The Cheapest Way to Send Money to Philippines from the UK
Compare the cheapest ways to send money to Philippines. See fees, exchange rates, and what to watch out for to save on your international transfer to Philippines.
Below is an overview of how different providers stack up for a £5000 transfer from the United Kingdom (Pound Sterling) to Philippines (Philippine Peso). The table shows the total amount your recipient will receive, which is the clearest way to determine the cheapest option.
XE cost breakdown
XE's transfer fee is £0.00 and their exchange rate is 75.8905. That rate is lower than the mid-market rate of 76.3486, which will cost you £30.18.
The total cost of this transaction is: the transfer fee of £0.00 + the exchange rate fee £30.18 = £30.18
This makes XE the cheapest provider in the table to send £5,000.00 to PHP.
- Amount you send (fees included)£5,000.00
- Transfer fee£0.00
- XE exchange rate75.8905
- 0.6% lower than the mid-market rate 76.3486
- Fee within the exchange rate£30.18
- Total cost£30.18
- Amount received₱379,452.54
Wise cost breakdown
Wise's transfer fee is £30.79 and their exchange rate is 76.3486. Wise uses the mid-market rate, so that means no additional fees.
The total cost of this transaction is: the transfer fee of £30.79 + exchange rate fee £0.00 (Wise uses the mid-market rate) = £30.79.
This makes Wise the second cheapest provider in the table to send £5,000.00 to PHP.
Read Wise review- Amount you send (fees included)£5,000.00
- Transfer fee£30.79
- Wise exchange rate76.3486
- Equal to the mid-market rate 76.3486
- Fee within the exchange rate£0.00
- Total cost£30.79
- Amount received₱379,392.23
CurrencyFair cost breakdown
CurrencyFair's transfer fee is £1.05 and their exchange rate is 75.83. That rate is lower than the mid-market rate of 76.3486, which will cost you £34.19.
The total cost of this transaction is: the transfer fee of £1.05 + the exchange rate fee £34.19 = £35.24
This makes CurrencyFair the third cheapest provider in the table to send £5,000.00 to PHP.
- Amount you send (fees included)£5,000.00
- Transfer fee£1.05
- CurrencyFair exchange rate75.83
- 0.68% lower than the mid-market rate 76.3486
- Fee within the exchange rate£34.19
- Total cost£35.24
- Amount received₱379,070.00
OFX cost breakdown
OFX's transfer fee is £0.00 and their exchange rate is 75.512. That rate is lower than the mid-market rate of 76.3486, which will cost you £55.40.
The total cost of this transaction is: the transfer fee of £0.00 + the exchange rate fee £55.40 = £55.40
This makes OFX the fourth cheapest provider in the table to send £5,000.00 to PHP.
Read OFX review- Amount you send (fees included)£5,000.00
- Transfer fee£0.00
- OFX exchange rate75.512
- 1.1% lower than the mid-market rate 76.3486
- Fee within the exchange rate£55.40
- Total cost£55.40
- Amount received₱377,560.00
Remitly cost breakdown
Remitly's transfer fee is £0.00 and their exchange rate is 75.42. That rate is lower than the mid-market rate of 76.3486, which will cost you £61.56.
The total cost of this transaction is: the transfer fee of £0.00 + the exchange rate fee £61.56 = £61.56
This makes Remitly the fifth cheapest provider in the table to send £5,000.00 to PHP.
Read Remitly review- Amount you send (fees included)£5,000.00
- Transfer fee£0.00
- Remitly exchange rate75.42
- 1.22% lower than the mid-market rate 76.3486
- Fee within the exchange rate£61.56
- Total cost£61.56
- Amount received₱377,100.00
We want to find the best deal for you. So although we may receive a referral fee if you choose one of these providers. It won't affect the ranking of the provider, the exchange rates or any fees you are charged. Our results are sorted in order of cheapest to most expensive cost to you. Learn more.
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Understanding the cost of sending money from the UK to Philippines
Exchange Rate
This is the value of one currency in relation to another (i.e. GBP/PHP). A poor exchange rate can cost you more than a high upfront fee.
We reviewed 5 providers for sending money to Philippines. Wise stands out with the best exchange rate of £1 = ₱76.3486, compared to Remitly , which offers the least favourable rate at £1 = ₱75.4200. Differences in exchange rates can impact how much money the recipient ultimately receives. For reference, the mid-market exchange rate today is £1 = ₱76.3486
Transfer Fees
These are the charges levied by the provider for processing your transfer. They can be flat fees, a percentage of the amount sent, or even vary based on the transfer speed.
XE, currently offers the best deal, with a Pound Sterling/Philippine Peso exchange rate of 75.8905 and a fee of 30.18 GBP.
This means you'll save 31.38 GBP compared to Remitly, which charges a fee of 61.56 GBP.
Check out the comparison table to review the different transfer fees by provider.
