Compare the best global money transfer fees and rates to send money to Philippines
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Compare money transfer services to Philippines
To help you find the best provider for your international money transfer to Philippines, we've compared 3 services, ranking them from least to most expensive, taking into account transfer fees and exchange rates.
What is the cheapest way to send money to Philippines?
- Wise: 11.32 SGD
- Remitly: 19.69 SGD
- CurrencyFair: 24.18 SGD
Wise, the cheapest option, has a Singapore Dollar/Philippine Peso exchange rate of 43.1204 and a fee of 11.32 SGD.
This would save you 12.86 SGD compared to CurrencyFair, who has a fee of 24.18 SGD.
You'll want to pay attention to both the upfront fee the provider shows you as well as the Singapore Dollar/Philippine Peso exchange rate.
Often providers will claim to be a cheap global money transfer provider, with low, or even no fees, but in reality they're hidden within the exchange rate. Right now, Singapore Dollar/Philippine Peso interbank rate is 43.1204. Whenever you compare fees for transferring money to Philippines, it can pay off to look at the exchange rate they offer.
Finding alternative ways to transfer money to Philippines shouldn't be hard, we've put together a list of cheap ways to send money to Philippines to help you with your search.
For example, most traditional banks add a hidden markup to the exchange rate they offer you. If 1 SGD is 43.1204 PHP, your bank can add a 3% exchange rate markup and give you a rate of S$ 1 = 44.41401 ₱
Wise is the cheapest option, with a SGD/PHP exchange rate of 43.1204. Their fees to transfer money to Philippines is 11.32 SGD
Remitly offers a SGD/PHP exchange rate of 42.7000. Their fees to transfer money to Philippines is 19.69 SGD
CurrencyFair offers a SGD/PHP exchange rate of 42.6450. Their fees to transfer money to Philippines is 24.18 SGD
What is the fastest way to transfer money to Philippines?
- Wise: Instant-2 Days
- Remitly: 0-2 Days
- CurrencyFair: 1-3 Days
Typically transferring money to Philippines will be much faster using a money transfer company compared to a bank that can take 3-5 working days. That’s because banks usually process international money transfers through the SWIFT network. This system involves passing a payment through several intermediaries, which slows the process down. Money transfer companies have often built their own networks to process payments faster - which can even mean your money is deposited instantly into your recipient’s account.
The fastest provider in our table to transfer money to Philippines is Wise - Instant-2 Days.
Learn more about instant ways to transfer money overseas here.
What is the best rated provider to transfer money to Philippines from Singapore?
Of the 3 providers we found for transferring money to Philippines, here's how they stack up in terms of number of reviews and average score:
- Remitly - Trustpilot rating: 4.5, Excellent
- Wise - Trustpilot rating: 4.3, Excellent
- CurrencyFair - Trustpilot rating: 3, Average
How to send money to Philippines?
You've got a few key options if you need to send money to Philippines:
Bank transfer to Philippines - most banks will let you transfer money internationally online, by visiting a branch or by phone. Payments to PHP will be sent directly from your bank account to your recipient's local bank account in your chosen currency.
Walk into a branch - several specialist money transmitter services operate through large branch and agent networks, so you can visit a physical store and make your PHP payment in cash if you want to.
Send money online to Philippines - if you'd rather make your SGD/PHP payment online or using your smartphone, you can choose your own bank's online banking service, or an international payment specialist. Specialist services can often offer better exchange rates and lower fees than banks.
Cash pickup - sending a payment for cash pickup can often be the fastest way to get your money into your recipient's hands. It's also usually one of the most expensive because it's being prioritized and can even be instant.
Compare providers
How to transfer money to another bank account in Philippines
Transferring money to another bank account to Philippines is often the most convenient option - both for you, and your recipient. Your recipient doesn't need to take any action to receive the money, it just lands in the nominated account in the currency you choose, and can be spent or withdrawn easily.
If you're sending money from a bank account in Singapore to a bank account in Philippines, choosing a specialist provider can be the cheapest and fastest way to make your payment. Different providers have their own processes for arranging payments - but the steps you'll take are usually roughly the same:
1
Create an account
Register a new account with your preferred service, by entering your contact details and some basic information. You may even be able to do this using Facebook or Google for convenience.2
Verify
Depending on the type of payment you're making, you may need to verify your account by uploading an image of your ID documents. This step helps keep your money safe, and is often a legal requirement.3
Top up
Add money to your account in dollars, using a bank transfer or card payment.4
Add recipient details and send
Once you're ready to send a payment, add your recipient's personal and bank account details, check the exchange rate and fee applied to your payment, and confirm. That's it - your money will now be sent, and you can track its progress online or in your provider's app.
Ways to pay for your money transfer to Philippines
Different money transfer services offer different options to fund your international money transfer. Luckily, you have plenty to choose from.
