Send Money to a Philippine Bank Account With The Best Exchange Rates

When you send money to a Philippine bank account, it’s important to consider a few factors that may hinder you from getting the best experience, such as unfavourable exchange rates, hidden markups, transfer restrictions, and more.

Although there are numerous ways to send money to a Philippine bank account, knowing which works for your needs and goals is the best approach to getting the best value for your money.

In this guide, we’ll explore the best ways to send money to the Philippines. We’ll also identify tips to help you gain the best advantage.

Let’s dive right into it.

Key Takeaways:

Common challenges you might face when sending money to the Philippines include poor exchange rates, hidden fees, high transfer charges, potential delays, and limited compatibility with some local banks.
To optimise your transfer experience, avoid weekend transactions, compare provider rates, verify recipient account activity, and choose platforms with transparent pricing and fast delivery times.
DSGPay stands out as the most recommended option, offering virtual accounts in 30 currencies, local bank access in the Philippines, competitive FX rates, and seamless integration for both individuals and businesses.

Challenges You May Encounter When You Send Money to a Philippine Bank Account

Whether you’re sending money through digital platforms or other methods, here are some common challenges you may face when dealing with international transfers.

Unfavourable Exchange Rates:
- While a few providers offer impressive exchange rates, many offer rates that are below market value. This can be quite disadvantageous to you, especially when you’re converting the currencies to PHP before making a transfer.
Transfer Fees:
- You may also face a challenge with the fee charges of these providers. Some can charge a hefty price, especially when you’re transferring millions of dollars internationally.
- For example, a provider can charge up to a 5% fee on the transferred amount. This can be a lot of money when you’re sending $100,000 or more.
Hidden Charges:
- There are times when you can come across a provider that offers low fees or favourable exchange rates, but little do you know that at the end of the transfer, they are charging a fee higher than claimed. These are usually called hidden markups/charges. They can be discovered in the intermediary bank deductions or fees charged to the recipients.
Delays in Transfers:
- If you plan to send money to a Philippine bank account, it’s best to know that these transfers typically take 1 – 3 working days. However, some providers may extend this timeline, causing discomfort and unreliability.
Limited Bank Support:
- While global connectivity can connect banks in two countries together, not all international platforms are compatible with every Philippine bank. Occasionally, the bank you use in a foreign country might have no way of connecting to the Philippine bank you need to send money to.

3 Best Ways to Send Money to a Philippine Bank Account (2025)

With dozens of ways to send money to a Philippine bank account, the real challenge is identifying which method gives you the best combination of affordability, speed, and reliability.

Here are the top methods you can use to send money directly into a Philippine bank account:

1. Bank-to-Bank Transfers:

This is the traditional method of sending money locally or internationally. It involves international wire transfers from one bank to another. U.S.-based banks like Chase, Bank of America, or Citibank are a good way to send money to Philippine banks. This is usually done through a SWIFT network.

How it Works:

You initiate an international transfer through your bank (either online or in-branch). The funds are routed through SWIFT and deposited into your recipient’s bank account in PHP.

Pros:

They are safe and reliable.
They are ideal for large, one-time transfers.
This method is compatible with nearly all banks in the Philippines.

Cons:

They often charge high fees (typically $25-$50 per transfer).
It could take up to 2-5 business days before the recipient receives it.
Their exchange rates are often marked up.

2. Digital Transfer Services

Modern fintech platforms like Wise, Remitly, WorldRemit, and OFX offer a cheaper, faster way to send money from the US Dollars to the Philippines. You can also send other currencies in other forms you’d prefer.

How it Works:

You create an account with the provider, fund your account (via debit/credit card or bank account), initiate a transfer, and specify the recipient’s bank account in the Philippines. These platforms will then convert the currency (if needed) and deposit the PHP directly into the recipient’s account.

Examples:

Wise uses the mid-market exchange rate with low, transparent fees.
Remitly offers both economy and express transfers.
WorldRemit supports bank deposits and cash pickups.
OFX is ideal for larger business or personal transfers with no transfer fee over a certain amount.

Pros:

They have favourable exchange rates compared to banks.
They charge lower transfer fees.
They work on both mobile and web platforms.
They provide faster delivery compared to traditional banks.

