Best Money Transfer & Remittance Companies in the Philippines [International & Domestic]

Last Updated on – Sep 21, 2022 @ 8:13 am

According to the 2018 World Bank report, the Philippines raked in $32.6 billion (₱1.72 trillion) of remittance in 2017, making it the third largest remittance receiving nation in the world that year, with majority of those remittances coming from OFWs.

Perhaps you are a business owner looking for the best way to send money to your remote team in the Philippines?

Or maybe you are an OFW looking for the most convenient way to send money to his or her loved ones in the country?

Then you’ve come to the right place. We’ve rounded up the best money transfer and remittance companies in the Philippines to guide you in making the right choice.

What is Money Transfer?

Money transfer is the act of transferring money from one place to another.

It can be done electronically and physically and comes in various forms such as:

• Money order. Making payments using a paper document such as money gram, or a postal check. A payment guarantee from the sender is needed before a money order is released.
• Electronic funds transfer. Transferring money from one bank account to another.
• Wire transfer. Refers to an electronic transfer of money from one bank to another via a network.      

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What is Remittance?

Remittance is the earnings that an overseas worker sends to his or her home country.

This can be done either through online transfer or mail. Wire methods may also be used to facilitate its transfer. The funds gathered from such transfer contributes to the economy of the receiving country.

Difference between Money Transfer & Remittance?

Technically, money transfer and remittance serve the same purpose.

It’s just that the latter specifically refers to funds that get sent to another country while money transfer refers to all cashless modes of payments in general.

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Factors to consider when Sending Money overseas or within the Philippines

There are many factors to consider when sending money overseas or within the Philippines. These are:

1. Dependability of the Company – Is the remittance company reliable? Make sure they are by checking the company’s license and track record.
2. Cost of Transaction – If you’re transferring money from the Philippines and vice-versa, consider the current exchange rate. You might also want to look into how much the fee for the remittance or money transfer will be. Don’t forget to check for any hidden charges or possible promos.
3. Speed of Transaction – How fast would the funds get to your recipient?
4. Accessibility – Will the location or means of transfer be accessible to the recipient? How convenient would it be for him or her?
5. Customer Support – It’s also important that the remittance company you’ll use has capable customer service representatives to serve you.

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10 Best Remittance Companies for OFWs & Overseas Money Transfers

1. Western Union

Type: Traditional and Online
Maximum Transfer Amount: $5000
Delivery speed: Instant
Transfer methods: Cash pick-up, Direct to Bank, Mobile Transfer
Western Union Rates:

Principal	Fee
$0.00 – $50.00	$13.00
$50.01 – $100	$14.00
$100.01 – $200	$21.00
$200.01 – $300	$27.00
$300.01 – $400	$32.00
$400.01 – $500	$37.00
$500.01 – $750	$42.00
$750.01 – $1,000	$47.00
$1000.01 – $1,250	$55.00
$1,250.01 – $1,500	$60.00
$1500.01 – $1,750	$70.00
$1,750.01 – $2,000	$80.00
$2,000.01 – $2,500	$100.00
$2,500.01 – $3,000	$120.00

Fast, reliable, and convenient, that’s how Western Union describes its service.

In just minutes, your recipients can redeem the money that you’ve sent. Backed up by 145 years of experience, it is guaranteed to be reliable. And with over 500,000+ agent locations around the world, there’s almost always a physical branch near your recipient.

How Western Union works (sending and receiving)

Sending from agent location

1. Fill out Send Form
2. Submit completed form with your desired amount to send, together with a valid ID.
3. Pick up your receipt and let your recipient know the tracking number. This will allow you to check if the payment has been received.

Receiving money at an agent location

1. Indicate the complete name of the sender, tracking number, and amount sent in the Receive Form.
2. Claim your money and receipt.

Western Union Pros and Cons    

  Pros

• Transfer money in an instant.
• Allows for transfer of funds as low as $1.
• Available in 200 countries and territories worldwide.
• Several transfer options available.
• Proven track record–160 years in the industry.

   Cons

• High transfer fees compared to others.
• Maximum transfer amount is only $5,000.

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2. MoneyGram

Type: Traditional and Online
Maximum Transfer Amount: $6,000
Delivery speed: 1 day
Transfer methods: Online, Cash Transfer, Agent, Bank Account to Bank Account, International Money Order
MoneyGram Rates: Can be calculated using the “Estimate Your Transfer” tool on the website; computation may also be requested via their Facebook page.

MoneyGram provides money transfer and payment services worldwide with financial inclusion in mind. It has 350,000 agent locations around the globe, and takes pride in its innovative online and mobile platform.

How MoneyGram works?

Sending money via a Moneygram branch

1. Go to a MoneyGram branch near you.
2. Indicate the name of the receiver, his or her details, and how much money you are going to send.
3. Select where you’ll be getting your funds from (i.e. credit card, debit card, or from your bank account).
4. Submit the completed documents and amount to the agent.

