Find the best way to send money from the Philippines

Sending money from the Philippines costs more than most people expect, because the fee at the bank counter is only the start. A telegraphic transfer from a Philippine bank usually carries a fixed charge of roughly PHP 500 to almost PHP 1,900, documentary stamp tax, a margin in the selling rate and charges from banks along the way.

Add those up and a transfer of PHP 50,000 often costs 2 to 5 percent before the correspondent banks take their cut, and more once they do. An online specialist funded by InstaPay or PESONet usually costs well under 1 percent for the same money.

This guide prices every common way to make a money transfer from the Philippines: the big banks, the one global specialist that sends from pesos, e-wallets and cash agents. It covers what each costs, how long it takes, the Bangko Sentral rules on buying foreign currency, tax, and what you need before you start.

Who Sends Money From the Philippines

The Philippines sends far less money abroad than it receives. Personal remittances paid out of the country came to about USD 290 million in 2025, according to World Bank data, against more than USD 41 billion flowing in. The people sending are mostly families paying for study abroad, foreign nationals working here, retirees and small businesses.

That imbalance shapes the market for anyone who needs to send money abroad from the Philippines. Banks, pawnshops and e-wallets have spent decades building fast, cheap ways to bring money in, and comparatively little effort on sending it out. The outbound options are older, slower and priced for occasional use, which is why the gap between the cheapest and the most expensive route is wider here than in most countries.

Families paying tuition and living costs abroad

The largest regular outflow comes from parents supporting children at universities and colleges overseas. Tuition is paid in large instalments a few times a year, and living allowances follow every month. Both have deadlines, both are in a foreign currency, and both are big enough that a 1 percent difference in the exchange rate is real money.

What this group needs is a good rate on a large amount and a payment that reaches the school in full. Tuition sent by telegraphic transfer often arrives short because an intermediary bank deducted its fee on the way, leaving a balance on the student's account.

Foreign nationals and expats working in the Philippines

Tens of thousands of foreign professionals, business owners and their families live in the Philippines and send part of their peso income home. Many are on assignment from companies abroad, others run businesses here, and some work for outsourcing firms in Manila, Cebu and Clark. They usually send to their own account at home or to family.

For them the friction is paperwork. A bank asks a foreigner for a passport, often an ACR I-Card, and proof that the pesos came from legitimate income on every visit, while a specialist verifies once and then lets you send from the app.

Retirees and long-stay residents

Retirees on a Special Resident Retiree's Visa and other long-stay residents mostly bring money in, but they also send it out: to pay insurance premiums, credit cards, property costs and family obligations in their home country. The amounts are irregular and often large, and many of these senders hold both a peso and a dollar account.

Holding a dollar account changes the sums. Dollars sent from a foreign currency deposit account skip the bank's selling rate, so the fixed fee is the main cost, while pesos pay the margin as well.

Freelancers and small businesses paying abroad

The Philippines has one of the largest freelance workforces in the world, and many of those freelancers also pay for things abroad: software subscriptions, contractors in other countries, course fees and equipment. Small businesses pay overseas suppliers for stock and services. These payments are smaller but frequent, so fixed fees add up quickly.

A PHP 500 to PHP 1,900 bank charge on a PHP 15,000 payment is 3 to 13 percent of the money before the rate is counted. For anyone who needs to transfer money from the Philippines in small, frequent amounts, a percentage fee beats a flat one almost every time.

What Philippine Banks Charge to Send Money Abroad

Philippine banks charge a fixed fee of roughly PHP 500 to PHP 1,900 for an outward telegraphic transfer, plus documentary stamp tax of PHP 0.60 for every PHP 200 when you pay in pesos. Correspondent charges of USD 15 to USD 25 come on top if you want the full amount to arrive, and the selling rate carries a margin.

Not every bank publishes these numbers. Of the six big banks below, four post a fee schedule online and two leave you to ask at the branch or in the app. The table below sets out what each one publishes for a transfer funded from a peso account.

Fees from each bank's published schedule, checked November 2026. PNB's figures come from its most recent published schedule. Banks can change fees without notice, so confirm the amount on the transfer form before you submit it.

