BDO1 has some great account products, features and services - but can BDO receive money from abroad? How can you use a BDO account to receive payments internationally - and what are the fees to do so?
If you’re in the Philippines and need to get paid by someone based overseas you might be wondering how to use BDO to receive money from abroad. This guide has you covered. We’ll look at how to receive money from BDO remittance, and how to receive a payment sent as a wire transfer to a BSO PHP or USD account.
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Can you receive money from abroad with BDO?
So - onto the key questions: how can I receive money from overseas with BDO, and can a BDO savings account receive money from abroad?
Some BDO accounts can be used to receive international payments sent from another BDO account, or by someone using a third party bank and sending for deposit in PHP or USD. Your options may vary a bit depending on the way the sender arranges the payment and the account you have with BDO.
As an overview, options to receive money from abroad with BDO can include2:
- Receive money as credit to your BDO peso or dollar account, sent as a remittance or wire
- Receive money for cash pick up or delivery if your sender is also a BDO customer and arranges the payment with BDO
- Receive money with a BDO Cash Card, or to a BDO Kabayan account which has a debit card
If the person sending you money has a BDO account they can also choose to send a food delivery instead of money, to pay bills from abroad, or to send with a BDO partner organisation for cash pick up or delivery.
Can you receive money from abroad with your BDO debit card?
BDO has a BDO Remit Cash Card3 which can be used to receive a payment from abroad. You can also receive money with a BDO Kabayan Savings Account4 which comes with a linked debit card.
If you have one of these cards, you may find that your BDO debit card can receive money from abroad using a remittance service.
How to receive remittances from abroad to your BDO account - step-by-step
If the person sending you money is planning to send the payment to your BDO account to be deposited in PHP or USD, you’ll need to give them the following information:
- Your full name
- Your BDO account number
- The address of your bank branch (if required)
- The correct BDO SWIFT code
Once they’ve got all the information required, the sender can arrange the payment through their own bank or with a third party service like Wise. The money will be deposited to your BDO account once the payment has cleared, and you can hold onto it, withdraw to another account, or get it from an ATM as cash using your BDO debit card.
Not sure of the details to give the person sending you a payment? Check the BDO SWIFT code you need here.
Fees for receiving money from abroad with BDO
The fees you pay when receiving money from abroad with BDO may vary depending on the account type you have and how the payment is sent. Here’s an overview5:
| Payment being sent in | Payment being received to a BDO USD account | Payment being received to a BDO PHP account | Payment being received to any other BDO account |
|---|---|---|---|
| USD | 8 USD | Service charge - 100 PHP Doc stamps - 0.6 PHP for every 200 PHP received | 8 USD |
| PHP | Not applicable | 200 PHP | Not applicable |
| Any other currency | 8 USD | Service charge - 100 PHP Doc stamps - 0.6 PHP for every 200 PHP received | 8 USD or the equivalent |
If your sender uses a third party to send your payment to BDO, there may be an additional charge to pay. As this cost can vary depending on the specific payment in question you’ll need to check your account terms and conditions or call a BDO branch to see if it will apply in your case.
How long does it take to receive an international money transfer in BDO?
So, how long does it take to receive an international money transfer in BDO?
If the sender is arranging a payment to be deposited to your account from a third party bank (not BDO) via SWIFT, the chances are that it’ll take 3 - 5 working days to arrive in your BDO account.
If the person sending you money has a BDO account themselves and uses BDO to process the payment, there are several different delivery options which come with their own processing times. These may vary depending on where in the world your sender is - as an example here are some options for payments processed through BDO in the US, and delivered to BDO in the Philippines5:
- BDO Remit to a Kabayan Savings account - within 24 hours
- BDO Remit as bill payment - within 24 hours
- BDO Remit for cash collection - within 1 hour
BDO receiving limit
The limits for receiving money with BDO will depend on the account type you have and how your sender arranges the payment. If they’re sending a wire the limits are likely to be pretty high, for example, but for cash pick up you may not be able to receive so much in a single transaction. Check your account terms and conditions for more details on the BDO BDO receive money limit.
Receive money from abroad to the Philippines with low fees and the mid-market exchange rate with Wise
Try Wise to send PHP from abroad directly to your bank, with low fees for the sender and no receiving fee.
Ask the person sending you money to take a look at Wise, as an easy way to send payments to the Philippines online or in app. Your money will be deposited to your bank or preferred ewallet, and Wise currency conversion uses the mid-market exchange rate, and low, transparent fees2. That can mean low overall costs and more in your pocket in the end.
Plus, many Wise payments arrive instantly - and 90% get to the recipient in under 24 hours7. That means your money could be ready to spend or withdraw in no time at all.
Send money to the Philippines with Wise
Frequently asked questions
Let’s look at another couple of important questions and answers about how to receive money from abroad with BDO in the Philippines.
Can I receive money from abroad with a BDO savings account?
Yes. You can receive a payment from abroad from an account in your own name, or you may be able to receive a payment from abroad from another person6. If the BDO account you have at the moment can’t be used to receive payments from abroad, you might want to consider the BDO Kabayan Savings Account4 which can be used to receive payments from overseas, often instantly.
Can I receive money from abroad via BDO network banks?
Yes. BDO works with several network partner banks in different countries and regions, including DBS, CIMB and Seven Bank. People with accounts with a BDO network bank will find it easy to send a remittance to BDO in the Philippines. If the person sending you money doesn’t bank with a BDO partner bank they can still send you a payment, but they may need to use a third party international money transfer service to get the payment processed.
Sources:
- BDO
- BDO Remit - receive remittances
- BDO Remit Cash Card
- BDO Kabayan Savings Account
- BDO remittance fees
- BDO FAQ - receiving money
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information. This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional. We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