Sending directly to bank accounts

1. If you are going to send it online, choose the Account Deposit option and send to your desired recipient.
2. If you are going to send the money in person, go to the MoneyGram location nearest you to process your transfer.

MoneyGram Pros & Cons

Pros

• 350,000 locations in more than 200 countries and territories around the world.
• Same-day transfers.
• Home delivery and cash pickup options.
• Transfer as low as $1

Cons

• Can only send a maximum of $6,000 online
• Fees vary depending on payment type and transfer destination
• Local exchange rates depend on destination

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3. TransferWise

Type: Online
Maximum Transfer Amount: Private individual – $50,000 per day and $250,000 per year; Business – $250,000 per day and $1,000,000 per year
Delivery speed: 0-24 hours
Transfer methods: ACH, bank transfer, debit card, credit card
TransferWise Rates:

Principal	Fee
Up to $135,000	0.75% Fee + $ 3.50 USD
Amount over $ 135,000.00 USD	0.75% Fee on initial $ 135,000.00 USD, 0.63% on anything over + $ 3.50 USD

TransferWise has been in the market for eight years. It aims to make transferring funds easier by providing an online platform that allows users to send money for very little cost. It has 11 offices and 1,300 employees in 4 continents.

How TransferWise works

1. Go to their website and create an account – TransferWise.com – or you can also download their mobile app.
2. Enter the amount you want to send online on the app or via their website.
3. See calculation.
4. Provide the transfer details of your recipient.
5. Transfer funds.

TransferWise Pros & Cons

Pros

• Can transfer as low as $1
• Relatively high maximum transfer amount up to $49,999 a day
• Apps available for Android and iOS
• Adopts a mid-market exchange rate.
• No hidden charges.

Cons

• No physical pickup option.
• Does not allow transfer of same currencies.

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4. WorldRemit

Type: Online
Maximum Transfer Amount: $9,000
Delivery speed: Instant
Transfer methods: Cash pick-up, direct to bank, mobile top-up, mobile transfer
WorldRemit Rates: Fees vary depending on the exchange rate at the time of sending. You can calculate it using the WorldRemit tool.

WorldRemit provides a variety of funds transfer options to the consumer making it easier, faster, and more affordable.

Currently available in 145 countries, users may choose among cash pickup, bank deposit, mobile money, and airtime top-up as your pickup method.

How WorldRemit works

1. Go to their website – WorldRemit.com
2. Choose which country you want to send money to.
3. Choose your preferred pick-up method.
4. Indicate how much you want to send and the details of the person you will be sending funds to.
5. Choose your payment method and send.

WorldRemit Pros & Cons:

Pros

• Allows transfers as low as $1
• Available in more than 140 countries
• Has a variety of payment options such as ApplePay, Android Pay, debit or credit card, and bank transfer.
• Can be used to send money to mobile wallet accounts

Cons

• Transfer fees increase with the amount you send.
• Can only send a maximum of $5,000

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5. LBC Home

Type: Traditional and Online
Maximum Transfer Amount: Equivalent of ₱99,000 in cash for immediate pick-up; funds amounting to ₱100,000 and above may be processed as well, but will be received in check form. For more details, call 1-855-4PADALA.
Delivery speed: Instant
Transfer methods: LBC Instant Peso Padala, LBC Spend and Swipe, bank deposit, and home delivery.          
LBC Home Rates:

Amount sent	Fee if paid via bank account	Fee if paid via credit card
$99	$4.99	$4.99
$101 – $200.99	$4.99	$8.00
$201 – $300.99	$4.99	$12.00
$301 – $400.99	$4.99	$15.00
$401 – $500.99	$4.99	$20.00
$501 – $800.99	$4.99	$35.00
$801 – $2000.99	$4.99	$50.00

LBC@HOME was born out of LBC’s effort to provide remittance services to Filipinos abroad.

Users may choose from various transfer methods such as LBC Instant Peso Padala, LBC Spend and Swipe, bank deposit, and home delivery.

How LBC@HOME works

1. Got to an LBC branch near you and fill out the necessary documents.
2. Sign up for an account at www.lbchome.com and send funds online.
3. Transfer funds via calling 1-855-4PADALA. Note: Applicable only to certain locations.

