There are millions of Overseas Filipino Workers (OFWs) who are working abroad and they are looking for ways to send money to their loved ones in the Philippines. There are also other people who just want to retire in the Philippines and are finding methods on how to transmit their retirement money into the country after they move or relocate.

Many of these people who want to relocate or move have their ongoing income in many forms like investment or pension coming from a foreign country but want to receive their monthly earnings, retirement or compensation in the Philippines in order to spend for their basic needs and necessities. 

There are also times where people simply want to give a present or gift to their family, relatives or close friends but don't want to spend a lot on shipping costs during special occasions and holidays like birthdays, anniversaries or Christmas so they wish to have other ways on how to do this. Transferring funds these days could be affordable, fast and easy with the increasing number of people who want to send money to the Philippines and with the help of technology through well-established banks, financial institutions and international remittance companies.

Moderately Challenging


    • 1

      Open an account in a bank that is affiliated or associated with a well-established bank in the Philippines and you can also do this online. Your beneficiary will also open an account in the Philippines close to where the money will be withdrawn. 

      You can mail a payment to the closest branch in the country where you're currently residing to deposit funds into the account so that it can be forwarded to the Philippines. It would also be good that by the time that you'll visit the Philippines, you will open a joint "and/or" accounts together with your beneficiary or recipient. 

      Generally, banks offer a very high exchange rate for your dollar and it gives you more security and safety. Bank remittance operations normally charge lower fees when you remit funds to the Philippines. 

      Use a well-known and reliable bank in the Philippines that has a business connection with the Philippine Deposit Insurance Corporation (PDIC) so that your money will be safe by the time it will be deposited for a few days before your recipient or beneficiary can withdraw it. With this method, if you're in the Philippines during a visit and you wish to make a money transfer then there's also an international bank transfer facility nearby, a wire transfer of funds to a Philippine bank is really cheap.

    • 2

      Use an e-commerce business allowing payments and money transfers to be made via online. Most of these e-commerce businesses will serve as an electronic substitute to the traditional paper methods like money orders and cheques. All you need to do is to open an account that can be funded with an electronic payment from a bank account or by a debit/credit card. 

      The recipient of an electronic payment transfer can either request a check from this particular e-commerce business or ask for a transfer from their bank account that is affiliated with the e-commerce money remittance service or establish their own deposit account with them. If you think that this will be a good option for you then you can just type "well-established e-commerce business allowing payments and international money transfers" in any search engine that you like best and compare the best service providers.

    • 3

      Use global money transfer services online that prioritize in catering to people who want to send money to the Philippines. Many are affiliated with well-established banks in the Philippines. Since banks have strict policies, then some of these remittance service providers also need to follow some regulations. 

      For example, they may require that you send in several pieces of information in order to validate your identity before sending money to anyone. Generally, they will ask you documents like your drivers license or government issued ID with photo on it, a voided check or a copy of a recent utility bill with your address and name included. 

      There are also global money transfer services online that will ask for your Social Security Number (SSN) and will inform you that they will place it on their secured servers, well-encrypted and protected using a Secure Sockets Layer (SSL) technology to ensure your privacy. If you are not comfortable giving your SSN because of safety reasons then you could always choose to use other services that don't require it. 

      Most of these internet-based companies will receive your money online then they'll just contact a well-established Philippine bank and may directly deposit your fund overseas where the recipient can withdraw it in a particular day and time. You may also have an option to have it delivered via courier to the recipient's home. There are also affordable and secure online remittance companies that provide specialized money transfer services only from one particular country to another, for example from the United States to the Philippines exclusively.

    • 4

      You can also use other companies that offer wire transfer services that are stand-alone business entities and are not affiliated with banks or financial institutions. If you want to transfer or receive money through their services then you'll just open an account to their web sites. 

      You do not even have the need to open one if you'll personally visit their branches or offices that are located near your area. You should check whether their branches or offices in the Philippines are also located nearby where your recipient lives so that he or she can receive the funds without the need to travel so far.

    • 5

      Open an account at any bank in the country where you're currently residing and get an ATM card that uses an internationally accepted ATM system like Visa, Plus or Cirrus. You can send this ATM card to your recipient in the Philippines. 

      Your recipient or beneficiary in the Philippines can use this ATM card to withdraw funds at the nearest ATM in his or her city or town. ATMs are located almost everywhere in the Philippines. This is also convenient for you by the time you'll visit the Philippines. 

      You can just easily withdraw money from any ATM located at a local Philippine bank. You don't have to go to any foreign exchange dealer because the funds that you're going to receive will be in the local currency known as "pesos". Take note that there is a limitation on the amount which will be withdrawn on every transaction as well as the number of times that you can get money from the ATM. 

      It will usually take a day or a few more days before deposits will be available for withdrawal and their service fees are cheap. You can set up a withdrawal schedule in advance too. 

      There are international ATM fees that may apply and you need to check it out if you find this method good for you. Make sure that your recipient can receive the ATM card in the Philippines safely. If you can't give it in person then use a good and secure delivery service. Do not mail the PIN with the ATM card. You can later disclose it to your recipient or beneficiary through phone once he or she already has the ATM card.

    • 6

      Use your mobile phone to send money for your recipient or beneficiary. Some online remittance companies are offering consumers convenience and more options by allowing them to use their global mobile phones to send money to their loved ones in the Philippines. 

      A mobile money transfer program will provide people additional option to send and receive funds whenever they want to. If you wish to use this method then check if your mobile operator can work with any online remittance company that offers this option when sending a money transfer to the Philippines. 

      With technology advancement, the mobile phone has been transformed into a small container for financial transactions with the comfort and probably just the minimum cost of a text message. All you need to do is visit the online remittance company's website that offers this feature and follow the simple instructions that they'll provide so that you can send the money to your recipient's mobile number.

Tips & Warnings

  • The Philippines is well-known when it comes to mobile phone banking. It is one of the world's most systematized, refined and successful mobile money systems with billions worth of mobile money transactions every month in Philippine currency.

  • There are also affordable and secure online remittance companies that provide multiple recipients feature that will allow you to send money to more than one person at one time. So when you send money then you can share and transfer it to several recipients in one transaction and the service provider will also reduce the fee for each remittance where you can save time, effort and money. 

    You'll be confident that each recipient receives the exact amount and this is helpful too especially if your beneficiaries live in different parts of the Philippines.

  • Look for a trusted bank that has been serving the OFWs with dedication by offering their beneficiaries a series of financial services to help them manage and invest their money wisely. 

    Know if tha bank has a special program for Filipino overseas workers and residents where they can cater to their small business, investment, educational and retirement needs. 

    Always check if it is noted for its affordability and convenience when it comes to money transfer services especially for the Overseas Filipino Workers (OFWs).

  • Most online remittance companies affiliated with banks will usually verify the account number on the bank statement to make sure that there are no discrepancies in order for them to activate your bank account. They generally request you to blacken all the unnecessary information such as account balances, but you need to leave the account number evident. 

    They need to check if the account number you linked in your account with them is a match to your bank statement. Once they receive the copy of your bank statement, they will review it and activate it as soon as possible so that you can start sending money to your loved ones in the Philippines.

  • Do not enclose dollar bills inside envelopes, small boxes or cards and send them to the Philippines through ordinary mails. They may end up being stolen somewhere along the postal path or route from the US to your recipient's mailbox.

  • It may not be safe to request other people traveling back to the Philippines to give the money that you would want your beneficiary to receive. There could be instances that the intended recipient or beneficiary may receive the money either delayed, with disagreement in the amount sent or he/she was told that the money was stolen.