Typically bank transfer is the cheapest payment method, which is why it’s the method we use to compare providers on Exiap. Let's take a look at a few payment options for sending money from Singapore to Philippines with these providers:
Bank transfer, card (debit or credit), SWIFT, Google Pay or Apple Pay
Bank transfer or card (debit, credit, and prepaid)
Select a provider
Best app to transfer money to Philippines
| Provider | Website |  |  |
|---|---|---|---|
| Wise | ✅ | ✅ | ✅ |
| Remitly | ✅ | ✅ | ✅ |
| CurrencyFair | ✅ | ✅ | ✅ |
Wise: from Singapore to Philippines
CheapestFastestBest exchange rateBest transfer options
Wise offers online and in-app money transfer services to Philippines and 80+ other destinations around the world. You'll get the mid-market exchange rate to convert your Singapore Dollar, with fast transfer times. In fact, 50% of Wise transfers are instant*, and 90% get there in under 24 hours.
Pros and cons
- Mid-market exchange rates and low fees from 0.41%
- Send money abroad quickly - transfers can even be instant
- Send in 50 currencies to 70 countries
- No cash payment options
- No branch network
How much does it cost to send money to Philippines with Wise?
- Transfer fees: Send money from 0.41%
- Exchange rates: Mid-market exchange rate
- Additional fees: Transfer fees vary based on destination and how you choose to pay
* The speed of transaction claims depends on individual circ*mstances and may not be available for all transactions.
Remitly: from Singapore to Philippines
Free fee
Remitly international money transfers from Singapore can be made in 140. You might find Remitly is one of the cheapest ways to transfer money internationally, particularly if you benefit from a new customer promotion.
Pros and cons
- Send in a large selection of currencies
- New customer promotions available which can mean better rates and lower fees
- Large selection of payout options including cash collection
- You can’t pay for your transfer in cash
- Exchange rates may include a markup
How much does it cost to send money to Philippines with Remitly?
- Transfer fees: Fees vary based on how you choose to pay, and the currencies involved
- Exchange rates: Exchange rates may include a small markup, promotional rates available for new customers
- Additional fees: Fees vary based on how you choose to pay, and the currencies involved
CurrencyFair: from Singapore to Philippines
Most expensive
CurrencyFair can be a cheap international money transfer service with quick delivery times on many currency routes. There’s a low, flat fee per transfer, and you could also find you get a better exchange rate compared to your regular bank.
Pros and cons
- Send in 15 currencies
- Low transfer fees
- Many currencies can be delivered on the same day, or within 1 working day
- Exchange rates include a markup
- Pay in Singapore Dollar by bank transfer only, no card option
How much does it cost to send money to Philippines with CurrencyFair?
- Transfer fees: 24.18 SGD
- Exchange rates: Exchange rates include a markup
- Additional fees: Third party fees may apply depending on how you set up your transfer
Details needed to send money to Philippines
The details you'll need to send money internationally from Singapore to Philippines may vary by provider, and based on the value of the transfer. At a minimum, whenever you make an international bank transfer you will typically be asked for:
- Bank code
- Account number
- Address
Best way to send large amounts of money to Philippines from Singapore
When you’re sending a high value payment it’s especially important to do your research and find a provider which is safe and which offers low fees and great exchange rates. It’s also well worth comparing some providers based on transfer times, as the delivery time can also vary pretty widely.
Some international money transfer services offer discounts for high value transfers, either through lower fees or a better exchange rate. Use the Exiap cost comparison calculator to make sure you’re getting the very best deal available for your specific transfer.
How to send large amounts of money to Philippines
While sending a high value payment works very similarly to sending any other transfer overseas, the provider may require additional information to verify the payment. You might be asked to prove the source of the funds, for example, to comply with local and international financial services legislation. If you’re sending a large amount of money you’ll also need to make sure the provider you’ve picked can support the amount, as maximum payment limits may apply.
Here’s how to send a large sum of money internationally with a specialist international money transfer service:
1
Create an account
Register a new account with your preferred service2
Verify
Verify your account by uploading an image of your ID documents3
Add the transfer information
Including the value and currency4
Add recipient details
Add your recipient's personal and bank account details5
Fund your payment
Make a local bank transfer, use your card or pick another supported payment method. Your money will be on the move as soon as it's been received by the provider.
Safest way to send money from Singapore to Philippines
Choosing an international money transfer service can feel like a risk. However, our comparison tool will only ever recommend secure providers which operate within the law in any part of the world they’re in.
When you’re looking for the safest ways to send money to Philippines from Singapore you’ll usually want to look out for providers which are registered with and operate under the FCA. In some cases operators may also be regulated by the PRA. And if you’re sending money with your bank, you may also read about the FSCS. Too many acronyms? Let’s look at what they mean.
FCA - Financial Conduct Authority - almost all financial activities have to be authorised by the FCA. The FCA's job is to regulate and oversee financial activities to make sure standards are upheld and financial businesses are trading safely and legally.
PRA - Prudential Regulation Authority - the PRA exists to make sure banks, building societies, insurance companies and other similar financial institutions are being managed safely, to control risk and keep customer money safe.
