Transferring large sums of money to the Philippines

Here's what you need to know about potential taxes on large money transfers to the Philippines.

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Regardless of whether you're sending cash or a direct bank deposit, transfers over $10,000 will automatically be reported to AUSTRAC, while transfers over ₱250,000 will need to be reported manually to the Philippines, too.

How the Philippines regulates large remittances

Throughout 2018 and 2019, the Philippines imposed stricter tax guidelines on gifted money. Gifts of over ₱250,000 — or about AUD $7120 — as of August 2019, will be taxed at a rate of 6%. The donor is responsible for filing BIR form 1800, regardless of whether or not they reside in the Philippines.

The new laws also don't have different tax brackets based on your relationship to the recipient. Gifts to relatives are taxed at the same rate as gifts to friends. Though certain types of gifts, like gifts to some charities, are exempt.

Check with a tax professional if you're unsure if you need to file and/or you need help filing your tax returns.

Compare providers for your next large transfer to Philippines

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
AUD 250 1 - 2 days AUD 0.00 37.745 PHP
$0 transfer fees for Finder customers.
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
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AUD 2,000 1 day AUD 0.00 37.737 PHP
Send guarantees to match any competitor’s exchange rate. T&Cs apply.
Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
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AUD 1 1 day AUD 60.00 37.896 PHP
Pay no fees on your first two transfers, up to $3,000.
SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.
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AUD 10 Within an hour AUD 2.99 37.479 PHP
Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
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AUD 1 Same day AUD 0.00 37.707 PHP
XE has fast transfers with low fees and a range of foreign currency tools. Go to site Show details
AUD 200 1 - 2 days AUD 50.00 37.845 PHP
Exclusive: New customers sending over 500 AUD from Australia use code FINDER50 to get 50 AUD off. Pay zero fees on your first transaction. Valid till 31 December 2021. T&Cs apply.
Instarem offers simple transfers with a flat 0.5% transfer fee for most transfers.
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AUD 1 Same day AUD 3.99 37.442 PHP
Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
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AUD 1 1 - 2 days AUD 60.00 37.741 PHP
Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies. Go to site Show details
AUD 5 1 - 2 days EUR 3.00 37.745 PHP
Special offer: Zero fees on your first 10 transfers.
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
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Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

What are the penalties in the Philippines if my recipient fails to file?

Failing to file a large remittance can result in steep and complicated penalties. For example, if they owe taxes and miss the April 15th deadline, they can expect to pay 25% of the taxes due, plus 20% annually until the tax is paid. If they even mistakenly fail to include the money they've received, they could be found by the tax courts to have willfully filed a false or fraudulent claim, which comes with a 50% penalty on the tax due.

Do I have to report large transfers out of Australia?

You can send as much money as you need from Australia to the Philippines. In Australia, banks and money transfer specialists are required by law to report all transactions that exceed $10,000 or any they deem suspicious. You usually won't need to do anything on top of this, but it's a good idea to keep all your records of the transfer just in case.

Must read: How much money can I send to the Philippines?

You can send as much money as you want to the Philippines.

While there is not a legal cap, some transfer providers will set their own limits. If you plan to initiate a large transfer, XE doesn't have a maximum transfer limit.

How will my recipient in the Philippines get the money?

Depending on the bank or transfer service you choose, your recipient can pick up the money in cash or have it deposited directly into their account or mobile wallet.

If your friends or family are picking up your transfer in person, advise them to take along ID and any transaction or confirmation number on your receipt.

As with all international money transfers, be wary of potential fraud and only send money to people you know. Using a reputable provider can safeguard you from potential scams.

Send money to the Philippines

Bottom line

Online transfer providers make it easy to send money to the Philippines. Before sending money abroad, compare international money transfer companies to make sure you're getting a fair rate.

Frequently asked questions

More guides on Finder

International Money Transfer Offers

Important Information*
Logo for Azimo International Money Transfers
Azimo International Money Transfers

New customers use code AZIMO50 to get GBP 5 off when you transfer GBP 50+. Valid till 31 October 2021. T&Cs apply.
Azimo sends money directly to a bank account or over 280,000 cash pick-up points. It also has fast transfers to 50+ countries.

Logo for TorFX International Money Transfers
TorFX International Money Transfers

TorFX guarantees to match any competitor's exchange rate. Conditions apply.
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.

Logo for MasterRemit International Money Transfers
MasterRemit International Money Transfers

New customers get their first transaction for free with code FIRSTFREE. T&Cs apply.
Send money in minutes at competitive exchange rates with this Australian money transfer service.

Logo for OFX (Ozforex) International Money Transfers
OFX (Ozforex) International Money Transfers

$0 transfer fees for Finder customers.
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.

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