Sending money from Canada to the Philippines has become an essential financial activity for millions of people. According to recent research, 46% of diaspora consumers across various regions regularly send money home, making cross-border payments a critical part of their financial lives ¹. The global cross-border payments market has reached unprecedented levels, with current volumes exceeding USD 200 trillion and expected to increase by 5% annually until 2027 ². For Canadian businesses and individuals sending funds to the Philippines, finding a reliable, cost-effective solution has never been more important.
The growing need for Canada-Philippines money transfers
The Philippines remains one of the world's largest recipients of international remittances, with millions of overseas Filipino workers (OFWs) supporting families back home. The digital payment industry has responded to this demand with remarkable growth – the market was valued at $10.18 trillion in 2024 and is forecast to reach $32.07 trillion by 2033, representing a compound annual growth rate of 13.5% ³.
Canadian businesses operating in or with the Philippines face unique challenges when managing international payments. Whether you're paying suppliers, contractors, or employees, traditional banking systems often fall short. Research shows that 44% of international money transfer users are frustrated by poor exchange rates, while 35% cite high or hidden fees as major pain points ¹.
Understanding international transfer challenges
Traditional cross-border payments face several obstacles that impact both businesses and individuals. The challenges in the cross-border payments industry include high fees, long settlement times, opaque processes, and complex compliance requirements ². These issues become particularly pronounced when sending money from Canada to the Philippines through conventional banking channels.
Speed matters most
When it comes to international transfers, speed is paramount. Research indicates that 65% of respondents rank speed as their top priority when choosing a payment method ¹. This preference reflects the urgent nature of many international payments, whether for business operations or personal support.
The G20 has recognized this need, endorsing targets for cross-border payments with a deadline of end-2027, including the goal of having 75% of cross-border remittances arriving within one hour and the remainder within one business day ¹. Airwallex addresses this need directly, with funds received quickly, securely, and in as little as one business day ⁴.
The hidden cost problem
Beyond speed, cost transparency remains a significant concern for businesses and individuals alike. In the United States, credit card fees are unregulated and can reach as high as 3.5% ⁵. While Canada has different regulations, international transfers often involve multiple intermediaries, each adding their own fees and margins.
Merchants globally paid approximately $138 billion in processing fees in 2022 ⁵. For businesses sending regular payments to the Philippines, these costs can quickly accumulate, impacting profitability and operational efficiency.
How Airwallex transforms Canada to Philippines transfers
Airwallex offers a comprehensive solution for Canadian businesses needing to send money to the Philippines. The platform provides high-speed business transfers to global suppliers and employees in the Philippines from Canada at low interbank rates ⁴. This approach addresses the core challenges of traditional international transfers while providing additional benefits for modern businesses.
Market-leading FX rates
One of the most significant advantages of using Airwallex is access to competitive foreign exchange rates. The Airwallex Business Account offers market-leading FX rates on every transaction, big or small, with zero hidden fees ⁶. This transparency is crucial for businesses that need to budget accurately and avoid unexpected costs.
The importance of favorable exchange rates cannot be overstated. With global payments revenues reaching $2.2 trillion in 2022, an increase of 11% from the previous year ⁵, even small improvements in FX rates can result in substantial savings for businesses with regular international payment needs.
Local payment networks advantage
Airwallex leverages local payment networks to optimize transfer efficiency and cost. Payments are made using Airwallex's local network to eliminate transaction fees and deliver your funds faster and in full ⁷. This approach bypasses many of the traditional intermediaries that slow down transfers and add costs.
The company's global reach is impressive, supporting transfers to 150+ countries and regions, in 60+ currencies ⁸. This extensive network ensures that Canadian businesses can manage their Philippines operations alongside other international activities through a single platform.
The business case for modern payment solutions
The shift toward digital payment solutions reflects broader market trends. According to recent projections, digital wallets are forecast to be used in 61% of digital transactions in 2028, up from 50% in 2023 ⁵. This transition is driven by businesses seeking more efficient, transparent, and cost-effective payment methods.
Airwallex has positioned itself at the forefront of this transformation. The company is seeking to pass $1 billion in annualized revenue by Q4 2025, according to Co-Founder & CEO Jack Zhang ⁹. In March 2025, Airwallex secured $300 million in a Series F funding round that brought its valuation to $6.2 billion ⁹.
Supporting business growth
For Canadian businesses expanding into or operating in the Philippines, efficient payment infrastructure is essential. Airwallex allows you to pay your global suppliers and employees without the expense and hassle of the traditional banking system ⁴. This capability is particularly valuable for companies managing remote teams, sourcing from Philippine suppliers, or operating subsidiary offices.
