It's a common need to transfer funds internationally, and moving money from your BPI account in the Philippines to a Bank of America account in the US involves a wire transfer. This guide will walk you through each step, ensuring you have all the necessary information for a smooth transaction.
How to Transfer Money from BPI to Bank of America: A Comprehensive Guide
Are you looking to send money from your BPI account in the Philippines to a Bank of America account in the United States? Whether it's for family support, business transactions, or personal investments, an international wire transfer is usually the most reliable method. While it might seem a bit daunting at first, breaking it down into clear steps makes the process much more manageable.
Step 1: Gather All Necessary Information (The Most Crucial First Step!)
Before you even think about logging into your BPI account or heading to a branch, let's get organized! The success of your wire transfer heavily depends on having accurate and complete details for the recipient's Bank of America account. Missing or incorrect information can lead to delays, fees, or even the return of your funds.
Here's what you'll absolutely need from the recipient:
- Recipient's Full Name: As it appears on their Bank of America account.
- Recipient's Full Address: Including street number, street name, city, state, and zip code.
- Recipient's Bank of America Account Number: This is the specific account where the funds will be deposited. Double-check every digit!
- Bank of America SWIFT Code (BIC): This is a unique international code that identifies Bank of America.
- For wires in USD or unknown currency: BOFAUS3N
- For wires in foreign currency (non-USD): BOFAUS6S
- Note: While Bank of America has different SWIFT codes for USD and foreign currency wires, BPI will likely convert PHP to USD for the transfer, so BOFAUS3N is generally the one you'll use for a USD transfer.
- Bank of America Routing Number (ABA or Transit Number): This 9-digit code is primarily for domestic US transfers but may be requested by BPI. For incoming international wires to Bank of America, the routing number is 026009593.
- Purpose of the Transfer: Banks require this for regulatory purposes (e.g., family support, gift, business payment, education, etc.). Be clear and concise.
- Recipient's Contact Information: A phone number or email address can be helpful in case Bank of America needs to contact them about the incoming transfer.
Pro Tip: Ask the recipient to get this information directly from their Bank of America online banking portal or by calling their bank. This significantly reduces the chance of errors.
Step 2: Choose Your BPI Transfer Method
BPI offers a few ways to initiate an international wire transfer. You can choose the one that's most convenient for you:
Option A: BPI Online / Mobile App (Recommended for convenience)
BPI has a feature for sending outward remittances online or through their mobile app. This is generally the easiest and fastest method if you're comfortable with online banking.
Option B: BPI Branch Visit
If you prefer a more traditional approach or are sending a very large sum, you can visit a BPI branch and complete the wire transfer form in person.
Step 3: Initiating the Transfer
Let's dive into the step-by-step process for each option:
Step 3A: Using BPI Online / Mobile App
- Log In: Access your BPI Online account via the website or the BPI Mobile App.
- Navigate to Transfers/Remittances: Look for a section like "Transfer," "Send Money," or "Outward Remittance." The exact phrasing might vary slightly, but it will be clear it's for sending money internationally.
- Select International Transfer: Choose the option for transferring to another bank outside the Philippines.
- Enter Recipient Details: Carefully input all the information you gathered in Step 1:
- Recipient's Full Name
- Recipient's Bank of America Account Number
- Bank of America SWIFT Code (BOFAUS3N for USD)
- Bank of America's Name (Bank of America N.A.) and Address (e.g., 222 Broadway, New York, NY 10038 for USD wires)
- Recipient's Address
- Purpose of the Transfer
- Enter Amount and Currency:
- Specify the amount you wish to send. BPI will typically convert your Philippine Pesos (PHP) to US Dollars (USD) for the transfer. You'll see the exchange rate applied.
- Be mindful of the BPI maximum amount per transaction for outward remittances, which is typically USD 10,000.00 or PHP 500,000.00.
- Review and Confirm: This is a critical step! Double-check every single detail you've entered. Errors can be costly and difficult to fix.
- Authorize the Transaction: You'll likely need to authorize the transaction using your BPI Mobile Key or One-Time PIN (OTP) sent to your registered mobile number.
- Confirmation: Once confirmed, you should receive a confirmation message or email with a reference number. Keep this reference number safe as it's vital for tracking.
Step 3B: Visiting a BPI Branch
- Prepare Documents: Bring a valid government-issued ID (e.g., passport, driver's license), your BPI account passbook/ATM card, and all the recipient's Bank of America details (from Step 1) written down clearly.
- Fill Out Wire Transfer Form: A BPI representative will provide you with an Outward Remittance or International Wire Transfer form. Fill it out completely and accurately, providing all the required recipient and transaction details.
- Declare Purpose of Transfer: Clearly state the purpose of the remittance.
- Fund the Transfer: You'll either deposit cash or have the funds debited directly from your BPI account.
- Pay Fees: The BPI representative will inform you of the transfer fees.
- Review and Sign: Carefully review the form before signing to ensure all details are correct.
- Get Confirmation: You will receive a copy of the wire transfer instruction with a transaction reference number. Hold onto this document securely.
