Many Filipinos working in the UK send money back to their homes on a regular basis, where a majority goes toward the elderly, women and children. If you are a UK business owner with Philippine operations, you are also likely to make regular overseas payments to the Southeast Asian country.
Whether it is personal or business-related, cross-border payments to the Philippines from the UK will cost you in fees, which often grow with frequency, size, and the number of payments. Further, you could hit transfer limits or experience slow payment delivery times, depending on the bank or money transfer provider (MTP) you select.
The process could be complicated with paperwork, including the submission of sensitive documents like bank statements or government IDs. Not only that, every country has its own tax rules on international money transfers.
By the end of this guide, you will learn about any applicable taxes on UK-Philippines remittances as well as the best MTPs offering the fastest speeds, charging minimum fees, and supporting a variety of payment options in secure apps.
Top Money Transfer Providers to Send Money to Philippines
Money Transfer Provider | Fees | Deposit Methods | Regulator |
|---|---|---|---|
WISE | £0.63 + 0.46% (variable) | Bank transfer, debit card, credit card, Apple Pay, Google Pay | FCA regulated |
XE Currency | $0 for above $500 transactions. | ACH deposit, bank transfer, credit card and debit card | Euronet Worldwide member. Compliant with Europe's General Data Protection Regulation, the Canada Privacy Act, and the US Privacy Act. |
BCRemit | From £2.99 | Bank transfer, credit/debit card | FCA, HMRC regulated. |
Wise lets you send up to ₱9 million per transaction to the bank accounts of Philippine recipients at a fee of £0.63 + 0.46% (variable) of the converted amount. You can even send up to ₱50,000 directly to digital wallets like GCash, Starpay, JuanCash, among others.
As a business owner sending monthly payments to different countries, you can easily create a free multi-currency account on the Wise app. Payments to the Philippines could take up to two days to arrive. However, the MTP claims to settle 50% of transactions instantly. You can make deposits using Google Pay, Apple Pay, or using traditional bank transfers and credit/debit cards.
Regulated by the FCA, Wise offers a secure ecosystem of business API integrations compatible with most accounting and billing software. You can save up to 6X compared to UK banks using the Wise batch-pay tool that lets you pay up to 1,000 people at once.
- Transparent fees.
- Regulated worldwide.
- Payments at mid-market exchange rates.
- Additional verification for higher payments.
- No live chat support.
The FCA-regulated XE Currency lets you transfer up to $535,000 to the Philippines using their online platform, and higher amounts if you submit relevant documentation.
They accept funding via bank transfers, credit/debit cards, or via direct debit (ACH), and take from minutes to up to three business days to complete the transaction, based on the payment method. You can send the money directly to the recipient’s bank account or even to their mobile e-wallet using the linked phone number.
You incur no transfer fees, but third-party charges and an exchange rate markup could be applicable. If you are making business payments related to e-commerce or payroll processing, you could immensely benefit from XE’s API integrations, especially if you deal in multiple currencies.
For those who manage businesses on the go, you can create a free account on XE’s lightweight app and oversee international payments and currencies in one place.
- Euronet Worldwide member, compliant with Europe's General Data Protection Regulation.
- No transfer fees.
- Direct transfer to e-wallets.
- Refunds take up to 10 business days.
- Markup fees starting at 0.4%.
Regulated by the FCA and the HMRC, BCRemit allows you to exclusively send money to the Philippines from the UK for a fee of £2.99 via bank transfers. The fee starts from £3.99 for credit/debit card transfers.
It also has ties with major banks like Bank of the Philippine Islands (BPI), Metrobank, PS Bank, among others, which enables the MTP to complete payments in minutes.
There is no limit to the amount of money you can send. However, BCRemit conducts due diligence checks for transactions exceeding £7,000 as part of their anti-money laundering guidelines.
Fortified with industry-leading security, BCRemit ensures secure transfers while allowing the Philippine recipient to receive money via bank deposit, cash pick-up, or mobile digital wallets such as G-Cash and Paymaya.