The platform's growth trajectory reflects its value proposition. Airwallex has onboarded 150,000 businesses and aims to boost its monthly active customers to more than one million by 2030 ⁹. This expansion demonstrates the increasing demand for modern, efficient international payment solutions.
Practical steps for sending money to the Philippines
When setting up international transfers from Canada to the Philippines through Airwallex, businesses benefit from a streamlined process designed for efficiency and transparency. The platform's approach eliminates many of the complexities associated with traditional international transfers.
Account setup and verification
Getting started with Airwallex involves a straightforward account setup process. The platform has been expanding its financial infrastructure to new markets, including Japan, Korea, the UAE and Latin America ⁹, demonstrating its commitment to global accessibility and compliance standards.
Transfer execution
Once your account is established, executing transfers becomes remarkably simple. Payments can be received in as little as one business day with the full amount on delivery ⁶. This speed is crucial for maintaining business operations and meeting payment deadlines.
It's worth noting that while Airwallex uses local networks to minimize fees, the platform may charge additional transfer fees to cover the cost of using the SWIFT network when necessary ⁴. This transparency ensures businesses can accurately calculate total transfer costs.
Comparing transfer options
When evaluating international transfer services, it's important to consider multiple factors beyond just the headline fee. The payment gateway market was estimated to be worth $127.1 billion in 2023 and is predicted to generate revenues of $276.20 billion in 2030 ⁵, indicating the scale and importance of choosing the right provider.
Traditional banks vs modern solutions
Traditional banking systems often struggle with international transfers due to legacy infrastructure limitations. For companies, especially small and medium-sized firms (SMEs), integrating digital payment systems with legacy infrastructure is a major difficulty ³. Modern solutions like Airwallex bypass these limitations by building purpose-built infrastructure for international payments.
Cost considerations
While competitors like Wise charge varying fees depending on the payment method – for example, 32.05 HKD for bank transfers and up to 466.30 HKD for digital wallet payments when sending from Hong Kong to Canada ¹⁰ – Airwallex focuses on providing consistent, transparent pricing with market-leading FX rates.
The total cost of international transfers includes both fees and exchange rate margins. With 47% of global payments revenues ($1 trillion) generated in Asia Pacific ⁵, the Canada-Philippines corridor represents a significant market where even small cost savings can have substantial impact.
Security and compliance considerations
Security remains paramount in international money transfers. The growing use of digital payments presents serious concerns due to the increased danger of fraud, data breaches, and cyberattacks ³. Airwallex addresses these concerns through robust security measures and compliance protocols.
Regulatory compliance
The regulatory environment for international payments continues to evolve. According to the Financial Stability Board's latest progress report, ISO 20022 harmonization, APIs, and the interlinking of fast payment systems were positive developments in 2024 ². Airwallex stays ahead of these regulatory changes, ensuring compliant transfers between Canada and the Philippines.
Data protection
Protecting sensitive financial data is crucial for both businesses and their recipients. Service providers must consistently invest in multi-factor authentication, enhanced encryption, and other cybersecurity measures to reduce risks and guarantee safe transactions ³. Airwallex implements these security measures across its platform, providing peace of mind for users.
Future of Canada-Philippines money transfers
The international payments landscape continues to evolve rapidly. Major retailers are expected to adopt account-to-account payment methods, underpinned by real-time payments (RTP), in 2025 ¹¹. These developments will further streamline international transfers, benefiting businesses sending money from Canada to the Philippines.
Emerging technologies
New technologies are reshaping cross-border payments. Stablecoins enable near-instant global transfers, helping meet the G20's target of 75% of cross-border remittances arriving within one hour ¹. While these technologies are still emerging, established platforms like Airwallex continue to innovate and integrate new capabilities.
Airwallex is increasingly implementing AI across its internal and customer-facing services ⁹. This technological advancement promises to further improve transfer speed, reduce costs, and enhance the user experience for Canadian businesses sending money to the Philippines.
Market growth projections
The future looks bright for international payment services. Global Payments revenues are forecast to have a compound annual growth rate of 7% from 2022-27 to reach $3.2 trillion in 2027 ⁵. This growth reflects increasing global trade and the continued need for efficient cross-border payment solutions.
Ready to grow globally?
Making the switch to modern transfers
For Canadian businesses regularly sending money to the Philippines, the benefits of modern transfer solutions are clear. With Airwallex, payments through the platform can be received in as little as one business day with the full amount on delivery guaranteed ⁷. This reliability and speed can transform how businesses manage their international operations.
