Send Money to Philippines from the USA at Best Exchange Rates

Highest remittance rate for converting US Dollar to peso is 1 USD = 50.44 PHP

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Best Way to Transfer Money to Philippines from the USA

We can see that the money remittance market has been growing at a fast pace as approximately USD$689 billion were transferred in 2018 as per the report of the World Bank. This amount has been mostly transferred to developing countries from developed countries like the USA, UK, Australia, etc., to the friends and families residing in other countries. One such country which receives large funds every year through remittance is the Philippines and that too from the USA, where millions of Filipino lives and transfer money back to country.

Therefore on this page, we have compared the “Top 10 money transfer service from the USA to the Philippines”.

Please find below the list of companies in sorted order which provide the "cheapest way to send money from USA to Philippines" by offering the highest exchange rates and low fee.

Country Guide - Philippines

Mid Market Rate

51.97

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Mid Market Rate

51.97

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Currencies:
USD-PHP USD-USD
Sort By:
BEST VALUE FASTEST
Pay-In
Pay-Out
You Pay (Includes Fee $ 0) $ 1
Receiving Amount
₱ 50.44
Realized Exchange Rate
50.44
remitly USD to PHP Exchange Rate
50.44
Best Value

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Transfer Time : 1-2 Days
Remitly is a one of the safest & leading money transfer service provider for sending money from USA to Philippines for sending amount 1. Today’s Remitly exchange rate for sending money from USD to PHP is 50.44 with a $ 0 fee. Based on the Exchange Rate IQ calculations it offers the Best Value for your money transfer. The realized exchange rate after considering the fees is 50.44. The pay in options available are Bank, also you can receive money using Bank, at multiple Remitly partner locations. The transfer time usually range between 1-2 Days. For more detailed review of Remitly click here
1 More Option Available

You Pay
(Sending Amount + Fee)

Exchange Rate
(remitly / Realized)

Receiving Amount
(Receiving Amount)

$ 4.99
Pay-In :
50.44 / 10.11
1-2 Days
₱ 50.44
Pay-Out :
Pay-In
Pay-Out
You Pay (Includes Fee $ 0) $ 1
Receiving Amount
₱ 47.8747
Realized Exchange Rate
47.87
ofx USD to PHP Exchange Rate
47.8747
5.1% vs Best Value

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Transfer Time : 1-2 Days
Ofx is a one of the safest & leading money transfer service provider for sending money from USA to Philippines for sending amount 1. Today’s Ofx exchange rate for sending money from USD to PHP is 47.8747 with a $ 0 fee. Based on the Exchange Rate IQ calculations it offers 5.1% less than the best value for your money transfer. The realized exchange rate after considering the fees is 47.87. The pay in options available are Bank, also you can receive money using Bank, at multiple Ofx partner locations. The transfer time usually range between 1-2 Days. For more detailed review of Ofx click here
Pay-In
Pay-Out
You Pay (Includes Fee $ 3) $ 4
Receiving Amount
₱ 51.35
Realized Exchange Rate
12.84
money2anywhere USD to PHP Exchange Rate
51.35
74.54% vs Best Value

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Transfer Time : 3-5 Days
Money2anywhere is a one of the safest & leading money transfer service provider for sending money from USA to Philippines for sending amount 1. Today’s Money2anywhere exchange rate for sending money from USD to PHP is 51.35 with a $ 3 fee. Based on the Exchange Rate IQ calculations it offers 74.54% less than the best value for your money transfer. The realized exchange rate after considering the fees is 12.84. The pay in options available are Bank, also you can receive money using Bank, at multiple Money2anywhere partner locations. The transfer time usually range between 3-5 Days. For more detailed review of Money2anywhere click here
1 More Option Available

You Pay
(Sending Amount + Fee)

Exchange Rate
(money2anywhere / Realized)

Receiving Amount
(Receiving Amount)

$ 7
Pay-In :
50.94 / 7.28
3-5 Days
₱ 50.94
Pay-Out :

More Options For Different Sending Amount

We have rates for some more providers but for either less or more sending amount
Xoom offers you fast, easy, and secure ways to send money, reload phones, and pay bills for family and friends around the world

Supported Amount - $10 to $ 3149
Exchange Rate
50.391

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TransferWise operates on a peer-to-peer exchange basis, meaning that two individuals exchange currencies between themselves, without an intermediary,such as a bank.

Supported Amount - $6 to $ 9703
Exchange Rate
52.21

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Transfast continues to expand its proprietary network,covering 120+ countries in the Americas, Asia, Africa, Europe and Australia.

