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Send Money To The Philippines From Canada With The Highest Exchange Rates

05 Jul 2023

Do you know why most people from the developing world wish to move to Canada when they decide to work abroad? With a nominal Gross Domestic Product (GDP) of $1.99 trillion in 2021, according to a World Bank report, Canada is one of the strongest economies worldwide. Another World Bank report said that the country had a GDP per capita income of $51,987.9 in 2021, strong enough to attract migrants from across the world. Due to the robust economy, the people of developing countries like the Philippines travel to Canada in a bid to find prospective employment opportunities. After these Filipino migrants in Canada start earning, they send money to Philippines from Canada to extend financial support to their families.


But do you have any idea about what role currency exchange rates play in your money transfers back home and how you can get the most competitive exchange rates?


Well, you may be aware of the answer to some extent, but an all-encompassing answer is necessary to these questions to get the best deals in money transfers.


This blog will answer these questions and also share some tips to help you get the best currency exchange rates.


And what better way to start than from a holistic understanding of the currency exchange rate itself?

Why Do You Need To Understand Currency Exchange Rates?

Well, because they are the most tricky part of an online money transfer, besides being one of the tools at the hands of the service provider to fleece you with.

A currency exchange rate is the rate at which you purchase one unit, or many, of another currency.

For example:

One Philippine Peso (1 PHP) = 0.024 Canadian Dollars (CAD)

One Canadian Dollar (CAD) = 41.81 Philippine Peso (PHP)

It means that with one PHP, you could only buy 0.024 CAD. Or, if you could buy 41.81 PHP for one CAD.


Note: These rates are just an example to let you understand the currency conversion. Checking the updated rates when sending money home is always recommended.


The difference between these two currencies is the exchange rate.

But it is more complicated than it seems.


To learn how exchange rates are calculated, click the link below:

Calculating Currency Exchange Rates.


Types of Currency Exchange Rates

A currency exchange rate is of the following two types.


Fixed Currency Exchange Rate

A fixed or static currency exchange rate is mostly offered by banks. Banks and a few other financial institutions keep these rates fixed for one business day by picking up the rates from the international market one day ago.

For example, if yesterday you could purchase 45 PHP for 1 CAD, you will have this rate today in such institutions, regardless if the difference is squeezed or widened between the currencies today. Some institutions, however, pick up the rates at the start of the business day and keep those for the entire business time that follows.

Flexible Currency Exchange Rate

Remember that the exchange rates keep fluctuating, and ideally, these should be linked with the fluctuating international market. But, there are only a few service providers that offer flexible rates. It allows you to pick a time of transaction when the rates are in your favour.

Against this scenario, you can miss a rise in rates if the one offered to you (in case of fixed rates) is lower than the current in the international market.

Therefore, to get favourable rates, always try to find a service provider whose rates are live at a time when you happen to send money to Philippines online.


A Quick Look At Fast Facts Of The Economy Of The Philippines

  • The Philippines had a nominal Gross Domestic Product (GDP) of $394.09 billion in 2021, a report by the World Bank revealed.
  • Another report by the same institution said that in 2021, the GDP per capita income of the Philippines was $3,460.5.

The difference between these figures and those of Canada mentioned above makes a stronger case for Filipino migrants to go to Canada for work opportunities.


Let’s take a look at some of the important reasons for going to and working in Canada.

Top Benefits Of Working In Canada

Below are some of the top benefits that you easily get while working in Canada.

High Salaries And Wages

Canada offers the 10th highest wages in the world. It has a minimum wage of $9.52/hour or $20,643/year. It is also one of the few countries offering handsome salaries for jobs that get you relatively lower salaries elsewhere.

A Peaceful State With A Robust Economy

It is one of the most peaceful countries worldwide, with multiple opportunities in different fields and a lower unemployment rate, and a high quality of life.

Employee Benefits

As part of temporary income support, you will get a small income through Employment Insurance; pensions post-retirement are mostly tax-exempted; and you can get workplace insurance with several benefits if you get hurt at your workplace.


Let’s now take a quick look at the tips to get high exchange rates in your money transfers.


Tips To Get High Exchange Rates In Your Money Transfer To Philippines

  • Find a service provider offering live and flexible exchange rates, so it depends on you to select a rate for the transfer at a specific time.
  • Draw comparisons between the fee structures of different companies. A company offering live rates with high fees does not make any difference in comparison to one with a low fee yet live rates.
  • Speed of transfer is of the essence in this regard, as a quick transfer can benefit the recipient and help them find competitive rates at their end.
  •  See which limit of funds fees is applicable. Many service providers charge fees for any amount. But a few service providers charge fees on the amount only after it exceeds a certain lower limit, not below it. This can serve the purpose of finding good exchange rates well.

ACE Money Transfer – Exceeding Your Remittance Service Expectations

An online money transfer to Philippines with ACE Money Transfer gets you the highest rates with low- to zero-fee in over 100 countries worldwide with around 350,000 pickup locations and 24/7 service availability with speed and safety you hardly find elsewhere. 


What are some reliable ways to send money from Canada to the Philippines with the highest exchange rates?

There are several reliable methods to send money from Canada to the Philippines with high exchange rates. These include online transfer services like ACE Money Transfer. These services usually offer competitive exchange rates close to the mid-market rate. However, it's crucial to consider both exchange rates and transfer fees when choosing a service.

How can I find the highest exchange rates when sending money from Canada to the Philippines?

The exchange rate market is dynamic, and rates fluctuate throughout the day. Websites like ACE Money Transfer provide real-time exchange rates. For the highest rates, it's advisable to compare these rates with the ones offered by your chosen money transfer service. Some services also offer rate alerts, notifying you when the rates reach your desired level.

Why do different money transfer services offer different exchange rates for sending money to the Philippines from Canada?

Different money transfer services have different business models and ways of generating revenue. Some services add a markup to the mid-market rate, while others charge a transfer fee. Some might do both. It's essential to compare the total cost (exchange rate + any fees) across different services to get the best deal.

Are there any hidden fees when sending money from Canada to the Philippines with the highest exchange rates?

It's possible. Some transfer services may offer high exchange rates but compensate by charging high transfer fees or hidden charges. Always check the fee structure and read the terms and conditions before initiating a transfer to avoid any unexpected charges.

Can I send money from Canada to the Philippines with the highest exchange rates through my bank?

Yes, you can send money through your bank. However, banks often offer lower exchange rates compared to specialised money transfer services. They might also charge higher transfer fees. It's advisable to compare rates and fees from your bank with those of money transfer services to ensure you're getting the best deal. 


  • Canada’s GDP

(GDP (current US$) - Canada | Data (

  • Canada’s GDP per capita

(GDP per capita (current US$) - Canada | Data (

  • Philippines’ GDP

(GDP (current US$) - Philippines | Data (

  • Philippines’ GDP per capita

(GDP per capita (current US$) - Philippines | Data (

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