LBC@HOME Pros and Cons

Pros

• Widely available across the Philippines
• Sender may choose from a variety of transfer methods

Cons

• Some payment methods are available only to residents of certain states.
• Can only transfer funds from the US

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6. Remitly

Type: Online
Maximum Transfer Amount: Varies depending on the requirements you are willing submit and the tier you fall under: $2,999 – $18,000 for Tier 1, $6,000 – $36,000 for Tier 2, and $10,000 – $60,000 for Tier 3.
Delivery speed: Instant (Express), Economy (3-5 days)
Transfer methods: Cash Transfer, Online, Bank Account to Bank Account
Remitly Rates:

Fees for when the funds are received in pesos

Send Amount (USD)	Express Fee	Economy Fee
$0 – $999.99	$3.99	$0.00
$1000 or more	$0.00	$0.00

Fees for when your recipient receives in US Dollars

Send Amount (USD)	Express Fee	Economy Fee
$0 – $99.99	$9.99	$6.99
$100 – $199.99	$9.99	$6.99
$200 – $299.99	$9.99	$6.99
$300 – $399.99	$11.99	$6.99
$400 – $499.99	$13.99	$6.99
$500 – $599.99	$15.99	$7.99
$600 – $699.99	$17.99	$7.99
$700 – $749.99	$19.99	$7.99
$750 – $799.99	$19.99	$8.99
$800 – $899.99	$21.99	$8.99
$900 – $999.99	$23.99	$8.99
$1000 – $1099.99	$25.99	$10.99
$1100 – $1199.99	$27.99	$10.99
$1200 – $1299.99	$29.99	$10.99
$1300 – $1399.99	$31.99	$10.99
$1400 – $1499.99	$33.99	$10.99
$1500 – $1599.99	$35.99	$12.99
$1600 – $1699.99	$37.99	$12.99
$1700 – $1799.99	$39.99	$12.99
$1800 – $1899.99	$41.99	$12.99
$1900 – $1999.99	$43.99	$12.99
$2000 – $2099.99	$45.99	$14.99
$2100 – $2199.99	$47.99	$14.99
$2200 – $2299.99	$49.99	$14.99
$2300 – $2399.99	$51.99	$14.99
$2400 – $2499.99	$53.99	$14.99
$2500 – $2599.99	$55.99	$14.99
$2600 – $2699.99	$57.99	$14.99
$2700 – $2799.99	$59.99	$14.99
$2800 – $2899.99	$61.99	$14.99
$2900 – $2999.99	$63.99	$14.99
$3000 – $3999.99	$63.99	$17.99
$4000 – $4999.99	$63.99	$21.99
$5000 – $5999.99	$63.99	$24.99
$6000 – $6999.99	$71.99	$27.99
$7000 – $7999.99	$77.99	$30.99
$8000 – $8999.99	$84.99	$33.99
$9000 or more	$93.99	$37.99

Remitly allows users to transfer funds to bank accounts across different parts of the Philippines.

Other receiving options include cash pick-up at partner merchants such as M Lhuillier, Cebuana Lhuillier, SM Malls, and Globe outlets.

How Remitly works

1. Create an account on their website – Remitly.com
2. Enter your recipient’s information and the amount you are sending.
3. If you are paying via bank deposit, provide your recipient’s banking details as well.
4. Choose your payment method. Pay with your bank account, credit card or debit card.
5. Confirm your transaction.
6. Click “Send Money” to complete your transfer.
7. Check your mobile phone. Remitly will send text updates on your transaction to your phone.

Remitly Pros & Cons

Pros

• Transferring money can be done in an instant through their app and/or website.
• Cash pickup option available.
• Status updates available for easy tracking.

Cons

• Maximum daily limits may not be enough for some.
• Government-issued ID is needed and more documents are required to qualify for the higher tiers.

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7. PayPal

Type: Online
Maximum Transfer Amount: No limit for verified accounts
Delivery speed: Instant. 2-4 days for fund transfers to your bank account.
Transfer Methods: Online or via the app using funds from existing PayPal account balance, linked bank account, linked credit or debit card
PayPal Fees & Rates:

1. Personal Transfers: 0 Fees
2. Transfer rate when using a business account:

Paypal is one of the most popular digital fund transfer platforms around the globe.

It currently has 267 million active users, and is available in more than 200 countries It allows its users to receive money  in 100 currencies and, withdraw in 56 currencies, and maintain balances in 25 currencies.

How PayPal works

1. Go to PayPal and sign up for an account.
2. Log in and select the Send Money tab.
3. Input the contact number or email address of your receiver.
4. Review the total and all the information the click Send Money.

PayPal Pros & Cons

Pros

• Fast and user-friendly.
• Transactions are done on a safe and secure platform.
• Reliable customer service.
• Cost-effective.
• Broad scope. Available in more than 200 countries worldwide.

Cons

• May not be suitable for sending large sums of money due to its fee scheme. Because the larger you send, the higher the fee you are expected to pay.
• Exchange rates not as promising as other money transfer companies.
• Users may need to go through a verification process to lift limitations that may be placed on accounts from time to time.
• Takes 1-4 days to transfer your funds from PayPal to your bank account (but can be transferred to GCash instantly).

