How to Send Money to the Philippines With Lower Fees

Sending money home is one of the most emotional things many Filipinos in Singapore do every month. Rent, school fees, a parent’s medicine, the house you’re slowly paying off. It’s also one of the easiest places to quietly lose money — through fees you don’t notice, exchange rates that look good but aren’t, or services that are flashy but not licensed.

This guide is about *actually* paying less to send money home — without falling into the traps.

The fee you see is not the full cost

The two main ways a remittance provider makes money from you are:

• The fee (the "SGD 2" or "zero fee" you see at the top).
• The exchange rate markup (the gap between the real mid-market PHP rate and the rate they give you).

"Zero fee" often just means the markup is higher. A provider with SGD 2 fee but a better exchange rate can send more pesos home than a "zero fee" provider with a worse rate.

Before you pick, always ask: *how much PHP will my recipient actually receive after everything?* That is the only number that matters.

Check the real mid-market rate first

The mid-market rate is the rate banks use with each other — before markups. You can check it on Google ("SGD to PHP"), Wise, or xe.com. Any rate you’re offered should be compared against that.

A provider offering SGD 1 = PHP 41.5 when the mid-market rate is SGD 1 = PHP 42.2 is charging a real markup, even if the fee says "free".

Always use a MAS-licensed provider

In Singapore, only providers licensed by the Monetary Authority of Singapore (MAS) are allowed to offer remittance services. Using anyone else is illegal and extremely risky — there is no recourse if they disappear with your money.

Check the licensed list on mas.gov.sg under the Financial Institutions Directory. If the app or shop you’re using is not there, do not send money through them.

This is also how you avoid the “may kakilala ako, mas mura” scams that still circulate in community chats. Same rule applies to the scam patterns we covered in our loan shark and fake loan scams guide.

Options most Filipinos in Singapore use

Different options suit different needs. A broad overview:

Digital remittance apps (Wise, Instarem, and similar MAS-licensed services). Usually the most transparent on rate. They display the mid-market rate and show exactly what the recipient will get. Good for larger amounts and people who want clean records.

Bank-to-bank transfers via your SG bank app (DBS Remit, OCBC, UOB). Convenient if your salary is with the same bank. Rates vary — sometimes very competitive on specific corridors, sometimes not. Always check against an app like Wise.

Filipino-owned remittance shops in Lucky Plaza, Orchard Plaza, and around Paya Lebar. Long-standing option for kababayan. Useful if the recipient prefers cash pick-up in the Philippines, or has no bank account. Rates vary by shop and by day — it’s worth checking two or three if you’re sending a larger amount.

GCash / Maya via authorised cash-in partners. Convenient if the recipient uses GCash or Maya and you send small amounts regularly. Check whether the cash-in service is MAS-licensed.

Bank transfer to Philippine bank accounts (BDO, BPI, Landbank, etc.). Standard for recipients who already bank there. Speed and fees vary by the sending provider and the Philippine bank.

For bigger, less-frequent transfers (say, sending house down-payment), digital apps with transparent rates usually win. For smaller weekly transfers or when recipients need cash, remittance shops or GCash may be more convenient.

Practical tips to save more every month

Send bigger, less often. Many providers charge a flat fee regardless of amount. SGD 500 sent once is usually cheaper than SGD 100 sent five times.

Watch the rate, especially during volatile weeks. A few cents of PHP per SGD adds up over thousands sent.

Avoid airport and "last-minute" shops. They tend to have worse rates than the ones people actually use regularly.

Check if your SG bank has salary-holder promos. Some banks waive fees or offer preferential rates for their own payroll customers.

Don’t let the app default you into a "add SGD 3 for priority" when normal speed is usually 15 minutes to a day anyway.

Compare like for like. When comparing two providers, send the same SGD amount at the same moment and compare the PHP result the recipient will see.

Keep records

Save the transaction reference and screenshots, especially for larger amounts. If something goes wrong, your reference number is how the provider can trace the money.

For tax or family records, a simple spreadsheet with date, amount SGD, PHP received, and provider makes yearly tracking much easier.

Red flags to avoid

• A service promising PHP rates noticeably better than anyone else, through a Facebook message or DM.
• Any individual offering to remit on your behalf for a fee, without a MAS licence.
• Shops asking for payment in cash only with no official receipt.
• "Investment" pitches disguised as remittance ("double your remittance by joining this pool"). That’s not remittance, that’s either a scam or an unregistered investment — both dangerous.
• Apps pushing you to sign up outside the official App Store or Play Store. Always download from the official stores only.

If something feels off, stop. Run the licence check on MAS, check reviews, or ask in a known community group (not a random DM).

If you get scammed

Report to the Singapore Police Force via police.gov.sg and scamshield.gov.sg. If your SG bank account was involved, call the bank’s fraud hotline immediately. For recipient-side issues, contact the Philippine bank or e-wallet customer service. Keep every receipt, screenshot, and chat log.

Final note

Remittance is one of the biggest monthly expenses in most OFW budgets. Shaving even 1% off each transfer adds up to a meaningful amount over a year. The money you save this way can go into your emergency fund or savings — both of which we cover in our how to budget on a Singapore salary guide.

Last reviewed April 2026. Fees, exchange rate markups, and licensed provider lists change — always verify on mas.gov.sg and the provider’s own app before sending.