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Remittances / Send Money Abroad / What are the Fees, Limits, and Exchange Rates?
What are the Fees, Limits, and Exchange Rates?

1. What are the fees when sending money abroad? 

When you send money abroad with GoTyme Bank, the total amount deducted from your account may include the following: 

  • Exchanged amount - the peso equivalent of the foreign currency your recipient will receive. This is not a fee. 
  • Fixed fee - a flat processing fee charged by GoTyme Bank. 
  • Variable fee - a small percentage-based fee charged by GoTyme Bank. 
  • Documentary stamp tax - a mandatory government tax. GoTyme Bank collects and applies this tax when required. 
  • SWIFT fee (if applicable) - an additional fee that applies only when your transfer is routed through the SWIFT network. 

The exact fees depend on the amount you send, the destination currency, the transfer route, and the exchange rate at the time of transfer. Before you confirm your transfer, the GoTyme Bank app will always show you the full breakdown - exchange rate, all fees, applicable taxes, and the total amount to be deducted from your account. 

As an example of the fees and breakdown, please refer to the sample scenario below.

Item Sample amount
They receive SGD 350
Exchange rate SGD 1 = PHP 48
Exchanged amount PHP 16,800
Fixed fee PHP 20
Variable fee PHP 25
SWIFT fee (if applicable) PHP 0
Documentary stamp tax PHP 55
Total fees PHP 100
Total amount deducted from your balance PHP 16,900

 

Note: This sample is for illustration purposes only. Actual exchange rates, fees, taxes, and the final amount deducted may change depending on the amount, currency, transfer route, and the rates available at the time of your transaction. For the most accurate pricing, please check the GoTyme Bank app.

2. What are the limits when sending money abroad? 

Depending on the currency and country, the minimum and maximum transfer amounts differ. Please refer to the table below for a full list of limits by currency.

Currency Sending Limits
AUD Per Transfer,
Minimum Amount: 1 AUD

Maximum Amount: 1,500,000 AUD
CNY Per Transfer,
Minimum Amount: 1 RMB

Maximum Amount: 50,000 CNY
EUR Per Transfer,
Minimum Amount: 1 EUR

Maximum Amount Via Regular: 20,000,000 EUR
Via Instant: 100,000 EUR
Via SWIFT: None
GBP Per Transfer,
Minimum Amount: 1 GBP

Maximum Amount
Via Faster Payment System (FPS): 1,000,000 GBP
Via Clearing House Automated Payment System (CHAPS): 5,000,000 GBP
Via SWIFT: None
JPY Per Transfer,
Minimum Amount: 1 JPY

Maximum Transfer: 150,000,000 JPY
KRW Per Transfer,
Minimum Amount: 1 KRW

Maximum Amount To a Business: 999,999,999 KRW

To an Individual: 5,000 USD or equivalent

Per Year
Maximum Amount To an Individual: 100,000 USD or equivalent
SGD Per Transfer,

Minimum Amount: 1 SGD

Via Fast and Secure Transfer (FAST): 200,000 SGD
Via PayNow: 5,000 SGD
Via SGD Banks: 1,000,000 SGD
USD Per Transfer,
Minimum Amount: 1 USD

Maximum Amount For Barclays, JPMorgan, Bank of America: 1,600,000 USD

For Select JPMorgan and Bank of America accounts: 20,000,000 USD*

For DBS Singapore and JP Morgan HK: None

*Valid only for non-US, AU, JP, MY, BR, PH, SG account addresses

 

3. Will other banks charge fees? 

Yes, certain transfers via SWIFT (GBP, EUR, USD) may charge additional fees depending on the intermediary or receiving bank, and this will be deducted in the final amount received.  

Before confirming your transfer, you will see all the applicable fees charged by GoTyme Bank for your transfer and any intermediary bank fees.  

Please note that the receiving bank may charge the receiving account a fee, and this is not charged or controlled by GoTyme Bank. 

4. What exchange rate will I get, and when is it applied? 

You’ll see the exchange rate from the GoTyme Bank app before confirming, and it is applied when you confirm the transfer. If there is a change in FX rate before you complete your transaction, you will be notified and the new rate and fees will be shown to you.