Money Transfer and Remittance Guide for OFWs and Locals
9 min read
Personal remittances from overseas Filipino Workers (OFWs) reached a whopping $2.7 billion during the first quarter of 2016, or 1.4% higher than the previous year, per the Bangko Sentral ng Pilipinas (BSP).
Hard-working Filipinos overseas who subsidize for their loved ones’ needs and wants deserve more than just salute and recognition. Every centavo they send also equates to blood, sweat, and tears. That is why when remitting money, OFWs should opt for means that are secure, convenient, and cost-efficient.
What is the cheapest way to send money to the Philippines? What are the most convenient? To answer these questions, here are the options for OFWs in remitting cash to their loved ones back home.
Remittance Centers
These are the conventional means of sending money locally and abroad. Their branches are scattered around the Philippines, even in those remote places that banks can’t reach, and every Filipino knows what these are for.
1. Cebuana Lhuillier Pera Padala
Cebuana Lhuillier is one of the companies under the PJ Lhuillier Group of Companies. Established in 1998, PJLGC owns and manages businesses that provide financial services such as remittance, pawning, microinsurance, and B2B microloans. It has 2,300 local branches with 4,000 agents and 80 partners overseas.
Service Highlights:
- 24k Rewards Program – Transactions can accumulate points which can be claimed as discounts, privileges, freebies, or special service.
- Micro-savings Program – A regular banking service at 0.30% interest yearly with no maintaining balance.
- 24/7 Accessibility – Located mostly in Metro Manila and key cities.
- Online service – eCebuana.com
2. LBC Instant Peso Padala
Starting out as a brokerage and air cargo agent in 1945, LBC is a pioneer in cargo shipping and express delivery in the Philippines. They have grown into a leading provider of courier, logistic, and remittance services for Filipinos here (3,000 branches) and abroad.
Amount | Instant Peso Padala | Remit to Account | Card Loading | Peso Pak Door to Door |
---|---|---|---|---|
100 | 6 | 100 | 3 | 35 |
100 – 200 | 15 | 6 | 37 | |
200 – 300 | 300 – 400 | 20 | 12 | |
300 – 400 | 25 | 12 | 54 | |
400 – 500 | 30 | 15 | 49 | |
500 – 600 | 35 | 18 | 71 | |
600 – 700 | 40 | 21 | 76 | |
700 – 800 | 45 | 24 | 80 | |
800 – 900 | 50 | 27 | ||
900 – 1,000 | 30 | |||
1,000 – 1,500 | 75 | 120 | 45 | 119 |
1,500 – 2,000 | 100 | 60 | 140 | |
2,000 – 2,500 | 125 | 75 | 179 | |
2,500 – 3,000 | 150 | 90 | 200 | |
3,000 – 4,000 | 180 | 150 | 120 | 260 |
4,001 – 5,000 | 220 | 150 | 320 |
Service Highlights:
- Peso Pak Door-to-Door Delivery – The cash is delivered straight to the recipient’s address. This offers convenience to those who can’t pick up the cash like the sick, PWDs, or elderly.
- Remit to Account – This feature allows you to send remittance straight to a bank account.
- Online service – lbchome.com
3. M Lhuillier Kwarta Padala
M Lhuillier envisions being a word – class provider of financial services by perpetually improving and maintaining its growth and good organizational culture. ML has over 2,000 local branches.
Amount | Rate |
---|---|
100 | 7 |
101 – 200 | 13 |
201 – 300 | 18 |
301 – 400 | 25 |
401 – 500 | 30 |
501 – 600 | 35 |
601 – 800 | 40 |
801 – 900 | 45 |
901 – 1,000 | 50 |
1,001 – 1,500 | 80 |
1,501 – 2,000 | 100 |
2,001 – 2,500 | 130 |
2,501 – 3,000 | 150 |
3,001 – 4,000 | 150 |
4,001 – 9,500 | 180 |
9,501 – 14,000 | 220 |
14,001 – 30,000 | 240 |
30,001 – 40,000 | 300 |
40,001 – 50,000 | 350 |
Service Highlights:
- 24/7 Accessibility – Located mostly in Metro Manila and key cities.
