Send Money from USA to Philippines

Best Rates For Sending 1,000.00 USD to PHP

57,982.50 PHP

Who We Use Below $7000 USD

Note: Additional fees will likely apply as discussed below. Also see why we recommend Wise for smaller amounts.

Transumo Score

4.7

Visit Review Go to Wise

54,354.60 PHP

Who We Use Above $7000 USD

Note: See why we recommend OFX for larger amounts below. Some fees are partially built into the amount shown.

Transumo Score

4.6

Visit Review Go to OFX

Links to OFX will remove $15 fee (if applicable) for ever regardless of the amount you send.

57,947.10 PHP

4.9/5 on Trustpilot due to Customer Service

Note: Additional fees will likely apply as discussed below. If customer service is your top priority look no further.

Transumo Score

4.5

Visit Review Go to Currencies Direct

57,991.00 PHP

4.9/5 on Trustpilot due to Customer Service

Note: Additional fees will likely apply as discussed below. If customer service is a top priority TorFX may be ab excellent choice.

Transumo Score

4.4

Visit Review Go to TorFX

58,110.00 PHP

Note: Additional fees will likely apply as discussed below.

Transumo Score

4.3

Visit Review Go to Remitly

57,983.78 PHP

Solid all rounder

Note: Additional fees will likely apply as discussed below.

Transumo Score

4.2

Visit Review Go to XE

57,620.00 PHP

Highly Recommended

Note: Low fees and solid performance based on experience and 3rd party reviews.

Transumo Score

4.1

Visit Review Go to CurrencyFair

Get 10 Free Transfers

56,824.11 PHP

Not Recommended

Note: We use a 2.5% margin on the mid-market rate to give a rough indication of what your fees might be. However there are almost always additional fees (potentially relatively large) involved when using banks.

Transumo Score

1.2

Visit Review Go to Banks

Last updated 1 hour ago

Best Rates For Sending 1.00 USD to PHP

Who We Use Below $7000 USD

57,982.50 PHP

Visit Review Go to Wise

4.7

Note: Additional fees will likely apply as discussed below. Also see why we recommend Wise for smaller amounts.

Who We Use Above $7000 USD

54,354.60 PHP

Visit Review Go to OFX

4.6

Links to OFX will remove $15 fee (if applicable) for ever regardless of the amount you send.

Note: See why we recommend OFX for larger amounts below. Some fees are partially built into the amount shown.

4.9/5 on Trustpilot due to Customer Service

57,947.10 PHP

Visit Review Go to Currencies Direct

4.5

Note: Additional fees will likely apply as discussed below. If customer service is your top priority look no further.

4.9/5 on Trustpilot due to Customer Service

57,991.00 PHP

Visit Review Go to TorFX

4.4

Note: Additional fees will likely apply as discussed below. If customer service is a top priority TorFX may be ab excellent choice.

58,110.00 PHP

Visit Review Go to Remitly

4.3

Note: Additional fees will likely apply as discussed below.

Solid all rounder

57,983.78 PHP

Visit Review Go to XE

4.2

Note: Additional fees will likely apply as discussed below.

Highly Recommended

57,620.00 PHP

Visit Review Go to CurrencyFair

4.1

Get 10 Free Transfers

Note: Low fees and solid performance based on experience and 3rd party reviews.

Not Recommended

56,824.11 PHP

Visit Review Go to Banks

1.2

Note: We use a 2.5% margin on the mid-market rate to give a rough indication of what your fees might be. However there are almost always additional fees (potentially relatively large) involved when using banks.

Last updated 1 hour ago

Disclosure: This post contains affiliate links, which may save you and do not cost any more. For more information, see my disclaimers here.

1. 5 Best Ways to Send Money from USA to Philippines (Comparison Table)

2. How Bank Transfers Work

In recent times, banks have tried to keep up with technological developments and almost all of them offer digital money transfer services through mobile apps. But sending money abroad is just another feature for banks – not really a priority. This is why they cost much more and tend to be slower than dedicated money transfer businesses.

