Using Wise to transfer money to a BDO account in the Philippines is cost-effective and reliable. The transfer typically incurs a fee of around 0.5% of the transfer amount, with the entire process taking approximately 1-2 business days. Supported banks include BDO, BPI, and UnionBank, making it convenient for Filipino freelancers to access their funds.
Quick Facts
| Aspect | Details |
|---|---|
| Fees | Approximately 0.5% of the transfer amount |
| Processing Time | 1-2 business days |
| Minimum Withdrawal | No minimum amount |
| Supported Banks | BDO, BPI, UnionBank, GCash, Maya |
Step-by-Step Process
1. **Create a Wise Account**: If you don’t have one yet, sign up on Wise’s website or download their mobile app. You’ll need to verify your identity using a valid ID. 2. **Link Your BDO Account**: Navigate to the 'Recipients' section in Wise and add your BDO account details. Ensure that the bank account name matches the name on your Wise account to avoid issues. 3. **Initiate a Transfer**: Select the amount you wish to transfer from your Wise balance to your BDO account. Wise will show you the exact fee and exchange rate before you confirm the transfer. 4. **Verify and Confirm**: Review all details carefully. Once satisfied, confirm the transfer. Wise will notify you via email or push notification once the transfer is in process. 5. **Track Your Transfer**: Use the Wise app or website to monitor the transfer status. You’ll receive an update once the funds are deposited into your BDO account.Fees Breakdown (Philippines 2026)
- **Transfer Fee**: Wise charges around 0.5% of the transfer amount. For instance, sending $500 could cost around $2.50, which is approximately P150—less than a Grab ride across Manila. - **Exchange Rate Fee**: Wise uses the mid-market rate, which is typically better than traditional banks, ensuring you get more pesos for your dollars. - **Hidden Fees**: There are no hidden fees with Wise; all costs are transparent before you make the transfer.Best Banks to Use
- **BDO**: As one of the largest banks, BDO offers extensive branch and ATM networks. It's reliable for receiving international transfers. - **BPI**: Known for strong customer service and online banking features, BPI is a solid choice for freelancers. - **UnionBank**: Offers excellent digital banking services, making it easy to manage funds online. - **GCash and Maya**: These digital wallets provide flexible options for receiving and spending money. They are convenient for those who prefer cashless transactions.Common Problems
- **Verification Issues**: Ensure all personal information matches between your Wise and BDO accounts. Use clear ID documents during verification. - **Transfer Delays**: Most delays are due to incorrect bank details. Double-check account numbers and SWIFT codes. - **Solutions**: Contact Wise support if you encounter problems. They’re known for responsive customer service.Frequently Asked Questions
How long does it take to receive money from Wise to BDO?
Typically, it takes 1-2 business days for funds to arrive in your BDO account from Wise.
What are the fees for using Wise to transfer to BDO?
Wise charges approximately 0.5% of the transfer amount, with no hidden fees.
Can I use Wise for other banks in the Philippines?
Yes, Wise supports transfers to other banks like BPI, UnionBank, and e-wallets like GCash and Maya.
What should I do if my transfer is delayed?
Check your transfer details for errors and contact Wise support for assistance.
Is there a minimum transfer amount with Wise?
No, Wise does not have a minimum transfer amount, making it flexible for freelancers.
My Recommendation
In my 6 years of freelancing, I have found Wise to be a reliable and cost-effective solution for transferring funds to the Philippines. The transparent fee structure and competitive exchange rates make it ideal for freelancers who wish to maximize their earnings. Additionally, Wise’s straightforward process and robust customer support add to its appeal. However, you might want to consider Payoneer as an alternative, especially with the enticing $25 bonus for new users.Start Receiving International Payments
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