For many overseas Filipino workers (OFWs), the reason behind their desire to work abroad is to be able to sufficiently earn money for themselves and their family, as well.
To do this, some of the important things you need to know is how to be able to save up efficiently, remit your money back home conveniently, and grow your earnings more effectively.
All You Need to Know About Bank SWIFT Code in the Philippines
And since you will be sending and receiving money from abroad, or dealing with money remittance and wire transfer, you will need to link your bank account to your international money provider accordingly.
For this reason, you need to know the correct SWIFT code of your local bank in the Philippines to ensure that the money you will be sending will be credited successfully to your local bank.
Here are some of the things that you need to know about SWIFT codes:
What is SWIFT Code?
First of all, SWIFT means “Society for Worldwide Interbank Financial Telecommunication”. If its name already gives you an idea of what it’s used for, you would know that a Bank SWIFT code is used to ensure safe and secure financial services around the world.
It standardizes access, integration, identification, analysis and regulatory compliance to communicate securely between financial institutions and related platforms.
Of note, a SWIFT Code can also mean BIC (Business Identifier Code), BIC Code, SWIFT-BIC, or SWIFT ID. This typically consists of 8-11 characters of alphanumeric code.
How do I Use SWIFT Code?
As pointed earlier, the SWIFT code standardizes the process of transferring funds overseas to local bank accounts. That being said, OFWs, freelancers, professionals, and anyone who wants to wire transfer their money will need a SWIFT code for this process. Most of the time, the five (5) things that we need when we transfer money internationally include bank name, account name, account number, SWIFT Code, and the amount being transferred.
What is the Bank SWIFT Code Format?
- Bank Code – Four letters
- Country Code – Two letters
- Location Code – Two letters or two digits
- Branch Code – Last three characters
For example, the Bank Swift Code of BPI is BOPIPHMM.
What are the Bank SWIFT Codes Available in the Philippines?
Here is a list of the Bank SWIFT Codes in the Philippines as of June 2019:
- ADB (Asiatrust Development Bank) – ASDVPHM1
- ANZ (Australia and New Zealand) Banking Group Limited – ANZBPHMX
- AUB (Asia United Bank Corporation) – AUBKPHMM
- Banco Filipino Savings and Mortgage Bank – FIAOPHM1
- Bank of America – BOFAPH2X
- Bank of China – BKCHPHMM
- Bank of Commerce – PABIPHMM
- Bank of Makati (A savings Bank), Inc. – MKRUPHM1
- BDO (BDO Unibank, Inc.) – BNORPHMM
- BPI (Bank of the Philippine Islands) – BOPIPHMM
- BPI Direct – BPDIPHM1
- BPI Family Savings Bank – BPFSPHM1
- BPI Globe Banko, Inc. – BPGOPHM1
- Cathay United Bank Co. LTD. – Manila Branch – UWCBPHMM
- Chinabank (China Banking Corporation) – CHBKPHMM
- China Bank Savings, Inc. – CHSVPHM1
- CIMB Bank Philippines, Inc. – CIPHPHM1
- Citibank, N.A. – Makati Branch – CITIPHMX
- Citibank, N.A. – Manila Branch – CITIPHMXTSU
- Citibank, N.A. – Cebu Branch – CITIPHMXCBU
- Citystate Savings Bank, Inc. – CIVVPHM1
- CTBC Bank (Philippines) Corporation – CTCBPHMM
- DBP (Development Bank of the Philippines) – DBPHPHMM
- Deutsche Bank AG – DEUTPHMM
- Eastwest Bank (East West Banking Corporation) – EWBCPHMM
- Equicom Savings Bank, Inc. – EQSNPHM1
- First Commercial Bank, Ltd., Manila Branch – FCBKPHMM
- HSBC (Hongkong and Shanghai Banking Corp. Manila Head Office) – HSBCPHMM
- HSBC (Hongkong and Shanghai Banking Corp. Cebu Branch) – HSBCPHMMCEB
- HSBC Savings Bank (Philippines) Inc. – HBPHPHMM
- JPMorgan Chase Bank, N.A. – CHASPHMM
- Land Bank of the Philippines – TLBPPHMM
- Maybank Philippines, Inc. – MBBEPHMM
- Metrobank (Metropolitan Bank and Trust Co.) – MBTCPHMM
- One Network Bank, Inc. (A Rural Bank) – ONNRPHM1
- PBCom (Philippine Bank of Communications) – CPHIPHMM
- Philippine Veterans Bank – PHVBPHMM
- Philtrust Bank (Philippine Trust Company) – PHTBPHMM
- Planters Development Bank – PLDEPHM1
- PNB (Philippine National Bank) – PNBMPHMM
- PNB (Philippine National Bank) – Treasury Operations – PNBMPHMMTOD
- PNB Savings Bank – PNSAPHM1
- Philippine Business Bank – PPBUPHMM
- PSBank (Philippine Savings Bank) – PHSBPHMM
- RCBC (Rizal Commercial Banking Corporation) – RCBCPHMM
- RCBC (Rizal Commercial Banking Corporation) – FCDU – RCBCPH21
- RCBC Savings Bank, Inc. – RCSAPHM1
- Robinsons Bank Corp. – ROBPPHMQ
- Security Bank Corp. – SETCPHMM
- Standard Chartered Bank – SCBLPHMM
- Standard Chartered Bank – Custodial Dept. – SCBLPHMMEQI
- Sterling Bank of Asia, Inc. – STLAPH22
- UCPB (United Coconut Planters Bank) – UCPBPHMM
- UCPB Savings Bank, Inc. – UCSVPHM1
- Unionbank (Union Bank of the Philippines) – UBPHPHMM
- United Overseas Bank Limited – UOVBPHMM
What Happens if I Enter the Wrong SWIFT Code?
If you have entered the incorrect bank SWIFT Code, you may be charged with fees. Although the fund won’t be sent to the wrong person, it’s best to inform your bank (money sender) immediately to avoid bigger problems.
Remember to input the correct BIC or bank Swift code before sending your money to any account recipient or local bank account to avoid penalties and/or failed fund transfers.
Understanding the use of something as simple as the Bank SWIFT Code will ensure the ease of sending funds wherever you may be in the world.
ALSO READ: What is Digital Banking and How Can OFWs Benefit from This?