We are listing below our analysis of some of the biggest American banks with regard to sending money to the Philippines.

Citibank

Citibank offers wire transfers to the Philippines through the mobile app. You can get a quote for transfer costs in the app. Their fee ranges from $0 to $35 USD depending on your account type plus they apply an exchange rate margin between 3% to 6%. Transfer time is around 3-5 business days.

Chase Bank

Chase Bank allows you to send wire transfers to the Philippines from their website and mobile application. You can use your checking account to send amounts below $5000 USD by paying a $5 USD per transfer fee. Above this limit, they have a zero transfer fee. They also charge approximately 2%-5% exchange rate markup.

Bank of America

Bank of America also offers wire transfers through mobile and website. They charge a $30 USD fee per transfer if you send PHP and a $45 USD fee if you send USD without conversion. They apply approximately 3%-6% exchange rate markup over the mid-market exchange rate for USD to PHP conversions.

Wells Fargo

You can send money to the Philippines by international wire transfer. They charge at $25 USD starting fee per transaction and apply approximately 2%-7% currency exchange markup. There can also be a correspondent bank fee. Consumer account holders also have to pay the transfer fee.

Note: Other banks not listed here also have similar fees and exchange rate margins.

Using banks to send money to the Philippines is a reliable option but it is not the most cost-effective one. Banks cost up to six times more than other money transfer businesses. The standard transfer time for most banks is also quite slow (3-5 business days). 

3. 7 Best Apps to Send Money from USA to Philippines

If you are looking for the best apps that you can use to send money to the Philippines then worry not, we’ve got you covered. Check our 7 best picks:

4. Best for Cash

After analyzing all of the popular services, we can confidently say that MoneyGram and WorldRemit are our top picks for sending cash payments to the Philippines from the US.

4.1. MoneyGram

MoneyGram is a very well-known US-based money transfer company. They can be the best option to send cash payments to the Philippines due to their excellent network of locations in both countries.

They have more than 30,000 agents in the USA and over 10,000 agents in the Philippines. The agents are spread across all over both countries and can be found in local shops, a retail outlets like Walmart and bank branches.

MoneyGram transfer fees depend on how you fund your transfer. For instance, for transfers to the Philippines (up to $1000 USD), debit card-funded transfers have a $1.99 USD transfer fee while cash-funded transfers have a $8 USD fee.

There is also a 1.3-2% margin that is charged over the mid-market rate for USD to PHP currency conversion. Money is usually available to the receiver within minutes.

You can check the cost estimation tool on their website for precise costs.

4.2. WorldRemit

WorldRemit is another popular money transfer service that has achieved remarkable growth in the last decade. This year they crossed the 5 million active user mark. 

WorldRemit has a very solid presence in both USA and Philippines. In both counters, they are completely regulated and have established a very reliable network of agent locations to facilitate money transfers.

Cash transfers with WorldRemit are mostly completed within half an hour of initiation. Beware, there is a daily limit of sending 50,000 PHP at some pick-up locations in the Philippines.

You have to pay $3.99 USD per transfer as the sending fee. This amount is deducted before the currency conversion. This means that if you want to send $900 USD, you would have to fund the account with $903.99 USD. However, you can get 3 fee-free transfers when you use the promo code ‘3FREE’. Visit their website to know more.

For USD to PHP currency conversion, they charge a 1.5-3% markup on top of the mid-market exchange rate.

5. Best for Smaller Transfers

If you’re looking to transfer smaller amounts (less than $7,000 USD) from the US to the Philippines, Wise and CurrencyFair as our top choices.

5.1. Wise

Ever since it was founded in 2011, Wise has steadily tried to rely on modern financial development to cut costs for its customers and build transparency into its service. This has allowed them to become one of the most reliable money transfer services on a global scale.

Wise has an official presence in both USA and Philippines with offices in New York and Manila to ensure complete compliance with regulations. This is a good step in ensuring your money is safe with them.

