It's called the Wise Account and it's available for both individuals and businesses. Luckily, a much better alternative exists to save money when receiving money in the Philippines from abroad. With costs like this, you'd easily receive ₱5,000 to ₱10,000 less per ₱100,000 sent than you would've had you transferred at the real, mid-market exchange rate. Compare now on Monito's real-time comparison engine to find the cheapest way to send to any BPI account in the Philippines:Īre you expecting a transfer from abroad and is the sender asking you to provide a BPI SWIFT/BIC code? Then you're likely going to receive less than you should because of the high international bank transfer fees and bad exchange rates that are usually applied by the senders' bank.įor example, a typical foreign bank will charge between 5% and 10% in total fees for sending a ₱100,000 equivalent to the Philippines. Using a digital money transfer provider, not only could you up to 95% in fees compared to the bank, but you'll also be able to send money more quickly to your beneficiary's account at BPI.
At Monito, we analyzed the cost of sending money with around 50 major banks in eight countries around the world, and we can confidently say that we don't recommend using your bank to send money to the Philippines.Īdditionally, bank transfers via the SWIFT network tend to take quite long (between one and five business days on average), meaning they're not a good option if you want to make a speedy transfer.įortunately for you, much smarter alternatives exist. This is because fixed international bank transfer fees, bad exchange rates, and correspondent banking fees can stack up very quickly. If you're sending money internationally to a BPI bank account in the Philippines through your local bank, the transaction will likely be much pricier than it ought to be.
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