Remitly's Fees for Transferring Money to the Philippines—Understand How to Lower Transfer Costs and Choose the Best Option

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When you use Remitly to send money to the Philippines through a remittance, you typically encounter different transfer fees. The fee range starts at $3.99 and can go up to $99.99, depending on the remittance method, amount, and receiving method. The table below shows the fees for different methods:

More than 10 million Filipinos abroad send remittances annually, totaling $36 billion.

Key Points

• Choosing the bank transfer method can effectively reduce transfer fees, especially for large remittances.
• Using Remitly’s fee calculator, you can understand the fee structure for different amounts and payment methods in advance, avoiding unnecessary expenses.
• Pay attention to exchange rate changes and use the fixed exchange rate feature to lock in favorable rates, reducing losses from rate fluctuations.
• Participate in Remitly’s promotional activities, such as fee-free first transfers at fees, to further lower transfer costs.
• Before sending money, carefully verify recipient information to ensure accuracy, avoiding delays or losses due to errors.

Transfer Fee Range

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Main Influencing Factors

When you use Remitly to send money to the Philippines, your primary concern is the transfer fees. Remitly’s fee structure is highly transparent, with fees typically at 1.99% of the transaction amount. Actual fees are influenced by several factors, including the following:

• Transfer Amount: The larger the amount you send, the higher the fees may be. For example, sending small amounts incurs lower fees; sending large amounts results in higher fees.
• Payment Method: The payment method you choose directly affects transfer fees. Using a credit or debit card typically incurs higher fees due to higher processing costs. If you choose a bank transfer, fees are relatively lower, especially for large transfers.
• Transfer Speed: If you choose the express transfer service, fees will be higher than the economy service. The economy service takes longer but has lower fees, suitable for non-urgent scenarios.
• Destination Country and Receiving Method: Different countries and receiving methods also affect fees. The Philippines, as a major remittance destination, has a relatively stable fee structure, but you should still consider local regulations and service availability.

You can refer to the table below to understand the fee types for different payment methods:

Tip: When choosing a payment method, it’s recommended to prioritize bank transfers, especially for large remittances, to effectively reduce transfer fees.

Fee Variation Examples

Remitly’s transfer fees adjust based on the remittance amount. You can refer to the table below to understand the fees for different amount ranges:

When you operate, you can refer to the following points:

• For amounts less than $1,000, the transfer fee is $3.99.
• For amounts exceeding $20,000, the transfer fee is $99.99.
• Fees vary based on the transfer amount and delivery speed you choose.

For example, if you choose the economy service to send $2,000, the fee may be $0, but there will be an exchange rate markup. If you choose express delivery, the fee will be higher. Remitly’s fee structure is clear and transparent, and you can see all fee details before placing the order.

When planning a remittance, it’s recommended to simulate different amounts and payment methods in advance to choose the most suitable option. This can effectively control transfer fees and avoid unnecessary expenses.

Fee Structure

When you use Remitly to send money to the Philippines, you need to understand the specific components of each transfer’s fees. Remitly’s fee structure mainly consists of three parts: transaction fees, exchange rate differences, and potential hidden fees. Different payment and receiving methods affect the final transfer fees.

Transaction Fees

Remitly charges different transaction fees based on the service type and payment method you choose. You can select Express (instant delivery) or Economy (slower delivery) methods. Express service typically uses a debit card, with fast transfer speeds but higher fees. Economy service uses a bank account, with longer delivery times but lower fees. The table below shows the fee structure for different methods:

When you choose Express, although instant delivery is possible, the transaction fees and exchange rate markups are higher. The Economy method is suitable for non-urgent situations, saving on transfer fees.

Exchange Rate Differences

Remitly adds a percentage-based fee to the exchange rate, which is typically not directly shown in the bill. When you send money, the platform provides a conversion exchange rate, which is usually lower than the mid-market rate. For example, when converting USD to Philippine Pesos, Remitly’s rate includes a 0.5% to 1% markup. This exchange rate difference is a significant part of the transfer fees. When sending large amounts, the cost from exchange rate differences becomes more noticeable.

Hidden Fees

Remitly’s fee structure is relatively transparent, but you should still be aware of potential hidden fees. For example, some banks or receiving institutions may charge additional deposit fees, especially for cash pickups or mobile payments. When using a Hong Kong-licensed bank for receiving, there are typically no additional fees, but if you choose other receiving methods, it’s recommended to consult the relevant institution in advance to avoid unnecessary expenses.

Tip: Before sending money, you can simulate different amounts and payment methods on Remitly’s website to understand all transfer fees clearly.

Factors Affecting Transfer Fees

Amount and Fees

When you send money, the transfer amount directly affects the final fees. Remitly sets different fee standards for different amount ranges. For example, for amounts between $10-$999, the fee is $3.99; for amounts between $1,000-$30,000, there is typically no transaction fee. The larger the amount you send, the lower the per-unit fee.

