Paying the Philippines from abroad: 15 questions businesses ask, answered

Short answer. Storspay pays Filipino bank accounts — BDO, BPI, Metrobank — at the mid-market rate for 1% all-in (minimum US$2), usually within minutes, from a business balance funded in USD, CAD, GBP or EUR. Recipients need no account. Getting paid from the Philippines is not yet live. The fifteen questions below cover everything else businesses ask before the first payment.

Rate, fee and speed

What rate does Storspay use for the Philippines?

The mid-market rate at the moment you confirm — today 1 USD = 62.8267 PHP — locked for that payment and printed on the receipt.

What is the fee to the Philippines?

1% all-in with a US$2 minimum. Nothing is deducted on the recipient's side.

How fast does the money land?

Usually within minutes over InstaPay or PESONet; the same business day at most.

Is there a limit per payment?

Large payments are split automatically under the local channel cap, under one reference and one fee.

Recipients

Which banks can you pay in the Philippines?

BDO, BPI, Metrobank, UnionBank, Landbank, Security Bank, RCBC and the other BSP-supervised banks.

Does the recipient need a Storspay account?

No. They receive a domestic credit in pesos and a notification with the amount and your reference.

Can you pay mobile wallets in the Philippines?

Not yet — bank accounts today, wallets on the roadmap.

Can I pay in dollars to a dollar account in the Philippines?

Storspay pays pesos to Filipino banks. A recipient who wants dollars can open a free Storspay sole-trader account and hold USD in their own name.

Documents and compliance

Do I need a licence?

No — you are a business paying invoices. Storspay and its licensed partners hold the licences.

What will the recipient's bank ask?

Inbound business payments to the Philippines are straightforward: the recipient's bank sees a domestic peso credit, and Bangko Sentral ng Pilipinas rules on foreign-currency inflows are handled before the money reaches the local rail. A Filipino contractor or agency will usually invoice with its TIN and, for registered businesses, its BIR registration; keep those with the Storspay receipt. Contractors are responsible for their own income tax; if you are paying employees of a registered Philippine entity rather than contractors, that entity runs payroll and withholding locally.

Who pays the Philippines

Can I pay from Canada in Canadian dollars?

Yes — fund by Interac or EFT, free, and pay pesos at the mid-market CAD rate.

Can a business in Nigeria, Kenya or Ghana pay a supplier in the Philippines?

Yes. It funds its Storspay balance from its own bank or mobile money at 2% and pays the Filipino supplier at 1%. See Pay abroad.

Can an education agent or scholarship office pay tuition in the Philippines?

Yes — to the institution's bank account with the student's name and admission number as the reference. Storspay is for organisations, not personal transfers.

Can a medical-travel facilitator or insurer pay a hospital in the Philippines?

Yes — the deposit and the final bill in pesos, with the patient's name and estimate number attached.

Can I get paid from the Philippines?

Not yet. Payment requests work from our 26 African, Latin American, Cambodian and Sri Lankan corridors; the Philippines is pay-out only for now.

How a payment to the Philippines works on Storspay

1. Fund your balance in USD (ACH or wire), CAD (Interac e-Transfer or EFT), GBP (UK bank transfer) or EUR (SEPA) — to account details in your own business name. Funding is free.
2. Add the recipient once: their name as it appears on the account, the bank (BDO, BPI, Metrobank, UnionBank, Landbank, Security Bank, RCBC and the other BSP-supervised banks) and the account number. Storspay checks the account name before you confirm.
3. Type the amount in either box. Enter what you want to send and see the pesos that land, or type the pesos figure on the invoice and see what it costs you. The rate is the mid-market rate; the 1% is on its own line.
4. Confirm. The money goes over InstaPay or PESONet and usually lands within minutes — the same business day at most. The recipient gets a notification with the exact amount, and you get a receipt with the invoice reference.

Nobody in the Philippines has to sign up, install an app or touch anything other than their own bank account. Everything on the recipient side looks like an ordinary domestic transfer.

What it costs

Storspay charges 1% all-in on payments to the Philippines, with a minimum of US$2, at the mid-market rate. That one line covers conversion, settlement and delivery; there is no FX markup, no intermediary-bank charge and nothing deducted on the recipient side.

Rates in this guide are the mid-market rate on the day of writing (1 USD = 62.8267 PHP); the calculator on the homepage shows today's. Large payments are split automatically under the local channel cap, under one reference and one fee.

See what your team in the Philippines receives →

Questions businesses ask before the first payment to the Philippines

Can you pay GCash or Maya?

Not yet — Storspay pays Philippine bank accounts today, and e-wallets are on the roadmap. Most GCash and Maya users also hold a BDO, BPI, UnionBank or Landbank account.

How fast does a peso payment land?

Usually within minutes through InstaPay; larger amounts may route through PESONet and land the same business day.

Does the contractor pay anything on their side?

No. You pay 1% all-in (minimum US$2); the contractor receives the peso amount shown. Their bank does not charge for an incoming domestic credit.

Who this is for — and who it is not for

Storspay is for businesses and organisations: companies, agencies, schools, hospitals, facilitators, foundations and sole traders paying other businesses and professionals for work, goods and services. A sole trader counts as a business and signs up in their own name.

What Storspay is not is a personal money-transfer service. We do not open personal accounts, and every payment has to be a business transaction: an invoice, a contract, a fee note, work delivered. Money to family and personal transfers are not what this is, and we would rather say so now than at verification.