- 24/7 customer service over email and call.
- Competitive exchange rates
- Award-winning app.
- Extra 0.5%-1% in fees for transactions above £500.
- Limited payment funding options.
How to Send Money to the Philippines Using a Money Transfer Provider?
The process of sending money to the Philippines by using an online money transfer service is simple. You only need to follow these three steps to execute a transaction!
Step 1: Compare Providers to Find the One That Best Fits You
Step 2: Sign Up with the Chosen Provider
Step 3: Transfer Money
What Are the Fastest Ways to Send Money to the Philippines?
The fastest ways to send money to the Philippines could come with higher fees. Several MTPs try to strike a balance between fees and fast payment processing speeds via collaborations with financial regulators and banks in the Southeast Asian country.
Money Transfer Provider | Transfer Speed | Fees | Get Started |
|---|---|---|---|
BCRemit | In real-time | From £2.99 per payment | |
Wise | In seconds | £0.63 + 0.46% (variable) | |
Western Union | In seconds | £0 transfer fees; third-party fees and exchange rate markup may apply |
MTPs like BCRemit could be your gateway to fast payments between the UK and the Philippines, while digital wallet users could benefit from real-time speeds facilitated by Western Union. Selecting the fastest service, however, doesn’t necessarily mean a quick transfer as transactions could be delayed if flagged for further checks by authorities.
What Is the Cheapest Way to Send Money to the Philippines?
When selecting the cheapest service to send money overseas, make sure to check the payment delivery estimate as low-cost payments are seldom the fastest. If you are making regular monthly payments like paying salaries to workers in the Philippines, you can select a low-cost option and schedule the payment in advance of the due date to save money and avoid delay.
Money Transfer Provider | Fees | Transfer Speed | Get Started |
|---|---|---|---|
Revolut | £0.75+0.15% per payment | In minutes | |
Western Union | £0 transfer fees; third-party fees and exchange rate markup may apply | In minutes | |
Remitly | £1.99 via bank deposit; first transfer free | In three to five business days. |
MTPs like Revolut handle medium-sized payments with ease and offer feasible rates compared to most of their peers. If you are moving big amounts, keep an eye out for free transfer offers generally available for new customers.
What Is the Safest Way to Send Money to the Philippines?
You can send money to the Philippines via bank transfer, credit/debit card, e-wallets, or cash pickups. Thankfully, many MTPs cover most of these payment routes. If you choose to directly make a wire transfer from your bank, be ready for higher fees and mediocre transfer speeds.
Regulated MTPs, however, can deliver your money to the Philippines in minutes at nominal costs. Given that MTPs are an emerging industry where all might not be able to provide bank-level protection, a few checks like how your money is safeguarded by MTPs could go a long way.
If your choice of MTP offers security features like biometric verification, two-factor authentication, or risk management services, consider yourself protected from cyber scams and phishing.
What Are the Best Apps to Send Money to the Philippines?
While international MTPs could enable lightning-fast payment transfers at low fees, not all have the same level of smartphone app quality. App compatibility with multiple platforms and a smooth interface allows users to efficiently make use of the services and features offered.
Money Transfer App | Transfer Time | Fees | Download Now |
|---|---|---|---|
Wise | In seconds | £0.63 + 0.46% (variable) | |
BCRemit | In minutes | From £2.99 per payment | |
Ria Money Transfers | Within four business days | $2.89 + exchange markup |
Top MTP apps like Wise happen to be super-responsive and are available on iOS and Android platforms. They are mandated to comply with app store guidelines and introduce modern safety features to protect user data. These apps allow you to manage all payment information and recipient details, as well as keep track of live exchange rate updates in one place.
Things to Consider When Sending Money to the Philippines
When sending money to the Philippines from the UK, choosing a decent MTP is one of the several things to keep in mind.