- ML Express – Using your ML wallet and a tablet, you can manage your remittances conveniently.
4. Palawan Express Pera Padala
Palawan Pawnshop originally began in , you guessed it, Palawan’s capital of Puerto Princesa City back in 1985. Its pawn brokering was partnered with money remittance that allowed it to continue its growth. For over 30 years now, the company expanded its services so now it also offers money changing, bills payment, e – loading, and insurance through its over 2,000 local branches.
Amount | Rates on Metro Manila & North Luzon | Rates on South Luzon, Visayas & Mindanao |
---|---|---|
100 | P3 | 2 |
101 – 200 | P6 | 3 |
201 – 300 | P9 | |
301 – 400 | 12 | 8 |
401 – 500 | 15 | |
501 – 600 | 18 | 10 |
601 – 700 | 21 | 12 |
701 – 800 | 24 | |
801 – 900 | 27 | |
901 – 1,000 | 30 | 15 |
1,001 – 1,500 | 45 | 20 |
1,501 – 2,000 | 60 | 30 |
2,001 – 2,500 | 75 | 40 |
2,501 – 3,000 | 90 | 50 |
3,001 – 3,500 | 95 | 60 |
3,501 – 4,000 | 115 | 70 |
4,001 – 5,000 | 125 | 90 |
5,001 – 6,000 | 145 | 115 |
6,001 – 7,000 | 115 | |
7,001 – 8,000 | 165 | 125 |
8,001 – 9,500 | 185 | |
9,501 – 10,000 | 195 | 140 |
10,001 – 14,000 | 210 | 210 |
14,001 – 15,000 | 220 | 220 |
15,001 – 20,000 | 250 | 250 |
20,001 – 30,000 | 290 | 290 |
30,001 – 40,000 | 320 | 320 |
40,001 – 50,000 | 345 | 345 |
Service Highlights:
- Instant Notification – Through an SMS, both sender and receiver are notified if the money has been processed and/or claimed.
- Suki Card – A point system that gives 5% discount and 2% rewards on remittance fees.
- Padala to Bank Account – This feature also allows you to send remittance straight to a bank account.
5. RD Pawnshop Padala
Originally a pawnshop business in General Santos City, RD Pawnshop Padala rapidly expanded its industry from finances to manufacturing. The RD Pawnshop Inc also established a small jewelry boutique in Cebu. It has over 700 branches.
Amount | Rate |
---|---|
100 | Free |
100 – 200 | 2 |
201 – 300 | 2 |
301 – 500 | 7 |
501 – 700 | 10 |
701 – 900 | 12 |
901 – 1,000 | 13 |
1,001 – 1,500 | 18 |
1,501 – 2,000 | 26 |
2,001 – 2,500 | 34 |
2,501 – 3,000 | 41 |
3,001 – 3,500 | 51 |
3,501 – 4,000 | 61 |
4,001 – 5,000 | 76 |
5,000 – 6,500 | 96 |
6,501 – 7,000 | 101 |
7,001 – 9,500 | 109 |
9,501 – 10,000 | 119 |
10,001 – 14,000 | 180 |
14,001 – 15,000 | 190 |
15,001 – 20,000 | 220 |
20,001 – 30,000 | 258 |
30,001 – 40,000 | 286 |
40,001 – 50,000 | 311 |
Service Highlights:
- Free remittance – You can send an amount of P100 and less with no fee.
- Discount – Remittance fee gets discount starting at P301.
- Rebates – Remittance fee gets rebates starting at P901
- Service Availability – RD Pawnshops opens on holidays, except for Good Friday, Black Saturday, Christmas, and New Year.
6. TrueMoney Padala
TrueMoney is a sub – company of the Thailand – based Ascend Group. It was opened in 2003 in its home country but has since branched out to other ASEAN countries such as Cambodia, Indonesia, Myanmar, and the Philippines. It has 13,500 TrueMoney centers.