BPI

BPI charges PHP 600 for an outward cross-border remittance from a peso account and USD 14 from a dollar account, plus documentary stamp tax on peso-funded transfers. You can send from BPI Online or the BPI app around the clock, up to USD 10,000 or PHP 500,000 per transaction, or at a branch with a printed form and supporting documents.

BPI is the cheapest of the big banks on the fee itself, but it does not publish the correspondent charge, which depends on the currency and the banks in between. On the form you choose OUR, where you pay that charge up front, or SHARED, where it comes out of the money your recipient receives. BPI says transfers take 3 to 5 banking days, and anything submitted after 3 pm is processed the next banking day.

Security Bank and PNB

Security Bank publishes the most complete schedule: a USD 20 commission, documentary stamp tax on peso funding, and a correspondent charge of USD 15 on dollar transfers if you choose OUR, with separate amounts for euros, pounds, yen and other currencies. The commission and the OUR charge together come to USD 35, roughly PHP 2,200, before the exchange rate.

PNB charges a USD 28 cable charge and a PHP 100 transaction fee, plus documentary stamp tax, and adds a USD 20 correspondent fee if you want the full amount to arrive. That puts a fully paid PNB transfer at about USD 48 plus tax, the highest fixed cost among the banks that publish one.

BDO and Metrobank

BDO and Metrobank, two of the country's biggest banks, do not publish an outward transfer fee online. BDO lets customers send dollar wires through online banking from a dollar account, and both banks process telegraphic transfers at the branch. The fee is quoted when you fill in the form, so ask for the total, including the correspondent charge, before you sign.

Metrobank does publish its daily telegraphic transfer selling rates, which makes it a useful benchmark for the cost the fee schedules leave out. RCBC is the cheapest bank on the published fee, at USD 8 for an online transfer, but adds USD 25 when you choose OUR.

The exchange rate margin banks do not show

The second cost is the gap between the bank's selling rate and the mid-market rate, the rate banks use between themselves. On one weekday morning in November 2026, Metrobank's posted telegraphic transfer selling rate was about 0.5 percent above the mid-market rate for US dollars and 0.9 to 1.2 percent above it for yen, Singapore dollars, pounds, euros and Australian and Canadian dollars.

In money, that margin adds PHP 250 to PHP 600 to every PHP 50,000 you convert, and PHP 1,200 to PHP 2,900 to every PHP 250,000. It never appears on the fee schedule or the receipt. You only see it if you compare the rate you were given with the mid-market rate on the same day, which our explainer on the mid-market exchange rate shows you how to do.

The extras that come out of the transfer

A telegraphic transfer usually passes through one or two correspondent banks, and each can deduct USD 10 to USD 25 unless you paid OUR up front. The receiving bank may then take its own fee for crediting an incoming international payment.

Peso-funded transfers also carry documentary stamp tax of 0.3 percent, and because the bank must sell you the foreign currency first, it will ask for an Application to Purchase Foreign Exchange stating the purpose, with documents for tuition, medical bills or large sums. Our guide to telegraphic transfer fees explains how these charges stack up on a single payment.

PayPal is the other common choice, especially among freelancers who already hold a balance there. Sending a balance abroad in another currency means PayPal's own conversion rate, which typically sits 3 to 4 percent or more above the mid-market rate, so it is rarely the cheap option for moving money out. Our PayPal international transfer fees guide breaks down where that cost comes from.

The Best Ways to Send Money From the Philippines

The cheapest way to send money abroad from the Philippines into a bank account is an online specialist paid by InstaPay or PESONet. Of the three global services we track, only Wise sends from pesos. GCash now sends from its e-wallet to 16 countries, and Western Union agents remain the main option when the recipient needs cash.

We checked each provider's own site on 4 November 2026. Wise lists the Philippine peso among the currencies you can send from and operates locally as Wise Pilipinas Inc. Remitly's list of sending countries does not include the Philippines, and Xe only registers senders who live in Europe, North America, Australia and New Zealand. Both are excellent for sending money into the country, not out of it.

