Sending Money from BDO to Bank of America: A Comprehensive Guide for Seamless International Transfers
Ever found yourself in a situation where you urgently need to send money from your BDO account in the Philippines to a loved one or for a crucial transaction in the United States, specifically to a Bank of America account? You're not alone! International money transfers can seem daunting, with various steps, fees, and codes to navigate. But don't worry, this comprehensive guide will break down the process step-by-step, ensuring you can transfer your funds with confidence and ease.
Ready to demystify international money transfers? Let's get started!
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| How To.send Money From Bdo To Bank Of.america |
The Basics: Understanding International Wire Transfers
Sending money from one country to another typically involves a wire transfer, also known as a telegraphic transfer (TT). This method allows for the electronic movement of funds between banks. It's a reliable and secure way to send significant amounts of money, although it does involve specific procedures and fees.
Essential Information You'll Need Before You Begin
Before you even think about initiating the transfer, gathering all the necessary details is paramount. Mistakes in this step can lead to significant delays, additional fees, or even the return of your funds.
For the Sender (You, from BDO):
- Your BDO Account Details:
- Your BDO account number
- Your full name as it appears on your BDO account
- Your BDO branch name and address
- Your BDO SWIFT Code: BNORPHMMXXX (This is the universal SWIFT code for BDO Unibank. While some branches might have specific codes, using the head office code is generally sufficient.)
- A Valid ID: You'll need a government-issued ID (e.g., passport, driver's license) for verification, especially if you're doing the transfer in person.
For the Recipient (at Bank of America):
This is where accuracy is key. Double-check every piece of information with the recipient to avoid any issues.
- Recipient's Full Name: As it appears on their Bank of America account.
- Recipient's Full Address: Including street, city, state, and zip code.
- Recipient's Bank of America Account Number: This is crucial.
- Bank of America SWIFT Code:
- For transfers in U.S. Dollars: BOFAUS3N (This is the primary SWIFT code for Bank of America, N.A., New York).
- For transfers in foreign currency: BOFAUS6S (This is for Bank of America, N.A., San Francisco, used for foreign currency receipt). Always confirm with the recipient if they are expecting USD or another currency.
- Bank of America's Address:
- For USD transfers: Bank of America N.A., 222 Broadway, New York, NY 10038
- For foreign currency transfers: Bank of America N.A., 555 California St., San Francisco, CA 94104
- Purpose of the Transfer: Banks require this for compliance reasons. Be prepared to state why you are sending the money (e.g., family support, gift, payment for services).
Methods to Send Money from BDO to Bank of America
BDO offers a few ways to initiate an international wire transfer. We'll focus on the most common and accessible methods.
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Option 1: Over-the-Counter at a BDO Branch (Recommended for First-Timers or Large Amounts)
This is often the most straightforward approach, especially if you're new to international transfers or sending a substantial sum.
Step 1: Visit Your Nearest BDO Branch Alright, so you've decided to go the traditional route – a branch visit! That's a great choice, especially if you prefer face-to-face assistance. Before you head out, confirm the operating hours of your preferred BDO branch. In Dhule, Maharashtra, BDO India primarily has corporate offices in major cities like Mumbai, Pune, and Ahmedabad, not retail branches for individual banking transactions. This means you will likely need to conduct this transfer through BDO Unibank (Philippines). If you are physically located in Dhule, India, you might need to use an alternative method to send money from India to the Philippines first, and then from BDO Philippines to Bank of America. However, if you are a BDO Unibank (Philippines) account holder currently residing in the Philippines, proceed with this step!
Step 2: Approach the Remittance or International Services Counter Once inside the branch, look for signage indicating "Remittance," "International Transfers," or "Telegraphic Transfer." If unsure, don't hesitate to ask a bank staff member for assistance.
