Do you want to send money from Canada to Philippines? These days, there are many options to help you get your money from Canada to the Philippines quickly, efficiently and cheaply. To help you find the best service for transfer money from Canada to Philippines , this guide gives you everything you need to know about international money transfers to the Philippines, as well as how to find the cheapest and fastest options available.
How to send money from Canada to Philippines
Compare providers to find the best service for you Find the best international money transfer service for your transaction in the Philippines by looking at the costs, transfer time, rates and payment options offered by operators that support transfers between your sending and receiving countries. Our comparison form provides you with an unbiased and transparent overview of the best money transfer providers by comparing all of these and more.
Sign up with the provider of your choice ,Most providers will be completely free to login and will only need your name, address and contact information for send and transfer money from Canada to Philippines. You may also need to upload an image of a valid photo ID to verify your identity. It is important to make sure that the provider you are using actually supports transfer to the Philippines from your sending country.
Start your transfer
After registering in your free account at the selected money transfer provider, you want to add your transfer details. This includes choosing to convert from the sending country to the Philippine peso, entering the full name of the recipient, bank details (if sending money via bank transfer) and your payment details.
Your transfer provider should have an overview of the expected costs and duration of your transfer before the transaction is locked. If you are satisfied with all the details entered, you can start your transfer and wait for confirmation that the recipient has received the money from the other party.
ways to send money from Canada to Philippines
There are several ways to send and receive money easily in the Philippines, but these will largely depend on the provider you decide to use. Below you will find everything you need to know about sending and receiving money.
International wire transfer
Sending money to Philippines from Canada through the banking system can be cheaper and faster if you have a branch of an interested bank abroad. Bank of America, for example, has several branches in the Philippines. In such a situation, transferring money to the Philippines becomes easier because you only incur one-sided costs.
The top five banks are Banco de Oro (BDO Unibank, Inc.), Metrobank, Philippine Islands Bank, Philippine Landbank and Security Bank Corporation. Metrobank allows you to open a currency account that allows you to deposit any amount into your account. Each internal transfer costs $ 5.00. When transferring money from non-partner banks, the transaction fee is a little higher and you may also receive more money for your loved ones.
Money transfer services for transfer money from Canada to Philippines
Providers such as TransferWise, XendPay, Western Union, MoneyGram, WorldRemit and Xoom all offer money transfer services as an alternative to traditional shipping methods. Sending through these money transfer operators (MTOs) is often faster, cheaper and more reliable than a traditional bank. All you need to do is sign up for an online account. Through a website or mobile app. You can then pay for your transfer online or in-store.
There are three options for paying your transfer fee online. You can use a credit card, cash card or bank debt. A credit card is the most expensive because of the provider’s costs, but it ensures that your transfer reaches your recipient within minutes. There are three different ways to send money through MTO: Bank Transfer, Cash Pickup, Home Delivery and Mobile Money.
Bank Transfers
This method of money transfer is similar to interbank transfer, except that MTO is placed in between to allow you to transfer money quickly and cheaply to the recipient bank. Most MTOs have partnered with Philippine banks to provide this service. For example, WorldRemit allows you to send money to banks such as BDO Private Bank, Metrobank, National Bank of the Philippines, Land of the Philippines and Bank of the Philippines.
Xoom has 9 banks in its payment network. The company also works with stores such as Palawan Pawanshop and SM Store.
Cash pickup
When sending money from Canada to Philippines using this method, your loved ones can choose the transfer as cash at the nearest place. Xoom, MoneyGram and Western Union have over 10,000+ cash pickup locations throughout the Philippines. Most of these places are open 24/7. Cash vans are done almost immediately, especially when you pay for the transfer using a cash or credit card.
Mobile wallet
Providers such as MoneyGram and WorldRemit partner with GCash, a leading e-wallet company in the Philippines with more than 20 million users and 63,000 merchants. Sending money to the Philippines using this method is faster and cheaper and costs about 50% less than the cash pickup method.
Door to door delivery
Xoom offers door-to-door cash delivery services at no extra cost. If you send the money before 3 pm, delivery to Metro Manila takes less than 6 hours. It takes 1 to 2 days for the other 80 provinces, including Tavi-Tavi in the south and Batans in the far north.
