How to receive USD in the Philippines
To receive US dollars in the Philippines, give the payer the details of a dollar account in your name: an FCDU dollar account at a Philippine bank, which payers fund by SWIFT wire, or US account details from a provider that accepts the Philippines, which US payers fund by ACH. Bangko Sentral ng Pilipinas (BSP) rules let exporters and service firms keep their dollar earnings in the Philippines or abroad, so the choice turns on cost and speed. This guide covers the routes, the rules, what to give the payer, arrival times, published fees and platform options.
- A Philippine business can receive US dollars into a foreign currency deposit unit (FCDU) dollar account at a Philippine bank, or into US account details from a provider that accepts the Philippines.
- Section 20 of the BSP Manual of Regulations on Foreign Exchange Transactions states that export earnings may be sold for pesos, retained, or deposited in foreign currency accounts in the Philippines or abroad, and Section 1 gives non-trade receipts such as service income the same options.
- BPI publishes an inward remittance charge of USD 6.50 when a SWIFT payment is credited to a BPI dollar account, and PHP 150 plus documentary stamps when it is credited to a BPI peso account.
- Wise states that freelancers in the Philippines can open a personal account with US account details and that it charges no fee to receive local US ACH payments.
- Payoneer's published fees list receiving into a non-local-currency receiving account at 1% (minimum $1) and withdrawals to a local bank at 1.2% to 4%.
- The Philippine Deposit Insurance Corporation covers foreign currency deposits up to P1,000,000 per depositor, per bank, for banks closed on or after 15 March 2025.
How to receive USD in the Philippines: the short answer
Many Philippine businesses earn in US dollars. Outsourcing and contact center firms, software studios, design and marketing agencies, virtual assistant teams, and freelancers bill clients in the United States, Australia and Europe in US dollars every month. Exporters of electronics, food, coconut products and furniture are paid in dollars too. All of them face the same question: where should the client send the money?
There are three main answers. A dollar account at a Philippine bank receives an international wire by SWIFT, the network banks use to send cross-border payments. US account details, a routing number and account number from a provider that accepts Philippine customers, let a US client pay by ACH, the low-cost US domestic bank transfer system. And payment platforms collect from clients or marketplaces into a platform balance, which you then withdraw to a Philippine bank or e-wallet.
Philippine rules give you more freedom than most countries in the region. The BSP, the central bank, allows export and service earnings to be kept in dollars, at home or abroad, with no deadline to bring them back. So the decision is commercial: which route costs least for the payments you receive, how fast the money arrives, and whether you want to keep dollars or convert to pesos. For the account side of the same question, see our guide to a USD business account in the Philippines.
BSP rules on money received from abroad
The BSP's foreign exchange rules sit in the Manual of Regulations on Foreign Exchange Transactions. The version filed with the World Trade Organization consolidates amendments up to BSP Circular No. 1030 of 2019. Two sections matter to anyone paid from abroad.
Section 20 states that foreign exchange receipts, acquisitions or earnings of residents from exports may be used freely for any purpose. At the exporter's option, they may be sold for pesos, retained, or deposited in foreign currency accounts, whether in the Philippines or abroad. Section 1 gives the same choice for non-trade receipts, which covers service income such as fees from foreign clients. An outsourcing firm or a freelancer therefore has the same freedom as an exporter of goods.
| Who is paid | Rule | What it means in practice |
|---|---|---|
| Exporter of goods | Section 20: earnings may be sold for pesos, retained, or deposited in foreign currency accounts in the Philippines or abroad | No requirement to convert or bring dollars home by a deadline |
| Service firm or agency paid by foreign clients | Section 1: same options for non-trade receipts | Can be paid into a dollar account at home or abroad |
| Freelancer or sole proprietor | Same rules apply to individuals | Can hold dollars in a personal or business FCDU account |
| Anyone holding dollars at a Philippine bank | FCDU account under Republic Act No. 6426; PDIC cover up to P1,000,000 per depositor, per bank | Deposit insurance applies in the currency of the deposit |
Sources: BSP Manual of Regulations on Foreign Exchange Transactions, version filed with the WTO and consolidated to Circular No. 1030 (2019); Philippine Deposit Insurance Corporation notice to depositors. As published on 29 October 2026. The BSP has amended the Manual since; confirm current rules with your bank.
A foreign currency deposit unit (FCDU) is the unit of a Philippine bank authorized to accept deposits in foreign currency under Republic Act No. 6426, the Foreign Currency Deposit Act. Most business and personal dollar accounts in the Philippines are FCDU accounts. The Philippine Deposit Insurance Corporation (PDIC) covers foreign currency deposits, with payouts in the same currency as the insured deposit.
Because there is no repatriation deadline, a Philippine company can collect from US clients into an account abroad and move to the Philippines only what it needs to spend or convert. That is not the case in countries such as Ghana, Argentina or Türkiye, where export proceeds must come home within a set period.