They offer the mid-market exchange rate for USD to PHP conversions without any extra hidden fee. This is one of the best rates in the world. Better still, you can also fix the currency conversion by pre-scheduling the transfers 3 days beforehand.

Wise transfer fees are also one of the lowest in the world. You just pay 0.66% on average in total transfer fees. You can also hold Philippine peso (PHP) in your Wise multi-currency account as it is officially supported.

What’s more, they also offer great transfer speeds. According to recently released statistics, 57% of Wise transfers are concluded in less than 20 seconds while the remaining 43% do not take more than 48 hours to complete.

The best bit? You can see the exact amount your recipient will get right now on the Wise calculator, (opens a new tab) no sign-up is required!

5.2. CurrencyFair

CurrencyFair is our second-best pick for sending smaller transfers to the Philippines. They offer conventional money transfer services.

CurrencyFair also has an official presence in the US and local partnerships with banks and other financial institutions in the Philippines. 

They charge a fixed $1.42 USD or 80 Php fee per transfer but if you are a first-time customer, you will enjoy your first 10 transfer fee-free when you use this link.

If you use their service for currency conversion, you would have to pay on 0.4-0.9% markup. Their transfers are concluded within 1-3 business days.

6. Best for Larger Transfers

We have picked OFX as the best service for transferring large sums (more than $7000 USD) from USA to Philippines due to its excellent customer service and the fee structure that gets better in percentage terms as you send more.

6.1. OFX

This provider has been in business for more than 20 years now. They offer exceptional 24/7 phone-based customer service. This is vital as with large sums often there are different limits involved with different banks plus regulations also get more complex. Therefore, instant customer support ensures the smooth transfer of money.

OFX is registered in the US and has an office in San Francisco, CA. Large sums generally involve very strict regulations regarding anti-terror financing and money laundering. OFX handles these brilliantly in both countries.

OFX makes most of its money from exchange rate markup. They charge a markup of 0.4%-1.5% for currency conversion. The upside is that this markup gets better in percentage terms (from 1.5% to 0.4%) as the transfer amount increases.

They only support bank-to-bank transfers. There is no transfer fee for transfers above $10,000 USD but below this limit, there can be a $15 USD fee. However, we’ve arranged for our users to get this fee waived, (opens a new tab) so you can avoid paying it altogether (if applicable). Most of the transfers are completed in less than 48 hours.

7. Cheapest Transfers from USA to Philippines

If you are looking to save money then cash transfers are usually not the right option to send money to the Philippines from the US. Leading cash transfer services such as MoneyGram, Western Union, and Ria have built vast networks of partners to send and receive cash. But it is important to remember that it also involves training and managing the agents. The costs for these are eventually passed on to you.

Moreover, there are smaller limits for cash transfers as the service providers don’t want to attract money laundering regulations and spend on managing the extra security.

It’s true that new entrants like WorldRemit have tried to bring down costs by partnering with existing financial institutions but the cost reduction is still not comparable to digital money transfers.

The cheapest option we experienced for transferring amounts below $7000 USD, quite obviously, is Wise. They only charge an average 0.66% transfer fee along with offering the mid-market exchange rate without any extra hidden fee or markup. 

On the other hand, for transfers of over $7000 USD from US to Philippines, OFX can be the cheapest service. There is no sending fee involved if you stay within limits. They only charge a markup on USD to PHP conversion. This markup starts at 1.5% for smaller transfers and, as the amount to be transferred goes up, it decreases in percentage terms to 0.4%.

8. Fastest Transfers from USA to Philippines

For smaller transfers (below $7000 USD), Wise usually offers the fastest bank transfers. Detailed analysis of public statistics by Wise reveals that 57% of their transfers get wrapped up within 20 seconds. The remaining 43% of transfers generally get settled within 1-2 days.

For large transfers (above $7000 USD), OFX can be the quickest service provider. That said, their transfers from the USA to the Philippines are usually concluded within 48 hours of their execution but a lot can depend on the receiving bank. Moreover, they also provide dedicated 24/7 phone support which is really helpful if you have any concerns.

