• Top 10 Best Money Transfer Services in the Philippines 2020 (Western Union, Transferwise, Palawan Express, and More) 1
  • Top 10 Best Money Transfer Services in the Philippines 2020 (Western Union, Transferwise, Palawan Express, and More) 2
  • Top 10 Best Money Transfer Services in the Philippines 2020 (Western Union, Transferwise, Palawan Express, and More) 3
  • Top 10 Best Money Transfer Services in the Philippines 2020 (Western Union, Transferwise, Palawan Express, and More) 4
  • Top 10 Best Money Transfer Services in the Philippines 2020 (Western Union, Transferwise, Palawan Express, and More) 5

Top 10 Best Money Transfer Services in the Philippines 2020 (Western Union, Transferwise, Palawan Express, and More)

Due to the current pandemic, many families will not be spending their holidays together. Even though we cannot be there in person, we can still find comfort in knowing that our family will be supported financially. Whether you are sending payment for goods purchased online, pamasko, or your family's general living expenses, money transfer services will never fail you!


With all the money transfer services available in our country, it is hard to decide which one to trust. Below, we have made a detailed guide on the things you need to consider before deciding which service to trust. We also have made a list of our top 10 recommendations - all of which are trustworthy, safe, and convenient.

  • Last updated: 11-13-2020
  • 136 views
Table of Contents

Why Use a Money Transfer Service?

Why Use a Money Transfer Service?

Money transfer services, just like their name says, specialize in sending money to different parts of the country and the world. It makes your life much easier, as they make the money transfer service smooth, safe, and secure.


Sure, you can always go to your local bank and transfer funds from there. Some even offer mobile banking options for domestic transfers wherein you can transfer funds using your phone in the comfort of your own home. 

Why Use a Money Transfer Service?

However, bank charges tend to surge as the money you intend to transfer goes higher. Also, banks do not have a lot of options when you want to send money internationally. With wire transfers, you’d have to queue up and fill out a ton of paperwork.


This is where money transfer services shine. They make sending and receiving money convenient for its users. And with all the money transfer services available now, their rates tend to get competitive, so you’ll usually get the best transfer and exchange rates.

How to Choose a Money Transfer Service - A Guide

Before you entrust your hard-earned money to any service, read these points, and use it as a reference to make sure you get the best value for your money.

Go for a Trusted Company

Go for a Trusted Company

To make sure that your hard-earned money arrives safely to the intended destination or receiver, we recommend that you use a service from a known company. Make sure the service has a good reputation, as well as good reviews from previous and current users. 


Fortunately for you, we have already done the research, and in our top 10 items below, we made sure to include only recommendations from services that you can trust - whether you are sending the money within, to, and from the Philippines.

Make Sure to Compare the Transfer Fees

Make Sure to Compare the Transfer Fees

As we said earlier, different money transfer services will have competitive rates. Some services will offer flat rates, while some will base their rates on the amount you will transfer. As an example, for a domestic transfer from 1 Peso to 500 Pesos, Western Union will charge you 5 Pesos. For transfers from 501 pesos to 1,000 pesos, they will charge you 15 pesos. 


On the other hand, for the money transfer app TransferWise, their charges usually depend on how much you will send. For international and domestic transfers, their cost is usually around .5% of the money you will send.


No matter how much you send or how much the transfer rate is, always ensure that the company will be transparent with their transfer rates. Always look at the fine print and make sure they don’t have hidden charges.

Opt for the Most Convenient Method of Transfer

In times like this, where staying home is always the best option, consider money transfer services where you do not have to go out to make your transactions. 

Mobile Apps Let You Send Money in the Comfort of Your Own Home

Mobile Apps Let You Send Money in the Comfort of Your Own Home

Mobile apps usually provide a service where money transfers can be done through an app. They will initially require you to send some ID images to verify your identification. You also will need to provide details of your credit or debit card to make your transfers. 


When using a debit card, you will have to make sure that it contains enough funds for the transfer. If possible, avoid using your credit card since the rates tend to be higher. Once your identity is verified and your banking details have been submitted, all your succeeding transactions will happen smoothly.


