With the millions of Filipinos working overseas, there will come a time that people would need to find a better and an easier way of remitting money. International money transfers is one way to do it. In fact, many OFWs resort to this now instead of using remittance centers because most of the time, there’s no service fee involved.
In making international money transfers, you will be usually required to key in the SWIFT code. The SWIFT code is also known as the bank code if you transact in PayPal. Don’t worry because in this article, we will be giving you an idea on what these SWIFT codes are and how you can use it.
SWIFT or Society for Worldwide Interbank Financial Telecommunication is a network which is based in La Hulpe, Belgium. It’s a system that uniforms all global transactions that happens locally and internationally. However, it’s utilized to manage and to ensure that transactions run smoothly.
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As stated above, a SWIFT code is an international code utilized to identify banks and other business parties. In addition to that, SWIFT codes are used to route financial transactions globally.
What this does is that it ensures that the funds are quickly transferred and secured to the correct and appropriate bank. Other names for the SWIFT code are:
BIC or Business Identifier Code BIC Code SWIFT I.D. SWIFT-BIC The SWIFT code generally consists of eight (8) to eleven (11) characters and can be usually seen in the following format/s:
Four (4) character bank code; Two (2) character country code; Two (2) character location code; and *Optional Three (3) character branch identifier For example, for BPI, the SWIFT code would be: BOPIPHMM
BOPI = Bank of the Philippine Islands;PH = PhilippinesMM = Metro Manila The SWIFT code usually is used for international transactions. It exists because it is what tells remittance centers and banks where the money is going to be sent. This is the reason why you need this code every single time you transfer funds internationally. Whether it’s from outside your country or if it’s going to come from the Philippines.
If you are sending cash or funds abroad, you would need the SWIFT code of the recipient’s bank before you can successfully push for a money transfer. On the other side of the page, if you are receiving money abroad and it’s going to be a transfer, you need to give out the SWIFT code of your bank to the sender.
Providing an incorrect SWIFT code can lead to losing money. As a matter of fact, a lot of disputes and complaints about money not being received revolve around the idea of providing or submitting an incorrect SWIFT code.
In order for you to know what the correct SWIFT code of your bank is, you can visit the SWIFT website and search for your respective bank/s there.
This image was taken from the SWIFT Website | www2.swift.com Provide the bank name in the Institution Name field Of course, choose Philippines from the country drop down menu Enter the code or the CAPTCHA. Hit on Challenge after. Click on Search Alternatively, you can phone your bank’s customer service hotline and ask for their SWIFT code. However, the only downside to this is that you would have to endure the long queues of customers calling.
Read: Contact Numbers of Philippine Banks You Need To Know In Cases Of Emergency
We’re going to cut you off some slack; we will be providing the Swift Codes of the top banks of the Philippines in this article.
Bank Name SWIFT Code Asia United Bank Corporation (AUB) AUBKPHMM BDO Unibank, Inc. (BDO) BNORPHMM Bank of the Philippine Islands (BPI) BOPIPHMM BPI Direct BPDIPHM1 BPI Family Savings Bank BPFSPHM1 BPI Globe Banko Inc. BPGOPHM1 China Banking Corporation (China Bank) CHBKPHMM Citibank, N.A. – Makati Branch CITIPHMX Citibank, N.A. – Manila Branch CITIPHMXTSU Citibank, N.A. – Cebu Branch CITIPHMXCBU Development Bank of the Philippines (DBP) DBPHPHMM East West Banking Corporation (EastWest Bank) EWBCPHMM The Hongkong and Shanghai Banking Corporation Ltd – HSBCPHMM HSBC Savings Bank (Philippines) Inc. HBPHPHMM Land Bank of the Philippines TLBPPHMM Metropolitan Bank and Trust Co. (Metrobank) MBTCPHMM Philippine National Bank (PNB) PNBMPHMM Rizal Commercial Banking Corporation (RCBC) RCBCPHMM Security Bank Corporation SETCPHMM Union Bank of the Philippines UBPHPHMM
If you were not able to see your bank in the list above, then you must be a member of a different bank. As mentioned above, the list only contains some of Philippines’ top banks. That doesn’t necessarily mean that those are the banks in our country.