Amount | Rate |
---|---|
100 | Free |
101 – 200 | 1 |
201 – 300 | |
301 – 400 | 6 |
401 – 500 | |
501 – 600 | 9 |
601 – 700 | |
701 – 800 | 11 |
801 – 900 | |
901 – 1,000 | 12 |
1,001 – 1,500 | 17 |
1,501 – 2,000 | 25 |
2,001 – 2,500 | 45 |
2,501 – 3,000 | 55 |
3,001 – 3,500 | 65 |
3,500 – 4,000 | 75 |
4,001 – 4,500 | 95 |
4,501 – 5,000 | 110 |
5,001 – 6,000 | 125 |
6,001 – 7,000 | 145 |
7,001 – 7,500 | 155 |
7,501 – 8,000 | 165 |
8,001 – 8,500 | 180 |
8,501 – 9,500 | 200 |
9,501 – 10,000 | 230 |
10,001 – 15,000 | 250 |
15,001 – 20,000 | 300 |
20,001 – 30,000 | 330 |
30,001 – 40,000 | 350 |
40,001 – 50,000 | 380 |
Service Highlits
- Wide Accessibility – Many small business establishments sign up to become TrueMoney centers, so you can find them literally everywhere.
- SMS Alerts – Senders are notified of the transfer details through a mobile message.
7. Villarica Pawnshop Pera Padala
Established in 1954, the pawnshop was opened by a jeweler in Bulacan named Paz Villarica. Her surviving heirs made it grow into a corporation that offers a variety of services with over 500 branches.
70
Amount | Rate |
---|---|
100 | 1 |
101 – 200 | 2 |
201 – 300 | 3 |
301 – 500 | 9 |
501 – 700 | 12 |
701 – 1,000 | 156 |
1,001-1500 | 20 |
1,501 – 2,000 | 30 |
2,001 – 2,500 | 40 |
2,501 – 3,000 | 50 |
3,001 – 3,500 | 60 |
3,501 – 4,000 | 70 |
4,001 – 5,000 | 90 |
5,001 – 6,500 | 115 |
6,501 – 7,000 | 120 |
7,001 – 9,500 | 125 |
9,501 – 10,000 | 140 |
10,001 – 14,000 | 208 |
14,001 – 15,000 | 218 |
15,001 – 20,000 | 248 |
20,001 – 30,000 | 288 |
30,001 – 40,000 | 320 |
40,001 – 50,000 | 345 |
50,001 and above | 345 + 1% in excess of 50,000 |
Service Highlights:
- POS Withdrawal – You can get the cash you will send from the pawnshop itself through your ATM Card.
8. Western Union Sulit Padala and Overseas Money Transfer
Western Union is a leading international money transfer service provider with 8,400 local branches serving 200 countries with different currencies.
Amount | Domestic Rate |
---|---|
1 – 500 | 5 |
501 – 1,000 | 15 |
1,001 – 2,000 | 25 |
2,001 – 3,000 | 45 |
3,001 – 5,000 | 85 |
5,001 – 7,000 | 115 |
7,001 – 10,000 | 125 |
10,001 – 15,000 | 540 |
15,001 – 50,000 | 595 |
50,001 and above | 2% |
Service Highlights:
- My WU Membership Program – A rewards program using point system to get discounts on the succeeding transfer fees.
- Track a Transfer – Customers can check the remittance status online
- Online service – westernunion.com, PayMaya for a mobile wallet
Electronic, Mobile, and Online Money Transfer
This is the most convenient among all the modes of remittances. A transaction is right in the palm of your hands as everything is done over the internet or mobile phone. Convenience, however, comes at a price, and the user must pay a fee through their credit card and/or their bank.
1. Coins.ph
Coins PH is a fintech company giving Filipinos to have a mobile wallet. Using your phone, you can enjoy services such as bills payment, card-less ATM, or game credit purchase. Of course, you can also remit money straight to their Coins account or to Western Union in different parts of the world.
2. eCebuana
All the financial services of Cebuana Lhuillier are made available online. Those with 24K Online Portal can use their details in using the online service.
3. GCash Remit
GCash is much like Coins.ph but it is managed by Globe Telecom. Aside from working as an e- wallet, you can also use it to send money to another GCash account or an GCash-accredited remittance center, where anyone can pick up the money, regardless of mobile network or a smartphone. Remittance rates range from P10 – P200.
