Local wire transfers in PHP (Philippines)
Local wire transfer in PHP is a transfer of funds between banks in the Philippines in the local currency of PHP. This method is valued for its reliability, convenience and speed, as it provides a direct transfer from one bank account to another within the country.
Supported currencies
Philippine peso (PHP)
Please note that if the currency of your balance in Smartcat is different from PHP, then the funds will be converted to PHP at Smartcat's exchange rate.
Commission
170 PHP
You can view a list of companies that are reimbursing your commissions in the My Payouts section (click on the Learn more button on your payout method).
Minimum and maximum payout amounts
From 200 PHP to 1,300,000 PHP
Smartcat allows setting the minimum amount, starting from which the payment will be sent to you. You can learn more in the article "Minimum payout amount".
Required details
Field | Individual | Company | Description |
Beneficiary type | ✓ | ✓ | Individual or company beneficiary |
Beneficiary first name | ✓ | ✕ | Name of the individual beneficiary |
Beneficiary last name | ✓ | ✕ | Last name of the individual beneficiary |
Birth date | ✓ | ✕ | Beneficiary's birth date |
Beneficiary company name | ✕ | ✓ | Beneficiary's company legal name |
Account number | ✓ | ✓ | Beneficiary's bank account number |
Bank name | ✓ | ✓ | Name of the bank receiving the funds |
Recipient’s country | ✓ | ✓ | Beneficiary's country |
Recipient's state (province, prefecture) | ✓ | ✓ | Enter a state, province, or prefecture if the beneficiary's country is the United States, Mexico, Canada, or Japan |
Recipient's city of residence | ✓ | ✓ | City or town from the beneficiary's address |
Recipient's address | ✓ | ✓ | Beneficiary's address, including building number or name |
Recipient's postal code | ✓ | ✓ | Beneficiary's postal code |
Beneficiary's nationality | ✓ | ✓ | Beneficiary's country of citizenship or country of incorporation |
SWIFT | ✓ | ✓ | 8-11-digit code identifying the country, city, bank and bank branch of the beneficiary |
Branch code | ✓ | ✓ | Beneficiary's bank branch code |
Beneficiary's phone number | ✓ | ✓ | Phone number to which the account is registered |
Advantages
Cheaper than international transfer. There is no intermediary bank, and the commission is lower than for an international wire transfer.
Speed. Payouts are processed up to 3 business days on the Smartcat side and up to 1-2 business days on the bank side.
Funds are received immediately in the local currency. You do not spend money on additional conversions and can immediately use the money in your country.
Frequently Asked Questions
I chose this method, but the payment was rejected. Why?
Act as follows:
Make sure you provide payment details for a local wire transfer (not an international SWIFT transfer).
Make sure that the postal code, city, street and house number are specified in the corresponding fields of the details. Make sure that you do not enter a PO box or email address instead of your residential address.
Check if the account number, bank name, SWIFT, branch code are correct.
Make sure that the name of the account holder is entered in the details exactly as it is in the bank details, including all spaces and symbols.
If the details you provided are correct, contact your bank branch to find out the reason for the rejection of the payment on the bank's side.
I cannot find the payment. What does the payment look like on the bank statement?
If you cannot find the payment, please check your account statement for the following transactions:
As a reference, the payment ID can be specified in the format PO-XXXXXX-XXXXX, which you can find in the Payout History section.
SMARTCAT EUROPE BV or THE CURRENCY CLOUD LIMITED is displayed as the sender, depending on the receiving bank.
For which countries is this method available?
The method is only available for receiving funds to a bank account in the Philippines.
I received a payment. What details should be used for billing?
When receiving funds by local bank transfer in PHP, you need to enter the following Smartcat details in your invoice:
Full name: Smartcat Europe BV
Legal address: Strawinskylaan 613, 1077 XX Amsterdam, the Netherlands
VAT no.: NL859832880B01.