Can I send money from The Republic of Korea to a bank account in The Philippines?
Yes, many international money transfer services allow you to send money from The Republic of Korea directly to a bank account in The Philippines. You will usually need the recipient’s full name, bank name, IBAN, and sometimes the SWIFT/BIC code for The Philippines banks.
How to calculate taxes on foreign payments?
If for some reason the bank's rate on that day was higher than the Central Bank's rate (the rarest
case), the "service" received is also taxed. It is easier to follow this point than to deal with
additional calculations.
Can I send money from The Republic of Korea to The Philippines on weekends or holidays?
Yes, you can initiate a transfer from The Republic of Korea to The Philippines anytime, including weekends and public holidays. However, depending on the service, delivery to The Philippines may be delayed until the next business day, especially for bank transfers.
Do I need a bank account in The Republic of Korea to send money to The Philippines?
Not necessarily. Many international services operating in The Republic of Korea offer cash transfers to The Philippines, so you can send money without a bank account. However, if you’re using online banking or bank-to-bank transfer from The Republic of Korea to The Philippines, an account will be required.
