Hey there! Looking to send money from your BDO account in the Philippines to a Chase Bank account in the US? You've come to the right place. This can seem a bit daunting with international transfers, but I'll guide you through each step to make it as smooth as possible.
Let's get started on how to successfully send money from BDO to Chase Bank!
Step 1: Gather All Necessary Information for the Recipient
This is perhaps the most critical step. Even a small error can cause significant delays or even send your money to the wrong account. So, let's get everything in order.
Sub-heading 1.1: Recipient's Chase Bank Details
You'll need the following from the person receiving the money in their Chase Bank account:
Full Legal Name of Recipient: As it appears on their Chase Bank account.
Recipient's Full Address: Including street, city, state, and zip code.
Chase Bank Account Number: The specific account number where the funds will be deposited.
Chase Bank SWIFT/BIC Code: This is crucial for international wire transfers. For Chase Bank, the general SWIFT code is CHASUS33. However, it's always best for the recipient to confirm this directly with Chase Bank as some branches might have specific codes, though CHASUS33 is widely used for incoming international wires to Chase in the US.
Chase Bank Name and Address:
Bank Name: JPMorgan Chase Bank, N.A.
Main Address: 383 Madison Avenue, New York, NY 10017 (or the specific branch address if provided by the recipient).
Reason for Transfer: BDO might ask for the purpose of the transfer (e.g., family support, gift, payment for goods/services).
Sub-heading 1.2: Your BDO Account Details
You will need your own BDO account details handy:
Your BDO account number.
Your BDO online banking credentials (if you plan to transfer online).
Sufficient funds in your BDO account to cover the transfer amount and any associated fees.
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| How To Send Money From Bdo To Chase Bank |
Step 2: Choose Your Method of Transfer from BDO
BDO offers several ways to send money internationally. The most common and recommended methods are via online banking or by visiting a branch.
Sub-heading 2.1: Online International Wire Transfer via BDO Online Banking
This is often the most convenient method.
Availability: BDO's online banking platform allows for international transfers.
Convenience: You can initiate the transfer from the comfort of your home or anywhere with internet access.
Tracking: Online platforms usually provide a way to track the status of your transfer.
QuickTip: Slow scrolling helps comprehension.
Sub-heading 2.2: Visiting a BDO Branch for an Outward Remittance
If you prefer a face-to-face transaction or if the amount is significant, a branch visit is a good option.
Personal Assistance: You can get direct help from bank personnel.
Security: Some people feel more secure making large transactions in person.
Step 3: Initiating the Transfer - Step-by-Step Guide
Let's dive into the practical steps for both online and in-branch methods.
Sub-heading 3.1: Step-by-Step for BDO Online Banking
Log in to BDO Online Banking: Go to the official BDO website and log in using your registered username and password. If you haven't registered for online banking, you'll need to do so first.
Navigate to Funds Transfer/Remittance: Look for a section like "Send Money," "Transfers," or "Outward Remittance." The exact wording might vary.
Select International/Foreign Currency Transfer: Choose the option for sending money abroad or making an international wire transfer.
Add New Beneficiary/Recipient: If this is your first time sending money to this Chase account, you'll need to add the recipient's details. Carefully input all the information you gathered in Step 1 (Full Name, Address, Bank Name, Bank Address, Account Number, SWIFT/BIC Code, and Reason for Transfer). Double-check every single detail.
Enter Transfer Details:
Amount to Send: Input the amount you wish to send in Philippine Pesos (PHP). BDO will show you the equivalent in USD based on their current exchange rate.
Currency: Specify USD as the receiving currency.
Source Account: Select the BDO account from which the funds will be debited.
Review and Confirm: A summary of your transfer details, including the exchange rate, fees, and the final amount the recipient will receive, will be displayed. Review everything meticulously before proceeding.
Authorize the Transaction: You will likely need to authorize the transfer, which may involve a One-Time Password (OTP) sent to your registered mobile number or a confirmation via your BDO Mobile Banking app.
Get Confirmation: Once the transaction is successful, you'll receive a confirmation message or email with a transaction reference number. Keep this number safe as it's crucial for tracking.
Sub-heading 3.2: Step-by-Step for BDO Branch Visit
Visit Your Nearest BDO Branch: Head to a BDO branch during banking hours.
Inform the Teller: Tell the bank teller you wish to make an outward international wire transfer or outward remittance to a US bank (Chase Bank).
Fill Out the Remittance Form: The teller will provide you with a form for international wire transfers. Carefully fill in all the recipient's details as gathered in Step 1 (Full Name, Address, Bank Name, Bank Address, Account Number, SWIFT/BIC Code, and Reason for Transfer).
Provide Funds and ID:
You will need to provide the cash or specify the BDO account from which the funds will be debited.
Present a valid government-issued ID (e.g., passport, driver's license) for verification.
Pay Fees: The teller will inform you of the transfer fees.
Review and Sign: Before the transaction is processed, the teller will ask you to review the details. Verify everything is accurate. Sign the necessary documents.
Receive Transaction Receipt: You will be given a receipt with a transaction reference number. Keep this receipt in a safe place.
Step 4: Understanding Fees and Exchange Rates
International transfers involve various costs. Being aware of them helps you plan your transfer effectively.
Sub-heading 4.1: BDO's Fees
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BDO charges fees for international wire transfers. These fees can vary based on the amount being sent and the method of transfer (online vs. in-branch). It's best to inquire about the exact fees directly from BDO or check their online banking platform during the transfer process. There might also be a correspondent bank fee which is an additional charge by intermediary banks involved in the transfer.
