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)|
|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
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
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)
Islamic Bank (Al-Amanah Islamic Investment Bank)
Land Bank of the Philippines (Landbank)
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
Rizal Commercial Banking Corp. (RCBC)
Robinsons Bank Corp.
Standard Chartered 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
One Network Bank
Philippine Postal Savings Bank (Postbank)
Security Bank Corp.
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.