Ethan Riley
Bank of Hawaii offers a variety of ways to transfer money, including wire transfers, external transfers, and Zelle®. Wire transfers can be made domestically or internationally, with fees, limits, and exchange rates that may vary. External transfers allow customers to transfer funds between their Bank of Hawaii account and accounts at other financial institutions. Zelle® is a fast and secure way to send and receive money, but both parties must have a U.S.-based checking account and be enrolled in the service. This article will explore the process of transferring money from the Bank of Hawaii to the Philippines, outlining the requirements, fees, and any potential limitations.
| Characteristics | Values |
|---|---|
| Transfer methods | Online, mobile banking service, in-branch |
| Recipient account location | Domestic or international |
| Recipient account type | Bank account |
| Recipient bank | Any |
| Recipient bank location | Any |
| Recipient contact details | Required |
| Recipient bank account details | Required |
| Wire routing number | Required (also called the ABA code) |
| SWIFT/BIC code | BOHIUS77 (for wiring funds from an international financial institution to Bank of Hawaii) |
| Bank of Hawaii account number | Required (10-digit number) |
| Transfer fees | $45-$75 per transfer |
| Incoming international wire transfer fees | $13 |
| Intermediary or correspondent bank fees | May be required |
| Exchange rate charges | May be required |
| Transfer limits | Maximum of $2,500 USD per day |
| Zelle transfer limits | Set by each network financial institution |
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What You'll Learn
Bank of Hawaii's international wire transfer fees
Bank of Hawaii offers international wire transfers to over 60 countries. To send an international wire transfer, you can either use their online banking portal or visit a branch in person.
The Bank of Hawaii's international wire transfer fee typically ranges from $45 to $75 per transfer. This fee will be communicated to you before you make your payment. The exact fee will depend on the sending amount, currency, payment method, and receiving country. Additionally, you will need to consider exchange rate markups for foreign currency wire transfers.
For incoming international wire transfers, Bank of Hawaii typically charges $13. There may also be intermediary or correspondent bank fees.
To send an international wire transfer, you will need the following information:
- Beneficiary's name, address, and bank account details
- Recipient's overseas bank account number
- Recipient bank ID, such as a SWIFT code, BIC, or national ID
- Foreign currency of the recipient's bank account for currency exchange
- Purpose of the wire transfer
It is important to note that Bank of Hawaii imposes a strict cut-off time for international wire transfers, so it is recommended to initiate the transfer before the designated time to ensure timely processing.
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Transfer limits
Bank of Hawaii account holders can send domestic or international wire transfers online or in-branch. However, the bank imposes a strict cut-off time for wire transfers, and you'll need to pay a small fee to send your transfer.
The amount of money you can send via wire transfer may differ depending on factors like currency, country, and type of account. Bank of Hawaii's foreign exchange rate can fluctuate depending on when you send your transfer, so it's important to look into these costs before making your payment.
If you're transferring money to another Bank of Hawaii account, you can easily move money from one account to another by clicking the transfer tab in your online account or the "+" button in the mobile app and selecting the "Transfer" frequency.
You can also use Zelle® with Bank of Hawaii to send, request, or receive money. To get started, log into the Bank of Hawaii Mobile and Online Banking App and select Zelle® from the bottom navigation menu. There are no limits to the amount of money you can receive with Zelle®, but the amount you can send, as well as the frequency, is set by each network financial institution.
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Exchange rate charges
When transferring money from the US to the Philippines, there are a few things to keep in mind regarding exchange rate charges. These charges can vary depending on the service provider and the method of transfer. Here is some information to consider:
Western Union:
Western Union is a well-known money transfer service that offers transfers to the Philippines. They provide real-time transfers to major banks in the Philippines, such as Banco De Oro (BDO) and Bank of the Philippine Islands (BPI). While Western Union offers convenient services, there may be exchange rate charges involved. According to a user on Reddit, Western Union charged them about $20 per transaction. However, Western Union also provides a price estimator tool on their website, which can give you a better idea of the transfer fees and exchange rates for different payment methods.
Wise:
Wise, formerly known as TransferWise, is another popular option for transferring money. It offers solid exchange rates and relatively low fees. According to a user on Reddit, transferring from Wise to bank accounts can take around 10-20 minutes, depending on the amount. There are no fees for transferring USD to USD, but there may be fees when converting to PHP.
Remitly:
Remitly is recommended by some users for its fast and easy transfer process. It offers competitive exchange rates that are comparable to other options. Additionally, some users have mentioned that Remitly does not charge any transfer fees, regardless of the amount sent.
Xoom through PayPal:
Xoom, accessed through PayPal, is another option for sending money to the Philippines. However, some users have mentioned that Xoom has predatory exchange rates, making it one of the more expensive services.
Bank Transfers:
Using a bank to transfer money to the Philippines is also an option. However, banks typically offer lower exchange rates and may charge a small fee per transaction. For example, Wells Fargo has been mentioned as an option, but users have noted that banks usually lowball on the exchange rate.
It is always a good idea to compare the exchange rates and fees offered by different service providers before choosing a transfer method. Additionally, some services may offer promotions or special rates for first-time users or specific countries, so it is worth checking for any applicable offers.
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Domestic wire transfers
To make a domestic wire transfer, you will need to provide the following information:
- Recipient's name and contact details
- Recipient's bank account details and transit number
- Wire routing number (ABA code)
- Payment amount and desired processing date
It is important to note that the Bank of Hawaii imposes a strict cut-off time for domestic wire transfers. Make sure to transfer before this designated time to ensure timely processing. You can find the designated time by contacting the bank directly or referring to their online resources.
Additionally, the Bank of Hawaii has wire transfer limits on outgoing wire transfers through its online banking system. This means there is a maximum amount you can transfer in a single transaction or within a specific time frame. These limits are put in place to ensure secure and efficient transactions.
For a seamless domestic wire transfer experience with the Bank of Hawaii, be sure to have all the necessary information ready and stay within the specified transfer limits and cut-off times.
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Zelle® transfers
Bank of Hawaii account holders can send wire transfers both domestically and internationally. However, Zelle® is not available in the Philippines. Both the sender and recipient must have US bank accounts to use Zelle®.
If you are a Bank of Hawaii account holder, you can use Zelle® to send and receive money or split bills with family and friends. All you need to do is enroll through your mobile or online banking services.
To send a domestic wire transfer, you will need to provide the following information:
- Recipient’s name and contact details
- Recipient’s bank account details and transit number
- Wire routing number (ABA code)
- Payment amount and desired processing date
There are wire transfer limits on outgoing transfers through the Bank of Hawaii's online banking system.
If you are looking for alternative payment solutions in the Philippines, you could consider using Wise or PayPal. Wise offers multi-currency accounts, low fees, and transparent exchange rates. PayPal offers global reach, easy online shopping, and the ability to link multiple cards.
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Frequently asked questions
Yes, you can send money to over 60 countries hassle-free, including the Philippines.
You can transfer money online through the Bank of Hawaii's online banking portal or in-branch.
You will need the recipient's name, contact details, bank account details, and transit number. You will also need the wire routing number (ABA code) and the desired processing date.
Yes, there is a small fee for sending an international wire transfer, as well as exchange rate charges.
The transfer time varies, but it can take a few business days.
