Cheapest Money Transfer From Usa To Philippines

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Without a doubt, some money transfer services are cheaper than others. We used our 14+ years of money sending experience combined with data from the World Bank Group to determine the cheapest ways to send money internationally.

Spoiler alert: It's not your bank.

What is the cheapest way to send money internationally?

The costs to send money varies based on sending amount, destination and more. We compared sending $5,000 from Canada to the Philippines and found that the cheapest ways to send money were:

1. Digital money transfers

These specialists offer more affordable transfers than banks, allowing you to manage your transactions from home. In our experience, digital money transfer services are typically the cheapest way to send money internationally.

Cheapest digital transfer services:

TorFX

TorFX Logo

CurrencyTransfer

CurrencyTransfer logo

XE

XE logo

2. Send money for cash pickup

Cash transfers can get money to your recipient fast — sometimes within minutes. You can often pay online or at one of the thousands of agent locations worldwide.

Cheapest cash transfer services:

Remitly

Remitly Logo

WorldRemit

WorldRemit Logo

3. PayPal transfers

PayPal offers transfers to more than 100 countries and supports multiple currencies. Its exchange rates are often better than those you'll get from a bank but not quite as strong as rates offered by money transfer companies. PayPal calculates its transfer fee as a percentage of the amount you're sending — meaning it's often better for sending smaller amounts of money.

Learn about PayPal's fees and rates in our PayPal review.

Compare some of the cheapest ways to send money internationally

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

Bottom line

Although it can be tempting to use a bank for an international money transfer convenience over price, it's usually the most expensive option. When comparing services, pay attention to fees and exchange rates that can quickly eat into your transfer.

Still not sure about your best way to cheaply send money? Use our hand-picked list of money transfer services to help make your decision.

Zak Killermann is a writer at Finder who's been specializing in cryptocurrencies and blockchain technology for four years — covering everything from ICO booms, crypto winters, memecoins and more. He's mined and minted cryptocurrencies, and remembers the days when DOGE was just for fun. Zak's focus is in breaking down technical concepts (like yellow papers) for the average folk to digest on their morning commute. Before diving into all things crypto, Zak contributed to Finder's money transfers vertical.

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