The ways to receive US dollars in the Philippines
The table compares the routes. It is not a ranking, and many Philippine firms combine two of them.
| Route | How the payer pays | What arrives | Suits |
|---|---|---|---|
| FCDU dollar account at a Philippine bank | SWIFT wire through a correspondent bank | US dollars, net of bank charges | Exporters, firms with large wires, anyone who wants dollars at home |
| Peso account at a Philippine bank | SWIFT wire | Pesos, converted by the bank on arrival | Payments that will be spent in pesos at once |
| US account details from a provider | ACH or Fedwire, as a US domestic payment | US dollars, held with the provider | Agencies, outsourcing firms and freelancers with US clients |
| Payment platform balance | Through the platform, a marketplace or a payment link | US dollars in the platform, then pesos on withdrawal | Freelancers and marketplace sellers |
| US company with a US account | ACH or Fedwire | US dollars in the US company's name | Groups with US operations and US contracts |
Source: Helm Editorial Team, from the BSP Manual of Regulations on Foreign Exchange Transactions and providers' published pages, as published on 29 October 2026.
Fedwire is the Federal Reserve's real-time system for US dollar payments, used for large or urgent amounts. A US client usually prefers ACH for routine invoices because its bank charges little or nothing for it, while an international wire costs the client a wire fee and may arrive short after correspondent deductions.
The peso account route deserves care. A SWIFT payment in dollars credited to a peso account is converted by the receiving bank at its own rate on the day, so you lose the choice of when to convert. If you receive dollars often, open an FCDU dollar account and convert when it suits you.
What to give the payer
Send each client one set of details, in writing, and ask its accounts team to save them as a vendor record. Incomplete details are the main reason wires are delayed or returned.
| Field | For a wire to a Philippine bank (SWIFT) | For US account details (ACH or Fedwire) |
|---|---|---|
| Beneficiary name | Registered name exactly as on the account (SEC or DTI name for a business) | Registered name exactly as on the account |
| Account number | The FCDU dollar account number, not the peso account | US account number |
| Bank identifier | Bank's full name, address and SWIFT code | Nine-digit routing number |
| Intermediary bank | The US correspondent your bank names, with its SWIFT code | Not needed |
| Charges | OUR, so the full invoice amount arrives | Not applicable to ACH |
| Reference | Invoice number | Invoice number |
Field list reflects standard SWIFT and US payment practice; confirm your bank's exact inbound instructions. As published on 29 October 2026.
The SEC is the Securities and Exchange Commission, where corporations register; the DTI is the Department of Trade and Industry, where sole proprietorships register. A correspondent bank is a bank that holds an account for another bank and settles payments in its currency, usually in New York for US dollars.
OUR, SHA and BEN are SWIFT charge codes. OUR means the sender pays all fees and the full amount arrives. SHA means the fees are shared, so intermediary banks can deduct theirs from the amount in transit. BEN means the receiver pays all fees. BPI's published terms state that proceeds are credited net of all fees and taxes, so on SHA or BEN terms the amount credited will be less than the invoice. Agree OUR in the contract, or build the expected charges into your price. Our guide on how to receive USD from overseas buyers shows a full invoice layout.
How long a USD payment takes to arrive
Arrival time depends mainly on the rail the client uses.
| Rail | Published timing | What affects it |
|---|---|---|
| ACH to US account details | About 80% of ACH volume settles in one banking day or less; Same Day ACH accepts payments up to $1 million each | Client's bank cut-off and whether it sends Same Day ACH |
| Fedwire to US account details | Real-time gross settlement, final and irrevocable once processed; business day runs 9:00 p.m. ET the previous day to 7:00 p.m. ET, Monday to Friday | US holidays and the client's bank hours |
| SWIFT wire to a Philippine bank | Depends on the correspondent chain and the receiving bank's processing | Correspondent checks, incomplete details, US and Philippine holidays |
| Platform payment | Set by the platform | Platform's own payout schedule |
Sources: Nacha, "Significant majority of ACH payments settle in one business day or less" (28 August 2023) and Same Day ACH limit announcement; Federal Reserve, About the Fedwire Funds Service. As published on 29 October 2026.
Real-time gross settlement means each payment settles individually as it is processed. The time difference matters too: Manila is 12 or 13 hours ahead of New York, so a Fedwire sent late in a US afternoon lands during the Philippine night. For a SWIFT wire, ask the client for the SWIFT confirmation once it is sent, so your bank can trace the payment if it does not arrive.