• For small remittances, the fee proportion is high, suitable for occasional small transfers.
• For large remittances, the transaction fee is zero, suitable for family support or large fund transfers.

You can refer to the table below to understand the impact of different factors on fees:

Payment and Receiving Methods

The payment and receiving methods you choose also affect the overall fees. Debit card payments allow instant delivery with lower fees. Bank account payments are suitable for economy transfers with even lower fees. For receiving methods, direct bank deposits are usually the most cost-effective, while cash pickups and home delivery incur additional fees.

• Electronic bank deposits and mobile wallets typically have no additional fees.
• Cash pickups and home delivery cost $3.99 per transaction, suitable for scenarios requiring cash.

You can choose the appropriate method based on your needs. For example, if you’re working in the US and need to send money regularly to family in the Philippines, choosing a bank account transfer to the recipient’s bank account can minimize fees.

Transfer Speed

Your need for transfer speed also affects the fee structure. Remitly offers Economy and Express services. Economy transfers take longer but offer better exchange rates, suitable for non-urgent needs. Express services allow instant delivery but may require higher fees and slightly lower exchange rates.

• Economy service is suitable for well-planned remittance needs.
• Express service is suitable for urgent fund requirements.

You can use Remitly’s fee calculator before transferring to transparently understand the fee structure for different options and choose the most suitable method. First-time users can also enjoy fee-free promotions, and there may be additional discounts during holidays or special events. It’s recommended to regularly check Remitly’s website or subscribe to newsletters for the latest promotional information.

Methods to Lower Costs

When you use Remitly to send money to the Philippines, you can effectively reduce transfer costs through various methods. Choosing the right payment method, monitoring exchange rate changes, and leveraging platform promotions can all help you save on transfer fees. Below is a detailed explanation of specific methods.

Choosing Payment Methods

When choosing a payment method, you need to balance speed and cost based on your needs. Economy transfers are suitable for non-urgent scenarios with lower fees. Express transfers are faster but have higher fees. You can refer to the table below to understand different fee types and their characteristics:

When sending money, it’s recommended to prioritize bank account payments, especially for large transfers. Receiving through Hong Kong-licensed banks typically incurs no additional fees. If you choose cash pickups or mobile payments, check for potential extra fees and service availability to avoid increased costs due to improper choices.

Tip: You can simulate different payment methods before sending to compare fees and transfer speeds, choosing the most suitable option.

Monitoring Exchange Rates

When sending international remittances, exchange rate changes directly affect the final amount received. Remitly offers a fixed exchange rate option, allowing you to lock in favorable rates when they are high, reducing losses from rate fluctuations. You can use the following methods to improve exchange rate efficiency:

• Compare exchange rates on weekdays versus weekends and choose the best timing for transfers.
• Use Remitly’s fixed exchange rate feature to lock in favorable rates.
• Regularly monitor exchange rates and wait for rates to rise before transferring.
• Subscribe to exchange rate change notifications for timely updates.

Before sending money, it’s recommended to check the platform’s published real-time exchange rates. For large remittances, exchange rate markups have a more significant impact on fees. You can maximize the received amount through rate monitoring and locking features.

Note: When choosing express delivery, exchange rates are typically less favorable than economy services. You can balance speed and rates based on your needs to avoid losing too much due to urgency.

Promotional Activities

Remitly periodically launches various promotional activities, and you can further reduce transfer costs by participating. Common promotions include fee-free first transfers, transfer fee discounts, and cashback offers. You can focus on the following methods:

• First transfers can be sent fee-free up to $1,000.
• The platform regularly offers competitive exchange rates and low transfer fees.
• New user promotions include transfer fee discounts or cashback.

After registering a Remitly account, you can subscribe to platform notifications to receive the latest promotional information. During holidays or special events, the platform offers greater discounts. You can plan remittance timing to leverage promotions and reduce overall costs.

Reminder: When sending money, pay attention to promotion rules and validity periods to avoid increased fees due to missed offers.

During actual operations, it’s recommended to avoid high-fee traps. For example, frequent small transfers can lead to accumulated fees. You can consolidate transfer amounts, choose economy services and bank account payments, and combine exchange rate monitoring and promotions to minimize costs.

Platform Comparison

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Banks vs. Remitly

When choosing to send money to the Philippines, you often hesitate between Remitly and traditional banks. The two differ significantly in fees, speed, and convenience. You can refer to the table below for a quick comparison of their advantages and disadvantages:

If you choose a Hong Kong-licensed bank for international remittances, you typically enjoy high security, but you need to bear high wire transfer fees and exchange rate markups, with delivery times potentially taking days. Remitly offers faster delivery and multiple receiving methods with a clear and transparent fee structure. You can balance security and cost based on your needs to choose the most suitable method.

