TransferWise: Among Cheapest Ways to Send Money to Philippines

TransferWise is among the few that charges the fairest and cheapest remittance fees in the world.

It uses the fairest foreign currency exchange rate you can ever find among global remittance companies. It can do this because it does not use the costly wire transfer system for sending your money. It uses a peer-to-peer system that eliminates extra transfer costs.

As of this time, 3:00 PM of March 11, 2017, the remittance fee for sending US$1,000 to the Philippines is US$ 9.90
The remittance fee is deducted from the remitted US$1,000.

Your recipient will get 49,761.44 pesos
TransferWise used the fairest exchange rate of US$1 = 50.259 PHP

Ang lapit niyan sa exchange rate ng Czarina, Sanry’s, Edzen and the other high-paying money changers.

For UK remittances, as of this time, 3:00 PM of March 11, 2017, the remittance fee for sending GBP1,000 to the Philippines is GBP 9.90
The remittance fee is deducted from the remitted GBP 1,000

Your recipient will get 60,522.35 pesos
TransferWise used the fairest exchange rate of GBP 1 = 61.12751 PHP

Go now to the TRANSFERWISE website and check your currency’s exchange rate and remittance fee.

Remittance fee: 1% of remittance amount
(with US$ 5 as minimum fee)
Minimum remittance fee: US$ 5
Maximum Amount to Send Per Transfer: 480,000 PHP
Delivery time: 1 to 2 business days
Additional fee to be paid by recipient    None
Reference number, for cash pickup: 35 English characters
Recipient information needed: First name and surname of receiver
Full address of receiver
Phone number of receiver
Bank account number, if sent to bank account
Bank name, if sent to bank account
Where to send money Online, at TransferWise.com
Source of Money From your online bank account or debit card
Personal info needed Name and surname
(the same as in your bank account or card)
Complete address
Email address
Phone number
Can I Send Over the Counter? No. Send online. Go to TransferWise.com
No cash, no cheque

Can You Trust TransferWise? Yes

  • TransferWise was chosen by Facebook for its Messenger money transfer.
  • Virgin Group founder and UK business magnate Sir Richard Branson has invested in it.
  • TransferWise is authorized by the UK Financial Conduct Authority.
  • It was created by the same people who built Skype.
  • There are currently 35,000+ happy reviews on trustpilot.com.
  • It’s being used by more than one million customers.

Tip for faster delivery times: Limit your remittance amount to less than US$5,000 per transaction.

You can send money to a bank account in any of these Philippine banks:
AMA Rural Bank of Mandaluyong
ANZ Banking Group Ltd.
Asia United Bank
Bangkok Bank
Bank Of China
Bank of Commerce
Banco De Oro (BDO) Unibank
Bank of the Philippine Islands (BPI)
Bank of Tokyo
BPI Family Savings Bank
China Banking Corp.
China Bank Savings
Chinatrust Bank
Citibank
Deutsche Bank
Development Bank of the Philippines (DBP)
East West Bank
Equicom Savings Bank
First Consolidated Bank
First Macro Bank
Guagua Savers Bank
Hongkong and Shanghai Bank Corp. (HSBC)
HSBC Savings
Islamic Bank (Al-Amanah Islamic Investment Bank)
Land Bank of the Philippines (Landbank)
MayBank Philippines
Metropolitan Bank and Trust Co. (Metrobank)
Philippine Business Bank
Philippine National Bank (PNB)
Philippine Bank of Communications (PBCom)
Philippine Savings Bank
Philippine Trust Co.
Philippine Veterans Bank
PNB Savings Bank
RCBC Savings
Rizal Commercial Banking Corp. (RCBC)
Robinsons Bank Corp.
Standard Chartered Bank
Sterling Bank
Tong Yang Savings Bank
UCPB Savings Bank
Union Bank of the Philippines
United Coconut Planters Bank (UCPB)
United Overseas Bank
University Savings Bank
City State Savings Bank
City Savings Bank
Luzon Development Bank
Malayan Bank
One Network Bank
Pen Bank
Planters Bank
Philippine Postal Savings Bank (Postbank)
Security Bank Corp.
Summit Bank

At first, the remittance fee might appear to be higher by one or two Many banks say their remittance fee is only 5 to 9 pounds for 1,000 pounds or less that you send to the Philippines.

What they don’t say is that they will get additional and much bigger fees from you by converting your pounds into pesos using a lower exchange rate, much lower than the exchange rate used by money changers in the Philippines.

One time my nurse-niece doing some work in the UK sent US dollars to me from her US-based account to my local bank account. At that time, the US Dollar-to-Peso exchange rate was 46.25 at leading money changers Czarina, Sanry’s, Edzen, Nailas’s and others.

She sent $2,999 (the maximum limit of the remitter) and paid $15 as remittance fee. Based on the prevailing exchange at that time, I would have received 138,703.75 pesos. You know how much I received? 135,104.95!

A difference of 3,598.80 pesos! Even if the $15 remittance fee was already paid beforehand.

5 Comments

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  1. Pwede ba gamitin ang transferwise sa europe? And pwede ko makuha ang remittance from the sender sa Cebuana or western or any other remittance center sa pinas bukod sa banko?

  2. Hi Kerell, sorry hindi pa puedeng gamitin ang transferwise to send money FROM the Philippines (nakalagay sa instructions ng transferwise at wala ang PHP sa dropdown ng FROM), or from a Philippine bank account. Japan ang IP address mo, nasa Japan ka ba? If you have a Japan-based bank account in yen, puede mong gamitin ang transferwise. First ask your seller how much is the product in RUB para yon ang price na ma-enter mo sa transferwise page (From YEN to RUB). If no Japan account, puede ka sa Western Union Japan. If you’re in the Philippines, here’s Western Union Philippines

  3. Kerell Patrick Paulmino

    Hi Sir,

    Good afternoon. Hope you can reply to my inquiry. I am going to buy a product online costing 321 euros. The seller told me to use Transferwise to save me some money coming from fees. However, his instruction is to select RUB (russian currency) instead. How will I do this in Transferwise? First transaction ko kasi doon so di ako familiar. Dapat should I select EUR to RUB sa pagtransfer and use my debit card (Metrobank)?

    As added reference, this is his instruction:

    “If you have money transfer problem or the bank demands too high fee, you may try this:
    https://transferwise.com/
    You will need this info:
    You should choose option with mail.
    Email : sales@molchanovs.com
    Name ??????? (copy past in Cyrillic)
    Surname ???????? (copy past in Cyrillic)
    Address: Russia, Moscow ul Suvorovskaya 10 apt 4
    Postal code:
    Bank account:
    BIK:

    You should choose recipient’s currency RUB, and the system will not ask IBAN.”

  4. gud afternoon mam nora,ask ko lng po kung ilang days ba bago makuha ung padala sakin ng asawa ko,employer nya kc nagpadala thru fund transfer sa account ko..kaso po close na ung account ko ng bdo,ngaun po pina amend na nila na for cash pick up na lng po thru cebuana,sa resibo po may nkita ako dun sa screenshot ng wife ko na enjaz easy pay mast usd.tama po lahat ng info about sakin,reciever,,,nkalagay po sa resibo na na amend na po nung 12/06/17,nung monday pa po.bkit up to now wala pa po..pag po ba pina amend ung remittance may katagalan po ba talaga at ilang days po ba bago maipadala d2 sa philippines.godbless po sa riyadh po pla niremit..

  5. I was also able to send money online to the Philippines with TransferWise from Canada. I hope our experience will help Filipinos to save and send more back home for expenses, savings, and investment.

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