What it costs: published fees
A dollar receipt can carry three charges: the client's bank fee, correspondent deductions on the way, and your own bank's or provider's charge. The table shows charges that providers publish. Other banks set their own fees.
| Provider and item | Published charge |
|---|---|
| BPI: SWIFT inward remittance credited to a BPI USD account | USD 6.50 |
| BPI: SWIFT inward remittance credited to a BPI peso account | PHP 150, plus documentary stamps of PHP 0.60 for every PHP 200 or fraction |
| BPI: SWIFT inward remittance credited to a USD account at another Philippine bank | USD 10 |
| Wise: receiving a local US ACH payment | No fee to receive, per Wise's Philippines guide |
| Payoneer: receiving into a non-local-currency receiving account | 1%, minimum $1 |
| Payoneer: withdrawal to a local bank account | 1.2% to 4% |
| Payoneer: annual account fee | $29.95, only if the account receives less than $6,000 in 12 consecutive months |
| Grey: receiving USD by ACH | 0.8%, minimum $2, maximum $10 |
| Grey: withdrawal in pesos to a bank or mobile wallet | $0.85 |
Sources: BPI, inward remittance fees; Wise, "How to open a freelancer USD account in the Philippines" (29 March 2026); Payoneer fees page (updated 1 January 2026); Grey, "Grey charges explained" (fees stated as at March 2026). As published on 29 October 2026. BPI states its charges are subject to change and that correspondent banks may charge separately.
Two costs sit outside every tariff. The first is the exchange rate when dollars become pesos: a bank or platform rate that is 1% below the market rate costs $100 on every $10,000 converted, more than any transfer fee. The second is correspondent deductions on SHA wires. Documentary stamp tax is a Philippine tax on certain documents and transactions, which BPI collects when a remittance is credited in pesos.
Wise, Payoneer and other platforms
Platforms are common among Philippine freelancers and agencies. The table records what each provider's own page states about the Philippines, as published on 29 October 2026. Lists change, so check again before applying.
| Provider | What its own page states | Point to check |
|---|---|---|
| Wise | Freelancers in the Philippines can open a personal account with US account details; pesos can be sent to banks such as BDO or BPI or to e-wallets such as GCash | Business account features for Philippine companies |
| Airwallex | The Philippines is an eligible country of business registration, onboarded through its Singapore entity | Which account details the Singapore entity issues |
| Payoneer | Fees published globally; fees depend on sender and recipient locations | Withdrawal fee to Philippine banks shown in the account |
| Remitly for Freelancers | Clients pay a payment request; funds go to a local account such as GCash, Maya, BPI or BDO, or to a USD wallet | Fees and rate shown before you confirm |
| Grey | USD account details, with peso withdrawals to banks and mobile wallets | Setup written for individuals |
Sources: Wise Philippines freelancer guide; Airwallex eligible countries; Payoneer fees page; Remitly, receiving payments from the US in the Philippines; Grey fees. As published on 29 October 2026.
GCash and Maya are Philippine e-wallets, mobile apps that hold pesos and make local payments. Before choosing a platform, check whether the account details are in your own name, which rails they accept, whether you can hold dollars or only pesos, and whether the platform serves businesses or only individuals.
Stablecoins
Some foreign clients offer to pay in USDC or USDT, digital tokens designed to hold a steady value of one US dollar. BSP Circular No. 1108 states that virtual assets are not issued or guaranteed by any jurisdiction and have no legal tender status, and businesses that exchange or hold them for customers need a BSP Certificate of Authority as virtual asset service providers. Use only a licensed provider for any conversion, and record the receipt as you would any foreign currency income.
Freelancers and sole proprietors
Many Filipinos earn dollars as freelancers paid by clients abroad. The BSP rules on non-trade receipts apply to individuals as well, so a freelancer may keep dollar income in dollars, in the Philippines or abroad.
A freelancer has three practical choices. A personal FCDU dollar account receives SWIFT wires and keeps the money in dollars. A platform with US account details lets clients pay by ACH. A marketplace balance, such as one on a freelancing platform, pays out on the platform's terms. Many freelancers use a platform for collection and an FCDU account at home for savings and peso conversion.
A freelancer who wants a business account must first register. A sole proprietorship registers with the DTI, and banks ask for the DTI Certificate of Registration, a tax identification number and a valid ID. Keep contracts and invoices for each client, because banks may ask about large or frequent inward payments, and because the income records support your tax filings.
Where a Helm account fits
Helm works with companies registered in the Philippines. Helm is a financial technology company, not a bank, and accounts are held with regulated partner institutions. A Helm account gives your company USD account details in its own name: a routing and account number that receives ACH, Fedwire and SWIFT, so a US client pays you as it pays a domestic supplier.
- Collect and hold. Collections from clients and buyers abroad are held in USD or converted. EUR details (IBAN, SEPA and SWIFT) and GBP details (sort code, Faster Payments and SWIFT) are issued in your company's own name too.
