BDO stands as one of the Philippines’ top banks1. It offers smooth ways to send money abroad1. Its network includes big names like Wells Fargo, Wise, and Xoom1.
Need money sent fast or paying a bill? BDO has options1. Fees vary from $7 to $40 based on what you’re sending1. This guide will show you how to work with changing exchange rates1.
Understanding BDO Remittance: Services and Fees
BDO remittance services shine for their ease and broad options. As a top bank in the Philippines as of June 20201, BDO allows sending money several ways. This includes in-person, by phone, or mail1.
Knowing about their fees is key for smart decisions. For sending to a BDO USD account, it costs an $8 fee. Sending to a PHP account costs Php 100 plus any doc stamps2.
Looking for cheaper options? Wise might be better with its fair exchange rates. It also boasts that 45% of its transfers happen instantly1. This can be great for fast and cheap money transfers.
BDO offers various fast delivery options. For example, using BDO Remit for a Kabayan Savings Account gets money there in 24 hours2. But fees can vary with the service chosen1.
BDO partners with banks like DBS for international remittances2. This might give you more ways to send money. But, expect an $8 fee for receiving non-PHP currencies, and a 200 PHP fee for PHP transactions2.
Lastly, always check the exchange rate before sending money. Exchange rates can change fast1. Comparing services like Wise can save money. Wise doesn’t have Swift fees and offers an easy online setup1.
Guide to BDO Cash Remittance Partners: Finding the Best Money Transfer Options
I often use BDO’s remittance services to send money to the Philippines. They work with well-known banks and online services like Wells Fargo, Wise, and Xoom. This gives you many ways to send money, like direct deposits or cash pickups1. But, each partner sets their own fees, which can affect the total cost of sending money1. Lately, I’ve noticed that digital platforms such as Remitly and WorldRemit are becoming popular. They offer good rates and fast transfer times3.
When looking at online remittance services, Remitly stands out. It’s one of the cheapest for sending money from the US for amounts under USD 7004. For newcomers, WorldRemit might be a good option. It usually has low costs to the Philippines and sometimes offers free transfers for your first time3. Using these user-friendly platforms makes me feel more confident about making international transfers.
I’ve compared many online remittance services, focusing on exchange rates. Wise uses the mid-market rate, which helps save money by avoiding bank fees1. My research shows that services like Wise, Remitly, and XE Money Transfer have better rates from the US to the Philippines than banks4. Choosing the right remittance partner can really make a difference for your family back home.
