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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.

Updated

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If you're planning to send money from Australia to the Philippines, you should know what laws and tax regulations are involved. Before moving any money, it's important to learn about how large money transfers are regulated in Australia and what your recipient should expect.

How the Philippines regulates large remittances

The Philippines doesn't require its citizens to pay taxes on personal money transfers from abroad, despite a 12% value-added tax (VAT) on remittances proposed by the Duterte administration in 2017.

The Philippine government has no legal jurisdiction over remittances sent from abroad. The government does have jurisdiction over domestic remittances, where the tax is charged to the remittance company rather than the sender. For you, this means fees could be higher, but it doesn't require any extra paperwork from the sender.

Tax requirements for overseas Filipino workers when sending a remittance

The government classifies migrants who send money back home as overseas Filipino workers (OFWs). In order for the government to recognise you as an OFW, you must register with the Philippine Overseas Employment Administration (POEA). OFWs are taxed in the country they're working in but are exempt from paying income tax in the Philippines.

OFWs won't have to pay income tax, but they may need the following documents to avoid other taxes such as the documentary stamps tax:

  • Your Overseas Employment Certificate
  • A valid membership certificate from the Overseas Workers Welfare Administration
  • Your electronic receipt from the POEA

What to watch out for when sending money to the Philippines

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.

How will my recipient receive my remittance in the Philippines?

Depending on the bank or transfer service you choose, you'll find delivery methods that include bank-to-bank transfers, cash pickups and even home delivery in select areas.

If your friends or family are picking up your transfer in person, advise them to take along their ID and any transaction or confirmation number on your receipt. If they own the Philippine bank account you sent your money to, they likely won't need to provide anything to receive it.

As with all overseas 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.

The most popular money transfer scams and how to avoid them.

Money transfer services that send to the Philippines

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
AUD 2,000 1 day AUD 0.00 33.908 PHP
339,079
SendFX guarantees to match any competitor's exchange rate. T&Cs apply.
Fee-free transfers in 30+ currencies to over 200 countries.
Go to site Show details
AUD 2,000 1 day AUD 0.00 33.908 PHP
339,079
Better exchange rates for Finder customers.
Send 60+ currencies at competitive rates and no fees. If you find a better eligible quote, WorldFirst will beat it.
Go to site Show details
AUD 250 1 - 2 days AUD 0.00 33.908 PHP
339,079
$0 transfer fees for Finder customers.
No-maximum limit transfers with competitive exchange rates for 100+ currencies. No transfer fee over AUD$10,000.
Go to site Show details
AUD 1 1 day AUD 60.00 34.044 PHP
338,398
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.
Go to site Show details
AUD 1 Within an hour AUD 2.99 33.806 PHP
337,957
MoneyGram sends to bank accounts, mobile wallets and cash pick-up locations around the world. Go to site Show details
AUD 0 Same day AUD 2.99 33.67 PHP
336,595
Special offers like free transfers and better exchange rates available for new customers.
Affordable transfers around the world with both express and economy options. Express transfers delievered in as little as 10 minutes for an extra fee.
Go to site Show details
AUD 1 Same day AUD 0.00 33.874 PHP
338,739
Get fast transfers with no fees and a range of foreign currency tools. Go to site Show details
AUD 200 1 - 2 days AUD 50.00 33.790 PHP
336,211
Exclusive: Use code FINDER10 to receive US$10 off your first transaction.
Quick and simple international money transfers with a flat 0.5% transfer fee for most transfers. Zero-margin rates on some currencies.
Go to site Show details
AUD 1 Same day AUD 3.99 33.636 PHP
336,221
Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.
An online money transfer service with cash pick-up, bank account to bank account and airtime transfers available.
Go to site Show details
AUD 1 1 - 2 days AUD 60.00 34.044 PHP
338,395
Make online transfers at the mid-market rate with transparent fees in 45+ currencies. Go to site Show details
AUD 5 1 - 2 days EUR 3.00 33.704 PHP
333,594
Special offer: Zero fees on your first 10 transfers.
Get bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Go to site Show details

Compare up to 4 providers


The "Rate" and "Amount Received" displayed are indicative rates that have been supplied by each brand or gathered by Finder.

Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention "Finder" before you commit to a brand.


DISCLAIMER: This article is general advice. It does not consider your own personal circumstances and may not be applicable to you. You should obtain professional advice and consider your own situation before acting on anything contained in our article.


Frequently asked questions

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International Money Transfer Offers

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

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

Logo for SendFX International Money Transfers
SendFX International Money Transfers

SendFX guarantees to match any competitor's exchange rate. T&Cs apply.
Fee-free transfers in 30+ currencies to over 200 countries.

Logo for WorldFirst International Money Transfers
WorldFirst International Money Transfers

Better exchange rates for Finder customers.
Send 60+ currencies at competitive rates and no fees. If you find a better eligible quote, WorldFirst will beat it.

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

$0 transfer fees for Finder customers.
No-maximum limit transfers with competitive exchange rates for 100+ currencies. No transfer fee over AUD$10,000.

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