For over two decades, the Philippines has continuously ranked as one of the top 5 remittance-receiving countries in the world.
In fact, with remittances accounting for nearly 9% of the country’s GDP, the Philippine government recognizes the inflows as a key source of foreign exchange.
In 2024, there were over 2.1 million overseas Filipino workers, about 9% of whom lived and worked in the Americas.
Interestingly, with about $13 billion in remittances flowing from the US to the Philippines in 2021, the US is the single-largest remittance-sender to the Philippines. This also makes the US-Philippines corridor one of the largest globally.
Despite the market size of the corridor, the cost of sending remittances still remains higher than the SDG target of less than 3% of the transaction amount.
This guide walks through the best ways to send money quickly, safely, and affordably.
But first, what do you need before sending money?
What You Need Before Sending Money
The requirements for sending money from the US to the Philippines may vary depending on the funding source and the money transfer platform being used.
However, some general requirements include:
- Recipient information: Including full name, address, bank name, and account number or mobile wallet ID.
- Sender information: Typically auto-filled by the platform, as provided by the sender during registration. For transfers exceeding $10,000, you may have to provide additional documentation (government-issued ID, proof of address).
- Payment method: Such as debit card, credit card, or bank account.
- Delivery method: How the money gets to the recipient, such as cash pickup, mobile wallet, bank deposit, or direct to debit card.
In compliance with anti-money laundering regulations, the money transfer platform may ask for the purpose of the transfer, as well as the relationship between the sender and the recipient.
Main Ways to Send Money
There are various international money transfer channels in the US-Philippines remittance corridor, each with its own processes and advantages.
The best channels include international money transfer services, banks, mobile wallets, and crypto platforms.
Online Money Transfer Services
Online money transfer services are the only remittance channel that recorded a drop in transaction costs between 2024 and 2025, according to the World Bank Remittance Prices Worldwide quarterly report.
Essentially, online money transfer operators, alongside mobile operators, are the cheapest channels for sending remittances worldwide, including to the Philippines.
With BOSS Money, for instance, money transfer to the Philippines costs as low as $0 for initial transactions and shortly arrives at the recipient’s account.
Besides being more affordable compared to other channels, fintech remittance service providers are typically digital-only with extensive delivery options, enriching customers’ experience with far more convenience and simplicity.
Bank Transfers
Almost all major US banks allow international wire transfers from the US to the Philippines.
Although bank transfers from the US to the Philippines can cost up to 17.5% of the total transaction amount and take up to 3-5 business days to deliver, they are reliable for transferring large amounts.
Crypto Transfers
Crypto platforms rely on blockchain networks to securely transfer money across borders. This allows users to bypass traditional banking systems and regulations, including transfer limits and high transfer costs.
Compared to traditional banks, crypto transfers are considerably faster, typically arriving within minutes irrespective of bank holidays, work hours, or geographical locations.
Mobile Wallet Transfers
International transfers directly to the recipient’s mobile wallet are generally the cheapest and fastest way to send money from the US to the Philippines.
Most fintech remittance service providers provide an option for users to send money to the Philippines using the recipient’s mobile wallet ID.
In scenarios where the recipient has a mobile wallet account, it makes more sense (in terms of speed and cost) to opt for mobile wallet transfers. However, mobile wallet transfers generally have lower transfer limits compared to other channels.
Step-by-Step: How to Send Money Online
Take the following steps to send money online to the Philippines using any of the above-discussed channels:
- Choose a provider: User reviews are a great way to determine the best remittance service providers across different money transfer channels in the US-Philippines corridor, including online money transfer operators, banks, and crypto platforms.
- Create an account and verify identity: Create an account with the preferred service, providing necessary documentation to verify identity and satisfy anti-money laundering regulations.
- Enter recipient details: Provide both personal and account details of the recipient to facilitate the transaction. Relevant details include the recipient’s full name, phone number, bank name/wallet provider, and account number/wallet ID.
- Select delivery method: Remittance service providers offer various delivery methods that indicate how the money will get to the recipient. These may include cash pickup, bank deposit, mobile wallet, direct to debit, and even home delivery.
- Pay: Once all the above steps have been completed, initiate the transfer by selecting a payment method and authorizing the transfer.
Finally, use the in-app features or email notifications to track the transfer and equally notify the recipient of the incoming transfer.
Safety Tips
As a general rule, ensure that you:
- Only use reputable providers that offer services that meet your transfer needs, while considering costs, speed, and convenience.
- Double-check recipient info to avoid sending money to the wrong account.
- Keep transactions and tracking numbers for quick referencing when resolving transfer issues.
Additionally, do due diligence (such as a quick call) to validate the authenticity of urgent requests (even from loved ones), especially when received via messaging apps.
To avoid falling victim to scams or money laundering schemes, don’t send money to unknown recipients.
Conclusion
The US-Philippines remittance corridor is undoubtedly one of the strongest and largest in the world. As is expected of such a market, various channels and service providers exist to help overseas Filipino workers send money back home to their loved ones and communities.
It is important that you understand what they are all about, how they operate, and how their services align with your needs. Thus, guaranteeing that you get the best services and offers any time you send money back home.
As a precautionary measure, take extra steps to confirm the reliability of providers, the correctness of the recipient’s details, and the authenticity of the recipient before making transfers.