Union Bank Philippines International Wire Transfer

Union Bank Philippines International Wire Transfer

If you need help with international wire transfers or money transfers abroad, you’ll usually turn to your bank. Yet, the procedure may vary from one bank to another. Prepare in advance to avoid exorbitant fees, surcharges, and punishing wait periods. The good news is that by using a service likewise, you might be able to save time and money. The charges from Union Bank seem to be substantially greater. And there are other factors to take into account than fees. Several banks add a 4-6% markup to their exchange rates for foreign transfers, thus charging you an additional cost. Moreover, 1-3 intermediate and recipient banks could also tack on costs. To compare the conversion rate being given to the mid-market rate, which you can also access on Google, try using an online currency converter. You could be shocked by the true cost of your relocation. Continue reading to know more about union bank Philippines international wire transfer in detail.

Must Read: How to transfer money internationally between banks?

Costs Associated with Sending Money Abroad using Union Bank in the US?

You will be charged different amounts depending on your account’s specifics and where your money is going. If you’re unsure of the costs associated with your transaction, contact Union Bank for further information. Otherwise, the list of potential fees with Union Bank is provided below.

Union Bank International Transfer Fees

Union Bank TransferFee Per Transfer
Outgoing international wire transfer (foreign currency) via direct access $35 (INR 2,871)
Outgoing international wire (in USD) via direct access$45 (INR 3,692)
Incoming wire transfer$15 (INR 1,230)
Outgoing international wire (in USD)  in person, at a branch$50 (INR4,102)
Outgoing international wire transfer (foreign currency) in person, at a branch$40 (INR3,282)
Outgoing international wire (in USD) via customer service on the phone$65 (INR 5,333)
Outgoing international wire transfer (foreign currency) via customer service on the phone$55 (INR 4,512)

When you create the payment, you can choose how the fees should be applied. There are three distinct choices:

  • You want to cover all of the costs since you are the sender. This implies that in addition to paying Union Bank’s fees, you will also be responsible for paying any intermediate or receiving bank fees.
  • Beneficiary: The transferee is responsible for covering all costs. The recipient will receive less money as a result of these being subtracted from the transfer amount.
  • Shared: The fees are split between the sender and the recipient. This often indicates that you are responsible for paying the fees assessed by the sending bank, in this example Union Bank, and the recipient is responsible for paying any fees assessed by the intermediary and/or receiving bank.

Also Read: Deutsche Bank International Transfer

Union Bank Exchange Rates 

The funds you send via an international wire transfer will eventually need to be converted into the recipient’s native currency. Banks do not convert your money using the mid-market exchange rate that they use among themselves. Instead, they make use of a marked-up exchange rate. In other words, the bank in charge of converting your money keeps any difference between the two rates and profits from it.

How Does Union Bank Handle International Wire Transfers?

If you have an account with Union Bank, you can start an international wire transfer in person at a nearby branch, on the phone, or through Direct Access. Nevertheless, only domestic wire transactions are supported by internet banking; international wire transfers are not. To start a transfer, you must visit a nearby branch, contact Union Bank’s Direct Access support line, or speak with regular customer assistance. You’ll need to have all the necessary information on hand about both yourself and your recipient.

Must Read: How to Transfer Money Internationally Between Banks

Documents Required to Send Money Overseas by Wire Transfer?

You must complete a wire transfer request form at any bank branch to conduct an overseas transfer with Union Bank. 

  • The recipient’s BIC/SWIFT code can be found online.
  • Address and the full name of the recipient
  • The recipient’s banking information
  • Address of the recipient bank
  • The rationale behind the transfer (reference)

Must Read: HDFC International Money Transfer

Documents Required for International Wire Transfer

You can get payments from abroad if you have a Union Bank account. Although typically the sender is charged by default, you might need to come to an agreement with them over who will pay the various transfer fees. Give the following to them:

  • The name and address of your bank
  • Union Bank’s SWIFT/BIC code
  • Your name and location
  • Your customer number (that of your routine)

Must Read: PNC Bank International Wire Transfer

FAQs

Q.1. How much does it cost for International transactions in UnionBank?

Ans: 0.5% per quarter, in addition to this Minimum Rs 2000 + SWIFT + OPE.

Q.2. Does union bank support international transactions?

Ans: Yes, provided the export bill is submitted and also sent on a collection basis. 

Q.3. Does a union bank do wire transfers?

Ans: Yes, and it is a great way to transfer funds securely and quickly.

That was all about Union Bank Philippines International Wire Transfer! Hope you received better insights. Reach out to Fly.Finance for better guidance. For more study abroad needs, you can contact Leverage Edu.

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