When transferring money internationally, you would typically enter the financial institution’s SWIFT code (or banking code for PayPal transactions). What exactly are these codes, and what do they serve? How do you track these down? Today, we’ll be discussing how swift codes work and what they are for each major bank in the Philippines.
As international trade evolves, governments have sought an efficient and secure way to transfer funds from one financial institution to the next. Foreign transactions frequently need a network or an intermediate organization to guarantee everything goes well. Most nations refer to it as “SWIFT” or “BIC.”
What does “SWIFT” mean?
SWIFT (Society for Worldwide Interbank Financial Telecommunication) is a worldwide monetary communications infrastructure that allows banks and other financial institutions all over the globe to communicate regarding financial information and electronic communications securely.
How do SWIFT payments work?
SWIFT transactions are payments that take place through an intermediate bank and enable you to make and acquire electronic money transfers worldwide. The SWIFT infrastructure does not move cash and is not a banking system; instead, it communicates payment instructions across banks using SWIFT codes. The SWIFT payment system allows you to send funds internationally swiftly, precisely, and reliably.
Who are the participants in the SWIFT system?
The SWIFT payment network enables consumers and companies to accept and transmit worldwide money via digital or credit card payments. The grid serves as a platform for confidential financial messaging. In other ways, it serves only as a conduit connecting financial institutions. These payments may be may by any individual across the globe who possesses a bank account and wants to create a transaction. Transactions may be for business investments, prize money, payments for eCommerce, or even foreign work remittances.
What does “BIC” mean?
The terms Business Identifier Code (BIC) and SWIFT code are synonymous and signify one and the same thing. These numbers simplify bank transactions and are required for global wire transfers and SEPA disbursements. SEPA, on the other hand, means “Single Euro Payments Area,” which is another banking system that is limited to transactions within Europe.
What is the difference between a Bank Code and a SWIFT Code?
The “Bank Routing Symbol Transit Number” (BRSTN) is another name for a bank code. The Central Bank of the Philippines assigns a nine-digit code to each bank in the Philippines. The unique identification is utilized in various financial operations, including local cash transfers, wage crediting, payment of bills, and others. Every bank in the Philippines has its own BRSTN programming identity.
For local money transfers, a bank code is used to determine a specific bank inside a country. In contrast, a SWIFT code is used to determine a bank internationally for foreign financial transactions.
How do you find a SWIFT Code?
The SWIFT code of your bank or financial institution is usually found on your bank statements. You may also locate your bank’s SWIFT code on some websites. Getting in touch with your bank or visiting their website might help you locate the right SWIFT code for the payment you’re making.
How to make a transaction using SWIFT Codes?
SWIFT transfers may be expensive, particularly for small transactions, because they sometimes entail charges and taxes from many banks. To minimize delays or problems in processing, you ought to give correct and extensive data.
Step 1: Reach out to your bank.
Give them the specifics of the transaction. This comprises the receiver’s name, the bank’s name, the account number, the amount, the type of currency, and any additional relevant data.
Step 2: Fill out the necessary fields.
The bank you use. These documents typically include information about the transaction’s originator and recipient, the sum of money to be transferred, and the type of currency associated.
Step 3: Make a Payment.
After you have finished the forms, you must make a payment. Typically, this entails moving cash through your account to your bank’s account.
Step 4: Await confirmation.
When the payment process has been initiated, you must wait for verification that the money has been successfully sent. Depending on the financial institution involved and the intricacy of the transaction, this might take many hours or even days.
How are SWIFT Codes formatted?
A SWIFT/BIC is made up of 8-11 characters that identify your bank, nation, branch, and location. SWIFT identifiers always have an identical structure and are organized as follows:
AAAABB11222
AAAA
These four letters are often an abbreviated form of the bank’s name. This corresponds to the bank name’s abbreviation.
BB
This is the country code. Both of these letters denote the nation in which the bank is located.
11
The next character stands for geographical code. Both of these characters will show the location of the bank’s headquarters.
222
Following, at last, is the character that stands for branch code. The final three characters will identify the bank’s individual branch.