Getting started
The transition to a modern payment platform doesn't have to be complex. Airwallex has secured over $1.2 billion in total funding ⁹, providing the financial stability and resources to support businesses of all sizes. The platform's user-friendly interface and comprehensive support make the onboarding process straightforward.
Maximizing value
To get the most from international transfers, businesses should consider their overall payment strategy. With commercial payment products and services generating 53% of total payment revenue globally ⁵, choosing the right provider can have significant impact on operational efficiency and bottom-line results.
Conclusion
Sending money from Canada to the Philippines no longer needs to be slow, expensive, or complicated. Modern solutions like Airwallex provide Canadian businesses with fast, secure, and cost-effective international transfers. With market-leading FX rates, transparent pricing, and transfers arriving in as little as one business day, Airwallex addresses the key challenges of cross-border payments.
As the global payments landscape continues to evolve, with the digital payment industry expected to reach $32.07 trillion by 2033 ³, businesses that adopt modern payment solutions position themselves for success. Whether you're paying suppliers, employees, or managing other business expenses in the Philippines, Airwallex provides the infrastructure and support needed to streamline your international payments.
The combination of speed, transparency, and competitive rates makes Airwallex an compelling choice for Canadian businesses. With support for transfers to 150+ countries and regions in 60+ currencies ⁴, the platform offers a comprehensive solution for all your international payment needs. Start transforming your Canada to Philippines transfers today and experience the difference that modern financial technology can make for your business.
FAQ
How quickly can I send money from Canada to the Philippines with Airwallex?
Airwallex offers one-day international transfers from Canada to the Philippines, making it one of the fastest options available for cross-border payments. This speed advantage helps businesses maintain efficient cash flow and meet urgent payment deadlines compared to traditional banking methods that can take 3-5 business days.
What are the fees for sending money to the Philippines through Airwallex?
Airwallex provides transparent fee structures for international transfers to the Philippines, with competitive rates that are typically lower than traditional banks. The exact fees depend on the transfer amount and payment method, but Airwallex is known for offering market-leading foreign exchange rates that can result in significant savings on large business transfers.
Can I use Airwallex to send money to Philippine bank accounts from my Canadian business?
Yes, Airwallex supports direct bank account transfers from Canada to the Philippines through their business account platform. You can send money directly to Philippine bank accounts using Airwallex's international transfer services, which are specifically designed for business-to-business and business-to-individual payments across borders.
How does Airwallex compare to other money transfer services for Canada-Philippines transfers?
Airwallex stands out with its combination of speed, competitive FX rates, and business-focused features. While services like Wise charge around 0.32% in total fees for international transfers, Airwallex focuses on providing enterprise-grade solutions with faster processing times and dedicated business support, making it ideal for companies with regular transfer needs.
What makes Airwallex suitable for Canadian businesses sending money to the Philippines?
Airwallex is particularly well-suited for Canadian businesses due to its robust financial infrastructure and business-focused approach. With over $1.2bn in total funding and targeting $1bn in annualized revenue by Q4 2025, Airwallex offers enterprise-level reliability, transparent fee structures, and specialized business account features that traditional consumer transfer services cannot match.
Is Airwallex secure for international money transfers from Canada to the Philippines?
Yes, Airwallex maintains high security standards for international transfers, operating as a regulated financial services provider. The platform uses advanced encryption and compliance measures to protect cross-border transactions, making it a trusted choice for businesses that need secure and reliable money transfer services between Canada and the Philippines.
Citations
https://www.thunes.com/news/top-growth-drivers-in-consumer-cross-border-payments/
https://www.temenos.com/blog/the-case-for-embracing-the-g20s-goals-on-cross-border-payments/
https://www.airwallex.com/ca/business-account/transfers/send-money-to-philippines
https://www.airwallex.com/ca/business-account/transfers/send-money-to-canada
https://www.airwallex.com/ca/business-account/transfers/send-money-to-thailand
https://www.airwallex.com/ca/business-account/transfers/send-money-to-malaysia
https://www.fxcintel.com/research/reports/ct-airwallex-2025-growth
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Airwallex Editorial Team
Airwallex’s Editorial Team is a global collective of business finance and fintech writers based in Australia, Asia, North America, and Europe. With deep expertise spanning finance, technology, payments, startups, and SMEs, the team collaborates closely with experts, including the Airwallex Product team and industry leaders to produce this content.
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- The growing need for Canada-Philippines money transfers
- Understanding international transfer challenges
- How Airwallex transforms Canada to Philippines transfers
- The business case for modern payment solutions
- Practical steps for sending money to the Philippines
- Comparing transfer options
- Security and compliance considerations
- Future of Canada-Philippines money transfers
- Making the switch to modern transfers
- Conclusion
- FAQ
- Citations
