Cheapest way to send money to the Philippines?

Wise, Remitly, and WorldRemit consistently offer the best digital wallet (GCash, Maya) and bank deposit rates, with margins under 1%. For cash pickup, Western Union and MoneyGram have the densest agent networks but tend to be more expensive.

How fast does GCash delivery work?

Most providers credit GCash wallets within 1–5 minutes after the transfer is initiated. The recipient gets an SMS notification and can use the funds immediately for payments, withdrawals, or transfers.

Do recipients pay tax on remittances in the Philippines?

No — personal remittances to family in the Philippines are explicitly exempt from income tax under the National Internal Revenue Code. There is no annual cap on inbound personal remittances.

What ID does the recipient need for cash pickup?

Any government-issued ID with photo: passport, driver's license, UMID, PhilHealth ID, or postal ID. The name on the ID must exactly match the name on the transfer or it will be held.

Why is the AED→PHP corridor so competitive?

Roughly 700,000 Filipinos work in the UAE, generating consistent transfer volume that supports tight competition among providers. AED→PHP rates are typically among the best PHP corridors globally.

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Philippine Peso (PHP) Live Exchange Rate & Remittance Guide

PHP · ₱ · Bangko Sentral ng Pilipinas (BSP)

1 USD =

₱60.456

Live (cached)

About the Philippine Peso

The Philippine Peso has Spanish colonial roots, with the modern peso established in 1903 under American administration. The BSP, established in 1993, manages the currency under an inflation-targeting framework. The peso is fully convertible on the current account but managed-float on the capital account.

Why PHP matters for remittance

The Philippines is the world's fourth-largest remittance recipient at roughly $39 billion annually. Overseas Filipino Workers (OFWs) — over 10 million worldwide — drive inflows from the USA, Saudi Arabia, UAE, Canada, Singapore, Hong Kong, and Japan. Remittances equal ~9% of GDP.

PHP cross-rates

Live

What 1 Philippine Peso (PHP) is worth in major currencies right now, at the wholesale mid-market rate.

Currency	1 ₱ PHP =	Inverse (1 unit in PHP)
USD USA	$0.016541 USD	₱60.456 PHP
EUR Europe	€0.014386 EUR	₱69.512 PHP
GBP UK	£0.012446 GBP	₱80.346 PHP
INR India	₹1.5692 INR	₱0.637274 PHP
AED UAE	د.إ0.060749 AED	₱16.461 PHP

USD rate is live from Wise's comparison API; other reference rates are derived from the latest USD-anchored mid-market table. Retail providers add a margin on top — see the comparison table on each corridor page for the rate you'll actually receive.

Compare PHP corridors

See live rates and the best providers for each pair.

USD→PHP AED→PHP SGD→PHP GBP→PHP CAD→PHP

Philippines remittance guide

Country profile for sending money TO Philippines — delivery methods, regulations, recipient guidance.

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PHP remittance regulations

Inbound remittances to the Philippines are regulated by the BSP and AMLC. Personal remittances are not taxed. Providers must register as Money Service Businesses (MSBs) with the BSP. The BSP actively promotes digital remittance to mobile wallets (GCash, Maya) to reduce informal channels.

How to send Philippine Peso (PHP)

Choose between bank deposit (BPI, BDO, Metrobank) and cash pickup (Cebuana, M Lhuillier, Palawan) — pickup is faster but slightly more expensive.
GCash and Maya wallet delivery is the fastest growing option; Remitly, Wise, and WorldRemit all support direct wallet credit.
OFWs sending small amounts repeatedly should use a single fintech account to take advantage of cumulative loyalty discounts.
Verify the recipient's full legal name as it appears on their government ID — mismatches are the #1 cause of rejected pickups.

Currency facts

ISO 4217: 608
Sub-unit: 100 centavos = 1 peso
Central bank: Bangko Sentral ng Pilipinas (BSP)
Daily FX volume: $2.5 billion/day
Symbol: ₱
52-week range (vs USD): 56.1 – 57.5

Frequently asked questions

Live rates fetched from Wise's public comparison API. For currency conversion mid-rates we display Wise's quoted rate, which has zero markup. Methodology.