How to receive money from abroad with LandBank in the Philippines explained

If you have a LandBank¹ PHP or USD account you may want to know: can LandBank receive money from abroad?

This could be relevant if you’re expecting a remittance from a loved one, if you need to get a payment from an employer or customer overseas, or if you’re just waiting on an expected international payment for any other reason. So - can LandBank receive an international remittance, and can LandBank receive dollars to a USD account? Let’s explore.

Table of contents
Can LandBank receive money from abroad? How many days does it take to receive an international wire transfer How to receive remittances from abroad - step-by-step Fees and limits Receive money from abroad with the mid-market exchange rate using Wise Frequently asked questions

Can LandBank receive money from abroad?

The first question to look at is - can a LandBank account receive money from abroad?

There are several different ways to receive money from abroad with LandBank in the Philippines. The options available may vary a little depending on the account type you hold with LandBank and whether you’d prefer to receive a deposit to your account, or cash you can collect locally.

Your sender’s account type and preferences may also impact the options available - but usually you’ll be able to pick between²:

• Direct Credit to LandBank checking or saving accounts
• Credit to other bank’s account (through PESONet)
• Cash pick-up at a LandBank branch
• Cash pick-up at a LandBank agent such as Palawan Pawnshop, LBC, RD Pawnshop, or Puregold

LandBank has a number of overseas remittance partners in countries including Australia, the UK, Canada, the US, many countries in the Middle East, and many of our local neighbors in Asia and Southeast Asia³. Senders can choose to use one of these remittance partners to easily send money to LandBank account holders. Take a look online or in the LandBank app for the full list of LandBank remittance partners, to see if any might be suitable for the person sending you a payment.

How many days does it take to receive an international wire transfer in LandBank?

On to the next important point: how long does it take to receive an international wire transfer in LandBank?

This depends on how the sender arranges the payment, where it’s coming from, the currency and the value. Usually people sending money from overseas to a LandBank account in the Philippines will set up the transfer through their home bank. It will be processed through the SWIFT network before being deposited in your account in the Philippines. This process is secure but not necessarily as quick as you might hope - which means it may take 3 to 5 days for the payment to get to you.

Ask the person sending you money to get an estimate from their own bank of the time it’ll take based on the way they’re routing the transfer, so you know what to expect.

How to receive remittances from abroad to your LandBank account - step-by-step

The easiest way to receive a payment from abroad with LandBank is to have it deposited right to your account. That means you don’t even need to go out to a LandBank agent to collect your cash - just wait for the money to arrive, then spend it as you normally would, for online and in person payments, or for cash withdrawals at a local ATM.

To receive a payment from abroad to LandBank you’ll need to give the sender some information about yourself and your account. This can vary depending on where your sender is - but will usually include:

• Your full name
• Your LandBank account number and sort code
• The address of your bank branch (if required)
• The LandBank SWIFT code

The sender can initiate the transfer using their online or mobile banking service, in person or by phone - or they can use a third party service like Wise. The money is sent to your LandBank account for deposit - and once it’s cleared in a few days, it’s yours to spend as you wish.

Fees for receiving money from abroad with LandBank

Here’s an overview of the most common and important fees you’ll need to know about when receiving an international transfer to LandBank. Bear in mind that the exact fees for receiving money from abroad with LandBank may vary a little depending on the account type you have and the value of the payment.

Remittance type	LandBank receive fee⁴
Credit to a LandBank USD account	5 USD
Credit to a LandBank PHP account	50 PHP + 0.60 PHP in documentary stamps for every PHP 200 Additional fees for Easy-S Pension account
For credit to another local bank in USD - GSRT	15 USD
For credit to another local bank in USD - PDDTS	5 USD
For credit to another local bank in PHP - RTGS	150 PHP + 0.60 PHP in documentary stamps for every PHP 200 + Ad Valorem
For credit to another local bank in PHP - PesoNet	120 PHP + 0.60 PHP in documentary stamps for every PHP 200

LandBank receive money limits

The limits which matter when receiving a payment to LandBank might be set by your own bank and account type - but your sender’s account will also have its own limits too. You’ll be able to see the LandBank receive money limits which apply to your account online or in the LandBank app - and you’ll need to check with your sender that their own bank doesn’t impose any limits which may cause a problem with your transfer, too.

Receive money from abroad to the Philippines with low fees and the mid-market exchange rate with Wise

Try Wise to send PHP from abroad directly to your bank, with low fees for the sender and no receiving fee.

Ask the person sending you money to take a look at Wise, as an easy way to send payments to the Philippines online or in app. Your money will be deposited to your bank or preferred ewallet, and Wise currency conversion uses the mid-market exchange rate, and low, transparent fees². That can mean low overall costs and more in your pocket in the end.

Plus, many Wise payments arrive instantly - and 90% get to the recipient in under 24 hours⁷. That means your money could be ready to spend or withdraw in no time at all.

Send money to the Philippines with Wise

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Frequently asked questions

Let’s finish up with one more common question that’s asked about how to receive money from abroad with LandBank in the Philippines. If you find you have specific questions based on your own LandBank account you can call into a local branch or phone the service center to get detailed support based on your own situation,

Can you receive US dollars directly with LandBank?

Yes. LandBank has USD saving accounts, pensions and time deposit accounts, as well as USD accounts aimed at overseas Filipinos and their beneficiaries in the Philippines. If you have one of these LandBank USD accounts you can have someone overseas send money to this account in US dollars, to be deposited without converting back to PHP unnecessarily.

All in all, receiving money from abroad with the LandBank of the Philippines shouldn’t be too much trouble. Take a look at your own specific account details to make sure there are no unexpected fees or challenges - and gather all the required information for the personal sending you a payment. Once you’ve passed all your relevant banking details on, you’ll just need to sit back and wait for the sender to arrange the payment through their own bank or a third party provider - once cleared, the money will be deposited to LandBank for you seamlessly.

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Sources:

1. LandBank
2. LandBank remittance services
3. LandBank remittance partners
4. LandBank fees