International transport services
Philippine Postal Company (PHLPOST) provides these services to overseas Filipinos in the United States, Hong Kong, Thailand, the United Arab Emirates, Japan, Brunei Darussalam, Indonesia, Singapore, Korea, Qatar, and Malaysia. The Central Post Office provides exchange rate guidance used by all 1,383 post offices nationwide.
Encrypted currencies
Cryptocurrency traders are also involved in a share of the remittance business. In the Philippines, virtual currencies such as bitcoin have become popular in transfer corridors. 2015, more than $ 2 million a month was sent to the Philippines using digital assets. In the first half of 2017, an average of $ 8.8 million a month enters the Philippines through the China Blockchain. In 2017, Bangko Sentral ng Pilipinas licensed two virtual currency exchanges. There are 12 other cryptocurrency exchange programs in the queue.
What is needed to transfer money from Canada to Philippines?
Sending money to the Philippines is a simple process, especially if you use money transfer services. Here is what you need to send money to the Philippines: A Government Certificate of Identity If you are sending from the United States, a driver’s license, passport, or Social Security card will suffice. The money you want to send , Recipient name as shown in their official documents , Mobile number and physical address of the recipient for cash delivery via home and mobile money deposits.
If you are sending to a bank account, you must provide the SWIFT code, bank name, branch name and beneficiary account number. It may be necessary to provide additional information depending on the size of the amount or the location to which you are sending. These measures are part of the global anti-money laundering (AML) and financial crime protection.
The best ways to send and transfer money from Canada to Philippines
The best way to send and transfer money from Canada to Philippines will vary depending on the specific circumstances of your transfer. Things that can affect your transfer include: Country and currency you send from
Your total amount is being shipped , How do you want to pay for your transfer (eg money transfer, money transfer operator, card payment versus bank transfer, etc.) How do you want your recipient to receive money (eg bank transfer vs. cash) ,The currency pair you convert between Getting the lowest cost or fastest transfer time is a higher priority for you
Finally, the best way to find the right provider to transfer your international money from Canada to the Philippines is to compare providers that support transfers between your sending country. Sending money to the Philippines from the Canada offers a variety of options. In general, Azimo offers the most competitive exchange rate with 1 CAD= 37.55 (at the time of writing) at no cost for your international transfer. Likewise, Azimo can make your transfer in minutes.
In comparison, sending via Western Union your exchange rate is 1 CAD= 34.55 PHP. If you are looking to send money to the Philippines from somewhere else, it is important to make sure you choose a transfer provider that supports your currency corridor. For example, if you convert USD to PHP, you may find that WorldRemit is the best choice for you. With an exchange rate of PHP 1 USD = 47.75328 and starting costs from $ 5.00, WorldRemit offers reliable, fast and cost-effective international transfer services. Other good shipping options in the Philippines include PaySend and CurrencyFair.
The cheapest way to send money from Canada to Philippines
The two main costs that you should be aware of when sending money are the transfer fee and the exchange rate offered by each service you use to send money.Transfer costs may vary from $ 30 upwards depending on the provider you use, whether you choose a fast or regular transfer service, and the payment method you choose. For example, bank transfers may have higher costs than wallet transfers.
It is a rechargeable exchange rate that can make a real difference in the amount your receiver receives at the other end of your transfer. As a rough example, banks for international transfers can add between 3 and 5 percent to the average market rate anywhere, while MTOs typically add between 0.10 and 3 percent to the mid-market rate. This can vary greatly depending on the provider you use, so keep this in mind when comparing services.
Money transfer providers like Azimo and PaySend do not charge for international transfers from Canada to Philippines and instead add a small token to the exchange rate. Sending 500 500 to the Philippines with either of these two providers, for example, gives you an exchange rate of 1 GBP = PHP 66.860 or PHP 64.346 (at the time of writing), at no cost, Total 33,430.43 PHP with Azimo or 32,173.26 PHP with PaySend.
what about other providers
Other providers, such as TransferWise, charge international transfers at average market rates and at a fixed fee, which can often be generally cheaper. By sending the same amount of 500 500 with TransferWise, the exchange rate of 1 GBP = PHP 64.894 at the time of writing gives you a fixed fee of 4.52, giving a total of PHP 32154.03 to your recipient.
