Terms and Conditions
The BPI Outward Remittance Facility enables clients to initiate international funds transfer transactions denominated in foreign currencies to beneficiaries/payees maintaining accounts with foreign financial institutions worldwide.
For purposes of this section, the following terms shall have the meanings below:
a. “Conversion Rate” means the price of a country's currency in terms of another currency.
b. “Correspondent Bank” refers to a bank that provides services on behalf of another financial institution and facilitates wire transfers to the Receiving Institution.
c. “Pay Foreign Accounts Facility” means the Facility which enables a client to undertake funds transfers or bills payments (each, a "Service Payment") in favor of individuals or organizations outside of the Philippines.
d. “Receiving Bank” means the bank in which the Recipient maintains the relevant account to which the proceeds of the Service Payment are credited.
e. Recipient - the receiving party identified by the client/sender of the Outward Remittance Instruction.
f. Recipient Account - third-party bank account that is identified by the client/sender as the account to receive funds transferred or paid.
g. “Remittance” means the action of sending money in accordance with the purpose identified in the Outward Remittance Facility.
h. “Sanction Screening” means the process of reviewing whether the client falls or is covered under any of the relevant sanctions lists as the same may be supplemented from time to time and, where necessary, to take appropriate action.
i. Source Account- the account maintained by a client with the Bank and identified as the account to be debited with the amount specified in the Outward Remittance Instruction.
2. Operational Guidelines
a. I acknowledge that the Bank may process my Outward Remittance Instruction in accordance with its implementing policies and procedures.
b. Upon initiating an Outward Remittance Instruction, I acknowledge that I shall indicate the Source Account, the amount to be transferred, the Recipient’s name and the Recipient Account details and such other details as are required by the BPI Online and Mobile banking channels. I acknowledge that the account number matching of the specified Recipient Account with the Receiving Bank shall be sufficient for the implementation of the Outward Remittance Instruction. I shall likewise be responsible for the correctness and accuracy of the account number that I provided in the application form. The Bank shall have no obligation nor shall it incur any liability if an erroneous account number is provided and the transfer is completed and credited.
c. There shall be no reversal of completed transactions. When the Bank has debited the amount subject of the funds transfer and service fee from the Source Account, and the Receiving Bank has credited the Recipient’s Account, the Outward Remittance is deemed completed.
d. I understand that the Bank is not a party to any agreement between me and the Recipient in relation to the transfer. Should there be any discrepancy with the transfer (such as, but not limited to, incorrect amount or incorrect beneficiary), I agree to coordinate directly with the Recipient to settle the amount.
e. Sending Outward Remittance instruction shall be subject to the Bank’s prescribed cut-off times and processing schedules. The Bank may impose a limit on the amount of funds and the number of times that I can transfer within a certain period. Transactions made after the Bank’s designated cut off time(s) shall be considered transactions of the following banking day.
f. I shall ensure that the Source Account is sufficiently funded to fulfill the Outward Remittance Instruction and answer for the service fees imposed by the Bank. In case the Source Account is not sufficiently funded, the Bank shall not process or act on the Outward Remittance Instruction. In all cases, I shall be responsible for making alternate arrangements for the transfer.
g. I agree that the Bank shall debit applicable service fee/s from the Source Account.
h. I represent and warrant on a continuing basis that I am compliant and shall continue to comply with all applicable laws, rules, policies and regulations including provisions of Republic Act No. 9160 (Anti-Money Laundering Act of 2001), as amended (“AMLA”) and the Bank’s terms and conditions, requirements and procedures in relation to the Outward Remittance Instruction. In this regard, I agree that the Bank may require me to submit additional information and/or supporting document/s, as it may deem appropriate, within the timeframes specified, to verify my compliance with the law, rules and regulations, and /or may file necessary reports in compliance with AMLA. Should I fail to provide the required information, the Bank may refuse to process the Outward Remittance Instruction.
i. I acknowledge that, by coursing the remittance transaction through the Bank, additional service fees and bank charges may be imposed and deducted from the proceeds by the correspondent banks as well as the Receiving Bank and I agree to these deductions. I understand that the service fees and bank charges arising from these transactions may vary depending on any of the following, but without limitation, (i) Remittance; (ii) amount; (iii) remittance currency; (iv) purpose of remittance; (v) conversion rate; (vi) currency exchanges.
j. Where applicable, I authorize the Bank to make currency conversions using the Bank’s applicable prevailing exchange rate and bank charges. I acknowledge that each foreign currency conversion is processed at a rate which can vary from time to time. In the event a remittance transaction is cancelled following a Sanctions Screening, any refund by the Bank will be processed using the prevailing exchange rate on cancellation date net of costs incurred by it.
k. The Bank may, at its discretion, grant requests for refunds or cancellations due to reasons other than Sanctions Screening provided that the Bank shall have received confirmation of effective cancellation of the remittance, and/or all copies of drafts, if any, shall have been surrendered. For converted funds, refund may be made at the rate determined by the Bank net of costs incurred by it or by its correspondent banks and agents.
l. In the event the Outward Remittance Instruction is cancelled due to reasons, such as, but not limited to the following :
i. sanctions screening
ii. wrong currency
iii. incorrect beneficiary details
iv. client initiated cancellation
v. and/or any other reason decided by the Bank and its regulators.
any refund by the Bank will be processed net of costs incurred by it.
m. I authorize the Bank to rely upon and implement, without liability, the Outward Remittance Instruction received from me. For this purpose, I agree to hold free and harmless and indemnify the Bank for any expense, loss or damage incurred by it due to the Bank’s reliance on the information provided by it and/or for acting upon my Outward Remittance Instruction.
n. I acknowledge that the Bank may process my Outward Remittance Instruction in accordance with its established policies and procedures and, for this purpose, the Bank shall have absolute discretion, on my behalf, to avail of the services of any correspondent banks and agents for data processing, collection and other services related to the remittance transactions.
o. In consideration of the Bank’s implementation and performance of the services required under the Facility, I agree to indemnify and hold the Bank, its subsidiaries and affiliates, successors and assigns, their respective directors, officers, employees, representatives, agents and outsourced service providers, free and harmless from any liabilities, costs, claims, losses, damages or dispute which may arise there from or in connection with the implementation of this Facility.
The Bank will not be responsible or liable for any delay, non-performance or failure to perform any of its obligations hereunder for reasons due to, arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of God, natural disasters, calamities, earthquakes, fire, floods, wars, civil or military disturbances, sabotage, acts of terrorism, terrorist attacks, criminal acts or willful misconduct by a party other than the Bank, its officers or employees, epidemics, riots, interruptions, loss or malfunction of utilities or facilities, power outages, electrical or mechanical failure, computer hardware or software failure, system failure or system downtime, network or telecommunication failure, causes or acts attributable to third persons or parties, labor disputes, strikes, walk-outs, riots, lock-outs, rebellion or acts of civil or military authority or governmental actions. The Bank shall not be responsible for any special, indirect, incidental, exemplary or consequential damages, including but not limited to lost profits or lost opportunities.
For any concerns regarding your BPI Outward Remittance Transactions or Facility, send us a message or call our 24-hour BPI Contact Center at (+632) 889-10000.
BPI is regulated by the Bangko Sentral ng Pilipinas. https://www.bsp.gov.ph