Step 3: Fill Out the Outward Telegraphic Transfer (OTT) Application Form The bank staff will provide you with an application form. Fill out all sections accurately and completely. This form will ask for:
- Your BDO account details
- Your personal information (name, address, contact number, valid ID details)
- The recipient's full name and address
- The recipient's Bank of America account number
- The Bank of America's SWIFT Code
- The Bank of America's address
- The exact amount and currency you wish to send
- The purpose of the transfer
Step 4: Present Your Valid ID and Funds Hand over your filled-out form, your valid government-issued ID, and the funds you wish to transfer (plus the applicable fees). The bank teller will verify your identity and the details on the form.
Tip: Don’t just scroll to the end — the middle counts too.
Step 5: Review and Confirm the Transaction The teller will process your request and provide you with a transaction summary. Carefully review all the details, especially the recipient's information, amount, and exchange rate. Ask questions if anything is unclear. Once satisfied, confirm the transaction.
Step 6: Get Your Transaction Receipt You will receive a receipt or a copy of the processed application form with a transaction reference number. Keep this document safe, as it's your proof of transaction and will be essential for tracking the transfer if needed.
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Option 2: BDO Online Banking (Convenient for Existing Online Users)
This method offers convenience and allows you to initiate transfers from the comfort of your home or office.
Step 1: Log in to Your BDO Online Banking Account Go to the official BDO Unibank website and log in using your user ID and password. Ensure you are on the legitimate BDO website to avoid phishing scams.
Step 2: Navigate to the "Send Money" or "International Transfers" Section Once logged in, look for a section related to "Payments & Transfers," "Send Money," or specifically "International Transfers" or "Outward Remittance." The exact menu option might vary slightly.
Tip: Don’t skip the small notes — they often matter.
Step 3: Select "International Wire Transfer" or "Telegraphic Transfer" Within the international transfer options, choose the appropriate service for sending money to an overseas bank account.
Step 4: Input Recipient and Bank Details You will be prompted to enter all the recipient's information, including:
- Recipient's full name
- Recipient's address
- Recipient's Bank of America account number
- Bank of America's SWIFT Code (BOFAUS3N for USD, BOFAUS6S for foreign currency)
- Bank of America's address
- The amount and currency you wish to send
- The purpose of the transfer
Double-check every single character here. Typos are a common cause of delays.
Step 5: Review Exchange Rate and Fees BDO Online Banking will display the exchange rate for the day and any applicable transfer fees. Pay close attention to these figures as they directly impact the amount the recipient will receive. BDO typically charges cable and handling fees for Outward Telegraphic Transfers. Agent bank charges (from Bank of America or intermediary banks) may also apply.
Step 6: Authorize the Transaction You'll likely need to authorize the transaction using an OTP (One-Time Password) sent to your registered mobile number or via a security token. Enter the code to proceed.
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Step 7: Confirm and Save the Transaction Details After successful authorization, you will receive a confirmation message or email with a transaction reference number. Take a screenshot or save this information for your records.
Understanding Fees, Exchange Rates, and Limits
Sending money internationally involves more than just the principal amount.
Fees:
- BDO's Outward Telegraphic Transfer Fees: BDO charges fees for initiating the wire transfer. These can include a cable/telex charge (e.g., $20) and a handling commission (e.g., $5 for amounts below $5,000, $10 for amounts up to $25,000, and $35 for larger amounts).
- Intermediary Bank Fees: Your money might pass through one or more intermediary banks before reaching Bank of America. Each of these banks may deduct a fee from the transferred amount.
- Bank of America's Incoming Wire Transfer Fees: Bank of America typically charges a fee for receiving international wire transfers. For incoming international wires, this fee is often around $15. However, certain premium account holders (like Preferred Rewards Platinum, Platinum Honors, Diamond, and Diamond Honors members) might be exempt from this fee.
Exchange Rates:
- BDO will use its prevailing exchange rate when converting your Philippine Pesos (PHP) to US Dollars (USD). Exchange rates fluctuate daily, so the rate you see at the time of your transaction is what applies. It's always a good idea to check the current exchange rate before initiating a large transfer.
Transfer Limits:
- BDO will have daily or per-transaction limits for international wire transfers, which can vary based on your account type and your relationship with the bank. For Bank of America, online international wire transfer limits can be around $1,000 per transaction, though in-branch limits may be higher and can vary by account type. For very large transfers, BDO might require additional documentation to comply with anti-money laundering (AML) regulations.