Other Platforms

When comparing Remitly, Western Union, and Wise, fees, speed, and convenience are the most important considerations. The table below summarizes the main features of the three platforms:

Wise uses the mid-market exchange rate with no markups, with fees starting at 0.57%, suitable for those seeking low costs and transparency. Western Union supports global cash pickups, ideal for flexible receiving scenarios, but fees and exchange rate markups are higher. Remitly provides a balance between speed and convenience, with economy fees being low and express suitable for urgent needs.

When choosing a platform, you can weigh transfer amount, delivery speed, and receiving method. If you prioritize fees and exchange rates, Wise is a good choice. If you need cash pickups or diverse receiving methods, Remitly and Western Union are more suitable. You can choose the best platform flexibly based on your needs.

Selection Recommendations

Matching Needs

When choosing a method to send money to the Philippines, you need to consider your needs comprehensively. Different users have varying demands for fees, speed, and convenience. You can start with the following aspects:

• Choose a reliable service provider to ensure the platform has a good reputation and security measures.
• Compare fees and exchange rates across platforms to find the most suitable option for your budget.
• Consider transfer speed. If you need funds to arrive quickly, prioritize express delivery services. If you’re not in a hurry, economy services are more cost-effective.
• Prioritize security. You can choose providers with robust security measures to ensure fund safety.
• Combine your specific needs. For example, if you need to send money regularly to family, choose a platform with low fees and stable delivery. For occasional large transfers, focus on exchange rate and fee changes.

You can refer to the table below for a quick comparison of priorities for different needs:

Before choosing, you can simulate different amounts and methods to find the most suitable transfer option.

Precautions

During actual operations, you need to pay attention to the following details to ensure smooth and secure transfers:

• Compare exchange rates and fees to choose the platform with the lowest total cost.
• Check transfer speed to ensure it meets your time requirements.
• Carefully verify recipient information, including name and account number, to avoid delays or losses due to errors.
• Choose providers with relevant licenses and good reputations to ensure fund safety.
• Understand regulations and restrictions in Mainland China and the Philippines to avoid transfer issues due to policy changes.
• Keep records of each transaction, including amount, fees, and exchange rates, for future reference.
• Monitor exchange rate fluctuations and plan transfer timing to reduce losses.

Before sending money, it’s recommended to compare and simulate options based on your situation to choose the best method. This can effectively reduce costs and improve the remittance experience.

When using Remitly to send money to the Philippines, you need to focus on transaction fees, exchange rate differences, and hidden fees. You can save costs effectively through the following methods:

• Pay attention to seasonal promotions to access lower transaction fees.
• Leverage referral bonuses and fee reduction offers to reduce expenses per transfer.
• Understand minimum transfer requirements to avoid unnecessary fees.

You should choose transfer methods flexibly based on your needs. You should also stay updated on platform policies and market changes, adjusting your remittance strategy promptly to ensure the best experience.

FAQ

How quickly can a Remitly transfer to the Philippines arrive?

When you choose the express delivery service, funds typically arrive within minutes. Economy service takes 3-5 business days. You can choose the appropriate delivery speed based on your needs.

What receiving methods are available for remittances to the Philippines?

You can choose bank accounts, cash pickups, mobile wallets, and other receiving methods. Bank account deposits typically have the lowest fees, while cash pickups are suitable for scenarios requiring cash.

How do I calculate the total fees for a remittance?

You can see all fee details before placing the order, including transaction fees and exchange rate markups. Remitly clearly displays each fee on the page, making budgeting easier.

Are there additional fees for receiving through a Hong Kong-licensed bank?

When you receive through a Hong Kong-licensed bank, there are typically no additional fees. Some special receiving methods may incur deposit fees, so it’s recommended to consult the receiving bank in advance.

Are there discounts for first-time Remitly users?

When you use Remitly for the first time, the platform often offers fee-free transfers or exchange rate discounts. You can follow official promotions to plan your first transfer timing.

Remitly fees to the Philippines start at $3.99 (express debit card) up to $99.99 (large amounts), with economy >$1,000 free but 0.5% markup (e.g., $2,000 totals $10 vs. banks’ $35). China’s annual forex cap ($50,000) demands compliance. As a cost-conscious user, you need a low-fee, transparent platform to optimize remittances.

BiyaPay delivers the perfect solution, offering real-time exchange rate queries to track USD-to-PHP rates (around 57.07 now) and convert fiat to crypto, dodging adverse swings. Remittance fees start at just 0.5%, with zero charges for contract orders, spanning same-day delivery to most countries and regions. Plus, trade US and Hong Kong stocks directly on the platform without overseas accounts, smartly managing remittance funds.

Sign up for BiyaPay now to unlock seamless cross-border finance. From first-time free transfers to bulk economy sends, it slashes costs and boosts efficiency. Don’t let markups and bank premiums burden your Philippines aid—join BiyaPay today for a more budget-friendly remittance path!