Receiving inheritance from abroad: What you need to know
Read our guide on receiving inheritance from abroad, the steps you should take after becoming a beneficiary and UK inheritance tax.
Need to send money to the Philippines? Perhaps you’re supporting a family member, paying bills for an overseas property or sending a friend a birthday gift. Whichever is the case, you’ll need to find the best, cheapest and most convenient way to make an international transfer.
One of your options is the popular online money transfer service Remitly. But how does it work? And crucially, how much does it cost?
In this handy guide, we’ll run through everything you need to know about using Remitly to send money to the Philippines. This includes fees, exchange rates, transfer times and much more.
Remitly isnt the only money transfer service in town, why not check out wise. You could save with Wise's Mid-Market Rate.
Yes, the Philippines is one of 145+ countries you can send to with Remitly¹.
You’ll have a choice of delivery methods, including bank deposit, cash pickup and mobile wallet transfer².
When you’re ready to send your first Remitly money transfer to the Philippines, here’s how to do it³:
Now we come to the important part - how much does it cost to use Remitly to send money to the Philippines?
Remitly tends to charge flat fees for transfers based on delivery speed, with Economy and Express options available. But there are special Remitly Philippines rates, based on the delivery method you choose. If you opt for a digital delivery method such as bank deposit or mobile money, you won’t pay any transfer fees.
Here are your options in full⁴:
These fees are likely to be for the Economy service. So if you want your payment delivered more quickly, you may have to pay an additional fee.
Along with the upfront transfer fee, it’s also important to factor in the exchange rate. This can make a big difference to how much the transfer ends up costing overall, as it influences how much of your money actually reaches the recipient.
To illustrate this, a quick example. Let’s imagine you want to send £1,000 from the UK to a friend in the Philippines. Here’s how much it’ll cost using Remitly (for a bank deposit), and with an alternative such as Wise:
Provider | Transfer fee | Exchange rate | Recipient receives |
---|---|---|---|
Remitly | £0⁴ | 66.38⁵ | 66,380 |
Wise⁶ | £6 | 67.51 - the mid-market rate | 67,111.10 |
Transfer fees and exchange rate correct as of 22-Jan-2023
It’s worth pointing out that Remitly does offer promotional offers for new customers. This means that for your very first transfer, you could potentially get a better Remitly exchange rate for the Philippines.
Remitly does have some transfer limits. But if you provide some additional ID and documentation, these can be increased. Here’s what limits you’ll start off with as a new customer⁷:
Remitly has over 23,000 cash pickup locations across the Philippines², so it should be pretty easy to find one that works for your recipient. They can find their nearest one using the Remitly Philippines cash pickup locator.
Remitly offers two different transfer speeds, with the faster option sometimes coming with an additional fee⁸:
How does this compare with other providers? If you send money to the Philippines with Wise, your money should arrive the next day⁶.
Transaction speed claimed depends on individual circumstances and may not be available for all transactions.
And that’s pretty much it - all you need to know about using Remitly to send money to the Philippines.
We’ve covered everything from transfer times and limits, through to Remitly rates to the Philippines. So, you should be all set to make your first transfer.
Before you do, just make sure you compare all options. Alternatives such as Wisecharge low fees and use the mid-market exchange rate, so could work out the cheaper option.
Pricing/fees: Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information
Sources used:
Sources last checked on date: 22-Jan-2023
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
Read our guide on receiving inheritance from abroad, the steps you should take after becoming a beneficiary and UK inheritance tax.
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