- a US bank account
- a US debit card or
- a US credit card.
Just go to the websites of these global remittance companies, register, choose their SEND option,
enter required data, and send money.
Money transfer fees will depend on the:
- amount of money you send
- source of money
- whether money will be received in the Philippines in peso or US dollars
- speed of transfer, if there is a choice
For amounts higher than the regular maximum limits, you will need to provide your IDs, address, and proof of source of funds.
This is probably the best online remittance service for money sent from the U.S. to the Philippines. This Xoom is the one used by my US employer to pay my monthly salary. At the first minute of the 28th day, I get an email from Xoom giving me my Xoom reference code and remittance amount. I go to BDO or Metrobank and get my US dollars over the counter.
To remit $1,000 to be received in US dollars, pay a remittance fee of $7.99, if you pay by bank account. Pay $25.99 if you pay by credit card or debit card.
If your $1,000 will be received in Philippine peso, the remittance fee is $4.99 if paid by bank account. Fee is $7.99 if paid by credit card or debit card.
2. PHILIPPINE NATIONAL BANK (PNB)
Send from your US bank account.
Remittance fee is $6.98 for sending $51 to $400.99 that will be received in dollars
Remittance fee is $7.48 for sending $401 to $900.99 that will be received in dollars
Remittance fee ranges from $8.98 to $14.98 for sending $901 to $2,999.99 that will be received in
3. LUCKY MONEY
For repeat customers with verified bank accounts, online money transfer is completed in minutes.
For new customers, a one-time bank account verification is done, and might take 1 to 2 days for the first bank-funded money transfer.
Sample remittance fee for US1,000 to be received in US dollars:
If sent from bank account, the remittance fee is $16
If sent from credit card, the remittance fee is $39
4. RIA FINANCIAL SERVICES
Your remittance will be converted into Philippine peso.
Your remittance fee for $1,000, funded from your bank account, is only $3, but your remittance will be converted to Philippine peso.
You can use Remitly if you live in the U.S., except in the states of
Money transfer is faster if you use your debit card. Using your credit card costs more than using your bank account or your debit card.
6. WELLS FARGO
You need to have an account with Wells Fargo.
You need to send your first remittance in person at your Wells Fargo branch, or through
your Wells Fargo Phone Bank account.
Your remittance in US dollars will be received by your recipient in peso.
The remittance fee for $1,000 is $5, and the amount to be issued to your recipient is 44,237.30.
Today, June 21, 2015, the exchange rate used is 1 USD = 44.2373 pesos; the exchange rate on
nailasmoneychanger.com is 1 USD = 45 pesos.
The remittance maximum limit per day through banks is $3,000.
Maximum per day through Cebuana or MLhuillier is $1,000
Remittance partners of Wells Fargo:
Bank of the Philippine Islands
Philippine National Bank
It claims that its exchange rate is higher than the rate of other remittance companies.
Your remittance fee can be as low as $3.99, depending on remittance amount, and type of delivery.
9. WESTERN UNION
Western Union advises you to use your debit card instead of your credit card to fund your remittance to avoid credit card cash advance and interest charges.
This online service is not available in Arizona and some parts of California, Texas and New Mexico.
Apply for your own
DISCOVER CREDIT CARD -- the best in Customer Satisfaction in 2014 in the U.S., based on a survey by J.D. Power.