- Move what you need home. Because Sections 1 and 20 of the BSP Manual allow earnings to be held in foreign currency accounts abroad, a Philippine company can keep dollars in its Helm account and send to its FCDU or peso account only what it needs.
- Stablecoins. You can receive USDC and USDT and convert them to USD inside the account. See digital dollars.
- Pay suppliers. International payments go by SWIFT, or by local rails in the supplier's currency where available, with the rate, fee and expected arrival shown before you send.
A named account manager answers review questions in writing within one business day, and trade finance, including receivables finance, is arranged case by case. Helm agrees pricing with each business in writing before the account opens, and shows the rate, the fee and the expected arrival before you confirm each payment.
Checklist for receiving USD in the Philippines
- Open an FCDU dollar account, so dollars are not converted on arrival.
- Give clients the dollar account number, the bank's SWIFT code and the correspondent bank, or US account details.
- Agree OUR charges for wires, or price in the expected deductions.
- Steer US clients to ACH where you have US account details.
- Compare the conversion rate before you convert to pesos.
- Keep contracts and invoices for every inward payment.
Open a Helm account
USD, EUR and GBP accounts in your company's name, with a named account manager.
Open accountQuestions
How can a business in the Philippines receive US dollars?
A Philippine business can receive US dollars into an FCDU dollar account at a Philippine bank, which payers fund by SWIFT wire, or into US account details from a provider that accepts the Philippines, which US payers fund by ACH or Fedwire. Payment platforms are a third option, mainly for freelancers and marketplace sellers.
Do I have to convert dollars to pesos when I am paid from abroad?
No. The BSP Manual of Regulations on Foreign Exchange Transactions states that export earnings and non-trade receipts may be sold for pesos, retained, or deposited in foreign currency accounts in the Philippines or abroad. If a wire is credited to a peso account, however, the bank converts it on arrival.
Can a Philippine company keep its export earnings in an account abroad?
Yes. Section 20 of the BSP Manual allows export earnings to be deposited in foreign currency accounts whether in the Philippines or abroad, and Section 1 gives service and other non-trade receipts the same option. Check the tax treatment with your accountant before holding large balances abroad.
What details does a foreign client need to pay my Philippine bank account in dollars?
The client needs your registered name exactly as on the account, the FCDU dollar account number, the bank's full name, address and SWIFT code, and the US correspondent bank your bank names. Ask the client to quote your invoice number and to use the OUR charge code so the full amount arrives.
How much does BPI charge to receive a dollar transfer?
BPI publishes a charge of USD 6.50 when a SWIFT inward remittance is credited to a BPI dollar account, and PHP 150 plus documentary stamps when it is credited to a BPI peso account. It states that correspondent banks may charge separately and that proceeds are credited net of all fees and taxes.
Can freelancers in the Philippines get a US bank account number?
Yes, through providers that accept the Philippines. Wise states that freelancers in the Philippines can open a personal account with a US account number and routing number, and that it charges no fee to receive local US ACH payments. Other providers publish their own country lists and fees.
How long does a USD transfer to the Philippines take?
A US client paying US account details by ACH usually settles in one banking day or less, as Nacha reports for about 80% of ACH volume, and Fedwire settles in real time during its operating hours. A SWIFT wire to a Philippine bank depends on the correspondent chain and on complete payment details.
Are dollar deposits in Philippine banks insured?
Yes. The Philippine Deposit Insurance Corporation covers foreign currency deposits, with payouts in the currency of the insured deposit. Maximum coverage is P1,000,000 per depositor, per bank, for banks closed on or after 15 March 2025.
Is Payoneer cheaper than a bank wire for receiving USD in the Philippines?
It depends on the amount and how you withdraw. Payoneer publishes 1% (minimum $1) to receive into a non-local-currency receiving account and 1.2% to 4% to withdraw to a local bank, while BPI publishes a fixed USD 6.50 to credit a SWIFT wire to a BPI dollar account, before any correspondent charges. Compare the total, including the conversion rate, on your typical invoice size.
References
- Bangko Sentral ng Pilipinas: Manual of Regulations on Foreign Exchange Transactions (version filed with the WTO)
- Philippine Deposit Insurance Corporation: notice to depositors on maximum deposit insurance coverage of P1,000,000 (via SMBC Manila)
- BPI: Inward remittance fees, from correspondent bank and SWIFT remittances
- Wise: How to open a freelancer USD account in the Philippines (29 March 2026)
- Payoneer: Fees
- Bangko Sentral ng Pilipinas: Circular No. 1108, Guidelines for Virtual Asset Service Providers (2021)
- Nacha: Significant majority of ACH payments settle in one business day or less (28 August 2023)
- Federal Reserve: About the Fedwire Funds Service
This guide is general information for businesses, not financial, legal or tax advice. Rules, fees and timings were checked against the sources listed on the review date and may change.