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If you want to send a payment overseas, turning to your bank might be the obvious choice. However, international wire options can be quite limited with many major banks in the Philippines - plus the fees can be high, and include a large markup on the exchange rate. That means that while it’s a safe and familiar choice, it may not be the fastest, cheapest or most convenient.

Alternative options can help. Providers like Wise are specialists in sending international payments from the Philippines around the world, with great exchange rates and low fees. We’ll look at how alternatives measure up to banks on fees, features and delivery times, to help you decide which service to use.

Best international money transfer: fee comparison

Before we get into the details, let's look at the costs of sending an international money transfer with some large local banks. We’ll then take a look at how specialist providers like Wise work differently.

Here are the upfront fees you need to consider when you set up a payment from the Philippines to a bank overseas, with 3 major banks:

As you can see the fees you pay can vary quite a bit - and include up to 3 separate payments:

• A transfer fee

• An exchange rate markup

• Intermediary or recipient bank fees

The transfer fee is set by your bank and is usually very clearly stated in the fee schedule for your account. Intermediary fees are a bit trickier, as these can’t always be known before you schedule your payment. Intermediaries are other banks which help to process the transfer, and which can deduct a service fee as they move your money. The fees they charge can depend on the payment details - while you can sometimes predict these and pay them upfront, that’s not always possible, which might mean that your recipient gets less than you expect.

The final fee - which may be the most expensive of all - is the exchange rate markup. This is a percentage fee added onto the mid-market rate to calculate the rate used to convert your PHP to the currency needed for deposit to the overseas bank account. Because it’s a percentage, it may sound fairly small - probably in the region of 3% - but it adds up very quickly on higher value payments. Plus, it’s very hard to calculate, so you may never know exactly what you're paying.

Specialist services like Wise can offer an easier pricing mechanic which passes on the mid-market rate - like you see on Google - with no percentage fee added. The costs of currency conversion are then split out so you can easily see them. You avoid intermediary fees, because Wise processes payments in a different way to banks - and that can mean that overall, you get a far cheaper payment, which can be faster than a bank, too. We’ll look into Wise money transfers in more detail as we work through this guide.

Types of Fees for International Transfer with Banks

Banks will usually charge you in several different ways for an international wire transfer:

• Bank sending fee: The bank will charge a fixed fee for each international money transfer that you make. This fee can vary depending on the type of account you have, how you’re making the transfer and the currency you send.

• Exchange rate markup fee: A bank typically offers an exchange rate which includes a markup on the mid-market rate that you’d see on Google. While this markup varies, it’s often about 3% - a fee which adds up quickly the more you send.

• Correspondent bank fee: Third party charges which can be called agent fees, intermediary fees, SWIFT fees or correspondent bank fees. You may not be able to see the exact cost of these charges in advance of confirming your transfer.

• Receiving bank fee: Finally, the beneficiary’s bank may charge a fee for them to receive the money into their account.

Because some costs can be unpredictable, the recipient might get less than you expect into their account in the end.

Things to Consider When Choosing an International Transfer Provider

Fees are definitely the most important factors but what else should we consider when transferring money abroad?

Best Bank or Provider for International Transfers for Speed

Speed of delivery is a very important factor when deciding which provider or bank to use for your payment from the Philippines to a bank overseas. Banks can take some time to process payments - and if you miss the cut off time for a transfer, they won’t even start moving your money until the next working day. Often, specialist services can be faster than banks as they use different payment processing networks which increases efficiency.

Here’s a summary of the banks we looked at earlier, plus a couple of specialist services you may want to consider:

Alternatives to International Transfers with Banks

Using a specialist service could offer a good alternative to your bank - whether you’re sending or receiving money internationally. If you’re sending a payment you might look at Wise or PayPal for example. Or, if you want to receive money both of these could help - plus, you could use a local wallet like GCash or Maya. Here are some pointers to help you decide if these services can suit you.

Alternatives to send international payments

If you’re sending money to a bank overseas, Wise can help with a direct payment. Or if you’d rather use PayPal you can send to your recipient’s PayPal account and they can then withdraw to their bank when they choose to. You can also transfer from PayPal to GCash and transfer from Wise to GCash.

Alternatives to receive international payments

Instead of receiving an incoming international payment to your bank you could also get paid to an alternative account. Wise offers local and SWIFT account information so you can be paid in foreign currencies without needing to convert to PHP immediately. PayPal also lets you receive in 25 currencies, and convert when you want to.

