Thinking about sending money from BDO to Bank of America? Whether it's for family, a business transaction, or simply managing your international finances, it can seem a bit daunting at first. But don't worry, you're in the right place! This comprehensive guide will walk you through every step, ensuring your funds reach their destination smoothly and securely.
Let's break down the process of transferring money from your BDO account in the Philippines to a Bank of America account in the United States.
The Essentials: What You Need to Know Before You Start
Before you even begin the transfer process, it's crucial to understand that direct bank-to-bank transfers between different countries are typically done via wire transfer. This is a secure method, but it requires precise information to ensure your money lands in the correct account.
Key things to keep in mind:
- Fees: Both BDO and Bank of America will likely charge fees for international wire transfers. These can vary based on the amount, currency, and whether the transfer is outgoing or incoming.
- Exchange Rates: When converting Philippine Pesos (PHP) to US Dollars (USD), the exchange rate will play a significant role in the final amount received. Banks often apply their own exchange rates, which may include a markup.
- Processing Time: International wire transfers typically take 1-5 business days, though sometimes they can be faster or slightly longer depending on intermediary banks and cut-off times.
- Information Accuracy: Any error in the recipient's details can lead to delays or even the return of funds, often with additional charges. Double-check everything!
 |
| How To Transfer Money From Bdo To Bank Of America |
Step 1: Gather All Necessary Information (The Most Crucial Step!)
Alright, let's get down to business! Before you even think about logging into online banking or heading to a BDO branch, you need to collect all the vital details for the Bank of America recipient. Imagine trying to mail a letter without a full address – it's the same principle here!
Sub-heading: Information for the Bank of America Recipient
This is what you'll need from the person receiving the money:
Tip: Reread if it feels confusing.
- Recipient's Full Name: Exactly as it appears on their Bank of America account. No nicknames or abbreviations.
- Recipient's Full Address: Including street, city, state, and ZIP code.
- Bank of America Account Number: This is the specific account where the funds will be deposited.
- Bank of America SWIFT Code (BIC): This is a unique international code that identifies Bank of America globally.
- For wires in U.S. Dollars or unknown currency: BOFAUS3N
- For wires in Foreign Currency: BOFAUS6S
- It's always best to confirm with the recipient which SWIFT code they should provide, especially if they are expecting foreign currency.
- Bank of America Name and Address:
- For BOFAUS3N: Bank of America, N.A., 222 Broadway, New York, NY 10038
- For BOFAUS6S: Bank of America, N.A., 555 California St., San Francisco, CA 94104
- Bank of America Routing Number (ABA/Wire Routing Number): This is primarily for domestic transfers within the US, but sometimes banks may ask for it for international transfers as well, especially for USD transfers. For Bank of America, the wire routing number is 026009593.
- Purpose of the Transfer: You might be asked to specify why you are sending the money (e.g., family support, gift, business payment).
Sub-heading: Your BDO Account Information
You will, of course, need access to your BDO account and details.
- Your BDO Account Number
- Your BDO SWIFT Code: BNORPHMMXXX (Note: The "XXX" refers to a branch code. While some BDO branches may have specific SWIFT codes, using the head office code
BNORPHMMis generally sufficient and the bank will route it correctly.) - Your BDO Online Banking credentials (if you plan to do it online)
- Sufficient funds in your BDO account for the transfer amount plus fees.
Step 2: Choose Your Transfer Method
BDO offers a couple of ways to initiate an international wire transfer.
Option A: Online Wire Transfer via BDO Online Banking
This is often the most convenient method.
- Log In to BDO Online Banking: Go to the official BDO website and log in with your username and password.
- Navigate to "Send Money" or "Funds Transfer": Look for options related to "International Wire Transfer," "Remittance," or "Send Money Abroad." The exact wording might vary slightly.
- Select "International Wire Transfer" (or similar): You'll typically find a dedicated section for sending money overseas.
- Input Recipient Details: Carefully enter all the Bank of America recipient's information you gathered in Step 1. This includes their name, address, account number, and the correct Bank of America SWIFT code. Be extremely precise here to avoid any issues.
- Enter Transfer Amount and Currency: Specify the amount you wish to send. You'll likely have the option to send in USD or PHP (which will then be converted).
- Review Fees and Exchange Rate: The system should display the applicable BDO fees and the exchange rate that will be used for the conversion. Make sure you're comfortable with these figures.
- Select Purpose of Transfer: Choose the appropriate reason for your transfer from the dropdown menu.
- Confirm and Authorize: Review all the details one last time. You'll then be asked to authorize the transaction, often through a One-Time PIN (OTP) sent to your registered mobile number or via your BDO online banking security token.
- Save Transaction Details: Once confirmed, you'll receive a transaction reference number. Save this! It's your proof of transfer and will be essential if you need to inquire about the status.
Option B: In-Branch Wire Transfer at a BDO Branch
If you prefer a face-to-face transaction or need assistance, visiting a BDO branch is a viable option.
- Visit Your Nearest BDO Branch: Head to any BDO branch during banking hours.
- Inform the Teller: Tell the teller you wish to perform an international wire transfer to a Bank of America account.
- Fill Out the Wire Transfer Form: The teller will provide you with a wire transfer application form. Fill out every field accurately with the Bank of America recipient's details (name, address, account number, SWIFT code, routing number if applicable) and your own BDO account details.
- Provide Identification: You will need to present a valid government-issued ID (e.g., passport, driver's license).
