The 4 Cheapest Ways to Send Money to the Philippines

Cheapest Ways to Send Money to the Philippines

The Philippines is sometimes called a remittance economy. This is because a considerable chunk of its gross domestic product (as much as 9% of GDP in 2020 despite the COVID-19 pandemic) comes from overseas Filipino workers or OFWs.

Aside from remittances to family and relatives in the Philippines, there is also a growing influx of money to Philippine-based freelancers and outsourced employees serving companies based in other countries.

If you are constantly sending money to your family or employees and contractors in the Philippines. Then, you are likely looking for ways to do so in a more cost-effective manner. Banks and traditional money transfer services are known to charge high fees. Especially if you intend to have the money available to your intended recipient immediately. Traditional money transfer services are also known to make use of lower foreign exchange rates. Thus, your recipient may not get the most out of your remittance.

Thankfully, several affordable online padala (online transfer) options have popped up. With that, here are some of the cheapest ways to send money to the Philippines:


Remitly is a reliable online money transfer service that allows you to send money to the Philippines in minutes. It also offers a couple of ways for your recipient to receive the money. This includes being deposited in their bank account or mobile wallets. Or, picking up from a partner institution, or even sending directly to your recipient’s address.

Remitly has two options for sending money: express and economy. Express allows you to send money through your debit or credit card. The funds you’ll transfer will be available immediately. Meanwhile, if you are not in a rush, the economy option is a cheaper alternative. However, funds will only be available in 3 to 5 business days. If you are not in a rush, the economy option is a great way for you to send money to the Philippines in a safe and affordable manner.


Wise, previously called Transferwise, is another popular online money transfer service. It allows your recipient to receive some of the highest value of the funds you’ll send. This is because its foreign exchange rates are some of the best around. Wise is one of the best value money transfer services around. Additionally, it is very easy to transfer money through their app.

XE Money Transfers

One of the most trusted names in terms of foreign exchange is XE. If your recipient has no trouble waiting 2 - 3 business days to receive funds, XE money transfers open up an opportunity. The remittance will be based on competitive rates and can even be better for larger amounts. XE money transfers also don't have a transfer fee. But, the recipient’s bank may impose some charges on the remittance.


Payoneer is another trusted name in international money transfers. This platform is a great option to send money to the Philippines as their exchange rate can be as much as 2% higher than the mid-market rate.

It is possible to transfer money even if both the sender and recipient do not have a Payoneer account. However, it is most cost-effective if both of them do. A Payoneer-to-Payoneer transfer is free, plus the recipient will get the money in a few hours.

In the realm of money transfers, speed is a commodity. If you want to be able to send money to the Philippines at the lowest cost, a good way to achieve this is by avoiding the express transfer options. Instead, go for more affordable options that have a little waiting time but are from trusted money transfer services. Especially those that offer the best value for your remittances by using competitive exchange rates.

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