How much does UnionBank charge for international money transfer?

Sending Money Abroad with UnionBank: Understanding the Fees

UnionBank provides international money transfer services, making it easier for Filipinos to send funds overseas. However, understanding the associated costs is crucial before initiating a transaction. The bank employs a tiered fee structure, ensuring transparency but requiring careful consideration depending on the transfer amount and purpose.

For smaller transfers, the process is straightforward. Transfers below INR 7.50 lakhs (approximately US$9,000, depending on the current exchange rate – always confirm the current equivalent in your currency with UnionBank) are subject to a flat fee. This fixed amount simplifies budgeting and allows for easy comparison with other providers. UnionBank does not publicly advertise the specific amount of this flat fee; it is advisable to contact them directly or check their online banking platform for the most up-to-date information.

Larger transfers, exceeding INR 7.50 lakhs, move into a percentage-based fee structure. This means that the fee will be a percentage of the total amount being transferred. Again, the exact percentage isn’t publicly listed and should be confirmed directly with the bank before proceeding. This approach is common for larger international transactions and allows the bank to scale its operational costs accordingly.

UnionBank recognizes the importance of education and healthcare. Therefore, transfers designated for educational or medical purposes qualify for a reduced fee structure. This is a significant benefit for individuals supporting family members’ studies or medical treatments abroad. The specific reduction varies and requires direct inquiry with UnionBank to determine the applicable fee for your specific transaction.

To determine the precise cost of your international money transfer with UnionBank, it’s essential to:

• Contact UnionBank directly: Call their customer service hotline or visit a branch. Providing the transfer amount and purpose will allow for accurate fee calculation.
• Check their online banking platform: Many banks provide fee calculators or detailed information on their websites. This allows for preliminary estimations before contacting customer service.
• Understand exchange rates: Remember that the fee is added on after the exchange rate is applied to your transfer. The final cost includes both the fee and the converted amount.

In conclusion, while UnionBank offers competitive pricing, understanding their tiered fee structure and actively seeking clarification on the specific fees for your transfer is critical. The availability of reduced fees for educational and medical transfers further highlights their commitment to supporting their customers’ important financial needs. Always confirm the exact fees before initiating a transfer to ensure a smooth and transparent process.