Find the best way to send money to the Philippines

Looking for a way to send money to family, friends or a business in the Philippines (or even to your own bank account overseas)? According to MoneySmart, you should avoid Australian banks and go with a money transfer specialist to get better PHP exchange rates and lower fees on international transfers.

Based on the providers we've compared, Xe Money Transfers is among the cheapest, with competitive exchange rates and fees starting from $0. Need a really fast transfer? Xe Money Transfers can get money to your recipient in the Philippines within minutes.

Best ways to send money to the Philippines from Australia

• Online money transfer provider. When converting Australian dollars or Philippine pesos, money transfer specialists typically offer better rates and cheaper fees than a bank.
• Bank transfer. Bank transfers are an easy way to send money to the Philippines but they charge extra for the convenience and are often slower. The big four banks generally add a 2.8% to 6% markup onto the exchange rate. NAB adds a 2.80% markup onto the Philippine peso and ANZ adds a 4.80% margin.
• Cash pickup. If you need your money to arrive fast, doing a cash pickup with Remitly gives your recipient instant access to the money you've sent when they collect it from their agent location in Nepal.
• Mobile wallet. Mobile wallets allow users to store, send and receive currencies using their phone, often with fees attached. The most popular ones include GCash, GrabPay, Maya and ShopeePay mobile wallets.
• Airtime Top-up. Specifically used to top up a recipient's prepaid mobile phone plan, prepaid phone credit is usually added instantly or within a few minutes.

Compare the best money transfer companies to send money to the Philippines

Cheapest way to send money to the Philippines

As reported by the ACCC, bank transfers are typically the cheapest way to get your money to the Philippines. Xe Money Transfers and OFX have some of the lowest bank transfer fees of the brands we've compared.

Remember, it's more important to look at the overall cost of your transfer to the Philippines and this has a couple of elements:

• Transfer fees. While still cheaper than your Australian bank, money transfer services charge either a fixed or percentage-based fee for making your transfer.
• Exchange rates. Another way money transfer providers make money is to add a margin to the mid-market AUD/PHP exchange rate.

Certain providers may give the mid-market rate but add fees on top and others will have low fees but apply a markup on the exchange rate. This means it is important to compare exactly how many Philippine pesos your recipient will end up with.

Fastest way to send money to the Philippines

Actual transfer times from Australia to the Philippines can depend on several factors including transfer amount, payment method and currency.

Here are some of the fastest average transfer speeds to the Philippines:

• Revolut — within minutes
• Xe Money Transfers — within minutes
• Wise (TransferWise) — within minutes

Safest way to send money to the Philippines

The safest way to get your money to the Philippines is using a provider registered with Australia's industry regulator, the Australian Transaction Reports and Analysis Centre (AUSTRAC). All of the companies we've compared in our table are overseen by a local regulator and comply with the relevant laws and regulations in both Australia and the Philippines.

A great way to dive deeper is by reading our reviews of each transfer service and researching first-hand customer feedback on Trustpilot and similar platforms.

Large money transfers to the Philippines

If you need to make a sizable money transfer to the Philippines, consider using a provider such as OFX or CurrencyFair to secure a better PHP exchange rate and benefit from its expertise handling larger transactions.

Using a large transfer specialist can have the following advantages:

• Tax guidance. Large transfers to the Philippines may have tax implications for you or your recipient. A transfer specialist can help get you up to speed on the Australian Taxation Office's latest advice.
• Foreign exchange tools. Advanced tools such as forward contracts, limit orders and stop-loss orders can help you lock in the PHP exchange rate you want.
• Account manager. Some money transfer providers assign a personal account manager who can offer advice and help facilitate transfers.
• Phone service. If you want to talk your transfer through with someone, providers such as Qantas Business Money and OFX can provide support over the phone.

Example: Maria transfers money to the Philippines

Maria is working in Australia as a doctor and she stays in regular contact with her elderly parents back home in the Philippines. Her parents need some funds to help pay off a mortgage, so Maria plans to send them $2,000 from Australia.

She decides to compare a bank and a money transfer specialist to see which one can save the most money on her transaction.