How Long Does it Take?
International wire transfers are generally faster than other traditional methods, but they are not instant.
- Processing Time: Typically, funds transferred from BDO to Bank of America can take anywhere from 1 to 5 business days to be credited to the recipient's account.
- Factors Affecting Speed:
- Cut-off Times: Transfers initiated after the bank's daily cut-off time will be processed on the next business day.
- Weekends and Holidays: Transfers are only processed on business days. Bank holidays in either the Philippines or the USA will delay the process.
- Time Zones: Differences in time zones can also affect when a transfer is processed and received.
- Security Checks: Banks conduct security checks on international transfers, especially for large amounts, which can sometimes cause minor delays.
- Incorrect Information: As mentioned, errors in recipient details are the leading cause of delays.
Tracking Your Transfer
After initiating the transfer, you can generally track its status:
- BDO Branch: You can inquire about the status of your wire transfer at the BDO branch where you initiated it, providing your transaction reference number.
- BDO Online Banking: Some online banking platforms allow you to view the status of your outgoing international transfers.
- Recipient's Bank (Bank of America): The recipient can also contact Bank of America with the transaction details (sender's name, amount, and the reference number) to inquire about the incoming funds.
What to Do If There's a Problem
- Incorrect Details: If you realize you've made a mistake in the recipient's details after initiating the transfer, contact BDO immediately. They may be able to recall or amend the transfer, although this is not always guaranteed and might incur additional fees.
- Delayed Transfer: If the transfer is taking longer than the estimated time, first verify all the details you provided. Then, contact BDO's customer service with your transaction reference number for an update.
10 Related FAQ Questions
How to choose between an in-branch transfer and online banking for BDO to Bank of America?
- In-branch transfers are suitable for first-timers, very large amounts, or if you prefer guided assistance. Online banking offers convenience, allowing you to transfer from anywhere, but requires comfort with digital platforms and careful self-entry of details.
How to find my BDO SWIFT code?
- The universal SWIFT code for BDO Unibank is BNORPHMMXXX. You can also find it on your bank statements, BDO's official website, or by contacting BDO customer service.
How to find Bank of America's SWIFT code?
- For USD transfers to Bank of America, the SWIFT code is BOFAUS3N. For foreign currency transfers, it's BOFAUS6S. The recipient can also find this on their Bank of America statements or by contacting their bank.
How to ensure the recipient receives the full amount sent from BDO to Bank of America?
- It's challenging to guarantee the exact full amount due to potential fees from intermediary banks and Bank of America's incoming wire transfer fee. To minimize deductions, inform the recipient about potential receiving fees and consider sending a slightly higher amount to cover them.
How to track my international wire transfer from BDO?
- You can track your transfer by contacting your BDO branch with your transaction reference number, or, if available, through BDO's online banking platform. The recipient can also inquire with Bank of America.
How to cancel a BDO international wire transfer?
- Contact BDO immediately if you need to cancel a transfer. Cancellation may only be possible if the funds have not yet been processed by the intermediary banks or credited to the recipient's account.
How to avoid delays when sending money from BDO to Bank of America?
- Ensure all recipient details (name, account number, SWIFT code, address) are absolutely accurate. Initiate the transfer during banking hours and consider time zone differences. Avoid sending on weekends or public holidays.
How to know the exact exchange rate BDO will use for the transfer?
- The exchange rate is typically displayed at the time of the transaction, whether you're at a branch or using online banking. It's the prevailing rate on that specific day and time.
How to reduce fees when sending money internationally from BDO?
- While some fees are unavoidable, you can discuss options with BDO. For large, recurring transfers, explore if alternative services (like third-party remittance providers if BDO partners with any for the US corridor) offer lower overall costs, but always compare exchange rates and total fees.
How to provide the purpose of the transfer when sending from BDO to Bank of America?
- When filling out the transfer form (either physical or online), there will be a designated field to state the purpose of the transfer. Be clear and concise (e.g., "Family support," "Payment for goods," "Gift").
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