When it comes to foreign exchange, it is essential to find the best deal possible to get the most out of your money. One of the most popular banks in the Philippines that offers forex services is BDO or Banco de Oro. However, with the rise of other major banks in the country, it is worth comparing BDO forex rates to determine which bank offers the best deal.
BDO Forex Rates
BDO offers various forex services such as buying and selling foreign currencies, foreign currency deposit accounts, and remittances. When it comes to buying and selling currencies, BDO offers competitive rates for major currencies such as USD, EUR, JPY, GBP, CAD, AUD, and SGD.
For instance, as of September 10, 2021, BDO’s buying rate for USD is 49.45, and its selling rate is 50.45. In comparison, other major banks such as Metrobank, BPI, and Security Bank have buying rates of 49.50, 49.45, and 49.55, respectively, and selling rates of 50.50, 50.45, and 50.60, respectively.
BDO also offers foreign currency deposit accounts, which allow customers to earn interest on their foreign currency deposits. The interest rates for these accounts vary depending on the currency and the deposit amount. For instance, the interest rate for a USD account with a deposit of $10,000 or more is 0.125%, while the interest rate for an AUD account with a deposit of AUD 10,000 or more is 0.25%.
BDO’s remittance services also offer competitive rates, especially for remittances from the United States, Canada, and Europe. For instance, BDO’s remittance rate from the US is $1 = Php 50.50, while Metrobank’s remittance rate is $1 = Php 50.00.
Comparing BDO Forex Rates to Other Major Banks
While BDO offers competitive forex rates, it is worth comparing its rates to other major banks to determine which bank offers the best deal.
Metrobank
Metrobank is one of the largest banks in the Philippines and offers various forex services such as buying and selling foreign currencies, foreign currency deposit accounts, and remittances. When it comes to buying and selling currencies, Metrobank offers competitive rates, especially for major currencies such as USD, EUR, JPY, and GBP.
For instance, as of September 10, 2021, Metrobank’s buying rate for USD is 49.50, and its selling rate is 50.50. In comparison, BDO’s buying rate for USD is 49.45, and its selling rate is 50.45.
Metrobank also offers foreign currency deposit accounts, which allow customers to earn interest on their foreign currency deposits. The interest rates for these accounts vary depending on the currency and the deposit amount. For instance, the interest rate for a USD account with a deposit of $10,000 or more is 0.10%, while the interest rate for an AUD account with a deposit of AUD 10,000 or more is 0.25%.
When it comes to remittances, Metrobank’s rates are slightly lower than BDO’s rates. For instance, Metrobank’s remittance rate from the US is $1 = Php 50.00, while BDO’s remittance rate is $1 = Php 50.50.
BPI
BPI or Bank of the Philippine Islands is another major bank in the Philippines that offers forex services such as buying and selling foreign currencies, foreign currency deposit accounts, and remittances. When it comes to buying and selling currencies, BPI offers competitive rates, especially for major currencies such as USD, EUR, JPY, and GBP.
For instance, as of September 10, 2021, BPI’s buying rate for USD is 49.45, and its selling rate is 50.45. In comparison, BDO’s buying rate for USD is 49.45, and its selling rate is 50.45.
BPI also offers foreign currency deposit accounts, which allow customers to earn interest on their foreign currency deposits. The interest rates for these accounts vary depending on the currency and the deposit amount. For instance, the interest rate for a USD account with a deposit of $10,000 or more is 0.10%, while the interest rate for an AUD account with a deposit of AUD 10,000 or more is 0.25%.
When it comes to remittances, BPI’s rates are slightly lower than BDO’s rates. For instance, BPI’s remittance rate from the US is $1 = Php 49.75, while BDO’s remittance rate is $1 = Php 50.50.
Security Bank
Security Bank is another major bank in the Philippines that offers forex services such as buying and selling foreign currencies, foreign currency deposit accounts, and remittances. When it comes to buying and selling currencies, Security Bank offers competitive rates, especially for major currencies such as USD, EUR, JPY, and GBP.
For instance, as of September 10, 2021, Security Bank’s buying rate for USD is 49.55, and its selling rate is 50.60. In comparison, BDO’s buying rate for USD is 49.45, and its selling rate is 50.45.
Security Bank also offers foreign currency deposit accounts, which allow customers to earn interest on their foreign currency deposits. The interest rates for these accounts vary depending on the currency and the deposit amount. For instance, the interest rate for a USD account with a deposit of $10,000 or more is 0.10%, while the interest rate for an AUD account with a deposit of AUD 10,000 or more is 0.25%.
When it comes to remittances, Security Bank’s rates are slightly lower than BDO’s rates. For instance, Security Bank’s remittance rate from the US is $1 = Php 50.00, while BDO’s remittance rate is $1 = Php 50.50.
Conclusion
When it comes to comparing BDO forex rates to other major banks, it is worth noting that all banks offer competitive rates for buying and selling foreign currencies, foreign currency deposit accounts, and remittances. However, the rates may vary slightly depending on the currency and the amount of the transaction.
Therefore, it is essential to compare the rates of different banks and choose the one that offers the best deal for your specific needs. Factors such as convenience, customer service, and accessibility should also be considered when choosing a forex provider.
Overall, while BDO offers competitive rates for forex services, other major banks such as Metrobank, BPI, and Security Bank also offer competitive rates and should be considered when looking for the best deal.