Wise

Wise launched its account in the Philippines in 2024 and is licensed by the Bangko Sentral ng Pilipinas as a remittance and transfer company. You send from pesos at the mid-market rate and pay a fee that is shown before you confirm. On the main currencies that fee works out at about 0.3 to 0.5 percent on PHP 50,000, and it falls further as the amount grows.

You fund a transfer from your own bank account or e-wallet. InstaPay handles payments up to PHP 50,000 and usually clears in seconds, and PESONet takes larger amounts up to PHP 9 million. The payment has to come from an account in your name, and you find Wise in your bank's list of recipient institutions as Wise Pilipinas Inc. Swift payments into Wise are not accepted for peso transfers.

Wise also gives you a multi-currency account and a card, which helps if you pay for things abroad often. You can hold more than 40 currencies, receive money with local account details in several of them, and convert only when the rate suits you. Our full Wise review covers its fees, safety and limits in more detail.

GCash International Transfers

GCash, the country's biggest e-wallet, added international transfers in March 2026. You can send from your wallet to bank accounts, cards and other e-wallets in 16 countries, including the United States, Japan, South Korea, Australia, Canada, Singapore and several in Europe and the Gulf. GCash says most transfers are credited the same day, with the United States arriving the next day.

Service fees start at PHP 180, and GCash describes them as two to three times cheaper than typical bank charges. It does not publish its exchange rate margin, so the fee alone does not tell you the full cost. Before you send, compare the amount your recipient will receive with what a specialist quotes for the same pesos.

Western Union and cash agents

Western Union lets you send from its Philippine website and app, paying through your bank or wallet with QR Ph, or in person at an agent such as a pawnshop or remittance outlet. The recipient can collect cash at an agent abroad, receive it in a bank account or, in some countries, into a mobile wallet.

Cash pickup is useful when the recipient has no bank account, but it is rarely cheap. Agent fees rise with the amount, and the exchange rate carries a margin of its own. Use it for small, urgent amounts where speed and convenience matter more than cost.

Which option for which transfer

The right choice depends on where the money is going and how it needs to arrive. This is how the options line up on the transfers people actually make from the Philippines.

For most people sending to a bank account, the decision comes down to a bank telegraphic transfer against a specialist, and on pesos the specialist wins on every major currency. The bank route still makes sense when the money already sits in a dollar account.

How Much Does It Cost to Send Money From the Philippines?

Sending PHP 50,000 abroad through a Philippine bank costs about 2 to 5 percent of the money in fees, tax and margin, and roughly 4 to 8 percent once correspondent charges are paid. The same transfer through Wise costs about 0.3 to 0.5 percent on the major currencies, which is a difference of PHP 800 to PHP 2,400.

The table shows the total cost of sending PHP 50,000 to six common currencies. The Wise figure is its actual quote. Each bank figure adds that bank's published fee and documentary stamp tax to the margin in a big bank's posted telegraphic transfer selling rate. Correspondent charges are not included, so the bank totals are the minimum you would pay.

Total cost on PHP 50,000 funded in pesos, 4 November 2026. Wise from its public price comparison data; bank margins from Metrobank's posted telegraphic transfer selling rate that morning. Add USD 15 to USD 25 per transfer for correspondent charges at the banks.

A typical transfer across the main routes

On PHP 50,000 the pattern holds on every currency. The fixed bank fee does most of the damage, and the margin adds a further 0.5 to 1.2 percent on top. Even BPI, the cheapest of the three banks priced here, costs five to eight times as much as Wise before a single correspondent charge is counted.

Dollars are the closest contest because Philippine banks price US dollars tightly. Yen, euros, pounds and Australian and Canadian dollars carry wider margins at the banks, so the gap to Wise grows on exactly the currencies families use for tuition and living costs abroad.

Smaller amounts widen the gap further. On PHP 10,000, Wise costs about 0.4 to 1.5 percent depending on the currency, while a bank's fixed charge alone is 5 to 19 percent of the money. If you transfer money from the Philippines in small amounts often, the fixed fee is the cost to avoid.

