Inward remittance fees by bank in the Philippines: what five banks deduct from an incoming SWIFT transfer.
Short answer Philippine banks take a fee from an incoming international SWIFT transfer before crediting it. For a credit to a US dollar account, the banks’ own fee pages list US$3 at China Bank, US$5 at CTBC and PSBank, US$5.50 at Security Bank and US$6.50 at BPI; a credit to a peso account costs ₱120 at PSBank and ₱150 at BPI and China Bank, plus documentary stamp tax. A local PESONet credit carries no receiving fee at BPI, China Bank, CTBC or Security Bank.
By zpeso Desk · Bank fee pages .
At a glance
- Lowest fee for a credit to a USD accountUS$3, China BankChina Bank ↗ ·
- BPI, credit to a peso account₱150 plus ₱0.60 documentary stamp tax for every ₱200BPI ↗ ·
- Security Bank, credit to a USD accountUS$5.50Security Bank ↗ ·
- CTBC Bank Philippines, international inward remittance via SWIFTUS$5CTBC ↗ ·
Inward SWIFT fees by bank
The fee each bank lists for an international telegraphic transfer (TT) or SWIFT remittance credited to an account at that bank. Sorted by the fee for a credit to a US dollar account.
| Bank | Credit to a USD account | Credit to a peso account |
|---|---|---|
| China Bank | US$3 | ₱150; ₱200 if funded by a local bank; ₱300 if funded by a foreign bank |
| CTBC Bank Philippines | US$5 | US$5: CTBC lists one fee for any international inward remittance via SWIFT |
| PSBank | US$5 | ₱120 (inward remittance in peso) |
| Security Bank | US$5.50 | US$5.50 at Security Bank’s selling rate |
| BPI | US$6.50 | ₱150 |
Documentary stamp tax (DST) of ₱0.60 for every ₱200 or a fraction thereof applies when a foreign-currency remittance is credited in pesos: BPI, China Bank, PSBank and Security Bank say so on their fee pages, and CTBC lists the same DST on PDDTS dollar transfers credited in pesos. BPI cites Republic Act 10963 (TRAIN), effective January 1, 2018.
Other currencies
| Bank | Credit to a EUR account | Credit to a JPY account | Other currencies |
|---|---|---|---|
| BPI | EUR 5.10 | JPY 605 | AUD 10, CAD 8, CHF 7.80, CNY 40, DKK 38, GBP 4.50, HKD 50.40, SGD 10 |
| China Bank | EUR 5 | JPY 300 | CNY 35 |
| Security Bank | Equivalent of US$5.50 | Equivalent of US$5.50 | Equivalent of US$5.50 for AUD, GBP, HKD, SGD and CAD |
Local transfers in: PESONet and RTGS
Money sent from another Philippine bank costs the receiver less. PESONet is free to receive at BPI, China Bank, CTBC and Security Bank; a high-value RTGS (PhilPaSS) credit is not always free.
| Bank | Inward PESONet | Inward RTGS (PhilPaSS) |
|---|---|---|
| BPI | No charge | ₱150 |
| China Bank | None | ₱200 |
| CTBC Bank Philippines | Free | Free |
| Security Bank | ₱0 | ₱100 commission, plus an RTGS charge of the principal × 0.00001 (minimum ₱100, maximum ₱400) |
InstaPay transfers are capped at ₱50,000 each and are credited in real time; see InstaPay and PESONet vs InstaPay.
What else comes out of a transfer
The receiving bank’s fee is one of up to three deductions on an international transfer:
- The sender’s own bank or service charges to send.
- Correspondent banks the transfer passes through may take their own fee. BPI says “other receiving banks and/or each correspondent bank through which such transactions pass may collect separate service fees”, and that proceeds are credited “net of all fees and taxes”.
- The receiving bank charges the fee in the table above, and DST applies to a peso credit.
BPI adds that its quoted service charge is the minimum rate and may vary with the contract agreement of each correspondent bank (BPI ↗). Security Bank applies its US$5.50 fee to a peso credit at its selling rate on the day (Security Bank ↗).
Tip If you are paid often from abroad and are offered a choice, compare the receiving fee on a dollar account with the fee and conversion on a peso account. Each bank’s SWIFT code and the details to give a sender are on Philippine bank SWIFT and BRSTN codes.
Warning A real incoming transfer never needs your OTP, PIN or online-banking password. Anyone who asks for a “release fee” or your credentials to free up a remittance is running a scam.