Overseas Money Transfers to the Philippines: A Guide for Expats and Retirees

Need to send money to the Philippines from abroad? Whether you’re an expat managing a retirement income, a remote worker paying bills, or supporting family back home, choosing the right transfer method matters.

This guide breaks down the best and cheapest ways to move funds — covering online platforms, traditional banks, exchange rate tips, and how to avoid hidden fees.

From Remittance Centers to Fintech: A Brief History of Overseas Money Transfers

The way people send money across borders has changed dramatically over the last few decades. In the past, overseas workers and expats relied heavily on traditional remittance centers and wire transfers through major banks — often paying high fees and waiting days for confirmation.

Today, with the rise of digital platforms and fintech services like Wise and Remitly, sending money to the Philippines is faster, cheaper, and more transparent than ever before. Understanding this evolution helps explain why some methods are outdated — and why smarter, tech-driven alternatives are now the preferred choice for many retirees and expats living in the Philippines.

Having worked and lived overseas, I’ve experienced many of the challenges involved in sending money across borders — from slow international wire transfers to navigating high remittance fees. Over time, the options have improved dramatically.

To understand why fintech platforms for sending money to the Philippines have become so popular, it helps to look back at how money overseas money transfers have evolved.

Fintech vs Banks: What's the Difference for Sending Money to the Philippines

The Traditional Banking Route

A traditional bank is a fully licensed financial institution that provides a wide range of services, including checking and savings accounts, loans, credit cards, and international money transfers. Banks operate under strict government regulation, and customer deposits are typically insured.

When you send money abroad through a bank, the transaction often goes through the SWIFT network — a secure but relatively slow and expensive system. Banks are trusted, especially for large or formal transfers, but they often charge higher fees and offer weaker exchange rates.

Using Fintech Services

A fintech service is a financial technology company that focuses on delivering specific financial functions — like money transfers — through digital platforms. Services like Wise, Remitly, and WorldRemit use smart routing systems and local bank partnerships to move money more efficiently than traditional banks.

They are not full-service banks and don’t hold long-term deposits or issue loans, but they are licensed for payment processing and currency exchange. Fintech platforms are popular for international transfers because they are faster, cheaper, and more transparent — especially for smaller, frequent transactions. For example, a $500 bank transfer might cost $35+ in fees and still take 3 - 5 days, while Wise can deliver the same amount for under $5, in a day or less.

Fintech – Money Transfers

Fintech platforms have redefined how money is sent to the Philippines from overseas. For expats and retirees, these services solve everyday problems — reducing transfer costs, cutting delays, and offering far better transparency than traditional banking. With just a smartphone, users can move funds directly into local accounts or e-wallets like GCash and Maya, track the process in real time, and get alerts when the money arrives. It’s no longer a niche option — for many, it’s simply the most reliable way to handle cross-border finances today.

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Choosing the Right Fintech Platform

There are dozens of fintech platforms offering international money transfers, each with different features, fees, and delivery times. But not all are equal — and not all are widely used in the Philippines. For this guide, we’ll focus on the most popular and proven options among expats and retirees: Wise, Remitly, and WorldRemit. These services stand out for their ease of use, fast delivery, and strong reputation for transparency and support.

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Are Fintech Services Safe for Sending Money?

Yes — major fintech services like Wise, Remitly, and WorldRemit are considered safe for sending money to the Philippines. These companies are fully licensed by financial regulators in the regions where they operate, including the UK’s Financial Conduct Authority (FCA), the US Financial Crimes Enforcement Network (FinCEN), and the Bangko Sentral ng Pilipinas (BSP). They use encryption, two-factor authentication (2FA), and fraud prevention tools to protect both your money and your personal data.

It’s important to note that while these platforms are licensed for payment processing, they are not banks — meaning your funds are not covered by traditional deposit insurance. However, user balances are typically safeguarded in segregated accounts and not used for lending or investment. As with any digital financial service, staying safe also depends on how you use it: protect your account credentials, verify recipients, and avoid unofficial or suspicious links. Used properly, these platforms are trusted by millions of expats worldwide for secure international transfers.

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How to Open a Fintech Account

All three services — Wise, Remitly, and WorldRemit — are designed for ease of access. You can sign up using just an email address and a valid ID, with no need for a Philippine address or local bank account. Identity verification is required, especially for higher transfer limits, but the entire process can be completed online in just a few minutes. These platforms are built for expats and international users, making it easy to manage overseas money transfers from your phone or laptop, wherever you are in the world.

Cryptocurrency Transfers: An Emerging Option

Cryptocurrency is gaining attention as an alternative way to send money internationally — including to the Philippines. Services like USDT (Tether), Bitcoin, and Ethereum allow users to transfer funds peer-to-peer, without relying on traditional banks or fintech platforms. These transfers can be fast and cost-effective, especially for tech-savvy users or those moving large sums.

However, crypto is not without its risks. Prices can fluctuate quickly, and the process of converting crypto to pesos still depends on third-party apps, local traders, or exchanges — some of which are unregulated. For retirees and expats who value simplicity and predictability, cryptocurrency may be better viewed as a niche solution rather than a primary tool for everyday remittances.

Cost Comparison: Which Money Transfer Option Is the Best Value?

Costs vary depending on how much you send, where you’re sending from, and which service you use. Fintech platforms like Wise, Remitly, and WorldRemit typically offer lower fees and stronger exchange rates than traditional banks. Below is a sample comparison based on sending the equivalent of $500 USD to a bank account or wallet in the Philippines.

All cost estimates shown above are for general comparison only and based on publicly available data as of mid-2025. Actual transfer fees, exchange rates, and delivery times vary by provider, sending country, payment method, and transaction amount. Always check the live quote on the platform’s official website before confirming any transfer.

Do Banks Still Play a Role in Overseas Money Transfers?

Yes — in fact, banks remain pivotal. Most expats and retirees still maintain a bank account in their home country, often used to receive government pensions, private retirement income, rental payments, or business funds. While that account may not be used for day-to-day spending in the Philippines, it typically serves as the starting point for international money transfers — whether through a fintech platform or a direct bank-to-bank wire.

In many cases, banks still play a supporting role behind the scenes of fintech transactions. Platforms like Wise, for example, rely on a network of partner banks to handle local settlements in both the sending and receiving countries. This banking infrastructure is what enables lower fees and faster delivery — even if the user never interacts directly with a bank during the transfer process.

Conclusion: Choosing the Right Way to Send Money to the Philippines

Whether you're a retiree managing pension income, an expat supporting family, or simply transferring funds to a local account, choosing the right method matters. Fintech platforms like Wise, Remitly, and WorldRemit offer fast, transparent, and reliable services that have become the go-to choice for millions of users — often outperforming traditional banks in speed and cost. Cryptocurrency may appeal to more tech-savvy senders but comes with added complexity and risks.

The best option depends on your priorities: cost, speed, convenience, or payout flexibility. For most expats living in the Philippines, starting with a trusted fintech app is the easiest and most secure way to move money from overseas. If you're planning your long-term finances here, it's worth testing a few platforms and seeing which one fits your needs best.

Explore your next steps below — Or return to the Retirement Hub for a full library of guides, tools, and insights tailored to expats and retirees.