The exchange rate on my remittance was bad — what are my rights?
Last updated: 2026-07-11 · Educational content; not legal advice.
Short answer
You cannot force a provider to give you a better market rate, but you do have the right to be told the exact rate before you commit, and the right not to be misled about it. Under RA 11765 (2022) financial consumers have a right to disclosure and transparency; BSP's rules for Remittance and Transfer Companies (Memo M-2021-032, MORNBFI as amended by Circular 1048) require the rate and charges to be disclosed so you can compare providers. If the agent applied a rate different from the one advertised or disclosed, or hid an exchange-rate margin, that is a market-conduct violation you can dispute and escalate to the BSP. Compare the true rate across providers before you send.
Primary sources
- RA 11765 (Financial Products and Services Consumer Protection Act, 2022) ↗
- BSP Memorandum M-2021-032 — Disclosure & Transparency of Remittance and Transfer Companies ↗
- MORB §298 — Disclosure of Remittance Charges and Other Relevant Information ↗
- BSP Circular 1160 (2022) — Regulations Implementing RA 11765 ↗
Frequently asked
Can I get a refund just because the rate was bad?
Not on its own — a provider is allowed to set its own rate, and a rate you agreed to after it was disclosed is generally not refundable. What is actionable is a rate that was different from the one advertised or disclosed to you, or an undisclosed margin. Keep the receipt and any screenshot of the advertised rate as evidence.
What is an 'exchange-rate margin'?
It is the gap between the rate the provider gives you and the real market (mid-market) rate. Providers earn from this spread on top of the posted fee. It is a legitimate cost only if it is disclosed; RA 11765's transparency right means it should not be hidden or misrepresented.
How do I check if a rate is fair?
Compare the amount the recipient actually receives across providers for the same send amount — that captures both the fee and the margin. LabanPH's remittance comparator shows this so you can judge the total, not just the headline fee.
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