A large transfer, where the margin takes over

On PHP 250,000, a typical tuition instalment, the fixed fee shrinks as a share of the money and the margin becomes the main cost. The banks land at about 1 to 2.2 percent before correspondent charges, against roughly 0.3 percent with Wise. In money, that is PHP 1,800 to PHP 4,800 saved on a single payment.

For amounts this size it is worth getting a quote from two or three providers on the same day and comparing the amount that will arrive, not the fee. Our guide to transferring large sums internationally covers what else to check when the sums get big, from proof of funds to locking in a rate.

What the gap adds up to over a year

Take a monthly living allowance of PHP 30,000 sent to a student abroad. Through a bank telegraphic transfer, a PHP 600 fee, tax and a 1 percent margin come to about PHP 1,000 a month before correspondent charges, or around PHP 12,000 a year. Through Wise the same twelve transfers cost roughly PHP 1,500 to PHP 2,000 in total.

Add two tuition instalments of PHP 250,000 and the annual difference reaches roughly PHP 15,000 to PHP 20,000, about half a year of allowance. Over a three or four year degree, choosing the route once and sticking with it saves enough to notice.

How Long Does It Take to Send Money From the Philippines?

A telegraphic transfer from a Philippine bank usually takes 3 to 5 banking days to reach the recipient. Wise delivers many major currencies within seconds once your InstaPay payment clears, and others within one to two working days. GCash credits most transfers the same day, and cash pickup through an agent is often ready within minutes.

How long each option takes

Bank telegraphic transfers are slow because they travel through the correspondent banking chain. BPI states 3 to 5 banking days for its online outward remittance, and other banks quote similar times. Each bank in the chain works on its own business days, so a transfer that crosses a weekend or a holiday in either country takes longer.

Wise's speed depends on the currency more than the provider. Its own delivery estimates from pesos showed Singapore and Hong Kong dollars, pounds, euros and Australian dollars arriving within seconds, Korean won in minutes, and US dollars, yen and Canadian dollars within one to two days. Our guide to how long a money transfer takes explains why delivery times vary so much between currencies.

What slows a transfer down

Most delays come from four places. The first is the cut-off: BPI processes requests after 3 pm on the next banking day, and PESONet runs in batches rather than in real time. The second is the calendar, because Philippine holidays such as Holy Week and the long Christmas season close banks for several days in a row.

The third is verification. A first transfer, a large amount or an unusual purpose can trigger a request for documents, either from your bank under the foreign exchange rules or from the provider under anti-money laundering checks. The fourth is the receiving bank, which may hold an incoming international payment while it checks the name against the account. Sending early in the week and uploading documents before you need them avoids most of this.

How to Send Money From the Philippines, Step by Step

To transfer money from the Philippines you need a valid ID, the recipient's full bank details and the money in an account in your own name. Online, you verify once and pay by InstaPay or PESONet. At a bank you complete a remittance form and a foreign exchange application, and at an agent you pay cash over the counter.

What you need before you start

Filipino citizens can use a Philippine Identification System ID, a passport, a driver's licence or a UMID. Foreign nationals need a passport and, if they live here, usually an Alien Certificate of Registration I-Card. Banks also ask for your Tax Identification Number on the Application to Purchase Foreign Exchange, so have it ready.

Then gather the recipient's full name exactly as on the account, their address, account number or IBAN, the bank's SWIFT code and any local routing code. For tuition or medical bills, keep the school statement or hospital invoice, and for large sums be ready to show where the money came from.

Sending online with a specialist

With Wise, you create an account, upload your ID and a selfie, and wait for verification, which is usually quick. You then enter the amount in pesos, choose the currency, add the recipient's bank details and see the fee and the amount that will arrive before you confirm.

To pay, transfer the pesos from your own bank or e-wallet to Wise Pilipinas Inc. by InstaPay for amounts up to PHP 50,000, or by PESONet for larger amounts. Use the exact reference Wise gives you, so the payment matches your transfer, and the money is sent on as soon as it arrives. This is the simplest way to send money abroad from the Philippines online.

