Is MoneyGram your best option to send money from Canada to the Philippines? A closer look

When sending money from Canada to the Philippines, MoneyGram offers a simple way to transfer your funds, which makes it a popular choice. If you are considering using this company, read on.

We'll go through everything you need to know, as well as introduce Wise as a possible alternative. Different people have different requirements when sending money internationally, so it's important to consider which provider works best in your circumstances.

Sending money from Canada to the Philippines with MoneyGram: Key information

You can use MoneyGram to send money to the Philippines online, in store, or through its app. If you're sending online or through their app, the process is simple¹:

1. Sign up or login
2. Enter the details of the recipient and how much money you want to send
3. Send and track your money

If you want to make your transfer in-person, you'll need to find a MoneyGram agent location near you². Make sure to bring identification, as well as the money you want to transfer. You can also set up a transfer online, and come to your nearest branch to drop off cash and complete the transfer.

MoneyGram rates for CAD transfers to the Philippines: What to Expect

MoneyGram offers a variety of sending and receiving options for transfers. You can choose to send money by credit or debit card, or with cash. If you want to make the transfer in person, note that some agent locations only accept cash³, according to the linked FAQ. You can receive funds as cash for pickup at an agent location, into a bank account, to a debit card or a mobile wallet⁴.

There are a variety of factors which affect the fee you'll pay for a MoneyGram transfer. These include⁵:

• Where you are sending
• How much you are sending
• The sending and receiving methods chosen

MoneyGram offers a variety of payment methods when sending money to the Philippines, and the fees you are charged vary depending on which one you choose. If you pay with a credit card, fees are higher than other payment options. Your credit card issuer may also charge a cash advance fee and interest.

You can use MoneyGram's online estimator to see how much your transfer is likely to cost, as well as the exchange rate used.

If collecting cash, your recipient will need to provide ID, as well as the 8-digit reference number associated with the transfer⁶. Make sure to give them this number, as without it MoneyGram cannot verify their identity, and will not be able to complete the transfer. If you are sending to an online wallet or bank account, the money will appear automatically, and your recipient does not need to take any further action, according to the linked guidance.

MoneyGram exchange rate: CAD to Philippine Peso

As well as the upfront fees charged by MoneyGram, the exchange rate they use can also greatly affect the cost of your transfer. MoneyGram makes money from its exchange rate⁷ by purchasing currency for less than it sells it and keeping the difference, as stated in its terms and conditions. This is called an exchange rate markup, and often means that you'll receive an unfavourable rate compared to the mid-market rate that you'd see on Google or using a currency conversion tool.

This means you may receive fewer PHP than expected and allows MoneyGram to continue to make a profit, even while advertising fee cuts. As a result, it's important to consider the amount of money reaching its destination, rather than only the upfront fee, when choosing the best value provider.

MoneyGram Fees and limits for international transfers

MoneyGram has fees and limits when sending money internationally, which are important to understand — particularly if you plan on sending regular or large payments.

MoneyGram transfer fees to the Philippines

The fees you are charged for a MoneyGram transfer depend on a variety of factors, such as how much you are sending, how you are sending it, and how your recipient receives their money.

MoneyGram may offer promotions for first-time users, such as promotional exchange rates and fee cuts. This means that fees may increase after your first transfer. MoneyGram also makes money from the exchange rate it uses. This is not an upfront fee, and is easily missed, but can drastically impact the cost of your transfer.

MoneyGram's transfer limits for sending money to the Philippines

MoneyGram sets a limit on both the maximum value of each transfer you can make and the total number of transfers daily, weekly, monthly, and yearly⁸. This varies depending on factors such as the pay method and regulatory requirements. You can see the limits which apply to you by logging in and starting a transfer or estimating fees.

Any transfers may also be subject to limits set by your card provider, which may restrict how much you can spend or withdraw in cash. Make sure to check that your transfer will not exceed these limits, or leave you unable to make future purchases you may need for yourself.

MoneyGram fee structure for Philippines transfers

Using Wise to send money from Canada to the Philippines

When sending money internationally, it's important to find the provider that works best for you. Even small differences in fees and exchange rates for your transfer can stack up quickly – especially if you're sending large amounts, or on a regular basis. Make sure to consider alternative providers, like Wise, and choose the one which will get the most money to its destination.

Wise uses the mid-market exchange rate, the one you'll find online with a Google search. Rather than hiding fees at an unfavourable rate, Wise uses a small, upfront fee starting at 0.48%, according to the linked page, so you know exactly how much you're being charged. You can use Wise's online transfer calculator to see how much your transfer would cost, without needing to create an account or login.

With Wise, you can send money via direct debit, or to a mobile wallet or bank account.

MoneyGram vs Wise for transfers from Canada to the Philippines

Conclusion

MoneyGram allows you to easily send money internationally. However, before you use them, make sure to research other providers which may give better value for money. When making currency exchanges and international transfers, providers will often hide fees in the exchange rate they use, so to find the best deal, look carefully at the total amount of money which will reach your recipient.

Wise uses transparent pricing to avoid these hidden fees – making sure that you don't get any nasty surprises when sending money. You can use their online calculator to see how much your transfer will cost, and compare that to the amount charged by other providers.