Foreign Telegraphic Bank Transfer (Credit to Account)

One of the safest and inexpensive way of sending money to the Philippines is through telegraphic bank transfer from a foreign bank to a Philippine bank. The basic information you need are the following: (1) Name and Bank Account number of your beneficiary, and (2) Philippine Bank's Swift Code. Your recipient in the Philippines must have an active bank account. Some Philippine banks offer accounts for beneficiaries of foreign remittances that, except for some promotional privileges, are very similar to a regular savings account.

The key is for the beneficiary to carefully choose its local bank partner. Not all Philippine banks are the same, they charge different telegraphic transfer fees, others have additional commission charges, while some other smaller banks or those non-member banks charge clearing house costs to its clients. The recipient should also ask its bank if they have an existing correspondent bank to the country where the remittance will come from. Some local banks have non-bank partners and agents instead which usually charge the remittance sender higher compared to a bank's telegraphic transfer fee. Although US dollars are generally acceptable for telegraphic transfer, you must confirm with your recipient's bank if they can accept your foreign currency. Some local banks even require special instructions as part of the telegraphic transfer. If you as the sender miss out some of these details, your remittance may be significantly delayed worse returned to the sending bank which will entail additional telegraphic transfer costs.

Telegraphic bank transfers are usually credited to the recipient's bank account in 2 to 3 banking days. You may want to send your telegraphic transfer reference number or transaction number and the details of the transaction on your end to your recipient. When more than 3 days have passed and the money is not yet credited to your recipient's account, he or she can go to the local bank and inquire the transaction using the details of your telegraphic transfer.