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8. Xoom

Type: Online
Maximum Transfer Amount: $10,000 per transaction; $10,000 per 24-hours; $25,000 per 30 days; $60,000 per 180 days
Delivery Speed: Instant for Cash Pick-up and bank deposit; 6 hours to 2 days for door-to-door delivery
Transfer methods: bank account, credit card, debit card
Xoom Rates:

Method	Transaction Fee
Bank Account	$ 0.00
Credit Card	$5.99 (+additional charges from credit card company)
Debit Card	$5.99

Part of the PayPal group of companies, Xoom provides its users simple, fast, and secure methods to transfer funds. It also offer services for mobile reloading and bills payment.

How Xoom works

1. Create a Xoom account or download the app on your mobile phone.
2. Determine how much money you want to send, how your recipient will claim it, and your desired payment method.
3. Send amount.

Xoom Pros & Cons

Pros

• Reliable customer support 24/7.
• Rates are relatively cheaper than its competitors.
• Safe and secure platform.
• Tracking available.
• Money-back guarantee in case the funds do not reach your intended recipient.

Cons

• Not available worldwide.
• Requires government-issued ID.
• No live support.

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9. Payoneer

Type: Online
Maximum Transfer Amount: No limit
Delivery speed: 3-5 days
Transfer methods: Online, Bank Account to Bank Account
Payoneer Rates:

Receiving payment from another payoneer customer	Free	USD, EUR, GBP, JPY
Receiving payment via receiving accounts (Global Payment Service)	Free	USD, EUR, GBP, JPY, CAD, AUD and CNY
Directly from customers	0-1% (varies by country)	USD
Credit card	3%	All currencies
eCheck	1%	USD
Marketplaces and Networks (i.e. Airbnb, Wish, Upwork, Fiverr)	May vary depending on marketplaces and networks

International Payments	0.05% of amount to transfer (fees automatically calculated)	All currencies
eCheck	1%	May vary per country
Credit Card	3%	May  vary per country
Local bank transfer	1%	May vary per country
Payoneer to Payoneer	Free	Free

Payoneer operates a digital cross-border payments platform that caters to about 4 million users in more than 200 countries.

It aims to offer flexible, secure, and low-cost options to business owners and professionals across the globe. It’s available in more than 35 languages and provides 24/7 customer support.

How Payoneer works

1. Register for a Payoneer Account. Make sure you have the following information with you: address, phone number, email address, date of birth, social security number, name of your bank, account number, and routing number.
2. Once you’ve registered, log in to your account.
3. Select “Make a Payment” under the “Pay” tab.
4. Input the payoneer email address of the person you want to transfer funds to, along with the amount you want to transfer. Choose the type of transfer you prefer and make notes as they apply.
5. Send.

Payoneer Pros & Cons:

Pros

• Available in 150 currencies in more than 200 countries
• Transfer funds to Payoneer users online in less than two hours
• Free of charge if funds will be transferred via Make a Payment
• Minimal fees when funds are withdrawn by the recipient using the same currency
• Lots of customer support options available

Cons

• Not available in all countries
• Some Payoneer members may not have access to Make a Payment
• Fees are higher compared to other money-transfer options
• Customer support not available 24/7

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10. Ria Money Transfer

Type: Traditional and Online
Maximum Transfer Amount: $2,999
Delivery speed: 3-5 days
Transfer methods:  Phone, Bank Account to Bank Account, Online, Cash Transfer
Ria Money Transfer Rates: Fees vary depending on the exchange rate at the time of sending and the location you are sending it to. You can calculate it using the Ria Money Transfer Price Calculator.

Ria aims to provide world-class money transfer through its 350,000 locations worldwide.

With 7,300 locations in the Philippines, funds can be received as cash, as money deposited into their bank account, or delivered at their preferred location.

How Ria works:

1. Sign up for an account via their website RiaMoneyTransfer.com
2. Provide the details of your receiver and the amount you want to send.
3. See if all the information you’ve provided is correct.
4. Send.

Ria Money Transfer Pros & Cons

Pros

• Transfer money in just a few minutes or a few days.
• Allows credit card, debit card, or bank payments when sending money.
• Funds may be received via bank deposit, through authorized agents, or via delivery depending on the receiver’s location.
• Strong exchange rates.

Cons

• Maximum daily limit is only $3,000.
• Users will have to pay fees if they want to transfer money internationally.

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Bonus: Pomelo Card

US-based Pomelo Card is now finally available in the Philippines.¹ It is a free, real-time, and credit digital product that is set to innovate remittances in the country. Pomelo Card is geared towards OFWs and Filipinos living in the US who send money back to their loved ones in the Philippines. 

How Pomelo Card works

1. Get approved for the Pomelo card and invite your family living in the Philippines.
2. Your loved ones will receive a rechargeable virtual or physical card so there’s no more waiting in line to pick up cash.
3. The Pomelo card can now be used for online shopping or at every checkout. Every purchase made with the Pomelo card improves your credit score and helps you secure your financial future. 

