Alternatives to Transfast for sending money from Canada to the Philippines

For those who have ever needed to send money from Canada over to the Philippines – you might have heard of Transfast. Mastercard acquired Transfast, which was once a reliable money transfer service and now only caters to Gulf Cooperation Council countries, including the UAE, Bahrain, Saudi Arabia, Oman, Qatar, and Kuwait.

If you were hoping to use Transfast for sending money to the Philippines from Canada, you can check out these alternatives to Transfast, including Wise, which uses the fair mid-market exchange rate for converting CAD to PHP and vice versa.

Alternatives to Transfast for Sending Money to the Philippines from Canada

The more we become interconnected in business and our personal lives, the more necessary it will be to send money across borders. As Transfast shifts its business model, you could explore other options that could be your go-to platform for sending money from Canada to the Philippines.

PayPal

PayPal has an immense global reach and is popular for sending money in 25 different currencies.¹ With its built-in currency conversion feature, you can send and receive money for both personal and business reasons, and PayPal will show you just how much is heading to your recipient.

Pros

• Accessible and well-known in over 200 countries and territories²
• Comprehensive tool that includes other features for online shopping and ecommerce
• Variety of different ways to send money: from a bank account, through an invoice, or using a digital gift card

Cons

• Receiving party requires a PayPal account
• High fees, including both percentage fees and fixed fees, as well as markups

Fees and Exchange Rate

Despite it being a safe and popular way to send money across borders, PayPal is also known for its high fees. Sending money to the Philippines from Canada will cost you:

• 4.99 CAD if you use your PayPal balance or a bank account and
• 4.99 CAD + 2.90% + 0.30 CAD if you use a card.³

There’s also a minimum conversion rate of 4% for CAD.⁴

PNB Global Remit

Established back in 2000, PNB Global Remit has built a reputation as a international money transfer service for Canadians to send money to the Philippines.⁵ As it’s a subsidiary of the Philippine National Bank (PNB), being backed by a key player in the financial landscape of the country gives the brand an edge. The service includes cash pick-up, bank-to-bank payments, door-to-door delivery, and rapid money transfer.

Pros

• Physical door-to-door and cash pickup options
• Physical branches in Ontario, B.C., and Winnipeg
• Global Filipino Card available to receive money within seconds and with up to 20% discount⁶

Cons

• There is no online platform – money transfer services say they’re coming soon

Fees and Exchange Rate

PNB Global Remit charges fees depending on the method of payment, the type of money transfer service, and the amount you’re sending. Fees range from 11 CAD up to 96 CAD, and amounts above $20,000 requires you to contact a branch. Exchange rates aren’t readily available for the public to view.⁷

Wise

Wise can be used for both international and local use, including sending money in over 40 currencies across borders.⁸ With transparent, minimal fees and real mid-market exchange rates without any markups, this user-friendly platform makes sending any amount, even over 100K, convenient and affordable.

Pros

• Manage and hold money in multiple currencies
• Uses the mid-market exchange rate with no hidden charges
• Send money in as fast as 20 minutes

Cons

• No physical presence as an electronic money account
• It is not possible to send or receive cash

Fees and Exchange Rate

Fees for sending and converting money start at just 0.35% and there are no markups on the mid-market exchange rate. Wise will always show you an accurate and transparent cost breakdown before you hit send.⁹

Western Union

Western Union is arguably the oldest method of sending money across the world, having been founded over 150 years ago.¹⁰ With its geographical reach, senders can choose to move funds online or in person at an agent location. WU was initially famous for its network of physical branches, but now has a strong online and physical presence.

Pros

• Send money through the app, online, or at 2,700+ Canadian agent locations¹¹
• Cash payout with a variety of local Philippine financial institutions
• $0 international bank transfer fees

Cons

• Limit of 999 CAD per day on online transfers¹²
• Bank transfers arrive within 3-5 banking business days¹³

Fees and Exchange Rate

Western Union adds a markup on the conversion rate that isn’t visible when you’re sending money¹⁴. There’s also a potential fee for certain sending methods, whether you’re using a credit or debit card or another option.

Royal Bank of Canada

Royal Bank of Canada (RBC) is Canada’s largest international bank, making it a fantastic option if you’re looking for a traditional money transfer service. Their RBC International Money Transfer service lets you send money to the Philippines directly from the RBC banking platform through the SWIFT network.

Pros

• Trusted corporate bank

Cons

• Can take up to 7 business days for the recipient to receive the money
• Expensive fees and exchange rates

Fees and Exchange Rate

Outgoing wire fees start at 45 CAD, and inquiries on tracing are 25 CAD.¹⁶ There is also an exchange rate markup and potential fees from intermediary and recipient banks.

Summing Up

With Transfast no longer an option if you want to send money from Canada to the Philippines, these other traditional and modern varieties give you the choices to make global transactions. Wise, with its transparent fee structure and real exchange rate usage, is a great choice to consider if you want a modern platform to frequently deal with multiple currencies. Opening an account is free, and you only pay for what you use!

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Sources:

1 - PayPal Global | List of Countries and Currencies
2 - PayPal Global | List of Countries and Currencies
3 - PayPal Consumer Fees
4 - PayPal Consumer Fees
5 - PNB RCC » Philippine National Bank » Your Global Filipino Bank - Global Filipino Card
6 - PNB RCC » Philippine National Bank » Your Global Filipino Bank - Global Filipino Card
7 - PNB Fees and Charges
8 - 6 fascinating things about Western Union’s history - Blog
9 - Wise Fees & Pricing: Only Pay for What You Use
10 - 6 fascinating things about Western Union’s history - Blog
11 - Send money to the Philippines | Western Union Canada
12 - How to Send Money Online | Western Union Canada
13 - Send money today with Western Union
14 - Western Union
15 - RBC International Money Transfers - RBC Royal Bank
16 - Additional Account Services - RBC Royal Bank
Sources verified on 11 June 2024