This week, popular remittance provider, Azimo, announced they will no longer process new person-to-person transfers after August 31. In simpler language, Azimo has decided to stop their remittance activity globally this week. Below is a summary of ways to continue sending money into the Philippines, and what to know when choosing a remittance provider.
In 2020, the WorldBank reported that nearly US$35B was received in the Philippines by personal remittance and so far this year, WorldRemit users globally have sent more than US$4B to the Philippines.
Different ways to send money to the Philippines
There are many providers who facilitate the movement of money into the Philippines. When looking at what provider is best for your needs, consider how the recipient might best utilise the funds, and what carriers / vendors they use in their daily lives.
Below is an overview of services and partners utilised by WorldRemit, which allows people to send money to the Philippines from dozens of countries around the world.
Way to Receive Funds in the Philippines
Al Amanah Islamic Investment Bank
Allied Savings Bank
Asia Trust Bank
Asia United Bank
Bak of America
Bank of China
Bank of Commerce
Bank of Florida
Bank of Makati
BDO Network Bank (One Network Bank)
Binangonan Rural Bank
BPI Direct Banko
BPI Family Savings Bank
Cantilan Bank, Inc.
Cebuana Lhuillier Rural Bank
China Bank Savings
Community Rural Bank of Romblon
Country Builders Bank Inc.
DBP (Development Bank of the Philippines)
EastWest Rural Bank / Komo
Equicom Savings Bank
First Consolidated Bank
Guagua Rural Bank, Inc.
HSBC Savings Bank
ICBC (Industrial and Commercial Bank of China)
Innovative Bank Inc.
JP Morgan Chase Bank
KEB Hana Bank
Legaspi Savings Bank
Malarayat Rural Bank INc.
Maya Bank, Inc.
Mindanao Consolidated Cooperative Bank
MUFG (Bank of Tokyo)
Partner Rural Bank
Philippine Veterans Bank
Philippines Business Bank
Producers Savings Bank
Queen City Development Bank (Queen Bank)
Quezon Capital Rural Bank
Rang-ay Bank, Inc.
RCBC Savings Bank
Rural Bank of Digos Inc
Rural Bank of Guinobatan INc.
Rural Bank of Porac (Pampanga), Inc.
Standard Chartered Bank
Sterling Bank of Asia
Sumitomo Mitsui Banking Corp.
Sun Savings Bank
UCPB Savings Bank
United Overseas Bank
Wealth Development Bank
Yuanta Savings Bank Philippines, Inc. (Tongyang)
BDO Network Bank
Palawan Pawnshop / Palawan Express
SM Business Services
The SM Store
The SM Supermarket
Mobile Wallet Networks
Globe at Home
You can find the total cost of sending money to the Philippines with a currency converter.
Most remittance providers have this service on their site. Select the receive method and delivery partner to check the exchange rate, transfer fees and the total amount your receiver will get in Philippines Peso or US Dollar. The transfer fee depends on the receive method and does not vary with the amount.
What information do I need to send money to the Philippines?
You need to register with a remittance provider service to send money to the Philippines. Once you’ve signed up, you’ll be prompted to:
Provide basic contact information:
Sign up with your full name, email address, mobile phone number, gender, birth date and address.
2. Verify your information
The service should attempt to verify your mobile phone number with an OTP. You may be required to provide ID proof and a selfie image to verify your identity. Identity verification typically takes up to 4 minutes. In case of a delay, the provider will contact you immediately. This happens to ensure your identity and funds are safely being managed and not being used by a scammer.
3. Create a transfer
Choose the amount you want to send, select how your receiver wants to get the money, and lastly, how you want to pay. With services like WorldRemit, senders will always see the final amount they will pay and fees upfront, as well as the exact amount the receiver will get.
4. Provide recipient contact information
We need specific details of your receiver in the Philippines based on the receive method. The receiver’s full name, mobile number and email address are always required to send money.
5. Pay for the transfer
You will need a bank account, a debit card or a credit card to pay for the money transfer to the Philippines.