Fees

Pomelo Card is 100% free for its users. Unlike traditional money transfer services, Pomelo is paid by merchants.

Pomelo Card Pros & Cons

Pros

• Improves credit score
• No fees
• Real-time remittance
• No need to line up for queues
• Pomelo App has SOS button for immediate access to additional funds in case of emergencies

Cons

• Can only be used for remittances from the US to the Philippines
• You can’t withdraw money from it

Related: Best Dollar Accounts in the Philippines

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Best Remittance Services for Domestic Money Transfers in the Philippines

1. Western Union Sulit Padala

Type: Traditional
Maximum Transfer Amount: ₱10,000
Delivery Speed: Instant
Transfer methods: In person, directly to bank account
Western Union Philippines Rates:

Metro Manila and North Luzon
Principal (₱)	Transfer fee (₱)
1.00 – 100.00	1
101.00 – 300.00	3
301.00 – 500.00	5
501.00 – 1,000.00	15
1,001.00 – 2,000.00	25
2,001.00 – 3,000.00	45
3,001.00 – 5,000.00	85
5,001.00 – 7,000.00	115
7,001.00 – 10,000.00	125

South Luzon, Visayas, at Mindanao
Principal (₱)	Transfer fee (₱)
1.00 – 100.00	1
101.00 – 300.00	3
301.00 – 500.00	8
501.00 – 700.00	10
701.00 – 900.00	12
901.00 – 1,000.00	15
1,001.00 – 1,500.00	20
1,501.00 – 2,000.00	30
2,001.00 – 2,500.00	40
2,501.00 – 3,000.00	50
3,001.00 – 3,500.00	60
3,501.00 – 4,000.00	70
4,001.00 – 5,000.00	90
5,001.00 – 7,000.00	115
7,001.00 – 9,500.00	125
9,501.00 – 10,000.00	140

Western Union Sulit Padala is the domestic remittance arm of Western Union. It allows users to send funds for as low as ₱1 to more than 8,500 locations across the Philippines.

How Western Union Sulit Padala works

Send money from agent location

1. Fill-up Send Form and submit together with a valid ID.
2. Give the principal along with the transfer fee.
3. Pick up receipt and note Money Transfer Control Number (MTCN).
4. Provide MTCN to your receiver for tracking purposes.

Western Union Sulit Padala Pros & Cons

Pros

• Fast and reliable
• Credible company with more than a century to back it up.

Cons

• Maximum transfer amount is only ₱ 10,000

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2. ML Kwarta Padala

Type: Traditional
Maximum Transfer Amount:  ₱50,000
Delivery speed: Instant
Transfer methods: ML wallet app or MLhuillier branches
ML Kwarta Padala Rates:

Amount	Transfer fee
₱1-100	₱3.00
₱101-200	₱6.00
₱201-300	₱9.00
₱301-400	₱12.00
₱401-500	₱15.00
₱501-600	₱18.00
₱601-700	₱21.00
₱701-800	₱24.00
₱801-900	₱27.00
₱901-1,000	₱30.00
₱1,001-1,500	₱45.00
₱1,501-2,000	₱60.00
₱2,001-2,500	₱75.00
₱2,501-3,000	₱90.00
₱3,001-3,500	₱95.00
₱3,501-4,000	₱115.00
₱4,001-4,500	₱125.00
₱4,501-5,000	₱130.00
₱5,001-6,000	₱148.00
₱6,001-7,000	₱158.00
₱7,001-8,000	₱168.00
₱8,001-9,500	₱188.00
₱9,501-10,000	₱198.00
₱10,001-14,000	₱210.00
₱14,001-15,000	₱220.00
₱15,001-20,000	₱260.00
₱20,001-30,000	₱290.00
₱30,001-40,000	₱320.00
₱40,001-50,000	₱350.00

M Lhuillier allows you to send money through any of its 1,850 branches near you. It also has 150 24/7 branches giving you the convenience of receiving money at any time you prefer.

How ML Kwarta Padala works

1. Go to the M Lhuillier branch near you or access the ML wallet app.
2. Fill out or key in the necessary details.
3. Wait for the confirmation that your transaction was completed.
4. Provide the Kwarta Padala Transaction Number (KPTN).

ML Kwarta Padala Pros & Cons

Pros:

• 24/7 branches available.
• 2,000 branches all over the Philippines.
• Responsive and reliable customer support.

Cons:

• Fees may deter people from using this provider for sending larger amounts.

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3. Cebuana Lhuillier Pera Padala

Type: Traditional
Maximum Transfer Amount: ₱50,000
Delivery speed: Instant
Transfer methods: Cash Transfer
Cebuana Lhuillier Pera Padala Rates:

Cebuana Pera Padala allows you to remit money to any part of the Philippines and even some parts of the globe.