Local wallets like GCash and Maya are also commonly used for receiving incoming remittances, where the sender will set up the payment using a preferred remittance partner, to be converted and deposited to your wallet in PHP. In this case the remittance partner has control over aspects of the transfer like the exchange rate. Here’s a summary:

Best Bank for International Transfers

Let’s get into more detail about the banks we looked at earlier, and how they work for international transfers. We’ll cover BPI, BDO and Unionbank.

BPI international money transfer 

You can send a BPI international money transfer online through the digital banking system, or in a branch by printing out and completing the transfer request form. Payments are available in a selection of major global currencies and payments can be tracked in the app once they’re on the way. There are variable limits and delivery times - if you hit a limit in the app you’ll see a notification and you can contact the bank to ask for advice.

BPI International transfer Fees & Exchange rate 

If you send a BPI transfer you pay a transfer fee of 14 USD from foreign currency account or 600 PHP for peso accounts. Intermediary fees also apply, which vary depending on remittance amount, currency and purpose.

Finally the exchange rate is likely to include a markup, which is set by the bank and which can be seen by comparing the BPI rate to the mid-market rate.

BPI Transfer speed 

Delivery times depend on the processing schedule used, and you’ll need to hit the cut off time for the currency involved to get your money moving as soon as possible. Ask the bank the details of the cut off for your currency.

BPI Transfer limits

In a branch you may be able to send USD, AUD, GBP, EUR, JPY, SGD, HKD, CAD, and NZD, IDR, TWD, INR, CHF, CNY, THB, KRW, NOK, DKK, and SEK. The exact currencies available to you depend on the account type you have.

Online you can send USD, CAD, AUD, EUR, GBP, SGD, HKD from all accounts and for USD source accounts, the following currencies are also accepted: IDR, TWD, INR, CHF, CNY, THB, KRW, NOK, DKK, and SEK.

BPI limits are variable and may depend on the country and reason for the payment - you’ll be informed of the limit of your transfer when you set it up.

BDO international money transfer

BDO can support outgoing USD wires from a USD denominated account, which can be sent online. International wires may not be available from peso accounts - you’ll need to check directly with the bank to understand how you can move money overseas from your peso account most conveniently. There’s a 10 USD fee which goes to BDO, plus exchange fees and potential intermediary fees of 25 USD when you pay,

BDO International transfer Fees & Exchange rate 

The transfer fee for BDO is 10 USD from USD account, plus 25 USD in intermediary fees. In addition, the exchange rate is likely to include a markup.

BDO Transfer speed 

Transfers can take 3 - 5 days, subject to meeting the cut off.

BDO Transfer limits

Send USD wires only, up to the limit of your account balance.

Unionbank international money transfer

Unionbank international money transfers can be arranged online in USD, from USD accounts, and sent to many countries globally. If you want to send in a currency other than USD you can often still do so in the branch, subject to the account and payment details. Fees apply to your transfer, but the intermediary fee is rolled into the transfer charge for convenience.

Unionbank International transfer Fees & Exchange rate 

There’s a fee of 40 USD inclusive of intermediary fees for payments made online using a USD account. Wires from peso accounts and in other currencies can only be made in a branch. The exchange rate is likely to include a markup.

UnionbankTransfer speed 

Transfers can take 3 - 5 days, subject to meeting the cut off.

UnionbankTransfer limits

Transfer a maximum amount of 20,000 USD per day and 200,000 USD per month.

What do you need when you transferring money abroad

To send a payment overseas you’ll need to have some key information to hand, usually including:

• Recipient’s full name and address

• Recipient’s bank name and address

• Recipient’s bank account number

• Recipient’s bank SWIFT/BIC code

• Any local information needed, based on destination country, such as a sort code for the UK

You’ll also need to specify the reason for the payment, and may be asked to provide proof of the source of the funds for verification purposes.

How to avoid international transfer fees with Banks

With charges added into the exchange rates and hard to spot intermediary bank fees, international wire transfers with banks can be costly. Here are some tips on how you could keep your costs down:

• Sending money through your bank’s online or mobile banking service is almost always cheaper than visiting a branch

• If you need to send someone a lot of money, using one larger payment can be cheaper than sending several small transfers, thanks to the fixed transfer fees that apply

• If you can, use a specialist international payment provider like Wise. Wise supports fast digital payments to many countries, with the mid-market exchange rate and low, transparent fees which can mean paying less overall

• Compare some different transfer services to make sure you get the best value for your particular payment

Best banks for international transfers: Key Points & summary 

Use this guide to decide if sending money overseas with your bank - or choosing a specialist provider like Wise - is the best option. Remember to compare costs, rates and convenience, as well as delivery times when selecting the perfect fit for your needs.