Sending Money Home
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Sending Money Home

Date Posted: 13/07/2020


Are you considering sending money to the Philippines, but don’t know the best option to use?


Many Filipinos live abroad for work purposes and send money back home to their families, which has seen this trend set a record. The Philippines is now considered the country with the most remittances.


Filipinos receive most of their money from the US, Hong Kong, the United Arab Emirates and Saudi Arabia. This accounts for roughly 10% of the Philippines’ gross domestic income.


This surge in remittances has increased the money transfer companies’ services in the Philippines, and now several banks are providing these services there. Hence, there is a need to list some of the possible ways domestic workers in Hong Kong can send money back home to their loved ones.


How to send money to the Philippines


As a Filipino abroad, you have several options for sending money to your family. You can use bank transfers, money transfer service providers, mobile wallets, and other methods.


Money Transfer service


TransferWise, XendPay, Western Union, MoneyGram, WorldRemit, and Xoom offer money transfer services as an alternative to traditional transfer methods.


Sending through these money transfer operators (MTO) is faster, cheaper, and more reliable. You need to register for an online account; via the website or mobile app. So you can pay for the transfer online or at a store and send it.


There are three options for sending through online transfer. You can use a credit card or bank debit card. A credit card is the most expensive because of the provider’s fees. Still, it ensures that your transfer reaches the recipient in a matter of minutes.


There are three ways to send money via MTO: bank transfers, cash withdrawals, home delivery, and mobile payment.


International Bank Transfer


According to Bangko Sentral n Pilipinas (BSP), the Philippines’ financial system includes 43 universal debit card, 492 rural banks, commercial banks, and 57 thrift banks.


Sending money to the Philippines via the banking system can be cheaper and faster if the receiving bank has branches in Hong Kong. In this case, it is easier to transfer money to the Philippines, as it only involves one-time fees.





Cryptocurrency traders have also joined to be part of the profitable money transfer business. In the Philippines, cryptocurrencies, such as bitcoins, have become popular with transfer brokers.


In 2015, more than $ 2 million monthly was sent to the Philippines using digital resources. In the first six months of 2017, an average of $ 8.8 million per month entered the Philippines via the blockchain network.


In 2017, Bangko Sentral de Pilipinas authorized two virtual currency exchanges. There are 12 other cryptocurrency exchange apps online.


Bank Transfers


This money transfer method is similar to a bank transfer, except that the MTO (Money Transfer Operators) intervenes to allow a faster and cheaper money transfer to the recipient’s bank.


Most MTOs have partnered with several banks in the Philippines to provide this service. For instance, WorldRemit enables you to send to banks such as Metrobank, Philippines National Bank, BDO Private Bank, Land Bank of the Philippines, and Bank of the Philippines Island.


Xoom has nine banks in the payment network. It is also associated with stores such as Palawan Pawnshop and SM Store.


MTOs transfer money the same day or can be applied overnight. In all cases, MTOs for bank transfers are faster and cheaper than interbank bank transfers.


Mobile Wallet


Suppliers such as MoneyGram and WorldRemit have partnered with GCash, one of the largest electronic wallet companies in the Philippines, with a customer base of over 20 million users and 63,000 merchants.

Sending money to the Philippines with this method is faster and cheaper, about 50% less than the money withdrawal method.


Cash Pick Up


When you send money by this method, your loved ones can withdraw it at the nearest place. In the Philippines, Xoom, MoneyGram, and Western Union have more than 10,000 cash pickup locations. Most of these locations operate 24 hours a day, 7 days a week.


Collecting money is almost instant, especially when paying for a transfer with a debit or credit card.


Door To Door Delivery


Xoom offers door-to-door delivery services at no additional cost. If you send money before 3:00 p.m., delivery takes less than 6 hours in Metro Manila. For the remaining 80 provinces, including Batanes in the far north and Tawi-Tawi in the south, it takes 1 to 2 days.


International Money Order Service


The Philippine Postal Corporation (PHLPOST) provides this service to Filipinos abroad in the United States, Hong Kong, Thailand, United Arab Emirates, Japan, Brunei Darussalam, Indonesia, Singapore, Korea, Qatar, and Malaysia.


The central post office provides information on exchange rates, which will be used by the country’s 1,383 post offices.




Sending money to the Philippines is a simple process, especially if you are using money transfer services.


You will need:

-Government-issued identification. 
-The money.
-The name of the receiver as it appears on official documents.
-The mobile phone number and physical address of the recipient.


If you send it to a bank account, you must provide the SWIFT code, the name of the bank, the name of the branch, and the number of the beneficiary account.


Additional information may be required depending on the size of the quantity or the shipping location. These measures are part of the global protection against money laundering and financial crime.


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