How to send money to the Philippines in 2026: pesos or dollars, a retirement visa deposit and an apartment

Money reaches the Philippines by bank transfer in 1-3 business days, in pesos or in dollars to a foreign-currency account. In 2026 it is passed on to relatives inside the country in seconds, up to $800 (50,000 pesos) per transaction, and a retirement visa deposit from age 50 starts at $15,000.

In detail

In 2026 the simplest way to send money to the Philippines is a bank transfer to an account at a Philippine bank: in pesos or in dollars to a foreign-currency account, in 1-3 business days. Inside the country the money then spreads in seconds: up to $800 (50,000 pesos) in one transaction to an account at any bank or to relatives' e-wallets.

Dollar amounts at the Central Bank of the Philippines rate of 62.758 pesos per dollar on 7 October 2026, rounded up; table checked on 8 October 2026.

How to send money to relatives in the Philippines: pesos or dollars

If your family spends the money locally, send pesos to their account: the sender's bank does the exchange, and the recipient sees the amount with no conversion deduction. If the money is being saved for a deposit, study or a visa, a dollar foreign-currency account is more convenient: Philippine banks open such accounts and credit dollars with no exchange.

Payment details for the Philippines are shorter than European ones. Philippine banks have no single international account number, so the payment order gives the account number, the recipient's name as held by the bank and an 8- or 11-character international bank code. A mistake in the code or the name sends the money back a week later, minus correspondent bank fees.

Fees along the way are paid by whoever is chosen in the payment order. For the family to receive the whole sum, the sender covers the costs, and on a large sum the rate is compared too: the gap with the market rate costs more than the fee itself.

The sender's country has its own rules for sending money abroad, and they do not depend on the Philippines. If your bank does not send the payment to Manila directly, a legal route can still be found: tell a manager the amount and the country the money comes from, and they will choose a route for your case.

Instant transfers inside the Philippines: 50,000 pesos per transaction

$800 (50,000 pesos) is what an individual can send in one instant transaction between banks and e-wallets inside the Philippines, around the clock and in seconds. For companies the limit per transaction rose to $8,000 (500,000 pesos) on 29 July 2026.

Hence the usual family pattern: a large transfer from abroad arrives on one person's account, and they pass the money on to relatives at other banks and wallets in seconds. E-wallets in the Philippines operate under a Central Bank of the Philippines licence, and topping up from a bank account follows the same instant rules.

A sum above 50,000 pesos is sent inside the country by an ordinary interbank transfer: it goes through within the business day and suits rent, tuition or a payment to a developer.

Sending money to yourself in the Philippines: passport, alien card and address

A Philippine bank opens an account for a foreigner on a passport and an alien certificate of registration card, which the immigration bureau issues to those staying in the Philippines longer than 59 days. For the branch visit prepare:

• a passport with a valid visa;
• the alien card, if your stay is longer than 59 days;
• proof of address in the Philippines: a lease or a utility bill;
• a document on the source of the money: a salary or pension certificate or a foreign bank statement.

Deposits at a Philippine bank are insured by the state deposit insurance corporation up to $16,000 (1,000,000 pesos) per depositor at one bank; this limit has applied since 15 March 2025. A larger sum is split between two or three banks.

Money for a retirement visa: a dollar deposit at a listed bank

$15,000 is the deposit for a retirement visa from age 50 with a pension of $800 a month or more, and $30,000 without a pension. Since 1 September 2025 the visa is also granted from age 40, but with a deposit of $25,000 with a pension and $50,000 without.

The deposit is opened in dollars at a Philippine bank on the list of the state retirement authority, so the money is sent straight in dollars to that account, with no exchange into pesos. The bank issues a deposit confirmation, which is attached to the visa application.

A transfer from your own account in your own name makes the check simpler: the statement shows that the applicant made the deposit. The visa terms are covered in retiring in the Philippines, and the monthly budget in cost of living in the Philippines.

Building up a visa deposit? A manager will advise which listed bank is easiest to send dollars to from your country and how not to lose on the exchange.

Buying an apartment in the Philippines as a foreigner: up to 40% of a building

40% is the maximum share of foreigners in one residential complex under Condominium Act 4726. A foreigner buys an apartment in a building where that share has not yet been reached, and the developer confirms it before the contract is signed.

Land in the Philippines is registered to citizens and local companies, so an apartment in a building is the simplest form of ownership for a foreigner.

Payment to the developer is sent by bank transfer from your own account. Keep the statement and the bank's certificate of currency received from abroad: they show the money arrived legally, and with them it is easier to sell the apartment and send the money back.

With a developer instalment plan each payment goes on the contract schedule, and the transfer reference gives the contract and apartment numbers. If the purchase money comes from selling a home in another country, the papers are gathered as described in moving home sale proceeds abroad.

Is there tax on sending money to the Philippines

No: sending your own money to the Philippines is not taxed, and a foreigner living in the country pays income tax only on income from Philippine sources (section 23 of the Philippine Tax Code). Pension, interest and rent from abroad are not subject to Philippine tax.

Gift tax on money for family: 6% above 250,000 pesos a year

6% is paid by the donor on gifts above $4,000 (250,000 pesos) in a calendar year, and the donor also files the return. A donor without Philippine citizenship who lives abroad pays this tax only on property in the Philippines, so money from their foreign account is not subject to Philippine gift tax.

The recipient pays no tax on a gift. The transfer reference says it is family support or a gift, so the bank sees the purpose of the payment at once.

How much money can be sent to the Philippines and what documents you need

The law sets no limit on the amount sent to the Philippines, and the set of papers grows with the sum. Checked on 8 October 2026:

How to gather the papers is covered in proof of source of funds and sending large sums abroad.

Sending $100,000 or more for an apartment, a deposit or a business? A manager will put together the document pack for the Philippine bank and the developer, and moving capital as a whole is described on the capital relocation page.

Where money goes onward from the Philippines

From the Philippines money most often goes where relatives work or children study. Each country has its own rules for the recipient:

• USA - an account on a passport, deposits insured up to $250,000
• Canada - no limit on the amount, no gift tax
• UAE - the dirham pegged to the dollar at 3.6725
• Australia - an account opened before arrival with a 6-digit branch code

Sending money to nearby countries

• Vietnam - an account with face verification, an apartment for 50 years
• Indonesia - a house in Bali
• Palau - US dollars with no exchange
• Malaysia - ringgit to an account
• Vanuatu - vatu, US and Australian dollars
• Hong Kong - dollars and yuan with no exchange

All destinations and ways to move capital are gathered on the capital relocation page.

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