I Saved $847 Last Year By Timing My Remittances to the Philippines - Here's My Exact Strategy

I send money to the Philippines several times a year. Last year I tracked every transfer, switched providers strategically, and timed conversions. The result: I saved $847 compared to what I would've paid if I'd just used my usual bank and done transfers without thought. Below is my step-by-step, beginner-friendly strategy that you can apply whether you're an OFW, a US-based parent supporting family in Manila, or someone who regularly sends pesos home.

Why this matters

• Small percentage differences add up fast when you remit regularly.
• Providers charge both explicit fees and hidden exchange-rate markups.
• By combining provider choice, timing, and tracking, I cut costs without risking delays.

My remittance profile so you can compare

• I sent roughly USD 12,000 over the year in 8 transfers (mix of monthly support + emergency cash).
• Transfers were a mix of bank deposits, mobile wallet (GCash), and cash pickups via LBC/Cebuana.
• Typical beneficiary: family members in Metro Manila and a provincial town.

How I arrived at $847 saved - the quick math

• Baseline cost (what I would have paid): I used the bank rates and fees I used in the first quarter of the year and projected across all transfers.
• After optimization: lower provider fees, better exchange rates on key transfers, and timing moves.
• Net saving came from:
  • Avoiding bank markups/fees: ≈ $520
  • Timing FX swings and using mid-market-friendly providers: ≈ $327 Total ≈ $847

Exact strategy I used step by step

1. Treat exchange rate as part of the fee

• Banks often show a 'rate' that includes a markup. I started checking the Bangko Sentral ng Pilipinas (BSP) daily rate as my baseline. If a provider's delivered peso per USD was several centavos worse than BSP/mid-market, I considered it "expensive."
• Action: Before sending, open BSP exchange rates (or a trusted quote from your provider) and calculate the delivered pesos after fees.

2. Split by priority: urgent vs. waitable

• Urgent money (medical, immediate support): use fast cash pickup (LBC, Cebuana, Western Union) or instant mobile wallet (GCash) even if rate is slightly worse - you pay for speed.
• Non-urgent monthly support: wait for a favorable window. Waiting a few days to pick a better rate can yield noticeable savings.
• Action: Label transfers as URGENT or FLEX and choose provider accordingly.

3. Use the right provider for the right lane

• Mobile-wallet recepients (GCash): If your recipient uses GCash, use remittance corridors that deposit directly to GCash - often cheaper than bank deposit in practice because beneficiaries avoid bank withdrawal steps.
• Cash pickup: For provincial towns where wallets aren't used, LBC and Cebuana are reliable and have frequent promos.
• Bank-to-bank: Only use this if your bank has a competitive FX page or a special promotion. Otherwise avoid - banks often have larger markups.
• Action: Maintain a quick comparison table (see sample below) and update every month.

4. Time transfers using weekday liquidity and local holidays

• FX markets are thinner on weekends and around US/Philippine public holidays. Rates can widen then.
• I avoided initiating transfers on Friday nights or Philippine long weekends. Also I knew major US economic release days (nonfarm payrolls, Fed meetings) could shake rates - I planned around them when transfers were flexible.
• Action: Make transfers on Tuesday–Thursday mornings (local time). Check whether any BSP Philippine holiday or US Fed schedule is around.

5. Use rate alerts and short watch windows

• I signed up for rate alerts from 2-3 providers (and BSP as a baseline). When the USD dropped against the PHP by a certain threshold (I used 0.6–1.0% as my trigger), I moved funds.
• Action: Set one alert at a conservative threshold and be ready to act for non-urgent transfers.

6. Avoid wasting money on fixed small transfers

• Fees hit small transfers hard (a fixed fee is a larger percentage of a small amount). Consolidate smaller transfers if possible (send monthly instead of weekly).
• Action: Combine micro transfers into fewer, slightly larger ones when practical.

7. Watch promos, but read the fine print

• Remittance companies sometimes offer fee-free promo codes or reduced margins to new customers. I used promos carefully - a 100% fee waiver but a worse exchange rate is not always a win.
• Action: Compare total delivered pesos after promo vs. usual competitor rate.

8. Keep a rolling spreadsheet (very simple)

• Columns: date, provider, USD sent, fees, delivered PHP, rate (PHP/USD), reason (urgent/flex), saved vs baseline.
• I updated this for every transfer. It's the only way I could prove I saved $847.
• Action: Use a basic Excel/Google Sheet and update immediately after each transfer.

Provider comparison - what I used in the Philippines

• GCash: Great for instant wallet credits and promos. For family in Metro Manila, this often beats a slow bank deposit.
• LBC & Cebuana Lhuillier: Best for cash pickups in towns without bank branches or wallets.
• Western Union: Good fallback with many agent locations; sometimes pricier but very fast.
• Local banks (BDO/BPI/etc.): Use only if they offer a promotional rate or if your recipient needs direct bank credit for large payments.

A sample monthly routine of how I scheduled transfers

• Week 1: Check BSP rate and 3 provider quotes. If rate is within my target band, send monthly support.
• Week 2: If rate isn't right, hold and re-evaluate daily.
• Week 3: If an urgent need arises, use GCash or LBC for speed.
• Week 4: Consolidate receipts and update spreadsheet; claim promo codes if new.

Common mistakes I avoided

• Sending on autopilot via my home bank every time. (That alone cost me hundreds over the year.)
• Ignoring the total cost (fees + exchange rate). Always compare delivered pesos.
• Not checking beneficiary preferences (wallet vs bank vs cash pickup). You may lose convenience savings by forcing a bank deposit when a wallet payout is cheaper.

Real-life numbers and examples from my year

• Transfer A (urgent): $500 via LBC cash pickup. Fees higher, but needed same-day.
• Transfer B (monthly support): $1,500. I waited 6 days and used a provider offering a 0.8% better effective rate than my bank, saving about $120 on that single transfer.
• Over 8 transfers, avoiding a 2–3% bank markup and using promos reduced my total cost by $847.

Checklist you can use tonight

• Open BSP exchange rate page and bookmark it.
• List recipient preference (GCash, bank, cash pickup).
• Choose provider for this transfer lane (wallet vs bank vs cash).
• Set a small rate alert (0.5–1.0% target).
• Consolidate small transfers where possible.
• Update your rolling spreadsheet after every transfer.

Final thoughts

Saving $847 took a bit of attention - maybe 10–15 minutes of comparing quotes per transfer at first - but it becomes routine and the benefits compound. If you remit regularly to the Philippines, even small changes will add up. Start by checking BSP rates next time you remit and ask your provider, "What's the delivered peso amount after fees?" If the answer isn't clear, shop around.