Cons:

They may require account verification and identity checks.
The transfer speed and fees can vary depending on the method.
There are limits on how much you can send daily or monthly (varies by provider).

3. Virtual Account Solutions

Virtual accounts are digital financial tools that let users send, receive, and manage international payments without needing a physical bank account in every country. This option often suits businesses, wholesalers, suppliers, remote workers, and others looking to send or receive money more efficiently across borders.

How it Works:

Many providers offer virtual account solutions, so when you open an account with them, you get access to this method. Once that’s done, you can initiate a transfer to your preferred bank account and send it directly to any bank account in the Philippines.

Pros:

There are no hidden intermediary fees with this method.
It provides real-time tracking and instant deposits.
They provide competitive FX rates.
It is scalable for business and personal use.

Cons:

It requires account creation and identity verification.

Which of the following is the Best Way to Send Money to a Philippine Bank Account?

To help you make the right decision, let’s compare each of the best methods through which you can send money to a Philippine bank account and come up with the option that’s best for you.

Notes:

Wise applies a fee of ≥0.57% on $10K, based on its pricing.
Remitly charges around 0.75% + $2.99 for bank deposit transfers.
OFX generally offers no transfer fee over $1,000.
Virtual account fees are estimated based on low, transparent pricing comparable to Wise, tailored for large transfers.

Tips on How to Send Money to a Philippine Bank Account

Avoid making transfers on weekends when markets are closed. This is to avoid slower transfer speed, missed funds, and more.
Compare the exchange rates of every available provider and see which works best for your needs. This will also help you understand the best price in the market at such a moment.
Ensure your recipient’s bank account is active and functional to receive international money to avoid unexpected delays.

Unlock Better PHP Exchange Rates with DSGPay

Among all the options available, DSGPay stands out as a modern, flexible, and cost-effective way to send money to a Philippine bank account with fewer fees and better value.

With DSGPay, you can hold and send money in various currencies without getting hindered by cross-border restrictions or more. If you have a business in the Philippines or a family over there, here’s the best way to successfully complete your payment transaction no matter where you are.

Send Money to a Philippine Bank Account with DSGPay

Send Money to the Philippines from a Named PHP Virtual Account: Make payouts directly from a local PHP virtual account under your business name, helping you reduce costs, speed up delivery, and present a professional brand to recipients.
Access 30+ Currencies and Send PHP with Ease: Manage funds in over 30 currencies on one platform, then send PHP directly to Philippine banks using local rails for faster, more cost-effective delivery.
Multi-Currency Support with FX Control: Avoid unnecessary conversions by funding payouts in the currency you choose, and get real-time access to FX rates for full transparency and control.
Faster Settlement through Local Rails: Skip international banking delays by leveraging domestic rails for same-day or next-day settlement, ideal for time-sensitive business or personal transfers.
Real-Time Tracking and Instant Alerts: Monitor every transaction step in the DSGPay app, from initiation to confirmation, with live status updates and automatic notifications.
API Integration for Business Automation: Seamlessly connect DSGPay to your internal systems to automate disbursements, recurring transfers, and reconciliation processes at scale.
Licensed and Compliant: DSGPay holds a Money Service Operator (MSO) license in Hong Kong, ensuring secure, compliant, and transparent processing for all your cross-border transactions.

How to Use DSGPay to Send Money to a Philippine Bank Account

To send money to a Philippine bank account using DSGPay, you only need to do a few things after setting up your DSGPay account.

Go to your PHP account and hit Send > New Beneficiary > Local Bank Payment.
Select Customer or Business Account depending on the type of account you are sending money to.
Fill in the required details about your recipient’s bank account and address. This can include institution, account name and number, home address, routing number, etc.
Enter the Amount you wish to send and your reason for sending the remittance.
Review the transaction, confirm, and enter your PIN to set your transaction in motion.

Final Thoughts

To send money to a Philippine bank account, all you need is the right knowledge and direction. It doesn’t have to be slow or expensive.

These are the three key ways to gain the best experience and make the right payment decision for your finances. DSGPay provides the right means to help you get the best value for your money. It’s seamless, fast, and affordable.

Ready to upgrade your international transfers? Create your DSGPay account and start enjoying seamless transactions.