List of SWIFT Codes for Banks in the Philippines
| Bank | SWIFT CODE |
| Asia United Bank Corporation (AUB) | AUBKPHMM |
| Australia and New Zealand Banking Group Limited | ANZBPHMX |
| Bangkok Bank Public Company Limited (Manila Branch) | BOFAPH2X |
| Bank of China (Manila Branch) | BKCHPHMM |
| Bank of Commerce | PABIPHMM |
| Bank of the Philippine Islands (BPI) | BOPIPHMM |
| BDO Unibank, Inc. (BDO) | BNORPHMM |
| BNP Paribas, Manila Offshore Branch | BNPAPHMM |
| BPI Direct | BPDIPHM1 |
| BPI Family Savings Bank | BPFSPHM1 |
| BPI Globe Banko Inc. | BPGOPHM1 |
| Cathay United Bank Co., LTD. (Manila Branch) | UWCBPHMM |
| China Banking Corporation (China Bank) | CHBKPHMM |
| China Bank Savings, Inc. | CHSVPHM1 |
| CIMB Bank Philippines, Inc. | CIPHPHMM |
| Citibank, N.A. (Makati Branch) | CITIPHMX |
| Citibank, N.A. (Manila Branch) | CITIPHMXTSU |
| CTBC Bank (Philippines) Corp. | CTCBPHMM |
| Deutsche Bank AG | DEUTPHMM |
| Development Bank of the Philippines (DBP) | DBPHPHMM |
| East West Banking Corporation (EastWest Bank) | EWBCPHMM |
| Equicom Savings Bank, Inc. | EQSNPHM1 |
| First Commercial Bank, LTD. (Manila Branch) | FCBKPHMM |
| Globe Telecom, Inc. (GCash) | GLTEPHMT |
| The Hong Kong and Shanghai Banking Corporation LTD (HSBC) | HSBCPHMM |
| HSBC Savings Bank Inc. | HBPHPHMM |
| Hua Nan Commercial Bank, LTD. (Manila Branch) | HNBKPHMM |
| Industrial Bank of Korea (Manila Branch) | IBKOPHMM |
| ING Bank | INGBPHMM |
| JPMorgan Chase Bank (Manila Branch) | CHASPHMM |
| KEB Hana Bank | KOEXPHMM |
| Land Bank of the Philippines | TLBPPHMM |
| Maybank Philippines, Inc. | MBBEPHMM |
| Mega International Commercial Bank Co., LTD | ICBCPHMM |
| Metropolitan Bank and Trust Co. (Metrobank) | MBTCPHMM |
| MIZUHO Bank, LTD. (Manila Branch) | MHCBPHMM |
| MUFG Bank, LTD. (formerly Bank of Tokyo-Mitsubishi UFI) | BOTKPHMM |
| Philippine Bank of Communications (PBCOM) | CPHIPHMM |
| Philippine Business Bank | PPBUPHMM |
| Philippine National Bank (PNB) | PNBMPHMM |
| Philippine Savings Bank (PSBank) | PHSBPHMM |
| Philippine Veterans Bank | PHVBPHMM |
| PhilTrust Bank (Philippine Trust Company) | PHTBPHMM |
| Rizal Commercial Banking Corporation (RCBC) | RCBCPHMM |
| Robinsons Bank Corporation | ROBPPHMQ |
| Security Bank Corporation | SETCPHMM |
| Shinhan Bank (Manila Branch) | SHBKPHMM |
| Standard Chartered Bank (Makati Branch) | SCBLPHMM |
| Sterling Bank of Asia Inc. | STLAPH22 |
| Tonik Digital Bank, Inc. | TODGPHM2 |
| Taiwan Cooperative Bank (Manila Offshore Banking Branch) | TACBPHMM |
| Union Bank of the Philippines | UBPHPHMM |
| United Coconut Planters Bank (UCPB) | UCPBPHMM |
| United Overseas Bank Limited (Manila Branch) | UOVBPHMM |
SWIFT is used by financial institutions all around the world. It is a vast network, but it does not reach every country. A straightforward internet search yields several sites that offer banking codes from throughout the world. However, the simplest approach to obtain the code is to just ask your bank. Many of them also provide their codes in the international banking part of their website. SWIFT codes are essential for anyone who conducts regular transactions globally.
