Yes, you can transfer money to a Philippines bank account, but the method and cost depend on which bank you're sending from and how fast you need the money to arrive
The most common routes are wire transfer (also called international bank transfer), money transfer services like Western Union or MoneyGram, and digital remittance platforms like Wise, OFX, or Remitly. Wire transfers through your bank are usually cheapest for large amounts but take three to five business days. Money transfer services and remittance apps are faster—often same-day or next-day—but charge higher fees for smaller amounts. Your choice depends on how much you're sending, how quickly it needs to arrive, and whether the recipient has a bank account or needs cash pickup.
The Philippines has a well-developed remittance infrastructure because millions of Filipinos work abroad and send money home regularly. Most major Philippine banks accept incoming wire transfers, and cash pickup locations are widespread in cities and towns. However, exchange rates and fees vary significantly between providers, so comparing your options before you send can save you 5 to 15 percent of the transfer amount.
Key Takeaways
- Wire transfers through your bank are slower but usually cheaper for amounts over $500, while remittance apps and money transfer services are faster but charge higher fees for smaller amounts.
- You will need the recipient's full name, bank account number, and the bank's SWIFT code or routing information to send a wire transfer.
- Exchange rates and fees vary widely—a $500 transfer might cost $15 to $50 depending on which service you use, so comparing before you send matters.
- Money transfer services and remittance apps often deliver funds within 24 hours, while bank wire transfers typically take three to five business days.
- The recipient can receive money either directly into a bank account or as cash pickup at a physical location, depending on which service you choose.
Wire transfer through your bank
A wire transfer is an electronic movement of money from your bank account to a recipient's account at a Philippine bank. You initiate it through your bank's online platform, mobile app, or by visiting a branch. Your bank will ask for the recipient's full name, account number, and the Philippine bank's SWIFT code (a unique identifier for international transfers). You will also need to specify the amount in US dollars or your local currency, and your bank will convert it at their exchange rate.
Wire transfers typically take three to five business days to arrive in the Philippines, though some banks offer expedited options that cost extra. Your bank will charge a wire fee—usually $15 to $50 depending on the bank—plus a currency conversion fee built into their exchange rate. The recipient's Philippine bank may also charge a receiving fee, typically 100 to 300 Philippine pesos (roughly $2 to $6). The total cost is usually lowest for amounts over $500, because the flat wire fee becomes a smaller percentage of what you're sending.
To send a wire transfer, you need the recipient's Philippine bank's SWIFT code. You can find this on the bank's website or by asking the recipient to provide it. Major Philippine banks include BDO Unibank, BPI (Bank of the Philippine Islands), Metrobank, and PNB (Philippine National Bank). Each has a different SWIFT code depending on the branch, so make sure you have the correct one before you send.
Money transfer services (Western Union, MoneyGram)
Money transfer services like Western Union and MoneyGram let you send money that the recipient picks up as cash at a physical location, or deposit directly into a bank account. You can initiate a transfer online, through their mobile app, or at a physical agent location (often a grocery store, pharmacy, or dedicated money transfer shop). The process takes minutes, and funds are usually available within minutes to a few hours in the Philippines.
Fees for money transfer services are higher than wire transfers—typically $5 to $15 for amounts under $100, and $10 to $30 for amounts between $100 and $500. They also apply their own exchange rate, which is usually less favorable than what your bank offers. For a $500 transfer, you might pay $20 to $40 in combined fees and exchange rate markup. The advantage is speed: the recipient can pick up cash the same day or next day without needing a bank account.
Western Union and MoneyGram both have extensive networks in the Philippines. You can check their websites to find pickup locations near the recipient, or choose to have the money deposited directly into a Philippine bank account if the recipient prefers. The recipient will need a valid ID to pick up cash.
Remittance apps and digital transfer platforms
Remittance apps like Remitly, OFX, Wise, and Xoom are designed specifically for sending money across borders. You download the app, create an account, link your bank account or debit card, and send money in minutes. These services typically offer better exchange rates than Western Union or MoneyGram, and fees are lower—often $1 to $5 for transfers under $500. Delivery times range from same-day to two business days, depending on the service and the amount.
Wise (formerly TransferWise) is popular for large transfers because it uses the real mid-market exchange rate with no markup, and charges only a small flat fee plus a percentage of the amount. For a $500 transfer, Wise might charge $3 to $8 total. Remitly and OFX offer similar pricing and speed. These services deposit money directly into the recipient's Philippine bank account—there is no cash pickup option, so the recipient must have a bank account.