Apart from remittance, it also offers USD money exchange and USD money payout.

How Cebuana Lhuillier Pera Padala works

1. Go to a Cebuana Lhuillier branch near you.
2. Fill out the necessary form and present a valid ID.
3. If you’re a 24K Rewards Program member, present your membership card as well.
4. Give the amount you want to send together with the payment.
5. Provide the control number to the recipient.

Cebuana Lhuillier Pera Padala Pros & Cons

Pros

• Save money and earn discounts with the 24K rewards program.
• 24/7 branches available.
• Offers the convenience of an online appointment system.

Cons

• Fees may deter users from using this provider from sending larger amounts.

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4. Palawan Express Pera Padala

Type: Traditional and Online
Maximum Transfer Amount: ₱50,000 per transaction
Delivery speed: Instant
Transfer methods: ATM withdrawal, suki card, padala to bank account
Palawan Express Pera Padala Rates:

Visayas – Mindanao, South Luzon, Masbate, Romblon and Palawan

Pera Padala Rates on Metro Manila and North Luzon

Palawan Express Pera Padala is Palawan Pawnshop’s money remittance service.

Apart from remittance, it also offers e-loading, currency exchange, accident insurance, and bills payment all over the Philippines, including remote towns.

How Palawan Express Pera Padala works

1. Visit a Palawan Pawnshop or Palawan Express Pera Padala branch near you.
2. Fill out the “Send Money” form with the details required.
3. Present the accomplished form and a valid ID to the agent.
4. Pay the principal amount along with the corresponding fee.
5. Receive the copy of your computer generated form.
6. Wait for text notification.

Palawan Express Pera Padala Pros & Cons

Pros

• Considerate to customers.
• Well-trained and friendly staff.
• Fast and hassle-free money transfer.
• Efficient confirmation system.
• Budget-friendly rates.

Cons

• Not that many branches nationwide.

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5. TrueMoney Money Padala

Type: Traditional and online
Maximum Transfer Amount: P50,000
Delivery speed: Instant
Transfer methods: TrueMoney Centers or partner remittance centers throughout the country

Established in Thailand in 2003, TrueMoney aims to provide its users a fast and affordable way to send and receive money over 20,000 TrueMoney centers in the Philippines and its domestic and international partners.

True Money Rates

Money Padala Amount	Money Padala Fee
₱1 – ₱100	₱2 (promo rate up to February 28, 2019 only)
₱101 – ₱1,000
₱1,001 – ₱2,000
₱2,001 – ₱2,500	₱30
₱2,501 – ₱3,000	₱36
₱3,001 – ₱3,500	₱45
₱3,501 – ₱4,000	₱50
₱4,001 – ₱4,500	₱65
₱4,501 – ₱5,000	₱65
₱5,001 – ₱6,000	₱115
₱6,001 – ₱7,000	₱115

Money Padala Amount	Money Padala Fee
₱7,001 – ₱7,500	₱125
₱7,501 – ₱8,000	₱125
₱8,001 – ₱8,500	₱125
₱8,501 – ₱9,500	₱125
₱9,501 – ₱10,000	₱125
₱10,001 – ₱15,000	₱220
₱15,001 – ₱20,000	₱250
₱20,001 – ₱30,000	₱290
₱30,001 – ₱40,000	₱320
₱40,001 – ₱50,000	₱345

How TrueMoney Money Padala works

1. Register by filling out a form.
2. Provide information about the recipient and submit to the TrueMoney operator.
3. Wait for the receipt and the text containing the money receiving code.
4. Provide the code to the recipient.

TrueMoney Money Padala Pros & Cons

Pros

• Lower service fee for sending/receiving funds.
• Processing is fully automated.
• Recipient does not need to pay any fees upon claiming.

Cons

• Not as accessible as its more established counterparts.

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6. LBC Instant Peso Padala

Type: Traditional and Online
Maximum Transfer Amount: P100,000 per transfer
Delivery speed: Instant
Transfer methods: Cash transfer
LBC Instant Peso Padala Rates:

Same day rates below. Visit this link for complete rates.

LBC Instant Pera Padala has 3,000+ branches and partners in the Philippines so users can send money to their loved ones fast and hassle-free.

How LBC Instant Pera Padala works

1. Fill out LBC remittance form with your personal details and the details of the person you are sending it to.
2. Indicate the branch where the recipient will pick-up the money.
3. Submit the LBC remittance form together with the amount you intend to send, plus the corresponding fees.
4. Get your receipt and tracking number.
5. Send the tracking number to your recipient.