Hidden Costs
These are typically found in the exchange rate markup. While a provider might advertise "zero fees," they could be offering you a rate significantly worse than the market rate, effectively pocketing the difference. For example, XE has a fee of £0.00 GBP but an exchange rate of 75.8905 PHP which impacts the final amount sent. Take a look at the providers in our comparison table to see the final amount the recipient receives.
Many new providers or even established ones offer introductory discounts, reduced fees, or bonus exchange rates for first-time users. It is worth looking for these deals. However, it is crucial to understand if these promotions are temporary and what the fees and rates will be after the introductory period. A service that appears cheapest initially might become more expensive for subsequent transfers, so always check the ongoing costs.
The Mid-Market Exchange Rate: The 'real' exchange rate
The mid-market exchange rate is the 'real' exchange rate. It represents the midpoint between the buying and selling prices of a currency pair on the global financial market. This is the rate you would typically find if you searched for currency pairs on Google or checked independent financial data sources. It is the rate at which large banks and financial institutions trade currencies with each other. As mentioned, the mid-market exchange rate today is 1 GBP to 76.3486 PHP
Here is the exchange rate between the Pound Sterling and the Philippine Peso, showing data from today back to a year ago.
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How do international money transfers work?
It's essential to grasp the fundamentals of how money moves across borders and what factors influence the final cost.
At a high level, international money transfers involve converting your currency into another and then sending it to a recipient in a different country. This can happen through various channels:
SWIFT Network: This is the traditional interbank messaging system, often used by banks for international transfers. While secure, it can be slow and may involve multiple intermediary banks, each potentially adding fees.
Local Bank Transfers: Some modern services use local bank networks in both the sending and receiving countries. This can help bypass the SWIFT system, often reducing costs and speeding up transfers.
Digital Platforms and Apps: Many online money transfer services operate through their own networks or by leveraging a combination of local and international banking relationships.
The problem with traditional banks
While convenient, your high street bank is rarely the cheapest option for international transfers. They typically charge higher upfront fees and, more significantly, add a hidden markup to the exchange rate.
For example, if the mid-market rate is £1 to ₱76.3486, a 3% bank markup changes your rate to £1 = ₱78.63906. This inflates their profit and reduces the amount your recipient receives, which is why comparing providers can save you money on international transfers.
Maximising your savings
Send larger amounts less frequently: If you have recurring payments, consolidating them into fewer, larger transfers can reduce the impact of fixed fees. This might not apply if you are making small, frequent payments.
Check for promotions, but read the terms: Many new providers or even established ones offer introductory discounts, reduced fees, or bonus exchange rates for first-time users. It is worth looking for these deals. However, it is crucial to understand if these promotions are temporary and what the fees and rates will be after the introductory period. A service that appears cheapest initially might become more expensive for subsequent transfers, so always check the ongoing costs.
Ensuring the security of your funds: While finding the cheapest option is a top priority, never compromise on the security and reliability of your international money transfer. Always use providers that are regulated by financial authorities in their respective countries (e.g., the Financial Conduct Authority (FCA) in the UK). This ensures they adhere to strict security standards and have measures in place to protect your funds. Check for secure encryption on their websites and apps.
Final thoughts: Cheapest Way to Send Money to Philippines
Finding the cheapest way to send money to Philippines comes down to being an informed consumer. By understanding exchange rates, scrutinising fees (including hidden ones), and choosing the right provider for your specific needs, you can ensure more of your money reaches its intended destination.
The core of finding the best deal lies in comparing providers' exchange rates and their fee structures. Many services might advertise "zero fees" or "low commissions," but they often recoup this in a less favourable exchange rate. This difference, though seemingly small per unit, can add up significantly on larger transfers. Always compare the total cost of your transfer, which includes both the upfront fees and any margin on the exchange rate. Reputable providers will clearly display this breakdown, allowing you to make a truly informed decision about which service offers the most money for your recipient.
Still have questions? Here are some quick answers to common queries about sending money abroad cheaply.
FAQs: Your Quick Guide to Cheaper International Transfers
Generally, online money transfer services like XE or Wise are usually cheaper than traditional bank transfers due to their lower fees and more competitive exchange rates.
The safest ways involve using regulated financial institutions, whether traditional banks or reputable online money transfer services. Always ensure the provider is licensed and has strong security protocols.
Transfer times vary. From the providers we've reviewed, Wise international money transfers are Instant-2 Days whereas in comparison XE transfer times can take around 2-3 Days. Take a look at our comparison table to see estimated transfer times by provider.
Yes, some services allow you to send cash for pickup without needing a bank account for either the sender or the recipient. However, these methods are often more expensive and generally not the cheapest option for bank-to-bank transfers.
To ensure a smooth transfer, you will typically need:
- Recipient's full name and address (as it appears on their bank account)
- Recipient's bank name and address
- Bank code
- Account number
- Address
- Reason for transfer (some regulations may require this)