Therefore, in this case study from December 2020, we can conclude that the cheapest way to send money from the Philippines to the UK is Azimo. This is subject to change but the cheapest provider may vary depending on your sending country, current exchange rate and your payment / delivery method.
What is the fastest way to send money to the Philippines?
For some international transfers, your money can be with your recipient within minutes. Providers like WorldRemit, Azimo, Currency Fair and PaySend can make your transfer within two hours for transfer money from Canada to Philippines , if not sooner. Before starting the transfer, make sure that the provider of your choice supports transfers from your sending country.
Likewise, your payment method can affect your transfer rate. Choosing a cash van from one of the 8,400 Western Union locations or one of the banks that WorldRemit has partnered with can be one of the fastest ways to get money in the Philippines, with more cash vans available immediately. Of course, for easy collection, make sure there is a representative location close to your recipient’s address.It is worth noting that the fastest transfer is rarely the cheapest transfer. Would you rather have your transfer delivered to your recipient faster or at a lower cost?
Things to consider when sending money to the Philippines
In 2019, the Philippines was among the top five countries receiving USD remittances, with millions of overseas Filipino workers sending money home to support their families and loved ones. There is no doubt that these regular remittance payments are a vital tool to support many families in the Philippines and strengthen the local economy across the country.
important factors for send money from Canada to Philippines
There are a few things to keep in mind when sending money to the Philippines. The most important factors to consider are exchange rates and taxes. Remittance Tax – When sending money from the United States to the Philippines, you must notify the government of $ 10,000 or more. When it comes to tax returns, make sure you record the amount sent as part of your annual income in the United States and pay the relevant tax. Money coming to the Philippines from abroad is not considered income and therefore is not taxed. If you find taxing confusing, get a financial advisor or accountant to advise you.
Exchange Rates – The Philippines operates a free floating exchange rate system. This regime means that the market forces determine the direction of the currency. You should be careful not to drop the Philippine Peso and send in the shortest time. For example, in the last four months of 2017, the peso fell 3.6 percent against the US dollar. As a result, remittances to the Philippines from countries that use dollar-denominated currency regimes, such as the UAE, increased by about 9.9 percent.
Therefore, sending money to the Philippines depends on your preferences, how well you know the providers, the different ways of sending money and the factors you should consider. The information you have recently passed on is vital.
What do we mean by top provider fro transfer money from Canada to Philippines
Is a top money transfer service provider, which we think is the most suitable country to send money to. In order to keep our services free, we are involved in this ranking in the business agreements we have with our partners.
How do we select providers for the show?
We make sure that each table shows the most relevant brands to the country from where you are sending money from. We take many factors into account when selecting providers to display in the table. All our featured providers are fully tuned to provide money transfer services in the jurisdiction you are looking for, the relevant regulatory authorities are the FCA, ASIC, Fincen, FINTRAC and AMF. In addition to setting up, services are manually reviewed by our team for quality of service and online trust through operating systems such as Trustpilot and Google reviews. We base our rankings primarily on the quality of service provided, the benefit to the consumer, and our retention. Free Services – Our Business Agreements.
How do we make our comparisons?
We affiliate with some of the partners shown in the article. However, the order of the providers is based on the quality of service for the specific country corridor and following the existing trade agreement. You do not pay any extra money and the transaction you make is not affected by our commercial contract with the money transfer provider. We may charge a commission when you click on a list or make a deal
conclusion
There are always many ways to transfer international money, but you should keep in mind that you will always find the cheapest method, the best method and the fastest way so that you can get your money to your destination with the least cost and in the fastest time. In this article, we tried to review the best ways to transfer money from Canada to the Philippines, and finally we suggest you to use online methods and money transfer operators.
Also, if you have any questions about the methods of sending money from Canada to the Philippines, the methods of sending money from Canada to the Philippines or the necessary documents to send and receive money from Canada to the Philippines, you can ask all your questions via the contact us link on the website. we will answer your questions and requests as soon as possible