Step 4: Understanding Fees and Exchange Rates
Transferring money internationally always involves fees and exchange rate considerations.
- BPI Outward Remittance Fees:
- For wires to non-BPI accounts, BPI typically charges a handling fee (e.g., USD 50.00) and a cable charge (e.g., USD 50.00). This means the total BPI fee could be around USD 100.00 for an international wire.
- These fees can vary, so it's always best to confirm the exact fees with BPI before initiating the transfer.
- Correspondent Bank Fees: International wire transfers often go through intermediary banks (correspondent banks). These banks may also deduct their own fees from the transferred amount, so the recipient might receive slightly less than the amount you sent.
- Bank of America Incoming Wire Fees: Bank of America may charge a fee for receiving international wire transfers. As of recent information, Bank of America does not charge outbound wire transfer fees if sent in foreign currency, but for incoming wires, there might be a fee (e.g., around $15 per incoming international wire in USD).
- Exchange Rate Markup: BPI will apply its own exchange rate when converting your PHP to USD. This rate will likely include a markup, meaning it might be slightly less favorable than the mid-market rate you see on currency exchange sites.
Important: Be aware that the total cost of the transfer includes BPI's fees, potential correspondent bank fees, and Bank of America's incoming fees, plus any exchange rate difference. Discuss these with BPI if you have concerns.
Step 5: Tracking Your Transfer
Once your transfer is initiated, you'll want to track its progress.
- BPI Online Status Inquiry: You can typically check the status of your remittance online through the BPI website by entering your reference number.
- BPI Contact Center: If you have any questions or need further assistance, you can contact the BPI Contact Center.
- Bank of America: The recipient can also contact Bank of America to inquire about the incoming wire transfer, providing their account number and the sender's details.
Step 6: Expected Transfer Time
The time it takes for the money to reach the Bank of America account can vary:
- Typical timeframe: International wire transfers from BPI to Bank of America usually take 2 to 5 business days.
- Cut-off Times: BPI has cut-off times for international wire transfers (e.g., 3:30 PM local time). Transfers initiated after this time will be processed on the next business day, which can add a day to the overall processing time.
- Weekends and Holidays: Transfers initiated on weekends or holidays will also be processed on the next business day.
- Verification: Sometimes, if the amount is large or it's your first international transfer, BPI might require additional verification, which could cause slight delays.
Step 7: What to Do if There's an Issue
Despite careful planning, issues can sometimes arise.
- Incorrect Information: If you realize you've provided incorrect recipient details after initiating the transfer, contact BPI immediately. They might be able to intercept or amend the transfer, though this isn't always guaranteed and can incur additional fees.
- Delays: If the transfer is taking longer than expected, first check the status using your reference number. If it's still unclear, contact BPI customer service with your reference number.
- Returned Funds: If the transfer fails due to incorrect details or other issues, the funds might be returned to your BPI account. This process can take time, and you might incur return fees from both banks.
Frequently Asked Questions (FAQs)
Here are 10 common questions related to transferring money from BPI to Bank of America:
How to find BPI's SWIFT code?
The primary SWIFT/BIC code for Bank of the Philippine Islands (BPI) is BOPIPHMMXXX. However, for specific services, BPI might use variations. Always confirm with BPI or their official website.
How to find Bank of America's SWIFT code?
For wires to Bank of America in U.S. Dollars (USD) or unknown currency, use SWIFT code BOFAUS3N. For wires in foreign currency (non-USD), use SWIFT code BOFAUS6S.
How to get the recipient's Bank of America account details?
The best way is to ask the recipient to provide them directly from their Bank of America online banking or by contacting their bank's customer service. This includes their full name, account number, address, and the correct Bank of America SWIFT code.
How to know the fees for transferring from BPI to Bank of America?
BPI typically charges a handling fee and a cable charge for international outward remittances (e.g., around USD 100 total from BPI). Bank of America might also charge an incoming wire fee (e.g., around $15). Always confirm the exact fees with BPI before initiating the transfer.
How to track my BPI international wire transfer?
You can usually track the status of your remittance online through the BPI website's status inquiry page by entering your reference number, or by contacting the BPI Contact Center.
How to estimate the time it takes for the money to arrive?
International wire transfers from BPI to Bank of America generally take 2 to 5 business days. Factors like cut-off times, weekends, and holidays can affect the exact arrival time.
How to avoid delays when transferring money?
Ensure all recipient details (name, account number, SWIFT code, address) are 100% accurate. Initiate the transfer during BPI's business hours and before their daily cut-off time.
How to handle a rejected or returned transfer?
If your transfer is rejected or returned, contact BPI immediately with your transaction reference number. They will provide information on the reason for the rejection and guide you on the next steps, which may involve resending the transfer with corrected information or arranging for a refund.
How to determine the best exchange rate?
While BPI offers its own exchange rate, you can compare it with online currency converters or other money transfer services to understand the mid-market rate. BPI's rate will likely include a markup.
How to maximize security when sending money internationally?
Always use official BPI channels (secure website, mobile app, or physical branch). Never share your banking login credentials or OTPs with anyone. Confirm recipient details verbally if possible, especially for large amounts, to avoid scams.