Read: Charges for ATM Withdrawal and Balance Inquiry of Philippine Banks
Bank Name SWIFT Code Australia and New Zealand Banking Group Limited ANZBPHMX Bangkok Bank Public Company Limited, Manila Branch BKKBPHMM Bank of America, N.A. Manila BOFAPH2X Bank of China, Manila Branch BKCHPHMM Bank of Commerce PABIPHMM BNP Paribas, Manila Offshore Branch BNPAPHMM Cathay United Bank Co., LTD. Manila Branch UWCBPHMM China Bank Savings, Inc. CHSVPHM1 CTBC Bank (Philippines) Corp. CTCBPHMM Deutsche Bank AG DEUTPHMM Equicom Savings Bank, Inc. EQSNPHM1 First Commercial Bank, Ltd., Manila Branch FCBKPHMM Hua Nan Commercial Bank, Ltd., Manila Branch HNBKPHMM Industrial Bank of Korea, Manila Branch IBKOPHMM ING Bank N.V. INGBPHMM JPMorgan Chase Bank, N.A., Manila Branch CHASPHMM KEB Hana Bank KOEXPHMM Maybank Philippines, Inc. MBBEPHMM Mega International Commercial Bank Co., Ltd., Manila Branch ICBCPHMM Mizuho Bank, Ltd., Manila Branch MHCBPHMM MUFG Bank, Ltd., Manila Branch (formerly Bank of Tokyo-Mitsubishi UFJ) BOTKPHMM Philippine Bank of Communications (PBCOM) CPHIPHMM Philippine Business Bank PPBUPHMM Philippine Savings Bank (PSBank) PHSBPHMM Philippine Veterans Bank PHVBPHMM Philtrust Bank (Philippine Trust Company) PHTBPHMM Robinsons Bank Corporation ROBPPHMQ Shinhan Bank Manila Branch SHBKPHMM Standard Chartered Bank – Makati Branch SCBLPHMM Standard Chartered Bank – Manila Branch SCBLPHMMEQI Sterling Bank of Asia Inc. STLAPH22 Sumitomo Mitsui Banking Corporation Manila Branch SMBCPHMM Taiwan Cooperative Bank Manila Offshore Banking Branch TACBPHMM United Coconut Planters Bank (UCPB) UCPBPHMM United Overseas Bank Limited – Manila Branch UOVBPHMM Yuanta Savings Bank (formerly Tong Yang Savings Bank) TYBKPHMM
Philippine bank codes, on the other hand are codes that are used by financial institutions to be able to transfer to Philippine local banks. Bank codes or more commonly known as the Bank Routing Symbol Transit Number (BRSTN), is given to a bank and is used to identify its legal name, city, and country in financial transactions.
Read: Banks in the Philippines: Maintaining Balance of Different Account Types
It has nine (9) digits and is a standard bank identifier for receiving and sending money in and from the Philippines.
If you do normal banking transactions, chances are, bank codes would be a completely new thing for you. The more familiar uses of bank codes is if you withdraw funds from PayPal accounts to the local bank account. Since PayPal has their headquarters overseas, they would have to provide the SWIFT and bank codes of the users’ banks.
You can find a bank code after you register in PayPal. In PayPal, they generally provide the list of bank codes in the Philippines when you sign in. After logging in:
Hit on “Wallet ” on the top category links; Under Bank Accounts , hit on “Link a bank account; “ Click on Add ; Select the “List of bank codes” which is next to the Bank Code field; You will be redirected to a link where it displays the list of bank codes of banks in the Philippines. You might have the challenge in finding the correct BRSTN or the bank code in PayPal’s list. So, here’s a more organized list. These banks are arranged alphabetically.
Bank Name SWIFT Code Asia United Bank Corporation (AUB) 11020011 Australia and New Zealand Banking Group Limited 10700015 Bangkok Bank Public Company Limited 10670019 Bank of America, N.A. 10120019 Bank of China 11140014 Bank of Commerce 10440016 Bank of the Philippine Islands (BPI) 10040018 Bank of Tokyo-Mitsubishi, Limited 10460012 BDO Unibank, Inc. (BDO) 10530667 China Banking Corporation (China Bank) 10100013 China Bank Savings, Inc. 11129996 Citibank, N.A. 10070017 CTBC Bank (Philippines) Corp. 10690015 Deutsche Bank AG 10650013 Development Bank of the Philippines (DBP) 10590018 East West Banking Corporation (EastWest Bank) 10620014 Equicom Savings Bank, Inc. 10960017 First Consolidated Bank 20780012 Industrial Bank of Korea 11310019 JPMorgan Chase Bank, N.A. 10720011 KEB Hana Bank 10710018 The Hongkong and Shanghai Banking Corporation Ltd – 10060014 Land Bank of the Philippines 10350025 Maybank Philippines, Inc. 10220016 Mega International Commercial Bank Co., Ltd. 10560019 Metropolitan Bank and Trust Co. (Metrobank) 10269996 Mizuho Bank, Ltd. 10640010 MUFG Bank (formerly Bank of Tokyo-Mitsubishi UFJ) 10460012 Philippine Bank of Communications (PBCOM) 10110016 Philippine National Bank (PNB) 10080010 Philippine Savings Bank (PSBank) 10470992 Philippine Veterans Bank 10330016 Philippine Trust Company 10090039 Rizal Commercial Banking Corporation (RCBC) 10280014 Robinsons Bank Corporation 11070016 Security Bank Corporation 10140015 Shinhan Bank 11300016 Standard Chartered Bank 10050011 Sterling Bank of Asia Inc. 11190019 Sumitomo Mitsui Banking Corporation 11280013 Union Bank of the Philippines 10419995 United Coconut Planters Bank (UCPB) 10299995 United Overseas Bank Philippines 10270341 Yuanta Savings Bank (Formerly Tong Yang Savings Bank) 11130011
Now that you know what the SWIFT codes are for, you can definitely take advantage of this opportunity to be able to send and receive money abroad! More so, you now know your bank codes so be sure that it’s always correct.
Read: When and Why Should You Get a Credit Card?
Feel free to bookmark this specific article if you do international money transfers or transactions so you don’t have to search for it anymore.
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