Sub-heading 4.2: Exchange Rates
Tip: Don’t just scroll — pause and absorb.
The exchange rate applied will be BDO's prevailing rate at the time of the transaction. Be mindful that exchange rates fluctuate. Some online services or specialist money transfer providers often offer more competitive rates than traditional banks. While you're sending from BDO directly, be aware of this.
Sub-heading 4.3: Chase Bank's Receiving Fees
Chase Bank typically charges a fee for incoming international wire transfers. As of the current information, this fee is usually around $15 USD. This fee is often deducted from the amount received by the beneficiary. It's good practice to inform the recipient about this so they are not surprised by a slightly lower amount than expected.
Step 5: Tracking Your Transfer and What to Expect
After initiating the transfer, you'll want to know when it arrives.
Sub-heading 5.1: Transfer Timeframes
BDO to Chase Wire Transfer: International wire transfers typically take 2 to 5 business days to complete. This timeframe can be influenced by:
Cut-off times: Transfers initiated after BDO's daily cut-off time will be processed the next business day.
Weekends and Public Holidays: These will extend the processing time.
Intermediary Banks: Sometimes, transfers go through intermediary banks, which can add to the delay and potentially incur additional fees.
Security Checks: Both BDO and Chase might conduct security checks, which can sometimes cause minor delays.
Sub-heading 5.2: Tracking Your Funds
BDO Online Banking: If you sent the money online, check your transaction history or a dedicated "Track Transfer" section within BDO's online portal.
BDO Branch: If you sent it from a branch, refer to the transaction receipt for a reference number. You can call BDO customer service with this number to inquire about the status.
Inform the Recipient: Provide the recipient with the transaction reference number. They can then inquire with Chase Bank if they experience delays in receiving the funds.
Step 6: Common Issues and Troubleshooting
Even with careful planning, sometimes issues arise.
Sub-heading 6.1: Incorrect Information
Immediate Action: If you realize you've made an error (e.g., wrong account number, misspelled name), contact BDO immediately. The sooner you act, the higher the chance of correcting the mistake or recalling the funds.
Non-Reversible Wires: Once a wire transfer is processed, it's very difficult, if not impossible, to reverse. Banks will typically attempt to recover the funds, but there's no guarantee.
Tip: A slow, careful read can save re-reading later.
Sub-heading 6.2: Delayed Transfer
Check Tracking: First, check the status using your reference number.
Contact BDO Customer Service: If the transfer is taking longer than the estimated timeframe, contact BDO's customer service with your transaction details. They can initiate an investigation.
Recipient Contacts Chase: The recipient can also contact Chase Bank with the transaction details and SWIFT code to inquire about the incoming wire.
By following these steps, you should be able to successfully send money from your BDO account to a Chase Bank account. Remember, clarity and accuracy in recipient details are paramount!
10 Related FAQ Questions
How to find BDO's SWIFT code?
BDO Unibank's primary SWIFT/BIC code for international transfers is BNORPHMM. This code is typically used for all BDO branches in the Philippines.
How to find Chase Bank's SWIFT code for international transfers?
Chase Bank's primary SWIFT/BIC code for incoming international wire transfers is CHASUS33. The recipient should confirm this with Chase directly to ensure accuracy for their specific account.
How to track a money transfer from BDO to Chase?
You can track the transfer through your BDO online banking account's transaction history or by calling BDO customer service and providing your transaction reference number. The recipient can also inquire with Chase Bank.
How to ensure the money reaches the correct Chase account?
Double-check all recipient details (full name, account number, SWIFT code) multiple times before confirming the transfer. Even a single digit error can lead to significant problems.
QuickTip: Read again with fresh eyes.
How to know the exact fees for sending money from BDO to Chase?
The exact fees will be displayed during the online transfer process on BDO's platform, or you can ask a teller at a BDO branch. Remember to also account for Chase Bank's incoming wire transfer fee (typically $15 USD).
How to get the best exchange rate for BDO to Chase transfer?
While BDO offers its own exchange rate, for potentially better rates, you might consider using specialized international money transfer services like Wise (formerly TransferWise) or Remitly, which often offer more competitive rates and lower fees for such transfers. However, if you prefer using your bank directly, BDO's rate will apply.
How to deal with a rejected transfer from BDO to Chase?
If a transfer is rejected, it's usually due to incorrect recipient details. The funds should eventually be returned to your BDO account, though this can take some time. Contact BDO immediately to ascertain the reason for rejection and initiate the refund process.
How to send a large amount of money from BDO to Chase?
For large amounts, it is often recommended to visit a BDO branch in person. Be prepared to provide additional documentation regarding the source of funds and the purpose of the transfer, as banks have anti-money laundering (AML) regulations. There might also be daily transaction limits.
How to provide the recipient with the necessary information for a Chase Bank wire transfer?
The easiest way is to send them a clear message or email containing their full legal name, their Chase bank account number, the Chase Bank SWIFT code (CHASUS33), and the bank's full name and address (JPMorgan Chase Bank, N.A., 383 Madison Avenue, New York, NY 10017).
How to avoid delays when sending money internationally?
Ensure all information is 100% accurate, initiate the transfer during banking hours (avoiding weekends and holidays), and be aware of BDO's daily cut-off times. Informing the recipient beforehand so they can monitor their account can also help.
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