	Bank	Money transfer company
Exchange rate	1 AUD = 35.58 PHP	1 AUD = 36.05 PHP
Transfer fee	$10	$2.50
Transfer method	Bank account deposit	Bank account deposit
Processing time	2 - 5 working days	Next day
Amount received	70,809.52 PHP	72,017.32 PHP

The money transfer company enables Maria to send an extra ₱1,207.80, which is transferred straight to her parents' BDO Unibank Inc. account.

How to choose a money transfer company for the Philippines

When selecting a provider to transfer money to the Philippines, here are the main factors to consider:

• Exchange rates. Banks and transfer services use the mid-market rate to trade with one another. However, not every money transfer provider offers the mid-market rate so compare the PHP you're offered to the mid-market rate to calculate the margin.
• Transfer fees. Are you being charged a flat fee or a percentage of the transfer amount? A provider offering to transfer your money to the Philippines for a flat or low fee might work out better if you're sending a large amount.
• Transfer type. Does your recipient have a Filipino bank account or is cash pickup a better option? Each transfer type will have different fees. For example, instant cash pickups tend to be more expensive than bank transfers.
• Transfer speed. If you need your transfer to arrive quickly, you can pay for an express delivery. Companies such as WorldRemit offer instant cash pickups but may charge more. If you're not in a rush, online money transfer services offer the best value.
• Transfer limits. Find out how much you can send with each service. For example, Rocket Remit has a transfer limit of $1,000 while OrbitRemit allows transfers up to Varies by destination.
• Discounts. Providers may offer you a free transfer simply for signing up. Others may give a discount for transferring more than a specific amount of Philippine pesos.

Is this a good time to send money to the Philippines?

Compared to a month ago, the Australian dollar is a little weaker against the Philippine peso. Currently, $5,000 is worth ₱181,174.50, whereas a month ago, $5,000 was equivalent to ₱182,290.00. That's a decrease of 0.61% over the past month.

Similarly, compared to a year ago, the Australian dollar is again weaker against the Philippine peso. A year ago, $5,000 was equivalent to ₱197,620.00. That's a decrease of 8.32% over 12 months.

What's more important, however, is the strength of the Australian dollar against the Philippine peso and where it goes from here – which is harder to call. Based on those two data points, your Australian dollars might not go as far as they would have, so shopping around for the best deal on your transfer is key.

Frequently asked questions

• How can I pay for my transfer to the Philippines?

  The most common payment methods for money transfers to the Philippines include bank transfer, credit card and debit card. How you pay can influence how quickly your Philippine pesos arrive and the total cost of your transfer, so consider both when deciding.

• What details do I need to send money to the Philippines?

  • Photo identification: Most providers require a driver's license, passport or other Australian government-issued ID.
  • A way to pay: Your options depend on the provider's services. Popular methods include cash, debit or credit card and bank account transfers.
  • Recipient information: You'll need their name (matching their ID) plus contact details. If sending to a Filipino bank account, you'll need their account number, SWIFT and branch details.

• What is required to receive money in the Philippines?

  • Transfer number: The reference number – sometimes called a PIN, MTCN or tracking number.
  • Government-issued ID: An official ID, such as a Filipino passport or driver's license.
  • The transfer amount: To know how much has been sent, usually to within 10% of the total.
  • Sender information: The sender's name and address and the transfer's country of origin.

• How much money can I send online to the Philippines?

  Each provider has its own sending limit. For example, Commonwealth Bank and Revolut allow you to transfer as little as $0 while others will have a much higher minimum threshold.

  Remember that some providers will have different maximum transfer amounts as a result of Australian tax policies or because their service is more limited.

• How long will it take for my money to arrive in the Philippines?

  The turnaround time for a money transfer to the Philippines depends on the provider and how you pay for the transfer. Expect your transfer to arrive within minutes if you pay using cash or with a debit or credit card. Paying by bank transfer can take longer – usually 2–5 business days.

• Can I send money to the Philippines without a bank account?

  Yes, you can still send a money transfer if neither you nor your recipient in the Philippines has a bank account. Look at cash transfer providers such as OrbitRemit where you can pay with cash and your recipient can collect it as cash or as mobile phone reload on the other end.