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7. GCash Remit

Type: Traditional and online
Maximum Transfer Amount: 40,000 per transaction or 100,000 a month
Delivery speed: Instant
Transfer methods: Mobile banking (select banks), PayPal Funds Transfer, Authorized MasterCard/Visa debit cards, GCash Partner Outlets
GCash Rates:

Perang Padala	Remittance Fee
₱ 1.00 – ₱ 200.00	₱ 10.00
₱ 201.00 – ₱ 1,000.00	₱ 50.00
₱ 1,001.00 – ₱ 2,000.00	₱ 100.00
₱ 2,001.00 – ₱ 5,000.00	₱ 150.00
₱ 5,001.00 and above	₱ 200.00

Company description

Gcash Remit is a convenient and secure way of remitting funds that’s accessible to all. It doesn’t require your recipient to be a Globe/TM consumer so you can send to anyone in the Philippines.

How GCash Remit works

Sending funds using the Gcash App

1. Choose Send Money.
2. Pick the contact number of your recipient.
3. Determine the amount of money you want to send.
4. Hit the confirm button.

Sending funds using Facebook Messenger

1. Find Gcash Official on Facebook Messenger.
2. Choose Money then “Send Money”, choose your mobile number and provide the amount.
3. Provide your password and confirm the transaction.

GCash Remit Pros & Cons

Pros

• Sending and receiving funds free of charge from one Gcash user to another.
• No maintaining balance required.
• GCash card may be used like an ATM/debit card.

Cons

• You need to be a Globe user to send money.

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8. Coins.ph

Type: Online
Maximum Transfer Amount: Up to 5,000,000 depending on verification level
Delivery speed: Instant
Transfer methods: mobile app or Coins.ph website, 7-Eleven, Cebuana, and M Lhuillier
Coins.ph Money Transfer Rates:Fees vary depending on chosen payment method.

Coins is a mobile blockchain-enabled platform that allows everyone even those without bank accounts to perform financial services such as sending money using their mobile device.

Apart from sending money, this platform also allows its user to pay bills, and shop online using digital currency.

How Coins.ph money transfer works

Sending money through Coins.ph Peso (₱) wallet or Bitcoin (BTC) wallet

1. Wait for your recipient to send a pay request.
2. Once you receive a payment request, click on the pay button.
3. You can pay using either of the following methods:

• Pay with Coins.ph
• Pay at 7-Eleven
• Pay at Cebuana
• Pay at M Lhuillier

Sending payments through 7-Eleven

1. Go to any 7-Eleven branch in the country and show the reference number or the barcode of the request.
2. Pay the corresponding service fee.

Sending payments through Cebuana

1. Go to any Cebuana branch and present your control number.
2. Pay the corresponding service fee.

Sending payments through M Lhuillier
     1. Go to any M Lhuillier branch and provide them the ePay reference number that appeared when you chose to pay via M Lhuillier.

     2. Pay the corresponding service fee.

Sending payments through Coins.ph

1. Select from either Coins.ph (PHP) wallet or Bitcoin (BTC) wallet as your source of funds.
2. Input the amount you intend to send and the details of your recipient. Also key in the purpose of your transaction.

Coins.ph Pros & Cons

Pros

• No minimum cash-in amounts or monthly fees.
• Can be accessed directly from your mobile phone.
• Secure transactions through trusted connections and authentication systems.
• Cheaper  cost.

Cons

• Platform is relatively new in the market and many may not be aware of how to utilize its features.

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9. Smart Padala

Type: Traditional and Online
Maximum Transfer Amount: Maximum of P10,000, plus service fee of 2.5% of the amount being remitted.
Delivery speed: Instant
Transfer methods: Smart Padala centers, through mobile via Smart Padala Pick-up Anywhere
Smart Padala Rates:

Minimum	Maximum	Service Fee
1.00	1,000.00	30.00
1,000.01	1,500.00	45.00
1,500.01	2,000.00	60.00
2,000.01	2,500.00	75.00
2,500.01	3,000.00	90.00
3,000.01	3,500.00	105.00
3,500.01	4,000.00	120.00
4,000.01	4,500.00	135.00
4,500.01	5,000.00	150.00
5,000.01	5,500.00	165.00
5,500.01	6,000.00	180.00
6,000.01	6,500.00	195.00
6,500.01	7,000.00	210.00
7,000.01	7,500.00	225.00
7,500.01	8,000.00	240.00
8,000.01	8,500.00	255.00
8,500.01	9,000.00	270.00
9,000.01	9,500.00	285.00
9,500.01	10,000.00	300.00
10,000.01	10,500.00	315.00
10,500.01	11,000.00	330.00
11,000.01	11,500.00	345.00
11,500.01	12,000.00	360.00
12,000.01	12,500.00	375.00
12,500.01	13,000.00	390.00

Smart Padala has more than 29,000 outlets in the Philippines. Apart from domestic remittance, it can also be used to send money internationally, pay bills, sell airtime load, and reload mobile wallets.

How Smart Padala works

Sending via a Smart Padala Agent

1. Fill out transaction slip and present one valid ID.
2. Submit transaction slip to agent along with the recipient’s mobile number, amount you intend to send, and service fee.
3. Receive your transaction slip.

