How to receive money from abroad with BPI in the Philippines explained

If you’re wondering - can BPI¹ receive money from overseas - we’ve got good news for you. You can use BPI to receive money from overseas in a few different ways, depending on your preferences and how the person sending you money wants to set up the payment.

Join us as we explore the topic, looking at important questions like how long does it take to receive an international wire transfer in BPI accounts, can a BPI account receive dollars, and what are the fees I pay if I receive money from abroad to BPI?

Table of contents
Can BPI receive a money transfer from overseas? How many days does it take? How to receive money overseas step-by-step Fees and limits Receive money from abroad with the mid-market exchange rate using Wise Frequently asked questions

Can BPI receive a money transfer from overseas?

So - can BPI receive international transfers? Or are there better ways to get money from overseas through BPI?

As you’d expect with a major bank, you’ve got a few good ways to get money from someone overseas through BPI. The exact options available to you depend on the account type you hold with BPI, and whether or not your sender also holds a bank account with BPI.

Your options to receive a BPI remittance payment can include²:

• Credit to a BPI account - your money is deposited directly to BPI
• Gift remittance - the sender could send vouchers, meals or gifts
• Cash pick up - you could collect your money in cash from a BPI branch or agent location
• Cash home delivery - within the Metro Manila area
• Bill payment - the sender could send a remittance direct to a merchant to pay a bill
• Credit to another local bank - if your sender banks with BPI they can send money to a different bank if you’d prefer to receive your payment there
• Credit to a US pension - if you are a US government pensioner

We’ll look at some of these options - including the costs involved - in more detail in a moment. You can also learn more about how to receive money from overseas with BPI in the Philippines by logging into your account online or in the app and navigating to the FAQ and Help sections.

How many days does it take to receive an international bank transfer to BPI?

How long your remittance to BPI will take will depend on several factors, including where it’s being sent from, the currency, the value and how the sender structures the payment. If the sender also has a BPI account and uses this to remit money to BPI Philippines through a foreign tie up, you may be able to receive your payment within 24 hours³.

So, if you’re waiting for an international bank transfer to BPI, how many days is it likely to take if your sender is not with BPI themselves?

Payments sent from different banks overseas to BPI accounts, via SWIFT, are likely to take a couple of days. While this can still vary a lot, it’s common for an international SWIFT transfer to take about 3 to 5 working days to be deposited.

How to receive money overseas to your BPI account - step-by-step

If you have a BPI deposit account which can accept international remittances, the easiest option to receive a payment from overseas is to have your sender transfer the money directly to your account. BPI accounts can be in either pesos or US dollars, which means your sender can choose PHP or USD for deposit, depending on which type of account you hold.

The sender will need to set up the payment with their own bank - usually online or using a mobile app, or with a third party service like Wise. All you’ll need to do is make sure they’ve got all the right details to process the transfer - usually:

• Your full name
• Your BPI account number and sort code
• The address of your bank branch (if required)
• The correct BPI SWIFT code⁴

Once your payment is on the way you’ll just need to sit back and wait for it to be deposited to your account - usually within 3 - 5 days.

Learn more about the BPI SWIFT code, or check if the code you have is correct with our SWIFT code finder.

Fees for receiving money from abroad with BPI

The costs of sending a remittance with BPI, or of receiving a BPI remittance, can vary depending on the way the payment is arranged and routed⁵. Fees may be deducted by agents or other banks processing payments for cash collection or delivery, or by correspondent banks if you’re receiving a remittance via SWIFT. In either case the amount deposited to your account or made available for collection or delivery is net of fees and taxes.

Here’s a rundown of the BPI fees to receive money from abroad to BPI, assuming you get a payment sent directly to your BPI account, or you choose to collect cash in a branch:

Remittance type	BPI receive fee⁶
Credit to account - peso account	150 PHP
Credit to account - dollar account	6.5 USD
Bank to bank - peso (BPI as intermediary) or credit to another bank	150 PHP
Bank to bank - dollar (BPI as intermediary) or credit to another bank	10 USD
Branch pickup - peso	150 PHP
Branch pickup - dollar	6.5 USD
Direct deposit/US pension: Credit to account - peso account	6.5 USD + 0.60 PHP in documentary stamps for every PHP 200 or fraction thereof
Direct deposit/US pension: Credit to account - dollar account	6.5 USD

BPI receive limits

The amount you can receive as an international remittance with BPI will depend on the account you hold with BPI, and also the sender’s own bank limits and processes. If you’re unsure about your own account limits you can find these by logging into BPI online or in the BPI app, and you can ask your sender to check their own limits, too. To give an example,if your sender has a BPI account, the outward remittance limit is set at 10,000 USD for online transfers⁷.

Receive money from abroad to the Philippines with low fees and the mid-market exchange rate with Wise

Try Wise to send PHP from abroad directly to your bank, with low fees for the sender and no receiving fee.

Ask the person sending you money to take a look at Wise, as an easy way to send payments to the Philippines online or in app. Your money will be deposited to your bank or preferred ewallet, and Wise currency conversion uses the mid-market exchange rate, and low, transparent fees². That can mean low overall costs and more in your pocket in the end.

Plus, many Wise payments arrive instantly - and 90% get to the recipient in under 24 hours⁷. That means your money could be ready to spend or withdraw in no time at all.

Send money to the Philippines with Wise

Frequently asked questions

Still got questions about how to receive money from overseas with BPI Philippines? Here are a couple more common questions and answers:

Can BPI receive money from overseas on weekends?

Generally SWIFT transfers will only be processed during banking hours - which may mean the process is paused over the weekend.

Several banks can be involved in processing a single payment - the sender’s bank, 1 to 3 correspondent banks, and BPI - so in the end the delivery time will depend on the policies of all banks, correspondents and agents involved in the particular payment. If you’re worried about a payment being delayed, reach out to BPI directly for individual support.

Can you receive US dollars directly with BPI?

Yes. You can receive USD to a BPI USD account if you have one, or someone could send money to BPI for cash collection - which you can pick up in USD at a BPI branch or agent.

Receiving money from overseas with BPI shouldn’t be complicated. You might find you pay a fee, which can vary depending on how the payment is processed in the first place - but usually all you’ll need to do is give the sender your account information and wait for the money to arrive.

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Sources:

1. BPI - Bank of the Philippines
2. BPI - ways to receive money
3. BPI FAQ - remittance by foreign tie up
4. BPI - remittance via correspondent bank
5. BPI Help - fees for remittance overview
6. BPI inward remittance fees
7. BPI - outward remittances