Yes, UnionBank accepts US dollars (USD) through international transfers, provided your account meets specific eligibility criteria for inward remittances.
Receiving US Dollars with UnionBank
UnionBank is capable of receiving international transfers in US dollars. This means that if someone sends you money from abroad in USD, UnionBank can process this transaction. This applies whether you hold a dedicated UnionBank USD account or another type of UnionBank account, as long as it is eligible for inward remittances. The key is to ensure your specific account is set up and approved to receive funds from international sources.
Key Considerations for International USD Transfers
When expecting or sending USD to a UnionBank account, it's important to keep the following in mind to ensure a smooth transaction:
- Account Eligibility: Confirm with UnionBank that your account is eligible for receiving international remittances. Not all account types may automatically qualify.
- Required Sender Information: The sender will typically need specific details to ensure the funds reach your account successfully. This usually includes:
- Your full account name (beneficiary name).
- Your UnionBank account number.
- UnionBank's SWIFT/BIC code.
- UnionBank's full name and address.
- Currency Conversion: If you are receiving USD into a Philippine Peso (PHP) account, the funds will be converted to PHP at UnionBank's prevailing exchange rate. If you have a USD account, the funds will remain in USD.
- Fees and Charges: Be aware of potential fees that may be charged by UnionBank or intermediary banks for processing international transfers. These can vary depending on the amount, origin, and specific bank policies.
- Transaction Limits: There might be daily or per-transaction limits on the amount of USD you can receive. It's advisable to check these limits with the bank if you anticipate large transfers.
For more detailed information on receiving international transfers, you can refer to information provided by various financial service providers regarding receiving money from abroad with UnionBank. It's always best to directly consult UnionBank's official channels for the most accurate and up-to-date information regarding your specific account and transaction needs.