Sending from your bank account

At BPI you can fill in the outward remittance form in BPI Online or the app, choosing the source account, the currency, the purpose and who pays the correspondent charge. Larger amounts and transfers with documents go through a branch, where you hand over three signed copies of the form with your ID and supporting papers.

Whichever bank you use, decide between OUR and SHARED before you submit. OUR costs more at your end but means the recipient gets the full amount, which matters for tuition and bills. SHARED looks cheaper on the form, but the deductions on the way can leave the payment short.

Sending cash through an agent

At a Western Union agent you fill in a form with the recipient's name and country, show your ID, state the source of funds and the purpose, and pay in cash. The recipient collects the money with the transfer control number and their own ID. It is quick and needs no bank account at either end.

Cash is the most expensive way to make a money transfer from the Philippines on most routes, because you pay an agent fee that rises with the amount and a margin in the rate. Keep it for urgent amounts or for recipients who cannot receive money any other way.

Limits, Tax and Reporting When You Send Money From the Philippines

There is no fixed annual cap on sending money abroad from the Philippines for legitimate purposes, but each channel has per-transfer limits and banks must check the purpose when they sell you foreign currency. The transfer itself is not taxed, though peso-funded bank remittances carry documentary stamp tax and large gifts can attract donor's tax.

How much you can send

With Wise, InstaPay covers up to PHP 50,000 per payment and PESONet up to PHP 9 million. BPI's online outward remittance takes up to USD 10,000 or PHP 500,000 per transaction, and larger amounts go through a branch. GCash and Western Union set their own limits, which depend on your verification level and the destination.

Banks also apply the Bangko Sentral's foreign exchange rules. When a bank sells you foreign currency it needs an Application to Purchase Foreign Exchange stating the purpose, one application per purpose, and you declare that the amount does not exceed the underlying transaction. For tuition, medical costs, investments abroad and other large payments, expect to show the documents that support it.

Is money sent abroad taxed?

Sending money abroad is not taxed as income in the Philippines. Peso-funded bank remittances carry documentary stamp tax of PHP 0.60 for every PHP 200, which the bank collects with its fee. Specialists and e-wallets include any charges in the quote they show you.

Gifts are a separate question. Under the TRAIN law, gifts above PHP 250,000 in a year are subject to donor's tax at a flat 6 percent, filed by the person giving. Large one-off gifts to family abroad can fall into this, while paying a dependant's tuition or living costs is usually treated differently, so ask a tax adviser before a big transfer.

What triggers extra checks

Banks report covered transactions, cash transactions above PHP 500,000 in a single banking day, to the Anti-Money Laundering Council, and they report any suspicious transaction regardless of size. A transfer that does not match your usual activity, or a purpose that is not clear, will usually lead to questions before the money is released.

Carrying cash is no way around these rules. You can take up to PHP 50,000 in pesos out of the country without written permission from the Bangko Sentral, and foreign currency worth more than USD 10,000 must be declared on departure. Undeclared amounts can be seized.

Is It Safe to Send Money From the Philippines?

It is safe to send money abroad from the Philippines when you use a bank or a provider licensed by the Bangko Sentral ng Pilipinas and you send only to people and businesses you know. The real risk is not the provider failing but scams that persuade you to send money, or to lend your account to someone else.

Who regulates money transfers in the Philippines

The Bangko Sentral ng Pilipinas supervises banks, e-money issuers and remittance and transfer companies. Wise Pilipinas Inc. is licensed by the BSP as a remittance and transfer company, institution code 53-0044-00-000, and GCash's operator is a BSP-supervised e-money issuer. You can confirm any provider on the BSP's list of supervised financial institutions.

A licensed provider must verify your identity, keep records, monitor for fraud and report suspicious activity. That protects the system, but it does not protect you from sending money to a scammer yourself. Our guide to the safest way to send money internationally covers the checks worth doing before any transfer.

The scams that target senders

The scams that reach Filipino senders follow familiar patterns: a romance that turns into requests for money, a job abroad that needs a placement or visa fee first, an investment that promises high returns, or a message claiming a parcel is held at customs until a fee is paid. All of them end with a transfer that cannot be reversed once it is paid out.