One thing to note is that apps usually do bank-to-bank transfers, and it will take some time for banks to move the money. It will usually arrive within 1 to 5 business days. We would recommend money transfer apps for international transfers since they have the lowest international transfer rates.

In-Person Money Transfer Services Can Send the Money Instantly

In-Person Money Transfer Services Can Send the Money Instantly

Some money transfer services will require you to go to certain stores or locations for them to verify your information. The process does not normally take long if you have all the needed papers and identifications. 


Their main selling point is that the recipient can claim the money quite fast - sometimes within minutes. Still, the recipient usually has to claim it at another one of their stores or remittance centers.

Take Note of the Transfer Speed

Take Note of the Transfer Speed

Another thing to consider is how fast it will take for the transfer to take place. For services where it requires a bank transfer, the process usually takes longer since banks still need to wire the money until it reaches the recipient. 


Make it a point to check how fast the transfer speed will be, especially if the money is needed for emergency reasons.

For International Transfers, Check and Compare the Exchange Rate

For International Transfers, Check and Compare the Exchange Rate

This might go without saying, but if you are making an international transfer, the currency exchange rate will vary vastly from one service to another. As exchange rates also vary depending on the day, you can check Bangko Sentral ng Pilipinas’ website to serve as a reference.


From there, you can compare and contrast the exchange rate of various services. Couple the best exchange rate with the lowest transfer rate, and you have yourself the best bang-for-your-buck money transfer service.

Consider How the Recipient Wants to Receive the Money

Consider How the Recipient Wants to Receive the Money

Before you proceed with your transfer, consider the recipient as well. Does the intended recipient have a bank account and prefer to receive it from there? 


If the recipient does not have a bank account, consider other options for receiving the money such as GCash, Smart Money, PayMaya, or in-person. Some money transfer services can even deliver the money to their door!

Top 10 Best Money Transfer Services in the Philippines

The wait is over! We have compiled our favorite and most trusted money transfer services. We made sure to only include services that are trustworthy, accessible, and has a convenient transfer process. 

1
Method of TransferOnline Bank Transfer, Pay In-Store
Receiving OptionsCash Pick-Up, Bank Account
Domestic Transfer RatesAs Low as ₱5 to 2% of Amount to Be Sent for Transfers ₱50,001 and Above
International Transfer Rates₱500 to ₱1,000
Transfer SpeedWithin Minutes for Cash Payment and Pick-up, 1 Business Day for Bank Transfer
Recommended forDomestic Transfers
Reach of Service500,000 Agent Locations in Over 200 Countries
2
Method of TransferBank Transfer - Debit or Credit
Receiving OptionsDirect to Bank
Domestic Transfer RatesAround .5% of the Transfer Amount
International Transfer RatesAround .5% of the Transfer Amount
Transfer Speed0 to 24 hours
Recommended forDomestic and International Transfers
Reach of Service 59 Different Countries
3

Palawan PawnshopPalawan Express Pera Padala

₱0

Method of TransferOnline, In-Store
Receiving OptionsATM Withdrawal, Direct to Bank Account, Suki Card, In-Store Pick up
Domestic Transfer RatesAs low as ₱2 to ₱345
International Transfer Rates-
Transfer SpeedWithin Minutes
Recommended forDomestic Transfers
Reach of Service5,000 Palawan Express Locations Nationwide
4

LBCInstant Peso Padala

₱0

Method of TransferBank Transfer
Receiving OptionsDoor-to-Door, Cash Pick-up
Domestic Transfer RatesSame-Day Remittance (up to PHP 5,000 only): As Low as ₱6 to ₱220 Next-Day Door-to-Door Delivery (up to PHP 5,000 only): As Low as ₱35 to ₱320
International Transfer Rates-
Transfer SpeedInstant
Recommended forDomestic Transfers
Reach of ServiceOver 6,400 Branches in the Philippines and Partner Agents in More Than 30 Countries
5
Method of TransferPay In-Store
Receiving OptionsIn-Store Pick-Uo
Domestic Transfer RatesAs Low as ₱1 to ₱1,200
International Transfer Rates₱500 to ₱1,200
Transfer SpeedWithin Minutes
Recommended forDomestic Transfers
Reach of ServiceNearly 2,500 Branches and 4,000 Pera Padala Agents and Over 80 International Remittance Partners
6