To use a remittance app, you will need the recipient's full name, bank account number, and the Philippine bank's SWIFT code or branch code. Most apps guide you through entering this information and show you the exact fee and exchange rate before you confirm the transfer. Some apps also offer a cash pickup option through partner locations, though this is less common than direct bank deposit.
Comparing costs and speed across methods
| Method | Typical Fee | Delivery Time | Best For |
|---|---|---|---|
| Bank wire transfer | $15–$50 flat fee | 3–5 business days | Large amounts ($500+) |
| Western Union / MoneyGram | $5–$30 + exchange markup | Minutes to hours | Cash pickup, urgent transfers |
| Remittance apps (Remitly, OFX) | $1–$10 + small percentage | Same-day to 2 business days | Bank deposit, regular transfers |
| Wise | $3–$8 + small percentage | Same-day to 1 business day | Large amounts, best exchange rate |
The cheapest option depends on the amount and how fast you need the money. For $100 or less, a money transfer service or remittance app is usually faster and not much more expensive than a wire transfer. For $500 or more, a wire transfer or Wise becomes cheaper because the flat fee is spread across a larger amount. If the recipient needs cash immediately and does not have a bank account, Western Union or MoneyGram is your only choice.
Exchange rates also matter. Your bank's wire transfer rate is usually within 1 to 2 percent of the real market rate. Money transfer services like Western Union mark up the rate by 2 to 5 percent. Remittance apps like Remitly and OFX mark up by 1 to 2 percent. Wise uses the real mid-market rate with no markup. Over a $1,000 transfer, a better exchange rate can save you $10 to $50.
What information you need before you send
For a wire transfer or remittance app deposit, you need the recipient's full name exactly as it appears on their bank account, their account number, and their bank's SWIFT code. The SWIFT code is a four-letter bank code followed by a two-letter country code and sometimes a two-letter branch code—for example, BDOBPHM for BDO Unibank in Manila. You can find this on the bank's website or ask the recipient to provide it from their bank statement or passbook.
For money transfer services like Western Union, you need the recipient's full name and a valid ID number (passport or national ID). You do not need their bank account information if they are picking up cash.
Double-check the recipient's name spelling and account number before you send. A wire transfer with incorrect information may be rejected by the Philippine bank, and you will have to request a reversal and resend. This can add several days to the process.
What happens if something goes wrong
If a wire transfer does not arrive after five business days, contact your bank and provide the confirmation number from your transfer. Your bank can trace the transfer through the Philippine banking system and determine whether it was received by the recipient's bank. If the money was received but not deposited into the account (usually because of a name mismatch or incorrect account number), the Philippine bank will hold it and your bank will need to work with them to resolve it. This can take one to two weeks.
If you sent money to the wrong account or the recipient's account number was incorrect, you will need to file a recall request with your bank. The bank will attempt to reverse the transfer, but if the money has already been withdrawn, recovery is difficult. Some banks charge a fee to file a recall request.
For money transfer services and remittance apps, contact customer support immediately if the money does not arrive within the promised timeframe. These services usually have faster dispute resolution than banks because they control both ends of the transfer. Keep your confirmation number and receipt.
Frequently Asked Questions
Do I need a Philippine bank account to receive money?
No, not if you use Western Union or MoneyGram—the recipient can pick up cash at a physical location with just a valid ID. If you use a wire transfer or remittance app, the recipient must have a Philippine bank account because the money is deposited directly into it.
What is the exchange rate, and can I lock it in before I send?
The exchange rate varies by service and changes throughout the day. Wise and some remittance apps show you the exact rate and fee before you confirm the transfer. Some services let you lock in a rate for 24 to 48 hours, though this usually costs extra. Your bank's wire transfer rate is set when the transfer is processed, not when you initiate it.
Can I send money to a minor's bank account?
Most Philippine banks allow transfers to accounts in a minor's name if the account is jointly held with a parent or guardian. Check with the recipient's bank before you send. Money transfer services like Western Union require the person picking up cash to be at least 18 and have a valid ID.
How much money can I send at once?
There is no legal limit on sending money to the Philippines, but individual services have their own limits. Western Union and MoneyGram typically cap transfers at $2,500 to $10,000 per transaction. Remittance apps and banks usually allow larger amounts. If you need to send more than $10,000, a wire transfer through your bank is usually the best option.
Will the recipient have to pay taxes on the money I send?
No. Money transfers from family members abroad are not taxable income in the Philippines. However, if the recipient earns interest on the money after it arrives, that interest is taxable. The recipient does not need to report the transfer to the Philippine tax authority.