FSCS - Financial Services Compensation Scheme - the FSCS protects customers when their bank, insurer or other eligible financial service company fails. You may be able to get compensation through the FSCS to make sure you don't lose out if your bank goes bankrupt or runs into other financial difficulties.
International money transfer limits to Philippines
There is no legal limit on how much money can be sent to or from Singapore, although banks and other payment providers may impose their own limits. Money transfer limits can vary quite widely between providers, and may also change depending on how you want to fund your transfer. You could find different limits in place when you pay by card compared to paying using a bank transfer, for example.
SGD/PHP exchange rate trends
As with many currencies, the SGD/PHP exchange rate moves over time, due to changes in supply and demand. Exchange rate fluctuations can be caused by underlying shifts in how well the economy in Singapore or Philippines is doing, changes in political stability, or even simple speculation, where traders buy or sell currencies based on how they think trends are going to change.
Right now, 1 Singapore Dollar buys 43.1204 Philippine Peso.
International bank transfer fee to Philippines
To wire money to Philippines using one of the international money transfer providers in our tables, the fees range from 11.32 SGD with Wise to 24.18 SGD with CurrencyFair (but the fee could be even higher with a bank). The exact cost depends a lot on where you’re sending money, how much you’re sending, how you want to pay, and how you want the payment to be received.
Typically sending money directly to a recipient’s bank account using a specialist service can be done with fairly low costs, while traditional bank transfer fees can be higher. Paying for your transfer with either a credit card or cash can often mean the fees crank up, too.
When you’re sending money internationally, don’t forget that the overall wire transfer fee you pay can include the transfer fee, an extra charge wrapped up in the exchange rate used, and third party charges like a cash advance fee from your credit card issuer.
Best money transfer rate to Philippines
The best rate available to send money to Philippines will usually be the mid-market exchange rate. The mid-market exchange rate is the rate used when banks buy and sell currencies on global markets.
However, this rate isn’t always available to individual customers sending money abroad. Instead, providers often add a markup - an extra fee - to the exchange rate they offer customers. This pushes up the costs and makes it harder to see exactly what you’re paying for your international bank transfer.
A provider which uses the mid-market rate for international transfers from Singapore to Philippines is Wise. Right now, the mid-market rate for a Singapore Dollar to Philippine Peso is 43.1204.
How long does a money transfer to Philippines take?
The length of time it takes to transfer money to Philippines depends on a variety of factors including the provider you use, how you’re paying, and how you want your recipient to get the money in the end.
From the providers that we display, the fastest international money transfer provider to Philippines is Wise, which can deliver the money to your recipient in Philippines in Instant-2 Days. The slowest provider to send SGD - PHP is CurrencyFair, which takes 1-3 Days to send money to Philippines.
Transfer money online with a credit card or debit card
Some specialist international money transfer providers do offer the option to fund transfers with a credit card or debit card. Paying for your transfer with a card can mean your funds are received quickly, so the provider can deposit the payment into the recipient’s account faster. However, this often comes with additional fees which might make it more expensive than paying by bank transfer.
Here’s a handy list of providers that support card payments:
Conclusion
When it comes to choosing the best provider for sending money to Philippines from Singapore, it really depends on what your needs are.
The cheapest provider shown in our comparison table is Wise and the fastest is Wise. If the transfer time is what you're interested in, then Wise is the fastest to transfer money to Philippines. Wise can get your money to your recipient to Philippines in Instant-2 Days.
If safety is what interests you the most when it comes to picking the best international money transfer provider to Philippines, then all the providers we listed above are regulated by different financial institutions and should be safe to send money to Philippines with.
Find the cheapest money transfer provider
Frequently asked questions when sending money from Singapore to Philippines
What is the best way to transfer money internationally?
There's no single best way to transfer money to Philippines. It all depends on your priorities. Different providers offer a different balance of cost, speed and convenience. Using our comparison tool to check out a range of providers is a good way to find the best option for you.
How to send money from Singapore to Philippines?
You can send money from Singapore to Philippines using your bank, a specialist money transfer service, an e-wallet, or by visiting a physical money remittance store. Each option has different pros and cons, so the best for you will depend on your specific transfer and personal requirements.
Can I send international money transfers from Singapore to Philippines for free?
You can't send money to Philippines from Singapore for free. International transfers cost providers money to arrange, so there's always a fee somewhere to make sure that the business covers its costs and generates profit. However, many providers choose to make the fees you pay trickier to spot by adding them into the exchange rates used for transfers.
When is the best time to transfer money from Singapore to Philippines?
There is no official best time to send money from Singapore to Philippines and that depends on a variety of factors such as when you need to send money or when you want the funds to be received. It’s also going to depend on a variety of other factors such as, the time when you send money or the fees you are offered by providers or banks.
How do I make sure my money is safe when transferring to Philippines?
All of the providers on our site are financially regulated in the countries they operate and hold the necessary licences. They have the highest security measures in place for fraud prevention and identity protection. However, it’s still better to be safe than sorry.
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