M LhuillierML Kwarta Padala

₱0

Method of TransferIn-Person Cash Transfer
Receiving OptionsIn-Store Pick up
Domestic Transfer RatesAs Low as ₱3 to ₱350
International Transfer Rates-
Transfer SpeedInstant
Recommended forDomestic Transfers
Reach of Service1,850 Locations Nationwide and 100 Overseas Agent Partners
7
Method of TransferMobile Banking (select banks), PayPal Funds Transfer, Authorized MasterCard/Visa Debit Cards, GCash Partner Outlets
Receiving OptionsMobile Money, In-Store Pick up
Domestic Transfer RatesAs Low as ₱1 to ₱200
International Transfer Rates-
Transfer SpeedInstant
Recommended forDomestic Transfers
Reach of ServiceOver a Thousand Outlets Nationwide
8
Method of TransferOnline or Via the App, Linked Bank Account, Linked Credit or Debit Card
Receiving OptionsDirect to bank, PayPal App Funds
Domestic Transfer Rates$0.99 to $4.99 Plus 2.9% of the Transaction Amount
International Transfer Rates$0.99 to $4.99 Plus 2.9% of the Transaction Amount
Transfer SpeedInstant, Two to Four Days for Bank Transfer
Recommended forInternational Transfers
Reach of Service200 Countries
9
Method of TransferOnline Via the App
Receiving OptionsCash Pick-Up, Direct to Bank, Mobile Top-Up, Mobile Transfer
Domestic Transfer Rates0.75% Fee Plus $3 for Funds up to $135,000
International Transfer Rates0.75% Fee Plus $3 for Funds up to $135,000
Transfer SpeedInstant
Recommended forInternational Transfers
Reach of Service145 Countries
10
Method of TransferIn-Person Cash Transfer and Online
Receiving OptionsTrueMoney Centers or Partner Remittance Centers Throughout the Country
Domestic Transfer RatesAs Low as ₱0 – ₱380
International Transfer Rates-
Transfer SpeedInstant
Recommended forDomestic Transfers
Reach of ServiceOver 20,000 TrueMoney Centers Nationwide

Compare the Best Money Transfer Services

Image
1
Western Union Money Transfer Western Union Sulit Padala 1

Western Union Money Transfer

2
TransferWise LTD TransferWise 1

TransferWise LTD

3
Palawan Pawnshop Palawan Express Pera Padala 1

Palawan Pawnshop

4
LBC Instant Peso Padala 1

LBC

5
Cebuana Lhuillier Pera Padala 1

6
M Lhuillier ML Kwarta Padala 1

M Lhuillier

7
Globe Fintech Innovations, Inc. GCash Remit 1

Globe Fintech Innovations, Inc.

8
PayPal Inc. PayPal: Mobile Cash 1

PayPal Inc.

