SWIFT Codes: International Bank Transfers in the Philippines

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

BankSWIFT CODE
Asia United Bank Corporation (AUB)AUBKPHMM
Australia and New Zealand Banking Group LimitedANZBPHMX
Bangkok Bank Public Company Limited (Manila Branch)BOFAPH2X
Bank of China (Manila Branch)BKCHPHMM
Bank of CommercePABIPHMM
Bank of the Philippine Islands (BPI)BOPIPHMM
BDO Unibank, Inc. (BDO)BNORPHMM
BNP Paribas, Manila Offshore BranchBNPAPHMM
BPI DirectBPDIPHM1
BPI Family Savings BankBPFSPHM1
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 AGDEUTPHMM
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 BankINGBPHMM
JPMorgan Chase Bank (Manila Branch)CHASPHMM
KEB Hana BankKOEXPHMM
Land Bank of the PhilippinesTLBPPHMM
Maybank Philippines, Inc.MBBEPHMM
Mega International Commercial Bank Co., LTDICBCPHMM
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 BankPPBUPHMM
Philippine National Bank (PNB)PNBMPHMM
Philippine Savings Bank (PSBank)PHSBPHMM
Philippine Veterans BankPHVBPHMM
PhilTrust Bank (Philippine Trust Company)PHTBPHMM
Rizal Commercial Banking Corporation (RCBC)RCBCPHMM
Robinsons Bank CorporationROBPPHMQ
Security Bank CorporationSETCPHMM
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 PhilippinesUBPHPHMM
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.

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