Sending money home is one of the most important financial tasks for Filipinos in Singapore. Here's a practical comparison of your main options.
Wise (formerly TransferWise)
Wise uses the mid-market exchange rate and charges a small transparent fee. It's generally one of the cheapest options for bank-to-bank transfers.
Western Union and MoneyGram
Both offer cash pickup, which is useful if your recipient doesn't have a bank account. Rates are slightly less competitive but the network is wide.
CIMB and Local Bank Transfers
CIMB Singapore offers transfers to CIMB Philippines at competitive rates. Check your bank's remittance options as many SG banks now offer lower fees for regular transfers.
Things to Watch
- Always compare the exchange rate, not just the fee
- Check if your recipient's bank imposes receiving fees
- Use the same service consistently to build a track record
Rates and fees are subject to change. Verify before each transfer.
