What's the cheapest way to send money from the US to the Philippines?

[Wired]

Besides Transferwise, because there is a limit to how much you can send. And not cryptocurrency. 

[Mike J]

Welcome Wired.  This question has been asked and answered many times.  If you type "sending money" into the search box in the upper right corner of your screen you will find lots of replies and advice.

[Dave Hounddriver]

23 hours ago, Wired said:

there is a limit to how much you can send

I suppose it would help to know how much you want to send.  For many thousands of dollars I would send via my foreign bank to my Philippine bank.  For a couple of thousand US$ I would send US$ with Moneygram.  Exchanging it locally in the Philippines will give you the best bang for your buck, IMHO and experience.

[Gary D]

7 hours ago, Dave Hounddriver said:

I suppose it would help to know how much you want to send.  For many thousands of dollars I would send via my foreign bank to my Philippine bank.  For a couple of thousand US$ I would send US$ with Moneygram.  Exchanging it locally in the Philippines will give you the best bang for your buck, IMHO and experience.

I needed to send £1900 last week and Transferwise gave me a few more pesos than my bank. This week I sent £9000 and the level of fees tipped in favour of my bank.

[Wired]

On 12/22/2019 at 7:00 AM, Gary D said:

I needed to send £1900 last week and Transferwise gave me a few more pesos than my bank. This week I sent £9000 and the level of fees tipped in favour of my bank.

Does your bank let you know exactly how much would be credited to your account in ph, before you finilize the transfer?

[Gator]

Works Remit works well for me. 5,000 USD daily limit and a $2.95 flat fee. Just be sure to link it to a debit card as credit cards will treat it as a cash advance and tack on extra fees plus, depending on the card, a higher interest rate. Exchange rate is often the same or better then money changers. As you type in the dollar amount to send, the peso amount instantly appears. 

As a side note: make sure the person you’re sending it to has proper ID to get an international remittance. If sending a larger amount to yourself the remittance center will likely want to see your passport or valid ACR card. A non Filipino driver’s license is not acceptable (at least not at M Lhuillier). I have a “Diamond” card from them - free after they scan your passport and take your pic. Once you have their Diamond card that’s all you need to get your remittance (plus the confirmation code of course).  

[Gary D]

15 hours ago, Wired said:

Does your bank let you know exactly how much would be credited to your account in ph, before you finilize the transfer?

I tell the bank how many pesos I wish to send and they debit the appropriate amount of sterling. The exchange rate is posted separately and varies throughout the day as the market varies. I get the rate as of when I push send

 

[Wired]

On 12/24/2019 at 4:57 PM, Gary D said:

I tell the bank how many pesos I wish to send and they debit the appropriate amount of sterling. The exchange rate is posted separately and varies throughout the day as the market varies. I get the rate as of when I push send

 

Are their rates marked up? 

[Gary D]

8 hours ago, Wired said:

Are their rates marked up? 

Their rate is a little below the rates posted on world remit etc but with no fees they become increasingly more competitive the larger amount you send. Funnily you get a few centablos more if you do a over the counter withdrawal.