Sending via a Smart Money Account

1. Got to Smart Menu and choose Smart Money.
2. Select Transfer, then press OK.
3. Select Others, then press OK.
4. Input the mobile number or Smart Money account number of the recipient.
5. (In case the “Enter Mobile No.” prompt doesn’t appear on screen, type UPDATE MONEY and send to 343.)
6. Hit OK if the “Transfer from?” prompt appears, then choose from the Smart Money Card names indicated.
7. Input the amount you want to receive, replace the decimal point with the # sign.
8. Review your transaction details and press OK.
9. Input 6-digit W-PIN, then press OK. Wait for the transaction confirmation via text.

Smart Padala Pros & Cons

Pros

• Easily available to Smart subscribers.
• Instant money transfer.
• May be done online.

Cons

• Fees are not yet that regulated across all operators.
• Sending funds via the app can be tedious.
• Some operators may not have enough cash on hand or may not be available on a regular basis to fulfill the transaction.

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10. PayMaya

Type: Online
Maximum Transfer Amount: maximum of P20,000 a day with a limit of 50 times in a month.
Delivery speed: Instant
Transfer methods: Via PayMaya App – To PayMaya and Smart Money Accounts, Via PayMaya in Messenger – To existing users or non-PayMaya friends on Messenger
PayMaya Money Transfer Rates:At 1.5% is charged for every successful Smart Money or Smart Padala to PayMaya add money transactions. No fees will be charged if money is added through PayMaya’s other partners.

PayMaya is considered the pioneer prepaid online payment app in the Philippines.

It is under PayMaya Philippines, known before as Smart eMoney, Inc. and aims to provide online financial services to all including those without a credit card.

How PayMaya works

Sending money to PayMaya and Smart Money accounts using the PayMaya app

1. Depending on the OS you are using, choose More or Menu, then Send Money.
2. Input the mobile number or account number of the receiver, either manually or from your contacts.
3. Input the amount you wish to send. For non-upgraded accounts, make sure it is less than your total PayMaya account balance.
4. Choose PayMaya, verify your transaction details and send.
5. Wait for in-app confirmation.

Sending money to non-PayMaya subscribers and PayMaya users on Facebook   Messenger

1. Link your PayMaya account to Facebook Messenger.
2. Search for @PayMayaOfficial.
3. Select Money, then Send Money to Any Friend.
4. Select your desired recipient from your Messenger contact list.
5. Input the amount you wish to send.
6. Choose Pay and wait for confirmation.
   

PayMaya Pros & Cons

Pros

• Sending money for free through the PayMaya app or PayMaya Messenger account.
• Secure transactions via the KYC (Know Your Customer) process by the BSP
• Your recipients don’t need to have an upgraded PayMaya account to receive money.
• Cash in at accessible locations such as Robinsons Department Stores, 7-Eleven branches and other partners.

Cons

• Only users with upgraded PayMaya accounts can send money.
• You can only send money that is already available in your own PayMaya account.
• Sending limit is only ₱20,000 a day

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Tips Before Sending Money Overseas or Domestic

Now that you know your options, you’d want to make the most out of the money you send.

Here are some things you should be mindful for before you send your cash:

1. Do not be fooled by “0% Commission/No fees”

Although you think you might be saving when you see the phrase “No fees”, you might actually be spending more because of the exchange rate the company is using.

Certain companies earn with the markup they use for currency conversion which in turn affects the overall cost of the money transfer.

2. Be wary of sudden increase in fees

Another thing you might not notice with is an increase in the fees structure. This may or may not be indicated in fine print and may happen without any advice from the provider.

In any case, it’s best to keep a watchful eye out for these sort of changes. Or better yet, choose a provider wherein this won’t be a problem.

3. See if the exchange rate markup changes in the final send amount

The exchange rate markup can vary depending on the amount you’re transferring. This can happen without any prior warning so be extra careful.

4. Consider the transparency of your provider

In general, it pays to look for a money transfer company that is transparent with their rates so you’ll be better able to discern which service best fits your budget and needs.

5. Refrain from sending money through banks

Banks have higher fees and higher margins on their exchange rates so you end up paying more. Choose a reliable and cost-effective money transfer provider instead.

6. Be updated with the current exchange rates

Likewise, make sure you are always updated on the latest currency exchange rates so that it will be easy for you to discern whether or not a provider’s mark up on its exchange rates is justifiable.

Conclusion

So there you go, a round up of the best money transfer and remittance companies in the Philippines for international and domestic transactions.

With the many money transfer and remittance companies out there, it can be difficult to pick which one will best address your needs.

Hopefully, this article provided you a sound comparison of the different money transfer and remittance service providers in the country and their key features.

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1. PNA.gov.ph