When it comes to cash transfers from the USA to the Philippines, MoneyGram provides the fastest service by completing most transfers within minutes. However, be mindful of the fact that cash transfers are more expensive than digital options.

Service	Transfer Time
US Banks	On average 3-5 business days
	Cash is usually ready in as little as 10 minutes, others 1-3 business days
	Cash is within minutes, non-cash 1-3 business days
	Generally within minutes, the rest in 1-2 days
	1-3 days
	1-3 days

9. Fees for Transfers from USA to the Philippines Compared

Generally, regular banks tend to cost up to 6x more than dedicated services for sending money.

Cash transfer services cost more than others, but less than banks. MoneyGram cash transfer fee depends on how you fund the transfer. Debit-funded transfers cost the least. There is also a 1.3-2% markup for USD to PHP conversion. WorldRemit charges a $3.99 USD transfer fee for cash transfers to the Philippines plus they also have an exchange rate markup of 1.5-3%.

For small digital transfers of below $7000 USD from the US to the Philippines, Wise has the most competitive fee of just 0.66% on average and the mid-market exchange rate without any hidden fee or extra markup. They even allow you to pre-schedule transfers of at least 3 days in advance.

CurrencyFair’s P2P transfers charge a 1.42 USD or 80 Php fixed transfer fee can make it a bit more expensive than Wise.

For big transfers of above $7000 USD, OFX charges no transfer fee (for transactions above 10,000 USD) and offers exchange rates that get better in percentage terms with an increase in transfer amount. That said, OFX offers a somewhat better exchange rate as its margin tends to go down to 0.4% from 1.5%.

We have analyzed the fees and exchange rate in detail in the table below.

Service Provider	Exchange Rate	Sending Fee
USA Banks	2-6% markup on average	$0 – $50 USD (Depends on the bank and account type)
	1.3-2% markup	$0.99 – 22.49 USD Varies with how you fund the transfer
	1.5%-3% markup	$3.99 USD
	Zero markup or hidden fee	Only 0.66% on average
	0.4-0.9% markup. Use the P2P market for a potentially better rate	$1.42 USD or 80 Php fixed fee
	0.4-1.5% markup	Above $10,000 USD, no fee Below $10,000 USD, $15 USD fee

10. Requirements and Restrictions

There is a daily limit of only receiving $50,000 PHP at some banks in the Philippines. In the US restrictions can vary from state to state.

Almost every provider monitors your activity to comply with suspicious transaction regulations and they may ask you to give a reason for your transfer.

While signing up for money transfer services you have to provide ID, phone number, residential address, and social security number. You have to create an account to use money transfer services.

Above $10,000 USD, extra regulations become eligible. So you might be asked for additional documents if you are sending larger amounts.

To receive cash, the receiver has to present a valid government-issued ID in the Philippines.

11. How to Keep Your Money Safe

Here are some important steps that you can take to keep your money safe in this digital age.

• Always try to go with a safe and dependable service provider with an established track record.

• Try to verify fees and exchange rates before initiating the transfer. Some providers offer cost estimation tools.

• Update your devices regularly to the latest software versions.

• Enable two-factor authentication (2FA) on all of your financial applications

• Do not click on random suspicious links that ask for financial information

• Make regular backups of important information

• Spend some time deciding what transfer method works best for you

12. Final Word

CurrencyFair is our second-best pick for sending smaller transfers. They offer low fixed fee of 80 Php or $1.42 USD. (Read more review above)

If you need to send larger amounts (above $7,000 USD) a specialized service may be better, we always use OFX. They’ve won us over with their outstanding customer service and a fee structure that actually gets better as you send more. They offer great 24/7 phone-based customer service, which is a real game-changer when you want to transfer money without worry. With instant customer support, your money sails through smoothly. (Read more review above)

Sending money abroad can be expensive, but it doesn’t have to be. There are many money transfer services that offer competitive fees (above), good exchange rates, and faster services (above). To find the best service for you, it’s important to compare your options based on your needs and preferences. Check out our Comparison Table (above) to help you spot the best service for your specific situation. 

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