Leslie Massey
There are several ways to transfer money from an Australian bank to a Philippine bank. You can use a specialised money transfer service such as Western Union, Wise, WorldRemit, Xe or OFX. Alternatively, you can use your bank, although this may not always be the cheapest option. When using a money transfer service, you will typically need to sign up for an account, enter the amount you wish to send, provide your recipient's bank details, and then confirm and fund the transfer.
| Characteristics | Values |
|---|---|
| Time taken for transfer | Minutes to 1 business day |
| Transfer methods | Online, via an app, or in person |
| Transfer limit | Up to $2,321,960 AUD |
| Transfer service providers | Western Union, Wise, WorldRemit, Monito, Xe, OFX |
| Transfer fees | Vary depending on the service provider |
| Exchange rates | Vary depending on the service provider |
| Transfer requirements | Receiver's full name, address, phone number, bank name, account number, IBAN number, SWIFT code, purpose of transfer, sender's ID, internet banking details, credit/debit card details |
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What You'll Learn
Transfer money via Western Union
To transfer money from an Australian bank to a Philippine bank using Western Union, you can follow these steps:
Initiate the Money Transfer: Visit the Western Union website or download and open the mobile app on your device. Sign up for an account if you don't have one already. Then, log in and select the option to transfer money from Australia to the Philippines.
Enter Amount and Purpose: Input the amount you wish to transfer. Western Union will display the applicable exchange rate and any fees associated with the transfer. You will also need to specify the purpose of the transfer, such as supporting family or friends, paying bills, or for personal investment.
Provide Recipient Details: You will need to provide the recipient's full name, as it appears on their valid government-issued ID, and their location. If you are sending money to the recipient's bank account, you will also need to provide their bank account number and SWIFT code. Alternatively, if you are sending money for cash pickup, you can choose an agent location for the recipient to collect the funds.
Add Payment Method: Western Union offers various payment methods, including debit or credit cards, internet banking, or cash payment at agent locations. Select your preferred method and provide the necessary details. If you are using a bank transfer, you will need to log in to your online banking and authorize the transaction.
Review and Confirm: Before finalizing the transaction, carefully review the transfer amount, fees, exchange rate, and estimated arrival time. Ensure that all the recipient's details are correct, especially if you are sending money to their bank account. Confirm the transaction and keep the tracking number (MTCN) that Western Union provides as a reference for you and the recipient.
Notify the Recipient: Inform the recipient about the incoming transfer, providing them with the expected amount in Philippine Peso, the MTCN, and instructions on how to receive the money, whether through their bank account or by cash pickup at a Western Union agent location.
Remember to only send money to people you know and trust, and be cautious of any unsolicited requests for money transfers. Always check the latest regulations and requirements for sending money internationally, as well as any transfer limits imposed by Western Union or your financial institution.
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Use a bank transfer
If you're transferring money from an Australian bank to a Philippine bank, using a bank transfer is a viable option. Bank transfers are usually secure and can be completed in a few simple steps. Here's what you need to know:
Step 1: Compare Bank Options
Before initiating a bank transfer, it's essential to compare the fees, exchange rates, and transfer times offered by different banks. Banks typically charge higher fees for international money transfers, and their exchange rates may not be favourable. Websites like Monito allow you to compare fees, exchange rates, and transfer speeds across various banks and specialised money transfer companies. This comparison can help you make an informed decision and choose the most cost-effective option.
Step 2: Choose a Reputable Provider
When selecting a bank to facilitate the transfer, it's important to choose a reputable and secure provider. Look for a company with a strong track record in international money transfers and ensure they have the necessary security measures in place to protect your funds and personal information. Some popular options include Western Union, Wise, WorldRemit, Xe, and OFX. These companies offer competitive rates and have a global reach.
Step 3: Gather Recipient Information
To initiate the bank transfer, you will need to provide specific details about the recipient. This includes the recipient's full name (as it appears on their ID), address, bank name, account number, and the purpose of the transfer. Ensure that you have the correct and up-to-date information to avoid any delays or issues with the transaction.
Step 4: Initiate the Transfer
Once you've chosen a bank or transfer service, follow their specific instructions to initiate the transfer. This may involve signing up for an account, entering the transfer amount, providing recipient details, and selecting the payment method. Some services offer various options, including bank transfers, card payments, or direct debits. Double-check all the information before finalising the transaction.
Step 5: Track the Transfer
After initiating the transfer, you can usually track its progress online or through a mobile app provided by the bank or transfer service. This allows you to monitor the status of the transfer and ensure that the funds have been successfully delivered to the recipient's account in the Philippines.
Using a bank transfer is a secure and convenient way to send money from Australia to the Philippines. By following these steps and choosing a reputable provider, you can ensure that your funds are transferred safely and efficiently.
