The Philippine peso, also referred to as the Flipino piso, (PHP) is the country’s official currency, and is denoted by the ₱ sign. The term piso has been in use since 2017, when the country adopted the Filipino language for its banknotes and coins. One peso is made up of 100 sentimos or centavos.
If you wish to send money to the Philippines through a bank to bank transfer, you will need to provide a Bank Routing Symbol Transit Number (BRSTN), a term commonly used in the country to refer to a Bank Identifier Code (BIC). Here are the BRSTNs of popular banks in the Philippines.
|Allied Banking Corporation||10320013|
|Bank of America, N.A.||10120019|
|Bank of China||11140014|
|The Standard Chartered Bank||10050011|
Western Union and WorldRemit provide services for sending cash to the Philippines. Sending cash can cost more in exchange rate margins and additional fees as the cash is handled by third-parties. WorldRemit can send cash instantly to the following locations.
It is possible to send prepaid mobile airtime top up to the Philippines. WorldRemit provides this as a service for all major Filipino mobile carriers.
The best way to send money to the Philippines is to carry out a bank account transfer. This involves sending money from your bank account to the recipient's bank account. Bank account transfers are usually more cost-effective than cash transfers. TransferWise, OFX, WorldRemit, and InstaReM are among the leading companies that carry out bank account transfers to the Philippines.
The cheapest way to send money to the Philippines is to transfer it into the recipient's bank account and pay for it through your bank account. You might need to pay an added fee if you wish to make a debit or credit card payment. Cash transfers are usually more expensive.
You may send money from the USA to the Philippines in the form of a bank account transfer or a cash transfer. Some companies offer home delivery of transferred funds. A few also let you top up mobile airtime and mobile wallets.
Zelle does not work in the Philippines. Zelle requires that the sender's and receiver's bank accounts be U.S. based. You may register with Zelle by using your email ID or a U.S. based mobile number. Then, you can look forward to carrying out quick transfers within the U.S.
There is always a cost involved when sending money through third-parties. This can be reduced by using a company that regularly sends money to the Philippines and has no additional fees. Using a coupon or offer can also help first-time customers to reduce the cost of one or more transfers. Some companies offer fee-free thresholds, where transfers above predetermined limits do not attract any fees.
You may send money to the Philippines via Western Union in the form of a bank account transfer or a cash transfer. This means you may pay for your transfer online or pay cash at a Western Union branch. The recipient will receive the money directly into their bank account, or can collect the cash by visiting a Western Union cash pick-up center.
Choose from one of the top money transfer service providers that supports online money transfers to your destination country. How you pay for the transfer might depend on the company you select. Your service provider will need the recipient's local bank account details. Some of the top companies that let you transfer money to the Philippines include OFX, XE and TransferWise.
There is no limit to how much money you can send to the Philippines. However, large value transfers tend to attract greater scrutiny from the country's regulatory bodies. This is because any transfer that exceeds US$14,000 needs to be reported in the Philippines.
The minimum and maximum amount you can send may depend on the company you select and the desired transfer method. For example, TransferWise lets you send PHP 480,000 per transfer to bank accounts, and PHP 100,000 per transfer to mobile wallets. With WorldRemit, the maximum amount varies based on the receiving bank. For instance, you may send up to PHP 500,000 to accounts held in Banco de Oro (BDO) and Metrobank where for other banks the limit is PHP 300,000.
Depending on where you live, you might use PayPal to send money to bank accounts in the Philippines, to cash pick-up centers, to PayPal wallets, and directly to a recipient's home. PayPal also lets you top up mobile airtime for users in the Philippines. People who live in the Philippines may use the services of PayPal to send money overseas and to shop online.