Sending business payments from the US to the Philippines
A US company pays a Philippine supplier by SWIFT wire in US dollars to the supplier's dollar account at a foreign currency deposit unit (FCDU), or in pesos through a provider that pays locally over InstaPay or PESONet. BSP rules let Philippine exporters keep foreign currency earnings at home or abroad, so either currency works. This guide covers the details to collect, the rules, rails, holidays, documents and fees.
- Section 20 of the BSP foreign exchange manual lets Philippine exporters sell, retain or deposit their foreign currency earnings in the Philippines or abroad.
- Philippine banks hold business dollars in foreign currency deposit units (FCDUs) under Republic Act No. 6426, so a supplier often has separate peso and dollar accounts.
- VAT zero-rating of certain services requires payment in acceptable foreign currency accounted for under BSP rules, as quoted by the Supreme Court in G.R. No. 152609.
- InstaPay settles peso transfers in real time, 24/7, up to PHP 50,000 per transaction, while PESONet handles larger and bulk payments on banking days.
- BPI credits inward remittances net of all fees, with a minimum of USD 6.50 to a dollar account and PHP 150 to a peso account.
Details to collect from your recipient in the Philippines
Philippine accounts are identified by the account number at a named bank and branch, and a wire from abroad also needs the bank's SWIFT code, the 8 or 11 character code that identifies a bank on the SWIFT network. Many Philippine companies hold a peso account and a separate FCDU dollar account, so ask which one to pay.
| Detail | What to ask for | Why it matters |
|---|---|---|
| Account name | The supplier's registered name, exactly as on the account | Name mismatches lead to queries or returns |
| Beneficiary address | Full street address in the Philippines | Required on SWIFT wires |
| Account number and currency | The peso account or the USD FCDU account | A dollar wire to a peso account is converted on arrival |
| Bank name, branch and SWIFT code | 8 or 11 characters | Routes the wire to the right bank |
| Tax identification number (TIN) and registration | From the invoice and SEC or DTI certificate | Lets you match the account to the invoicing company |
| Invoice number | As on the supplier's invoice | Lets the supplier reconcile the payment |
Field list compiled by the Helm Editorial Team. As published on 29 October 2026.
Corporations register with the Securities and Exchange Commission (SEC), and sole proprietors with the Department of Trade and Industry (DTI). For a contractor, the registration tells you whether you are paying a company or an individual.
USD or pesos: what the BSP rules say
The Bangko Sentral ng Pilipinas (BSP), the central bank, gives Philippine exporters a free choice over their foreign currency earnings. That makes the Philippines one of the simpler corridors: the question is mainly commercial, plus a tax point for service suppliers. The US dollar to peso page covers the currency.
| Rule | What it says | What it means for your payment |
|---|---|---|
| Export earnings | May be used freely and, at the exporter's option, sold, retained or deposited in the Philippines or abroad (Section 20) | A supplier can hold your dollars |
| Service receipts | Section 1 applies the same freedom to service and other non-trade receipts | Contractors and service firms have the same choice |
| Dollar accounts | Held in FCDUs authorized under Republic Act No. 6426 | Ask for the FCDU account for dollar invoices |
| VAT zero-rating of services | Requires payment in acceptable foreign currency accounted for under BSP rules | A service supplier relying on zero-rating may insist on a dollar payment |
Sources: BSP Manual of Regulations on Foreign Exchange Transactions, Sections 1 and 20 (version filed with the WTO; the BSP has amended it since); Supreme Court, G.R. No. 152609. As published on 29 October 2026.
When a service supplier zero-rates its VAT, invoice and pay in the foreign currency it asks for. For goods, a peso invoice removes conversion from the supplier's side. More detail is in how to pay suppliers in the Philippines.
Rails and arrival times: SWIFT, InstaPay and PESONet
A dollar wire settles in the United States on Fedwire, open from 9:00 p.m. ET the evening before to 7:00 p.m. ET each weekday, with customer transfers accepted until 6:45 p.m. ET. Manila is 12 hours ahead of New York in the US summer and 13 hours ahead in the US winter. Inside the country, peso payouts run on two services under the BSP's National Retail Payment System framework.
| Route | What the recipient receives | Timing, as published | Notes |
|---|---|---|---|
| SWIFT wire in USD to an FCDU account | US dollars, net of fees | Credited on a Philippine banking day | Standard route for dollar invoices |
| SWIFT wire to a peso account | Pesos, converted by the bank | Credited on a Philippine banking day | The bank sets the rate |
| Peso payout over InstaPay | Pesos | Real time, 24/7 including weekends and holidays | Up to PHP 50,000 per transaction |
| Peso payout over PESONet | Pesos | Banking days; at PSBank, transfers made by 11 a.m. are processed the same day | For larger and bulk payments |
Sources: Security Bank, InstaPay; PSBank, PESONet and InstaPay FAQs; Federal Reserve Financial Services, Fedwire operating hours. As published on 29 October 2026.