Supported Amount - $50 to $ 10000
Exchange Rate
50.52

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Placid Express is an affordable and efficient alternative choice for consumers sending money over 30 countries

Supported Amount - $11 to $ 20000
Exchange Rate
51.31

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Pangea Money Transfer very simple to use, they are efficient through it's competitive rates

Supported Amount - $20 to $ 2999
Exchange Rate
50.76

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Founded by Prajit Nanu and Michael Bermingham, InstaReM is a digital fintech company which provide money remittance services.

Supported Amount - $50 to $ 20000
Exchange Rate
52.22

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Wellsfargo is a money transfer company which is available 24/7, cheaper, faster, simpler and easier to understand.

Supported Amount - $25 to $ 3000
Exchange Rate
51.1548

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More Available Options

You can check rates of some more providers that may support your country
Western Union is an American financial services company which offer money remittance to more than 200 countries across the globe.
World First is a UK-based foreign exchange company. It offers currency exchange and international payments to private clients, corporate and e-Commerce clients in the UK and a number of other countries.
Travelex is a money remittance company which is specially known for providing effective services to travelers across the world. People can transfer money online, use its money card and get currency exchanged at its stores. 
Muncha Money Transfer is an online platform to send money from US to Nepal in association with Everest Bank Ltd.
Safe, Legal and Easy way to Send Money.Guaranteed Exchange Rate from USA to Nepal and India

Exchange Rate IQ Summary for Money Transfer From USA to Philippines

  • Which is the best option available to send money from USA to Philippines after comparison?
  • With our real-time comparison on sending money from USA to Philippines ,
      we have found Remitly remittance services who are providing competitive exchange rates.
  • Top 3 companies are - ( Remitly, 50.44 ) ( Ofx, 47.87 ) ( Money2anywhere, 12.84 ) .
  • To remit money in the bank account of Philippines, best companies is ( Remitly, 50.44 ).
  • Current money transfer offeres/promotions are available with Remitly, Ofx money transfer services.
  • For quick money transfer from USA to Philippines with agent service is Remitly with exchange rate 50.44.
  • Available pay in when sending money from USA to Philippines Bank.
  • Available pay out when sending money from USA to Philippines Bank.
  • Other options to transfer money from USA to Philippines are Westernunion, Worldfirst, Travelex, Muncha, Prabhuonline .
  • The comparison result was last updated on Sep 16, 2019.
  • For the latest comparison result of USA to Philippines, Please visit ExchangeRate IQ regularly.

How to find the best money transfer to the Philippines from the USA

The USA to the Philippines is one of the most competitive transfer corridors where many people look for the cheapest services, so here we have bought you some of the best money remittance companies. These companies provide multiple offers to reduce the transfer fee and deliver funds at best exchange rates. But the major question arises that after seeing competitive exchange rates, which company you should pick to transfer funds from the USA to the Philippines.

A large number of banks, MTOs and startups are also offering these services to customers with multiple offers and benefits. Due to this competition, consumers now have a large number of choices and negotiating power. But again the question arises is which is the “best money transfer company” according to your needs and requirement of the recipient. So, here are few base points which you should consider before transferring the US Dollar to Philippine Piso:

  1. Speed: How soon you want your money to reach the recipient? If you want to transfer money faster, you can use cash pickup services of WorldRemit which provides the instant transfer. While, if you have no emergency, then you can use services of InstaReM, Placid, TransferWise and Transfast money transfer, which will deliver funds in 2-3 working days.
  1. Exchange Rate: The companies offer different exchange rates depending on the fees they are charging and their margin of profit. For example, InstaReM offers live mid-market exchange rates but keep it locked until it reach the recipient. Besides this, WorldRemit changes it depending on the pay-out option you choose.
  1. Fees and Other Taxes: There are taxes levied on every transfer depending upon the policies of both the countries which will be deducted from the amount paid. The fee is charged by companies on different types of transfers. Before transferring, first watch out that you will not end up paying more than you should.
  1. Transfer Convenience: If one can transfer in an easy way without any support of customer assistance, then the company is considered as highly convenient. You can make transfers online without physically visiting its office. In the era of digitalization, mobile apps are also necessary which can ease the transfers anytime anywhere. WorldRemit, Transfast, XE Money Transfer, TransferWise, and OFX Money Transfer are also providing their mobile app.

International ACH Vs Wire Transfer

ACH and Wire transfers are the most common method used by migrants living in the USA to send money back to their families. But both differ from each other on the basis of fees, transfer speed, safety and certainty. So, here are the common differentiation points of both the services:

  • Transfer fees: ACH transfers are almost always free for the consumers, especially, when you are receiving the funds. Even if you are sending money abroad, using apps or P2P payment services is usually free or around $1 per payment who frequently uses ACH services. While in Wire Transfer, banks and credit unions charged in between $10 to $35 to make an international money transfer, which makes Wire Transfer costly.
  • Transfer Speed: Amount send using Wire Transfer services will be received by the recipient within a day or even instantly. While the amount sent via ACH transfer will be received by the recipient after 2-5 working days. So, if you want to transfer funds in an immediate manner and in large amount, you can select Wire transfer of any bank or transfer company.
  • Safety and Certainty of Transfer: ACH transfers are bit safer compared to Wire transfers as they get completed from the bank account while Wire transfers are completed manually by bank staff. At the same time, you can send money and request payment in ACH transfers. On the other hand, you can only send money using Wire transfer.

