a sudden illness, a missed flight, or lost baggage, having the right travel insurance can alleviate the financial burdens that may arise during your trip.What is the Difference Between Tip Insurance and Visitors Insurance?Long story short, the difference is simple, think of trip insurance as insurance for your trip itself while travel medical insurance–aka visitors insurance–serves as insurance for you while you are on the trip. While both types of insurance offer protection during travel, their primary purposes differ. Trip insurance safeguards your investment in the cost of your trip, while travel medical insurance prioritizes your health and well-being during the journey. Please note that only U.S. residents are eligible to purchase trip insurance, and coverage extends to both domestic and international travel.Exploring the Benefits of Travel InsuranceWhile common risks like trip cancellations and medical emergencies are well-known, there are several benefits that travel insurance offers which many don’t even know about, providing a broader safety net for travelers. Let's unravel just some of these often-overlooked advantages. Benefits of Trip Insurance1. Coverage Beyond Trip CancellationsTrip cancellations or interruptions are inevitable. Trip insurance, with its Trip Cancellation coverage, acts as a safeguard for your invested time and money. It can refund 100% of your trip expenses for covered reasons, including illness or death of you, a family member, or a travel companion, extreme weather, or terrorist attacks.Trip cancellations are a common concern, but travel insurance extends its coverage beyond this. It safeguards your prepaid and non-refundable trip expenses in case of unavoidable circumstances.2. Protection Against Flight DelaysFlight delays or missed connections can disrupt your travel plans. Trip insurance steps in to cover financial losses incurred due to delays caused by factors beyond your control, including extreme weather, natural disasters, plane breakdowns, or accidents on the way to the airport.3. Safeguarding Your BelongingsLost, damaged, or stolen baggage can add stress to your travel experience. Trip insurance offers coverage for delayed baggage, allowing you to claim expenses for essential items after a waiting period. In case of permanent loss or damage, reimbursement is provided to replace the lost items.4. Addressing Unconventional RisksFor situations not covered by standard plans, such as unconventional trip cancellations, opting for a "Cancel for Any Reason" insurance plan provides flexibility. Though relatively more expensive, this upgrade offers reimbursement for refundable trip costs and specific non-refundable deposits.You can also see a more detailed list of what can be covered by your trip insurance. Benefits of Travel Medical Insurance1. Comprehensive Medical CoverageTravel medical insurance largely serves to cover unexpected medical expenses during your journey. This includes reimbursement for medical treatments, ambulance services, and hospital charges in case of illness or injury. This aspect is particularly beneficial for elderly parents traveling to the U.S.2. Emergency EvacuationIn the case that those who are covered by the insurance need emergency medical evacuation some travel medical plans help cover the evacuation. Without this coverage, should you need to be airlifted or evacuated, you could be facing a cost upwards of ten thousand dollars.3. Emergency Medical ReunionIn the unfortunate case that you face a major medical emergency during your travels, travel medical insurance can cover the transportation of your loved ones from back home to be there with you during your hospitalization. 4. Trip InterruptionIf you have to cut your trip short, some travel medical insurance plans would cover their stated amount for the non-refundable, unused travel expenses that canceling your trip halfway would incur. Make sure you read the details of the plan you are planning to purchase thoroughly to see the extent of coverage if unexpected interruption is something you are concerned about. You can also see a more detailed list of what can be covered by your visitors insurance. Choosing the Right Travel InsuranceIt's crucial to recognize that different insurance providers offer varied coverage plans. Factors like non-refundability, traveler's age, pre-existing conditions, the value of luggage, and existing coverage from health insurance, life insurance, renters' insurance, or credit cards play a role in determining the best travel insurance plan.If you are someone who travels frequently or are purchasing travel insurance plans for parents who plan to make the same trip often, we also suggest looking for a travel insurance plan with easy renewal. Do not worry, most plans today have a very easy renewal system so you can travel again and again with no hassle. Who Should Opt for Travel Insurance?Trip Insurance: Opt for travel insurance if you're concerned about trip cancellations, interruptions, or non-medical incidents. It's ideal for travelers who have invested significant sums in their trip and want financial protection against unforeseen events.Travel Insurance: Choose travel medical insurance if your primary concern is health-related emergencies during your trip. 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The coverage should align with your specific travel needs and potential risks.Does travel insurance cover hurricanes?Yes, trip insurance often covers trip cancellations, interruptions, or delays caused by hurricanes or other natural disasters. It's essential to check the policy details for specific coverage related to natural calamities.Does travel insurance cover rental cars?Travel insurance may offer coverage for rental cars, typically covering expenses related to theft or damage to the rented vehicle. It's advisable to check the specific coverage details in your travel insurance policy.Does insurance cover travel vaccines?Travel insurance usually does not cover the cost of travel vaccines. This expense is often considered a preventive measure and falls outside the scope of typical travel insurance coverage.How easy is it to renew visitor's insurance?Renewing visitor's insurance is generally a straightforward process. Opting for policies that allow easy renewal is advisable, as it saves time and ensures continuous coverage.

