BFX exchange rates
BFX displays live foreign currency calculators on its site with current interbank exchange rates. However, these are the interbank rates (sometimes called the real exchange rate) and not the exchange rates BFX offers.
BFX charges a nominal commission, or margin, on top of the interbank exchange rate in order to make a profit. However, the margin BFX charges is lower than that charged by the big banks for foreign currency conversion.
To access a quote for current exchange rates BFX offers, customers are required to register for an account. You’ll always have the opportunity to review the exchange rates that BFX quotes before confirming a transaction.
What are the fees when sending money with BFX?
There is a PHP395 service fee charged for each transaction when sending money internationally with BFX. This fee is waived if you transfer more than PHP197,000. The fee remains the same for transactions placed online, over the phone or in branch. It is also the same for all currencies, and is less than what the big banks charge.
Minimum transfer amount and available currencies
The minimum amount you can transfer is PHP9,800 and there is no cap, allowing you to send as much as you need. However, be mindful that transfers above PHP394,000 will often require additional documents and verification due to anti-money laundering regulations. Since the minimum transfer amount is PHP9,800, BFX’s service is well suited to individuals who need to transfer larger sums for business purposes.
Over 200 countries and currencies are available with BFX. The following currencies are available:
What types of transfers does BFX offer?
BFX can facilitate international money transfers on behalf of individuals to small businesses and large corporations. BFX can conduct several different types of money transfers, including:
- One-off payments. If you need to send money internationally only once, you can do this with BFX. There’s no need to commit to regular, ongoing transactions.
- Regular payments. You can set up regular, recurring payments with BFX. This is helpful when making remittances like rent on international properties, or paying staff located overseas.
- Market orders.This allows you to set your desired exchange rate, and BFX will facilitate your transaction when that exchange rate is reached. This is good for payments that aren’t overly time-sensitive.
Pros and cons of BFX
- Ideal for individuals as well as businesses
- Transparent fee structure
- Can facilitate recurring transfers and market orders
- Numerous countries and currencies available
- Transfer fee is higher than other money transfer services
- Minimum transfer of PHP9,800 required
How to transfer money internationally with BFX
You can register for an account online within minutes. You’ll need to fill out your personal details and provide information on the types of transactions you’re planning to make, including how much money you need to transfer and where you need it to go. Thereafter, a BFX consultant will contact you to finish your application and help set up your first transfer.
Note that during the application process you’ll need to verify your identity, so be sure to have your driver’s license, passport or birth certificate handy. Plus, business clients will need to supply their business details including the registered name, and the nature of the business.