Singapore to Philippines Remittance Fees: What You Actually Pay

Key takeaway

When sending money from Singapore to the Philippines, the total cost includes a transfer fee plus a markup on the exchange rate. Different payout methods (bank deposit, cash pickup, e-wallet) can also affect fees and rates. Always check the provider's checkout page for the exact amount your recipient will receive.

Understanding the True Cost of Singapore to Philippines Transfers

When you send money from Singapore to the Philippines, the advertised fee is only part of the picture. The total cost includes the transfer fee plus the margin (markup) the provider adds to the mid-market exchange rate. This FX markup can sometimes cost more than the fee itself.

For example, a provider may charge a low fee of S$5 but offer an exchange rate that is 1% worse than the market rate. On a S$1,000 transfer, that 1% markup adds S$10 to your cost, making the total S$15. Another provider might charge S$10 fee with a 0.5% markup, resulting in a total of S$15 as well. Always calculate the total cost in Singapore dollars or Philippine pesos to compare apples to apples.

• Transfer fee: a fixed or percentage charge per transaction
• FX markup: the difference between the mid-market rate and the rate offered
• Total cost = transfer fee + (amount × FX markup)
• Payout method: bank deposit, cash pickup, or e-wallet may have different fees and rates

How Payout Method Affects Fees and Rates

The way your recipient receives money in the Philippines can change the total cost. Common payout methods include bank deposit to major Philippine banks (BPI, BDO, Metrobank), cash pickup at partner locations (e.g., Palawan Pawnshop, Cebuana Lhuillier, MLhuillier), and e-wallet top-ups (GCash, PayMaya).

Bank deposits often have lower fees and better rates but may take 1-3 business days. Cash pickup can be faster but sometimes incurs a convenience fee or a less favorable rate. E-wallet transfers are usually instant and may have promotional rates but can have lower transfer limits. Always check the provider's payout options and their respective fees and rates before confirming.

• Bank deposit: lower fees, slower (1-3 days), larger limits
• Cash pickup: faster (minutes to hours), may have additional fees, wide network
• E-wallet: instant, lower limits, often competitive rates for small amounts

Typical Fee Structures for Singapore to Philippines Transfers

Providers use different fee models. Some charge a flat fee (e.g., S$5 per transfer), others a percentage of the amount (e.g., 0.5%), and some offer fee-free transfers above a certain amount. The exchange rate markup also varies, typically ranging from 0.5% to 2% above the mid-market rate.

For smaller amounts (under S$500), a flat fee may be more expensive proportionally. For larger amounts (over S$1,000), a percentage fee or a low markup becomes more significant. Always compare the total cost for your specific transfer amount.

How to Compare Total Costs Before You Send

To find the cheapest way to send money from Singapore to the Philippines, you need to compare the total cost in a single currency. Use a comparison tool like SEARateGuide to see the final amount your recipient will get after fees and FX markup.

Always check the provider's website or app for the latest rates and fees. Rates fluctuate constantly, and promotions may change. At checkout, you will see the exact exchange rate and any fees applied. Do not rely on advertised rates alone; confirm the final amount before authorizing the transfer.

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Disclaimer

SEARateGuide is an information-only comparison tool and does not process money transfers. Fees, exchange rates, limits, delivery estimates, and payout availability can change. Confirm the final quote on the provider's official checkout page before sending.