Proclamation No. 1006 sets the 2026 holidays. Bonifacio Day on 30 November, Christmas Day on 25 December and Rizal Day on 30 December are regular holidays, and 8, 24 and 31 December are special non-working days, so pay December invoices before the 22nd.
Documents, screening and why payments to the Philippines are held
A Philippine bank records the source of each foreign currency receipt. A service supplier that zero-rates VAT also needs the bank's record of a foreign currency inward remittance, so pay the account and currency it asks for and keep the invoice reference on the payment. For contractors paid regularly, a written contract on file with the supplier's bank reduces questions.
Screen before you pay: OFAC's guidance is that every US person, US-incorporated companies and their foreign branches included, must comply with US sanctions, so check the recipient and its bank against OFAC's lists before the first payment (OFAC FAQ 11).
| Problem | What happens | How to prevent it |
|---|---|---|
| Dollars sent to a peso account | Converted at the bank's rate | Ask for the FCDU account number |
| Peso payout above PHP 50,000 | Exceeds the InstaPay limit per transaction | Use a provider that pays larger amounts over PESONet |
| Account name does not match | Queried or returned | Use the registered name exactly |
| Sent before a holiday cluster | Credited days later | Check the December calendar |
| Wire sent as SHA | Arrives short twice: intermediary fees and the receiving charge | Use OUR charges |
Sources: Security Bank; BPI; Proclamation No. 1006, s. 2025. As published on 29 October 2026.
Costs: SHA, OUR and Helm's fees for payments to the Philippines
BPI states that inward remittances are credited net of all fees and taxes and that other banks in the chain may charge separately, so a SHA wire arrives short for two reasons. On a peso account, documentary stamp tax of PHP 0.60 for every PHP 200 also applies at BPI. Send with OUR when the supplier must receive the full amount. For the supplier's account options, see USD business accounts in the Philippines.
From a Helm account you can send international payments by SWIFT and by local rails in the recipient's currency where available, confirmed by your account manager, with the rate, fee and expected arrival shown before you confirm. Helm is a financial technology company, not a bank; US dollar account services are provided by Bridge Building, Inc. (NMLS ID 2450917), a licensed money transmitter, with funds held at Lead Bank.
Helm agrees pricing with each business in writing before the account opens, and shows the rate, the fee and the expected arrival before you confirm each payment. See how Helm pricing works.
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USD, EUR and GBP accounts in your company's name, with a named account manager.
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How do I send a business payment from the US to the Philippines?
For a dollar invoice, send a SWIFT wire to the supplier's FCDU dollar account with OUR charges. For a peso invoice, use a provider that pays pesos locally over InstaPay or PESONet.
Can a Philippine supplier receive US dollars?
Yes. Philippine banks hold business dollars in foreign currency deposit units, and BSP rules let exporters keep foreign currency earnings in the Philippines or abroad rather than convert them.
Why does my Philippine contractor want dollars?
The Tax Code zero-rates VAT on certain services only where the payment is in acceptable foreign currency accounted for under BSP rules, as quoted by the Supreme Court in G.R. No. 152609.
What is the difference between InstaPay and PESONet?
InstaPay is a real-time peso service available 24/7 with a limit of PHP 50,000 per transaction. PESONet is an account-to-account service for larger and bulk payments, processed on banking days.
How long does a payment to the Philippines take?
A peso payout over InstaPay is credited in real time. A SWIFT wire is credited on a Philippine banking day after it clears the US correspondent; Manila is 12 or 13 hours ahead of New York.
What does Helm charge to send money to the Philippines?
Helm agrees pricing with each business in writing before the account opens, and shows the rate, the fee and the expected arrival before you confirm each payment.
References
- Bangko Sentral ng Pilipinas: Manual of Regulations on Foreign Exchange Transactions (version filed with the WTO)
- Supreme Court of the Philippines: CIR v. American Express International, G.R. No. 152609 (29 June 2005)
- Security Bank: InstaPay for business (DigiBanker cash management)
- PSBank: PESONet and InstaPay FAQs
- BPI: Inward remittance fees
- Proclamation No. 1006, s. 2025: regular holidays and special days for 2026
- Federal Reserve Financial Services: Fedwire Funds Service operating hours
- Office of Foreign Assets Control: FAQ 11, Who must comply with OFAC sanctions?
This guide is general information for businesses, not financial, legal or tax advice. Rules, fees and timings were checked against the sources listed on the review date and may change.