Send Money to Philippines

If you’re living in the Philippines, you probably need to send money to yourself from your original country. Whether you have a nice “nest egg” or a pension that provides your source of funding while you are living in the Philippines, you will need to find the best way to send money to yourself.

The best way for you can differ according to your personal needs.  For me, I need quick and cheap.

People often complain these days about the dollar to Philippine peso rate of exchange and with darn good reason. The dollar isSend Money To Philippines doing horrible right now. That has been caused mostly by the Federal Reserve Bank’s policy of creating cash. That’s really a topic for another article but it is something we will just have to live with for now. Using the wrong method to send you’re cash will further weaken your effective dollar to Philippine peso rate of exchange.

Recently I used an ATM card to send a small amount of money. After the transaction fees, my effective rate of exchange was about P38 to 1USD when the rate of exchange was P43 to 1USD. My bank charged me $5, the local Philippine bank tacked on another fee and Visa added a 5% transaction fee. That is absurd!  The 5% international fee is what kills the effective exchange rate. I hear people say “My bank charges me no fees.” I really wonder if that is true. The international transaction fee is a bank card fee imposed by MasterCard and Visa, not the bank.

HSBC does say they don’t charge a fee on ATM fees, since I don’t have $70,000 to deposit in their bank, I can’t confirm that. It isn’t their fee, they don’t charge it and they don’t collect it. On my last transaction, my bank didn’t actually separate the charge, if I hadn’t calculated the rate of exchange myself, I would have never known it was that low. I just sent an email to HSBC to find out if their cards are subject to the 5% international fee that most banks are charged.  HSBC does have a Manila branch so opening an account there probably removes that intentional fee as long as you use it internally.  Perhaps even if you do use it internationally.  I will try to find out more on that.

So far, for me the best way to send money to Philippines is to use Xoom my second favorite way is to use Remit Home.  Xoom is the fastest and cheapest and I use them as my primary means for sending money to the Philippines. I still like Remit Home for their excellent customer service.  With Remit Home you can send a maximum of $1000 per transaction so to send yourself $1500 it will cost you between $20 and $16 while the fee with Xoom will only be $5.99.  You can send up to $2999 in one transaction with Xoom.

Free eBook: Send Money to Philippines

I have written a completely free eBook about how to send money to Philippines. You will need to subscribe to my mailing list in order to get it.  I’m am likely to start charging a fee for this eBook in the near future so if you want it, now is the time.  You can get it by clicking the

Using PayPal to Send Money To Philippines

Recently, I’ve had a lot of questions about using PayPal to send money to Philippines. Three years ago, I just couldn’t find an easy way to do that.  Before that, my girlfriend tried to setup an account.  She could, but she couldn’t get the money out of her account.  If someone sent money to that account, she could only use it to buy things online.

With all the recent questions, I decided to take another look at this method as a way to send money to Philippines. I just setup a PayPal peso account using my Philippines address and bank account. I had no problems in doing so. There is potential huge gotcha moment associated with my Philippine based PayPal account.

I created the account but it will be some time before I can get any money using it. You’ll need not only a Philippines based bank account but you will also need a Philippines based credit card in order to use you’re Philippines based PayPal to send money to Philippines. PayPal gave me a withdrawal limit of zero until I confirm that I own the credit card associated with my account. I don’t have online access to my account so I will have to wait until I have my credit card statement to get the code the transaction will show. I will write an update once I know.

The last time I tried to use my PayPal ATM card in the Philippines, it was rejected. I recently developed a website for someone and they paid me by PayPal, so I will try once more. The funds are not yet available. I have to wait 3 weeks to get my money as I did this freelance work through Fivrr. That is a website where you can hire people to do work for you for 5 bucks! I didn’t do the whole website for $5 though; they paid me for 20 jobs.

I’ll have to wait a bit more before I can report fully on how we’ll PayPal can be used. I think it won’t be a problem as soon as I get my credit card statement from my local bank.  I’ve never used that credit card before. It may turn out that it is the cheapest way to send money to Philippines.

Still though, in my locality, I can withdraw only P10, 000 in one transaction ad P20, 000 per day. I know I can’t rely on that as my primary means to send money to Philippines.

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