Every country has their own unique banking systems, which are defined by regulatory environments, access to banking services, and currency fluctuations. If you’re looking to send money transfers between Canada and the Philippines, it can be useful to find out how banking differs in both countries.
Banking regulations in Canada vs. the Philippines
The central bank in the Philippines is the Bangko Sentral ng Pilipinas (BSP), while the Bank of Canada is Canada’s central bank. A nation’s central bank determines its currency and monetary policies, as well as setting regulations. In 2013, the BSP was honored for being a fair-minded regulator in the Asia-Pacific region.
Differences between the Candadian dollar and Philippine Peso
Canada has its own currency, the Canadian dollar (CAD), which is widely accepted throughout the country. The Philippines has the Philippine peso (PHP) as its primary currency. 1 CAD is worth more in PHP, so if you’re sending money transfers to a loved one in the Philippines, your money will be worth more. Compare currency rates between CAD and PHP to find out how much your receiver will get.
Major banks in the Philippines
Below are some of the top banks in the Philippines that you can send money to with Western Union—either online, via the mobile app, or at an agent location.
- Banco do Oro Unibank INC
- Metropolitan Bank & TCO
- Bank of the Philippines Islands
- Philippines National Bank
- Development Bank of the Philippines
- China Banking Corp
- Rizal Comm’l Banking Corp
- Union Bank of the Philippines
- CitiBank
Learn how to deposit money to a bank in the Philippines.
Major banks in Canada
The largest banks in Canada (ranked by total assets) are:
- Royal Bank of Canada (RBC)
- Toronto-Dominion Bank (TD Bank)
- Bank of Nova Scotia (Scotiabank)
- Bank of Montreal (BMO)
- Canadian Imperial Bank of Commerce (CIBC)
Canada has a more centralized population, so services such as online and mobile banking, investment products, insurance, and wealth management services are widely offered at branch locations. In major cities such as Vancouver, Toronto, and Montreal, banking customers benefit from a well-developed and modern infrastructure with a network of branches, ATMs, and electronic payment systems.
By contrast, while banking services are generally available across all the major islands that comprise the Philippines, the range of services offered may vary depending on the location of bank branches or ATMs. Many rural areas may have limited access to banking services.
Use of cash and credit
In the Philippines, cash is still king. Most day-to-day transactions are still conducted via cash—though tap-to-pay and online payments (especially those via QR code) are gaining momentum. In Canada, as is with many Western nations, credit and debit cards are the method many prefer, and Canada has been quicker to embrace new credit technologies like tap-to-pay, chip insertion, and QR.
Send money to the Philippines
Whether you have relatives and loved ones in the Philippines, or you’re planning to relocate there, you can send money between Canada and the Philippines using a digital wallet, the latest form of online banking that has been embraced by both nations. Enjoy seamless payment and fraud protection, even when while you’re traveling to another country. Create an account to send money online or download the Western Union app to get started.