9
WorldRemit Money Transfer  1

10
TrueMoney Money Padala 1

Name

Western Union Sulit Padala

TransferWise

Palawan Express Pera Padala

Instant Peso Padala

Cebuana Lhuillier Pera Padala

ML Kwarta Padala

GCash Remit

PayPal: Mobile Cash

WorldRemit Money Transfer

TrueMoney Money Padala

Features

A Service Trusted By Many Worldwide

8 Times More Affordable Than Banks

Your Partner for Your Every Padala

Instant and Door-to-Door Money Transfer - They've Got You Covered

Money Transfer, Pawning, Currency Exchange - Name It, They Offer It

Receive Money at Any Time

Make Your Phone Your Wallet

Safe, Secure, and Trusted by 267 Million Users

Wide Variety of Payment and Receiving Options

Money Transfer Service With Unbeatable Accessibility

Price₱0₱0₱0₱0₱0₱0₱0₱0₱0₱0
Method of TransferOnline Bank Transfer, Pay In-StoreBank Transfer - Debit or CreditOnline, In-StoreBank TransferPay In-StoreIn-Person Cash TransferMobile Banking (select banks), PayPal Funds Transfer, Authorized MasterCard/Visa Debit Cards, GCash Partner OutletsOnline or Via the App, Linked Bank Account, Linked Credit or Debit CardOnline Via the AppIn-Person Cash Transfer and Online
Receiving OptionsCash Pick-Up, Bank AccountDirect to Bank ATM Withdrawal, Direct to Bank Account, Suki Card, In-Store Pick upDoor-to-Door, Cash Pick-upIn-Store Pick-UoIn-Store Pick upMobile Money, In-Store Pick upDirect to bank, PayPal App FundsCash Pick-Up, Direct to Bank, Mobile Top-Up, Mobile TransferTrueMoney Centers or Partner Remittance Centers Throughout the Country
Domestic Transfer RatesAs Low as ₱5 to 2% of Amount to Be Sent for Transfers ₱50,001 and AboveAround .5% of the Transfer AmountAs low as ₱2 to ₱345Same-Day Remittance (up to PHP 5,000 only): As Low as ₱6 to ₱220 Next-Day Door-to-Door Delivery (up to PHP 5,000 only): As Low as ₱35 to ₱320As Low as ₱1 to ₱1,200As Low as ₱3 to ₱350 As Low as ₱1 to ₱200$0.99 to $4.99 Plus 2.9% of the Transaction Amount0.75% Fee Plus $3 for Funds up to $135,000As Low as ₱0 – ₱380
International Transfer Rates₱500 to ₱1,000Around .5% of the Transfer Amount--₱500 to ₱1,200--$0.99 to $4.99 Plus 2.9% of the Transaction Amount0.75% Fee Plus $3 for Funds up to $135,000-
Transfer SpeedWithin Minutes for Cash Payment and Pick-up, 1 Business Day for Bank Transfer0 to 24 hoursWithin MinutesInstantWithin MinutesInstantInstantInstant, Two to Four Days for Bank TransferInstantInstant
Recommended forDomestic TransfersDomestic and International TransfersDomestic TransfersDomestic TransfersDomestic TransfersDomestic TransfersDomestic TransfersInternational TransfersInternational TransfersDomestic Transfers
Reach of Service500,000 Agent Locations in Over 200 Countries 59 Different Countries5,000 Palawan Express Locations NationwideOver 6,400 Branches in the Philippines and Partner Agents in More Than 30 CountriesNearly 2,500 Branches and 4,000 Pera Padala Agents and Over 80 International Remittance Partners1,850 Locations Nationwide and 100 Overseas Agent PartnersOver a Thousand Outlets Nationwide200 Countries145 CountriesOver 20,000 TrueMoney Centers Nationwide
Link

Spend and Manage Your Money Wisely With These Tips

YouTuber Chinkee Tan from the Youtube Channel Chink Positive shares the five best money advice tips he has ever received in his life. If you often receive money from family members abroad or the one doing the sending, these tips will surely help you manage your money and be financially stable. 


  1. Don't lose money. We all work hard to earn money. The worst thing you can do to the money you worked so hard to earn is to lose it through bad investments and poor choices. Be sure to think wisely and carefully before investing or spending your money on anything, especially if it's a pretty hefty amount.
  2. Get rid of bad debts. Bad debts are credit that you've spent on necessities but do not give you returns. Pay these off as fast as you can so that the interests do not accumulate. 
  3. Find additional ways to earn more money. What is better than having one source of income? having two or more sources to supplement what you are already earning. This makes you more financially stable and will make it easier for you to get up on your feet even if something unexpected or an emergency happens.
  4. Take control of your income. Never allow money to take control of you - learn ways to take control of what you earn. Only spend money on things within your means, set a spending limit for yourself, and focus on your needs instead of wants.
  5. Learn how to share your blessings with others. The more money you earn, the more you should think of ways to share your blessings with others. This does not mean spoiling your loved ones with needless gifts; instead, you can share your blessings by spending time and money on meaningful experiences. You can also donate to a charity that you support.

Gear Up for the Holiday Season

Gear Up for the Holiday Season

Don't let the pandemic get you down! Once you get that pamasko money from your relatives, spend it on things that will liven up the holiday spirits of everyone in the family. 

Summary

Whether it's for emergency reasons, general living expenses, or payment for goods and services, you need to make sure that the money you worked so hard to earn arrives safely. Be sure to consider the points in our buying guide and brows through our top 10 recommendations before deciding which money transfer service to use. 


Author: Rie Niijima


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