So, both the transfer services are best at their places, but if you have no emergency and looking for a more secure option, you must go for ACH transfers to send money from the USA to the Philippines.

Tax and regulations on transferring large amount to the Philippines

Both the USA and the Philippines have set regulations and taxes on transferring the large amount to and from the Philippines. If you send more than USD $10,000 from the USA, you need to report the USA government while if you transfer or receive more than USD $14,000 in the Philippines, you need to inform the government there. “Maximum money transfer to the Philippines” amount to USD $15,000 in one transfer so you should be careful while making an international money transfer.

If you fail to file the large remittance then it may result in penalties. Even if mistakenly, someone forgets to report the amount received, then they could be found by the tax courts to have willfully filed a false or fraudulent claim, which comes with a 50% penalty on the tax due. So, if you are sending a larger amount to the Philippines from the USA, you need to provide the details of transfer to both the governments.

FAQ's

How to send money to Philippines from USA?

There are many best ways to send money to the Philippines from the USA and you can select the one which suits your requirements. These are:

Bank transfers: You can make bank account to bank account transfer from the USA to the Philippines if you want to send large amount.

Money transfer companies: If you want to send a small amount up to $10,000 you can use the services of money transfer companies. They offer high exchange rates at lower transfer fees.

Cash pickup services: Money transfer companies also offer cash pickup services in many countries including the Philippines. You can transfer money with them through a bank account, debit card or credit card and the same will be received by the recipient within an hour.

Money order: In money orders, the recipient will receive a fixed amount of sum from the post office which was prepaid by the sender at a bank or post office in the USA.

Discuss this question

How much is the fee to send money to Philippines from USA?

Every company has different fee depending on its working model and transfer process. Still one needs to pay approximately $5-$10 for making a transfer from USA to Philippines.

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Can I send money to Philippines online using credit card from USA?

Yes. You can send money to Philippines online using your credit card from money transfer companies. You can use credit card for making fast delivery of the funds. Besides, money transfer companies charge higher fees for using credit cards.

Discuss this question

Why do money transfer companies offer different exchange rates for the Philippines?

Different companies have different business models. Some offer zero fees while taking an exchange rate margin, while others ask for an upfront fee. These companies deduct costs, profits, commissions and margins from the exchange rates they are offering. Therefore, all the companies have different exchange rates to offer to its customers.

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Can I transfer money from US to an account in another name to the Philippines?

Yes, most money transfer companies require you to add the details of the receiving party. If you are sending money to the Philippines online you will have to add the bank accounts of the receiving party. However, many companies do not allow third-party transfers, so you mostly need your own account.

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Are money transfers regulated in US?

Yes, money transfers are regulated by the US government. If you transfer more than the US $10,000 then you have to share your as well as the recipient’s personal details with the government.

Discuss this question

Historical Mid Market Exchange Rate From US Dollar (USD) to Peso (PHP) (Weekly)

Current Exchange Rate(Mid Market) :- 51.97 PHP/USD

Mid-market Rate is a currency exchange rate. Usually traders in currency exchange market have two exchange rates -
  • Selling exchange rate - at which sellers are willing to sell a particular currency and
  • Buying exchange rate - at which buyers are willing to buy a particular currency.
Mid-market rate is the mid-point of these two rates. This is the most transparent and the most accurate exchange rate. It is also known as “Interbank Rate” or “Spot Rate” or “Real Exchange Rate”. This is the rate which independent sources like Reuter, Google etc show.

Compare Currency Conversion USD To PHP

Send US Dollar To PHILIPPINES Receive Peso
1 USD TO PHP 51.97
50 USD TO PHP 2598.5
100 USD TO PHP 5197
250 USD TO PHP 12992.5
500 USD TO PHP 25985
1000 USD TO PHP 51970
5000 USD TO PHP 259850
10000 USD TO PHP 519700
Receive Peso Send US Dollar To PHILIPPINES
1 PHP FROM USD --
50 PHP FROM USD --
100 PHP FROM USD --
250 PHP FROM USD --
500 PHP FROM USD --
1000 PHP FROM USD --
5000 PHP FROM USD --
10000 PHP FROM USD --

Click To Compare Money Transfer Services For The Following

USD

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