The Anti-Financial Account Scamming Act of 2024 also made it a crime to act as a money mule, which means receiving, moving or withdrawing money for someone else, or to sell or lend your bank or e-wallet account. If a stranger offers to pay you for the use of your account, refuse, and report it to your bank.

The Routes People Send on Most From the Philippines

Most money leaving the Philippines goes to the countries where Filipino students study, where foreign residents come from and where families have relatives: the United States, Japan, South Korea, Australia and Canada. Each route has its own payout details, timing and receiving bank habits worth knowing before you send.

United States

US dollars are the most common currency sent from the Philippines, for tuition, family support, credit card bills and property costs. A US account needs a nine-digit ABA routing number and an account number, and many US banks charge USD 15 or more to credit an incoming international wire.

Because dollar margins at Philippine banks are tight, the fixed fee and the receiving bank's charge decide most of the cost. A specialist that pays out through the US domestic network avoids both. Our page on sending money from the Philippines to the US compares every option on this route.

Japan

Money sent to Japan goes to Japanese residents working in the Philippines, to Filipino students and trainees, and to families with relatives there. A Japanese bank transfer needs the bank and branch name, the account type and number and the account holder's name, and banks match the name carefully, so use the spelling on the account.

Yen carries one of the wider margins at Philippine banks, so the gap to a specialist is larger than on dollars. Payments usually reach a Japanese account within a day. Our page on sending money from the Philippines to Japan covers the details for this route.

Australia and Canada

Australia and Canada are the main destinations for Filipino students outside the United States, so transfers are often large tuition payments and regular allowances. An Australian account needs a six-digit BSB and an account number. A Canadian account needs a five-digit transit number, a three-digit institution number and the account number.

Australian dollars arrived within seconds in Wise's estimates, and Canadian dollars within about two days. Schools in both countries often name a preferred payment service, so check the invoice before you pay. Compare the options on sending money from the Philippines to Australia and sending money from the Philippines to Canada.

South Korea

South Korea is a growing route, driven by Korean residents and business owners in the Philippines and by Filipino students and workers there. Korean bank accounts are opened under the holder's real name and banks check it closely, so the recipient's name must match the account exactly or the payment can be returned.

Korean won arrived within minutes in Wise's estimates, faster than most other currencies from pesos. Bank telegraphic transfers to Korea take the usual 3 to 5 banking days. Our page on sending money from the Philippines to South Korea sets out the options on this route.

Bottom Line

Sending money from the Philippines through a bank is expensive mostly because of the fixed fee and the correspondent charges, not the exchange rate. On PHP 50,000 a telegraphic transfer costs 2 to 5 percent before the banks along the way take their cut, against about 0.3 to 0.5 percent with Wise on the major currencies.

To transfer money from the Philippines to a bank account abroad, a specialist funded by InstaPay or PESONet is the cheapest and usually the fastest choice. Use the bank when the money is already in dollars, GCash for small e-wallet payments and a cash agent only when the recipient has no account. Our PayPal vs Wise comparison is worth a look if you are deciding where to keep a freelance balance.

Sources

• Wise: currencies you can send to and from
• Wise: PHP transfers, InstaPay and PESONet limits
• Wise Philippines: send money and BSP licence
• Wise public price comparison data, PHP to USD
• BPI: outward remittance fees
• BPI: send money abroad
• Security Bank: telegraphic transfer fees and charges
• PNB: updated fees and charges
• RCBC: fees and charges
• Metrobank: foreign exchange rates
• GCash: international transfers to 16 countries
• Western Union Philippines: send money overseas
• World Bank: personal remittances paid, Philippines
• BSP Circular 1212: Application to Purchase Foreign Exchange
• Philippine News Agency: BSP rules on cross-border transfer of currencies
• Bureau of Internal Revenue: donor's tax
• Republic Act 10365, Anti-Money Laundering Act amendments
• Republic Act 12010, Anti-Financial Account Scamming Act