If you’re sending money to family in the Philippines, you’ll want it to arrive in good time and at the best rates on the market. Continue reading to discover more, including:
- The best ways to send money to the Philippines.
- How to transfer large amounts of money to the Philippines.
- How to send door-to-door remittances to the Philippines.
Remittances in the Philippines
According to the World Bank, remittances from relatives represent nearly 10% of the money in circulation in the Philippines. The majority of funds come from Filipino expats in Canada, Australia, the UK and the United States.
The official currency of the Philippines is the Philippino peso, represented by the “PHP” abbreviation or the “₱” symbol. Thanks to modern technology, there are now more options for sending remittances in multiple currencies directly to locations from Manila to Quezon City.
In the Philippines, it’s also common for recipients to request remittances in US dollars (USD). Regardless of which currency they receive, it’s important to know the best ways to send money.
Transfer money to the Philippines with your bank
Banks perform all kinds of financial transactions. Transferring money to the Philippines shouldn’t be one of them. A few reasons you shouldn’t use your bank include:
- Their exchange rates are uncompetitive.
- They charge you various fees, not all of which are stated up front.
- They won’t help you with the timing of your transfer.
- They are not money transfers specialists.
For more information, read our article on why you should avoid using your bank to transfer money.
Use a money transfer service to send money to the Philippines
Thanks to innovative technology, digital providers usually offer a faster, cheaper way to send money to the Philippines than banks and high street providers.
Services like TransferWise, Paysend, Ria and Skrill all offer excellent features, payment and pick-up options to meet the growing demand for remittances in the Philippines.
Whether you’re sending large or small amounts of money, a specialist money transfer provider will generally be your most efficient option.
Send money to the Philippines with Azimo
That’s because our exchange rate compares favourably to the mid-market rate, i.e. the fair exchange rate, and our fees start at just £0.99p.
*Taken from Q3 World Bank data 2020
From the Metropolitan Bank and Trust Company, Banco de Oro (BDO) to Bank of the Philippine Islands, Azimo only works with the most trusted banks and financial institutions in the Philippines. Coupled with the best encryption and anti-fraud technology, your money is safe with Azimo every step of the way.
If you need to send money to the Philippines in a hurry, we offer instant, one-hour or same-day transfers to most major Filipino bank accounts, mobile wallets and pick-up locations – even at weekends. Even better, we can even deliver cash directly to your recipient’s doorstep.
Use the award-winning Azimo app to set up currency alerts for the PHP and EUR, so you always know the best time to send money.
How to transfer large amounts of money to the Philippines
If you’re sending a lump sum of money to the Philippines, send it with Azimo.
Use the award-winning Azimo app to set up currency exchange rate alerts for the Philippino peso, so you always know the best times to send money.
How to send money to Filipino bank accounts with Azimo
Whether you’re sending money to family or paying a business supplier in the Philippines, take care when filling out their information. A misspelling or wrongly entered digit could delay your transfer – so it’s always best to double-check. For Filipino bank accounts, please make sure you’ve checked:
- The recipient’s full name.
- The bank name from the dropdown menu.
- Your recipient’s bank account number.
- Your recipient’s mobile number.
How to top-up a mobile wallet in the Philippines.
With mobile wallet deliveries, you can add funds to a loved one’s smartphone to use for contactless payments.
All you need to send money to a mobile wallet in the Philippines is your recipient’s phone number and address. Send up to £500 to a loved one to give them a cash gift for everyday essentials.
How to send door-to-door remittances to the Philippines.
Home delivery is a transfer where your money is securely delivered straight to your recipient’s door within 24 hours. Home delivery is great if you have remote or vulnerable relatives in need of cash.
Just like a mobile wallet, simply add your recipient’s phone number and address and send up to £800 via a BDO courier.
Once your money arrives in the Philippines, the courier will need to see your recipient’s ID before handing over the cash.