4. LBC Home
This is the online service of LBC Remittance, serving around several more than 20 countries with various local and international partners.
5. MoneyGram
MoneyGram serves family and friends around the world by connecting them through dynamic and efficient money transfer and payment services. From abroad, you can send money to over 600 branches nationwide or through their mobile app.
6. PayMaya
PayMaya card is a prepaid card, which you can use to purchase or for savings. You can also send money locally through various means and receive remittances through Western Union. The card could be virtual and physical, with functions that vary.
7. Payoneer
Payoneer is a fintech company that lets you pay, manage your funds, and receive money locally and abroad. Withdrawing your cash is available through local banks.
8. PayPal
Using PayPal, you can purchase online, send payments, and remit money with ease and security.
9. Remitly
From the other side of the world, Remitly allows you to send money to 10,000 locations comprising of local banks, remittance centers, SM malls, and accredited outlets.
10. Ria Money Transfer
This company provides safe and reliable money transfers from and to 369,000+ locations all over the world
11. SmartPadala
Smart Padala, operated by the telco Smart Communications, is an easy way to receive and send money using your mobile phone. Pickup is available in all Smart Padala centers. It is also in partnership with PayMaya.
12. Transfast
You can source your money transfer from your bank and send it either as bank deposit or cash pickup. Recipients may be anywhere from the 50 serviced countries.
13. TransferWise
TransferWise debunks the myth of 0% commissions and free money transfers of the banks, but boasting the company’s service with honest costs, real exchange rates, and minimal fees that are intendedly not hidden.
14. WesternUnion
The leading global money transfer gone digital.
15. Xoom
Powered by PayPal, you have the options to send the money for bank account, cash pickup, and delivery.
Bank Remittance Services
Philippine banks now offer remittance accounts for the convenience of OFWs. This enables Filipino families to receive money through banks’ remittance partners.
This type of account also serves as a savings account, which can also accrue interests over time.
Here are the top five banks in the Philippines with their remittance services:
1. BDO
- BDO Remit International Network
- BDO Kabayan Savings Account (using your credit)
- BDO Remit Status Inquiry
- Cash Pickup Anywhere
- BDO Remit Text Service
- Food Remittance Service
2. Metrobank
- Credit to Metrobank Accounts and World Cash Card
- Credit to other Philippine Bank Accounts
- Cash Pick-up Services
- Door-to-Door Cash Delivery
3. Landbank
- Direct Credit to LANDBANK accounts (CA/SA)
- Credit to other banks (via PESONet)
- Cash pickup through LANDBANK branches
- Cash pickup through remittance partners
- Text Notification
4. BPI
- Express credit to BPI accounts (BPI/BPI Family Bank/BPI Direct)
- Express pickup at BPI branches
- Credit to other Philippine bank accounts (within 24 hours)
- Door-to-door delivery
5. PNB
- PNB Web Remit (UK, US)
- Remit through Fargo Express Send
- Send through Phone Remittance (UK)
- Remit through 7 Eleven Outlets (HongKong)
- Remit through Postal Service (Japan)
- Remit through PostFinance (Switzerland)
- Credit to Account/PNB account/Global Filipino Money Card (GFMC)
- Credit to Another Bank Account
- PNB 3D (Door-to-Door Delivery)
- Remittance Pickup
Testimony
“I do bank remittance in Lucky Plaza, where all the remittance centers are. I started going there because I could pay my SSS, Pag-IBIG, and send money—either to my BDO bank account or Cash Pick-Up—all in one transaction for less cost. If there’s another center that would allow me to remit using my card, then I’d transfer there for convenience.†– Irene Curtis, a magazine editor based in Singapore
ATM service
It’s best to open an account with ATM systems like Cirrus, Plus, or Maestro and just send the ATM card to the Philippines. Note that you must not send the PIN number with the card for safeguarding purposes.
As long as the account has money, you can easily get and withdraw cash anytime, for a minimal cost of around P200. International ATM cards usually allow a maximum amount of P4,000 per withdrawal.