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Compare transfer services
There are several transfer services available for sending money from Australia to the Philippines. These include:
- Wise — You can open a free account and send money to any bank account in the Philippines, as well as GCash and other digital wallets. The recipient does not need a Wise account to receive money, but if they do, you can find them on the network and send money in seconds. You can pay in Australian dollars by bank transfer, card, PayID, or using money already in your Wise account. Wise will then convert the money to Philippine pesos and send it to the recipient.
- WorldRemit — This service offers fast, secure, and low-cost bank transfers to the Philippines. You can send money from your bank account directly to a bank account in the Philippines. You can pay for your transfer by bank transfer to the WorldRemit account or by using a debit/credit card for faster delivery.
- Western Union — With Western Union, you can send money to a bank account in the Philippines or send it for cash pickup at an agent location. You can pay with your internet banking details or a Visa or Mastercard credit, debit, or prepaid card. The money can arrive within one banking day, or even in real-time with certain banks. For cash pickup, the money can arrive in minutes.
- Xe — Xe offers simple, fast, and secure international money transfers. You can send money to a bank account in the Philippines, and they accept direct debit, bank transfers, and card payments. Some transfers come with a small fee, depending on the amount and payment method. Xe will inform you of this fee before you confirm the transfer.
- OFX — OFX offers fast and secure online money transfers at competitive rates. You can track payments via their digital platform, app, or SMS. They can transfer funds to almost any bank in the Philippines.
- Monito — Monito is a comparison engine that allows you to compare the fees and exchange rates of different money transfer services. They include as many providers as possible in their comparisons and have partnerships with major providers. They also negotiate special offers with some partners, which can help you save money.
It is important to compare the different transfer services and their fees, exchange rates, transfer speeds, and security measures before choosing one that best suits your needs.
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Use a money transfer app
There are several money transfer apps available for sending money from an Australian bank to a Philippine bank. These include Wise, Western Union, Xe, and WorldRemit.
Wise offers a multi-currency account that can be used to fund your transfer. You can send money to any bank account in the Philippines, as well as GCash and other digital wallets. The recipient does not need a Wise account to receive money, but if they do, you can look them up on the network and transfer money to them in seconds. You can pay using a bank transfer, card, PayID, or your Wise account balance.
Western Union also offers an app that allows you to send money from Australia to the Philippines. You can send money directly to bank accounts in the Philippines or to mobile wallets. The recipient can also pick up their cash at any of Western Union's agent locations in the Philippines. To send money, you will need the recipient's name, bank name, account number, and purpose of transfer.
The Xe app offers simple, fast, and secure international money transfers with no hidden fees. You can pay using a bank transfer, direct debit, or card payment.
With the WorldRemit app, you can send money from your bank account directly to your recipient's bank account in the Philippines. You will need to provide the recipient's name, address, phone number, and bank details. You can pay for the transfer using a bank transfer or a debit/credit card.
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Transfer via a credit or debit card
If you're looking to transfer money from an Australian bank to a Philippine bank, you can do so via a credit or debit card. There are several companies that facilitate this, including Western Union, WorldRemit, Wise, and Xe Money Transfer.
Western Union
Western Union allows you to send money online directly to bank accounts in the Philippines, including BDO Unibank, BPI, Metrobank, Landbank, and PNB. You can also send money to your recipient's mobile wallet, such as GCash or Maya. To get started, you'll need to provide your receiver's full name and address, as well as your internet banking details or your Australian credit or debit card information. Western Union also offers in-app and in-person transfers.
WorldRemit
With WorldRemit, you can send money from your bank account directly to your recipient's bank account in the Philippines. You can pay for your transfer by bank transfer or by using a credit or debit card for faster delivery.
Wise
Wise, formerly known as TransferWise, allows you to send money from your Australian bank account to any bank account in the Philippines, as well as to GCash and other digital wallets. You can pay using a credit or debit card, and the transfer usually takes just seconds.
Xe Money Transfer
Xe offers simple, fast, and secure international money transfers. You can pay for your transfer using a credit or debit card, and they accept Visa and Mastercard.
Important Considerations
When choosing a money transfer service, it's important to compare transfer fees and exchange rates, as these can vary. Additionally, if you're using a credit card, be aware of any card-issuer cash advance fees and associated interest charges. For larger amounts, a bank-to-bank wire transfer may be a cheaper option, but it will likely take a few days.
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Frequently asked questions
There are several companies that offer money transfer services from Australia to the Philippines, including Western Union, WorldRemit, Wise, Xe, and OFX. You will need to sign up for an account with your chosen company and provide personal details to verify your identity. Then, enter the amount you want to transfer and the currency, and provide your recipient's bank details. Finally, confirm and fund your transfer.
You will need the recipient's full name, address, phone number, bank name, account number, and IBAN number.
The transfer time can vary depending on the service used and the amount being transferred. Some services offer instant or same-day transfers, while others may take up to one business day or more for larger amounts.
Yes, there may be fees associated with transferring money, and these can vary depending on the service used and the payment method. It's recommended to compare the fees and exchange rates offered by different providers before choosing a service. There may also be daily transfer limits, which can vary depending on the service and your transfer history.