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Diwali, the Festival of Lights, is a time of joy, celebration, and the exchange of gifts. As Diwali 2023 approaches, finding the perfect gift for your loved ones can be a delightful challenge. Whether you're running short on time or looking for thoughtful last-minute gift ideas for your sister for Bhai Dooj, we've got you covered. In this article, we'll explore the essence of Diwali, its significance, key dates, and suggest creative ways to send gifts using remittance services.What is Diwali? Diwali is a prominent Hindu festival celebrated with enthusiasm across India and among the global Indian diaspora. It symbolizes the victory of light over darkness and good over evil, with a rich cultural and spiritual heritage. A time full of vibrant rangoli, crackling firecrackers that light up the night, and aromatic food being passed around, Diwali spans five days of festivities, each with its own rituals and significance.Families illuminate their homes with diyas (oil lamps) and candles, create beautiful rangoli designs, and indulge in sweets and savories.Why is Diwali Celebrated?Diwali celebrates the victory of good over evil and light over darkness. It's a time to seek blessings for prosperity and happiness. The exchange of gifts during Diwali is a way to show love and appreciation for one another, enhancing the festive spirit.Key Dates for Diwali 2023:Dhanteras: November 10, 2023The first day of Diwali, dedicated to the worship of Lord Dhanvantari (the physician of the gods) and goddess Lakshmi. People buy gold, silver, and utensils on this day.Naraka Chaturdashi (Choti Diwali): November 11, 2023On this day, Lord Krishna defeated the demon Narakasura, signifying the victory of good over evil. It's a day of cleansing and lighting lamps.Diwali (Main Day): November 12, 2023The most important day when families come together to perform Lakshmi Puja (worship) and light oil lamps or diyas to illuminate their homes.Govardhan Puja: November 13, 2023A day to worship Lord Krishna, who lifted the Govardhan Hill to protect the villagers from torrential rain.Bhai Dooj: November 14, 2023A day to celebrate the beautiful bond between brothers and sisters, with sisters applying tilak on their brothers' foreheads.Last-Minute Diwali Gift Ideas1. Digital Gift CardsConsider sending digital gift cards from popular online retailers. These cards allow your loved ones to choose their perfect gift, ensuring they get something they truly desire. Many remittance services offer the option to send digital gift cards along with money transfers, making it a convenient choice for last-minute gifts.2. Money TransfersSending money home for Diwali is a practical and thoughtful gift. Online remittance services like Wise, Instarem, Abound, Xe Money Transfer, Wo Transfer, etc. offer quick and secure transfers, enabling your family to make Diwali purchases, decorate their homes, and prepare delicious meals. It's a versatile gift that allows your loved ones the freedom to use the funds as they see fit.To find which money transfer service is the best one for you, check out our catalog of reviews and guides, all designed to help you see the complete ins and outs of the many remittance services on the market to make the best decision for your needs. We invite you to compare remittance providers using CompareRemit’s comparison tool today to find the best rates, lowest fees, and fastest turnaround times for your specific destination and transfer amount.3. Subscription ServicesGift subscriptions to streaming platforms, magazines, or online courses. These subscriptions offer entertainment and knowledge, making them valuable and enjoyable gifts for your loved ones.4. Personalized Diwali HampersPut together a personalized Diwali hamper with traditional sweets, homemade treats, and small decorative items. Include a heartfelt Diwali card to add a personal touch. Sending a picture of the hamper along with a digital money transfer can be a delightful surprise for your family.5. Online Shopping VouchersOnline shopping vouchers from popular e-commerce platforms allow your loved ones to pick their favorite items. These vouchers can often be emailed directly, making them an excellent last-minute gift option.In the spirit of Diwali, the joy of giving is unparalleled. Embrace the true essence of the festival by spreading happiness, love, and prosperity. Even in the last minutes leading up to Diwali, these thoughtful and practical gift ideas ensure your loved ones feel cherished and valued. Utilize reliable remittance services to make these gestures of love possible, bridging the distance and connecting hearts across the globe.For all of your money transfer needs, visit our homepage for more information on how to find the best option for you and your family this Diwali. Here you will be able to compare exchange rates between the top remittance companies, find the best rates, learn how to get started, receive exclusive offers, and more. This Diwali, let your gifts illuminate the lives of your dear ones, just like the radiant glow of diyas brightens the darkest of nights. Happy Diwali!