Your deposit amount could be subject to taxes and scrutiny for various reasons like large transactions or failure to provide the correct transaction purpose code. Keep these simple tips in mind for a hassle-free experience:
Local Authorities
The Philippines central bank, Bangko Sentral ng Pilipinas (BSP), and the Philippine Clearing House Corporation (PCHC) oversee the complete financial sector in the country.
The BSP rolled out the International Transaction Reporting System for Banks (ITRS) for better oversight of forex trades and international wire transfers. So, every time you send money to the Philippines, be it for business or personal purposes, make sure to include the correct purpose code, describing the nature of the transaction. However, the PCHC will usually have a closer look at your cross-border payments since all electronic transfers and checks are cleared in the country via this entity.
In the UK, the Financial Conduct Authority (FCA) and the HM Revenue & Customs (HMRC) are responsible for regulating and monitoring international payments.
How Much You Are Sending Abroad
There’s no limit to how much you can send to the Philippines from the UK.
If you are thinking of big transactions, especially for the first time, there could be some hold up by regulators at both payment origination and destination for several reasons. It could be a mismatch in purpose codes or routine scrutiny in line with anti-money laundering laws.
The amount of money you can send also depends on the MTP you select as they usually have a limit on transaction size based on country location, regulations, and serviceability. Some MTPs allow higher transfers if you provide documents like income source, bank statement, and a valid government ID.
The Cost of Money Transfer
International payment fees could potentially lower your business margins if you are employing workers in the Philippines and pay fees on all monthly salary payouts. Over time, the charges could also eat away at your hard-earned income that you send back home to support your family.
These fees often vary among MTPs and depend on how fast you want your money delivered, the distance from the destination, and the payment amount. MTPs often impose transfer fees, currency markup fees, as well as third-party fees, and are usually transparent about it.
Third-party fees could arise from your credit card provider or charges imposed by intermediary banks through which the money travels before reaching the destination bank. Several MTPs eliminate transfer fees while some execute payments at mid-market rates. For custom control on rates, your MTP might have a provision for forward contracts and market orders.
Payment Type and Reason for the Transfer
All funds sent to the Philippines from the UK are broadly categorised under business or personal payments.
Consider personal payments as a gift to a family member, while business fund transfers are trade-related and are often larger payments.
Some MTPs could be useful in sending trade-related money to the Philippines. Global payment platforms from MTPs like Wise help manage billing and invoicing in different currencies and at competitive fees.
Some MTPs come with API integrations, free multi-currency accounts, and a transparent rate structure to enable business payments, ultimately supporting business growth. However, creating business accounts could mean extensive paperwork and verification.
Tax Regulations in the Philippines
According to the Philippines Bureau of Internal Revenue, you are exempt from taxes if you are among people who "reside abroad, either as an immigrant or for employment on a permanent basis," as well as "citizens of the Philippines who work and derive income from abroad and whose employment thereat requires them to be physically present abroad most of the time during the taxable year."
If you are an Overseas Filipino Worker (OFW) registered with the Philippine Overseas Employment Administration (POEA) working in the UK, you are liable to pay income taxes in the UK but not the Philippines.
Therefore, all personal cross-border payments to the Philippines are tax-free. However, international business payments could be subject to taxes in some cases. The remittance purpose code will help the recipient in the Philippines report the transactions accurately when filing taxes.
In the UK, the HMRC will let you transfer up to £3,000 to the Philippines without attracting gift taxes.
What Do You Need to Send Money to the Philippines?
To send money to the Philippines, you would require the following:
Recipient name and current residential or business address
Recipient bank name and nationality, and account number
SWIFT/BIC code
E-wallet phone number with country code
Valid government ID and/or a selfie ID check
What Do You Need to Receive Money in the Philippines?
For cash pick-ups, the recipient can use a valid ID and a confirmation code to receive money in physical form at any of the pick-up locations. The recipient doesn’t require a bank account.
For all other forms of deposits or e-wallet payments, the receiver must have the following:
Valid bank account
Current residential address
A phone number for wallet transfer
Valid government ID or transaction reference number
