How to send money to and from the Philippines

The Philippines relies heavily on money transferred into and out of the country, whether for business, or families and friends helping each other out.

An annual figure of around $33bn in 2020 makes The Philippines the fourth highest recipient in the world when it comes to inbound money transfers, with that figure representing 8.8% of the country’s GDP.

With sending money to and from the Philippines so widely adopted, there are many ways to make a transfer. Each has its own pros and cons and there are also rules and regulations to follow. So choosing the right money transfer provider for your own needs requires careful consideration.

What types of money transfer options are there?

Some of the most popular ways to transfer money to and from the Philippines are:

E-Wallets: E-wallets like STICPAY combine security with convenience and cost-effective fees. Users add funds to their digital wallets using credit and debit cards, bank transfers or cryptocurrency - then use the e-wallet service to send funds to others or pay for products and services.

Bank Transfers: Bank-to-bank online transactions are designed to pay money directly into a recipient’s bank account from another. Domestic wires usually take 1-2 days with little or no cost, but international bank transfers often feature high costs for senders. And they can take much longer, especially when intermediary banks are required to clear the transaction.

Money Transfer Operators: Third-party MTOs are online money transfer specialists who have their own internal networks to connect the sender and recipient to transfer money between the two parties. The service can be fast, although if an international currency exchange is required, poor exchange rates and high mark-ups can lead to larger fees.

Currency Broker: Also known as currency exchange companies or foreign exchange brokers, they change your money into another currency and send it internationally.

P2P apps and providers: These are simple person-to-person ways to transfer money between two parties, although both users often require accounts with the same third party solution being used.

Cryptocurrency transfer: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and other forms of digital currency can be used to pay for products and services. This option can be fast, with minimal fees and is highly secure, although some technical knowledge is usually required to use it.

What to consider when making transfers to and from the Philippines

In 2019, 58% of Overseas Filipino Workers were recorded as using banks to send money home, while around 41% employed the services of money transfer options. But the growth of the digital e-wallet market is certain to challenge that in coming years.

To transfer money to and from the Philippines there are four main considerations, and you need a service that is:

• Fast, avoiding delays.
• Easy and convenient to use, even allowing local bank transfer.
• Low cost when compared to other options.
• Highly secure.

With traditional cross-border banking transfer methods hampered by slow speeds (it can take up to five days or more to complete) and higher fees (there are often charges at both ends of the transfer), an e-wallet like STICPAY is a great alternative that uses an efficient network for local and international transactions.

The benefits of STICPAY for money transfers

STICPAY is an award-winning e-wallet service you can use to transfer funds to and from the Philippines.

With 29 different national currencies, three cryptocurrencies and 19 languages supported and iOS and Android smartphone apps sitting alongside a web-based platform, STICPAY is an easy-to-use e-wallet with mobile functionality.

Security is extremely important, and STICPAY implements advanced anti-fraud features and rigorous Know Your Customer (KYC) and Anti Money Laundering (AML) checks to protect its customers.

STICPAY offers customers numerous payment methods for deposits and withdrawals, including international and local bank wire, Visa, MasterCard, UnionPay China, and cryptocurrencies (Bitcoin, Ethereum, Litecoin.) 

Additionally, customers can use the built-in converter to exchange crypto to fiat currency and vice versa on the STICPAY platform.

International money transfers can be made within minutes if both parties have a STICPAY account, with minimal fees (1% client-to-client domestic and international transfers, capped at $35).

In the Philippines as well as Indonesia, Malaysia, Singapore, China and South Korea, STICPAY has partnered with local financial institutions to offer low-cost and fast local bank wire to its users.

Send money with STICPAY now

STICPAY is an excellent choice to transfer money in the Philippines in a secure, cost-effective and convenient way.

To get started, customers must create an account, which only takes a few minutes.

After filling out the form, STICPAY users confirm their Proof of Address (POA) by submitting documents such as utility or phone bills, bank statements, or letters issued by a recognised public authority.

Proof of Legal Existence (PLE) identity is also required, with options to use a passport, National ID card or driver’s licence.

Customers should also set up Two Factor Authentication for security, then they can immediately use the e-wallet to send funds to their friends, family or to buy products and services from STICPAY's merchant partners.

Are you ready to transfer money with STICPAY?

Create an account now!

Have questions? Contact STICPAY's rockstar customer support team to get your queries answered 24 hours a day!

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