Paying the Philippines from Canada: fund in Canadian dollars, pay in pesos, 1% all-in
Canadian companies paying Filipino developers, agencies and suppliers fund their Storspay balance by Interac e-Transfer or EFT in CAD and pay pesos at the mid-market rate for 1% — no US-dollar conversion first, no wire fee, usually within minutes.
Read this guide in Français · Filipino
Short answer. A Canadian business funds its Storspay balance in Canadian dollars — Interac e-Transfer or EFT, free — and pays pesos in the Philippines from that balance at the mid-market CAD rate for 1% all-in. There is no detour through US dollars and no C$30–50 wire fee; the recipient's bank sees a domestic credit, usually within minutes.
Why Canadian payers lose twice on a wire to the Philippines
A Canadian bank usually converts CAD to USD at its own spread, then sends a USD wire that is converted again at the receiving end at another spread, with a correspondent bank in between. Two conversions, three fees, five days. Storspay converts once, CAD to pesos, at the mid-market rate.
Funding in CAD
Interac e-Transfer for amounts up to the daily limit your bank allows, EFT or domestic wire for larger amounts, both free and both to account details in your own company's name. The balance shows in CAD and USD; you pay the Philippines from either.
Who this is for in Canada
Software companies in Toronto, Vancouver, Montreal, Calgary and Ottawa with developers in the Philippines; agencies with design and support teams there; importers in the Prairies and Ontario buying from Filipino manufacturers; Indo-Canadian, Filipino-Canadian and other diaspora-owned businesses with suppliers and staff back home. Storspay is operated by StorsApp Inc., a federally incorporated Canadian company with offices in Calgary and New York.
What is different about the Philippines
The Philippines is the world's second-largest BPO market and the home of the virtual assistant: millions of Filipinos are paid every fortnight by companies in the US, Canada, the UK and Australia. They are used to being paid to a BDO, BPI or UnionBank account by InstaPay in minutes — and to losing several per cent of each payment to the platform or the bank in between. Storspay delivers pesos at the mid-market rate with the 1% shown separately, and a fortnightly run for a whole team is one batch, one fee line, one receipt.
How a payment to the Philippines works on Storspay
- 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.
- 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.
- 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.
- 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.
| You send | Storspay fee | They receive | A bank wire at ~6% delivers |
|---|---|---|---|
| US$1,000 | US$10 | ₱62,198 | about ₱59,057 |
| US$10,000 | US$100 | ₱621,984 | about ₱590,571 |
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
Is the CAD rate mid-market too?
Yes. The calculator shows 1 CAD in pesos at the mid-market rate; the 1% is on its own line.
Can I pay from a Canadian bank account directly?
You fund your Storspay balance from your bank account (Interac or EFT, free) and pay from the balance. Funding usually credits the same business day.
Does the recipient need to know I paid in CAD?
No. They receive pesos; the receipt shows the CAD amount, the rate and the pesos delivered.
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.
See your own corridor number. What your team receives, what Storspay costs, what you keep — no sign-up.
Open the calculator →