sorry but i'm a little confused... i'll be more specific this time... i want to transfer $20,000 from my bank in the states to BPI... SWIFT, acct #, bank name are known... my bank said $20 is the fee, BPI said $5 and 3-5 days for processing... anything else i need to know, although both banks said amount of the transfer is not an issue... thanks a lot mandrake...
If your accout with BPI is a USD Account, i would say you are fortunate to have been told by your US bank and BPI that they will charge a total of $25 only ($20 by the US bank and $5 by BPI). Perhaps your US bank is a correspondent bank of BPI which tie-up is covered by a special arrangement with BPI. Normally, other US banks will charge a higher transfer fee for a $20,000 remittance.
I would assume as well that you maintain an account with your US bank where you will initiate the transfer in which case they may not require you to fill up a Cash Transfer Form (apart from the Application for Wire Transfer) for AMLA purposes.
You may want to verify with BPI if they collect any fee for withdrawing the money in greenbacks. Some Phil. banks charge a withdrawal fee of P0.05 for every $1.
Edited by Mandrake, 14 June 2006 - 05:54 PM.