- Confirm Amount and Currency: Specify the amount you want to send and in which currency.
- Pay Fees: The teller will inform you of the BDO wire transfer fees. You can pay these directly from your BDO account or in cash.
- Review and Sign: Carefully review the completed form before signing. Ensure all details are correct.
- Receive Transaction Receipt: You'll be given a receipt with a transaction reference number. Keep this safe!
Step 3: Monitor and Confirm the Transfer
After initiating the transfer, the waiting game begins.
Tip: Patience makes reading smoother.
- BDO Processing: BDO will process your request. This typically takes a few hours to a business day for them to send out the wire.
- Intermediary Banks: International wire transfers often go through one or more intermediary banks before reaching Bank of America. Each intermediary might also charge a small fee, which could be deducted from the transferred amount or charged to the recipient.
- Bank of America Receiving: Once Bank of America receives the wire, they will process it and credit the recipient's account.
- Communication is Key: It's a good idea to inform the Bank of America recipient that you've sent the money, the amount, and the expected timeframe. They can then monitor their account.
- Tracking: While BDO might not offer real-time tracking like some specialized remittance services, you can usually inquire about the status using your transaction reference number if there's a significant delay.
Step 4: Account for Fees and Exchange Rates
This is where clarity is important.
Sub-heading: BDO Outgoing Wire Transfer Fees
BDO charges fees for sending international wire transfers. According to their website, a wire transfer from a USD account can cost USD 10 with an additional charge of USD 25 if it's an "On-Us" transfer (meaning perhaps within BDO's network, though this needs clarification for international transfers). It's crucial to confirm the exact fee with BDO at the time of your transaction, as fees can change.
Sub-heading: Bank of America Incoming Wire Transfer Fees
Bank of America also charges a fee for receiving international wire transfers.
 |
- For incoming international transfers, Bank of America charges a fee of $15 USD.
- Note: Preferred Rewards members (Platinum, Platinum Honors, Diamond, and Diamond Honors) may have this fee waived.
Sub-heading: Understanding Exchange Rates
When you send PHP from BDO to a USD account at Bank of America, BDO will perform the currency conversion. The exchange rate they use will impact the final amount received. Banks typically use an exchange rate that is slightly less favorable than the mid-market rate (the rate you see on Google or Reuters), and this difference effectively acts as an additional fee.
- Always check the exchange rate offered by BDO before confirming your transfer.
Step 5: What to Do if There's a Problem
Even with careful planning, sometimes issues arise.
Tip: Check back if you skimmed too fast.
- Delayed Transfer: If the money hasn't arrived within the expected timeframe (typically 1-5 business days), first contact BDO with your transaction reference number. They can trace the transfer.
- Incorrect Recipient Details: If you realize you entered incorrect information after sending the money, contact BDO immediately. They might be able to recall the transfer, though this is not always guaranteed and often incurs additional charges.
- Discrepancy in Amount Received: If the recipient receives a different amount than expected, review the fees charged by both BDO and Bank of America, and the exchange rate applied. Intermediary bank fees can sometimes cause a slight reduction.
10 Related FAQ Questions
How to check the status of my BDO international wire transfer?
You can generally check the status of your BDO international wire transfer by contacting BDO's customer service or visiting a branch, providing your transaction reference number. Online tracking may not be real-time like some third-party services.
How to find BDO's SWIFT code?
BDO's main SWIFT code is BNORPHMMXXX. The "XXX" typically refers to a specific branch, but for most international transfers, using BNORPHMM will suffice.
How to find Bank of America's SWIFT code?
For Bank of America, the SWIFT code for USD wires is BOFAUS3N, and for foreign currency wires, it's BOFAUS6S. Always confirm with the recipient or check Bank of America's official website for the most accurate and up-to-date information.
How to avoid high fees when transferring money internationally?
To potentially avoid high fees, consider using alternative remittance services like Wise (formerly TransferWise) or Remitly, which often offer more competitive exchange rates and lower fees for international transfers compared to traditional banks.
How to ensure my money transfer from BDO to Bank of America is secure?
Always use official BDO channels (their secure online banking platform or a physical branch), double-check all recipient details meticulously, and never share your banking passwords or OTPs with anyone.
QuickTip: Focus on one paragraph at a time.
How to transfer money from BDO to Bank of America if I don't have online banking?
If you don't have BDO online banking, you can initiate the wire transfer by visiting any BDO branch and filling out a wire transfer application form with the assistance of a teller.
How to handle exchange rate fluctuations during the transfer?
The exchange rate applied will be the one in effect at the time BDO processes your transfer. While you cannot control fluctuations, you can monitor rates and choose to send on a day when the rate is favorable if your transfer isn't urgent.
How to provide the correct Bank of America address for the wire transfer?
For USD wires, the address is Bank of America, N.A., 222 Broadway, New York, NY 10038 (with SWIFT BOFAUS3N). For foreign currency, it's Bank of America, N.A., 555 California St., San Francisco, CA 94104 (with SWIFT BOFAUS6S).
How to cancel a BDO international wire transfer?
Contact BDO immediately if you need to cancel a wire transfer. Cancellation is often only possible if the funds have not yet been credited to the beneficiary bank. There may be cancellation fees involved.
How to receive confirmation that the money has arrived in Bank of America?
The Bank of America recipient should notify you once the funds are credited to their account. You can also monitor your BDO account for debit confirmation, and if needed, inquire with BDO customer service.
 |
