Send money to Philippines

If you’re wanting to send money to the Philippines from Australia, then you’ve come to the right place. Whether you’re moving money between businesses, buying a house, sending money to loved ones, or migrating to the Philippines, an international money transfer is what you need. 

A successful IMT is when you transfer money from one account to another. Mozo’s guide on transferring money to the Philippines will show you that it’s pretty easy to do this. If you’re comfortable with it, you can even transfer money online unassisted! Here you will learn about how and when to transfer at a pace that’s right for your personal situation. Let’s take a look.

If you’ve answered yes to a, b or d, then making an IMT is what you need to do. But if you’re the lucky person who has a ‘destination wedding’ in Boracay in the Philippines and answered yes to both a and c, then we advise you to also visit Mozo’s Travel Money section for tips on converting Aussie dollars to pesos before touchdown.

How do I actually transfer money to the Philippines?

You can convert Australian dollars to Pesos and transfer them to anywhere in the Philippines. Make sure you have your recipient's bank ID numbers and their account details handy for a super smooth transfer. The next step is deciding if you’ll use a bank, foreign exchange (FX) specialist, or a wire transfer. Read on for a list of their pros and cons.

Banks

Pros: 

• Familiar names that you already trust and use
• Convenient - you can use your existing bank account 
• Caters for customers who would prefer doing IMTs at their local branch 

Cons: 

• Typically more expensive than FX specialists - lower exchange rates, higher transfer fees 
• Maximum daily transfer limits may apply 

RELATED: IMT vs bank transfer - which is better for sending money overseas?

Foreign Exchange Specialist

FX specialists like SendFX, TorFX and OFX are available online 24/7. They specialise in IMT, offering expert service and savings.

Pros:

• Usually cheaper than the big banks (you can check our 2021 Mozo Experts Choice Award winners for best value international money transfer)
• Just as safe (all FX specialists featured on Mozo are ASIC-regulated) 
• Access to expertise including an account manager who can monitor the market for you and help you minimise your exposure to exchange rate fluctuations, with a range of IMT tools 

Cons:

• Some FX specialists may have high minimum transfer limits of up to $10k
• No access to physical branches so you’ll need to be comfortable with remote customer support

A Standard Wire Transfer through a company Western Union or PayPal is a fast and easily accessible way of transferring funds from one person to another. A wire transfer can be made from one bank account to another or through a transfer of cash at a branch.

Pros:

• Fast access to funds within minutes of a wire transfer
  
• Can send in person cash transfers at places like Western Union
  
• Over-the-counter service available in many places around the world

Cons:

• Exchange rates are usually not the best and typically come with large extra fees
  
• Limited amounts of money can be sent between accounts at a time
  

How do I compare IMT providers?

Mozo makes comparing international money transfer services easy, saving you lots of time. Just use our online IMT comparisons tool and compare multiple bank and non-bank providers at one time. When comparing, look out for:

• Exchange rates: This is one of the most crucial points to weigh up, as even a small difference in exchange rates could have a big impact on the cost of your money transfer. Remember, the higher the AUD/PHP exchange rate, the more Pesos you’ll get from the same amount of Aussie dollar sent. 
• Transfer fees: Besides the exchange rate, some providers may also charge a transfer fee. Sometimes it’s worth paying a higher fee to benefit from a lower exchange rate, especially if you’re converting and transferring a large one-off amount. However, if you’re making more frequent transfers, you’ll probably want to look for a provider with minimal fees, as fees are charged per transaction.  
• Limits: Some providers have a high minimum transfer limit, while others may restrict the maximum amount you can send in one go. Either way, it’s important to see if your provider can accommodate for how much you need to transfer. 
• Transfer speed: Generally speaking it could take anywhere from 1-5 business days for your funds to reach your recipient’s bank account, although some IMT services do promise for near-instant transfers to certain countries. If your transfer is urgent, it’s best to check the timing with your provider. 
• Online vs phone or in person: Would you rather have the flexibility of sending money online 24/7 or are you more comfortable having a banker by your side to guide you through the process and answer any questions? Depending on your preference, different transfer methods could suit you better, although some options (like in-branch services) are usually pricier than others (like online).

Is sending money to the Philippines online risky?

While you may feel cautious about sending money via the internet, the good news is there are ways to tell whether you’re using a legitimate service or not. 

First, make sure the IMT provider is regulated and authorised by domestic watchdogs, ASIC and AUSTRAC. If they are, they should have an Australian Financial Service Licence (AFSL) number displayed on their website, which you also can confirm via ASIC. Second, it’s wise to investigate what kind of customer service they offer - do they have a local team you can reach out to, should you encounter any issues? You can also visit reputable review sites like Feefo and TrustPilot to see what past customers have said about their experiences. 

Can I make a one-off transfer to the Philippines?

Yes you can! Most IMT providers will give their customers the flexibility to make either one-off or multiple transfers to the Philippines. 

If it’s a large one-off transfer - say you’re buying a property in Manila - then a competitive exchange rate should be your top priority, as a better rate could help you save hundreds or even thousands of dollars. Meanwhile, if your transfers are more regular, then in addition to the rate, it’s worth also looking for options with minimal fees, as you won’t want to be stung by high fees for every transaction you make.

If you are thinking of sending money soon, but are not quite ready it might worth considering a forward contract if you see a good exchange rate.

How do I set up an international money transfer to the Philippines?

Firstly, you need to decide which direction you will take - online, in person or over the phone? This will help determine whether you need to sign up for an account, download an app, fill in an online form, or visit a branch. Whichever way you choose to transfer money to Philippines, some crucial bits of information you’ll need for a successful transfer include:

• Recipient's name, address and account details 
• Their bank’s name and address 
• Their bank’s SWIFT/BIC code - this is a 8 or 11 digit codes that identifies banks around the world 
• Details of your own account from which money will be withdrawn for the transfer
• Amount you would like to send
• Your sending and receiving currency (in your case, it would be AUD and PHP) 

Ready to compare international money transfer services? Scroll down below for a list of options, or jump on over to international money transfers hub for even more providers and exchange rates.