Key Takeaways:
- SWIFT codes are essential for international wire transfers to and from the Philippines.
- Major Philippine banks have unique SWIFT codes to identify them.
- Finding the correct SWIFT code prevents transfer delays and errors.
- SWIFT codes can be used to detect scams and choose the best bank.
Introduction
SWIFT codes, also known as BIC codes, are unique identifiers for banks around the world. They facilitate seamless cross-border money transfers by providing critical routing information. This enables the smooth transfer of funds between accounts internationally.
For Filipinos sending or receiving money from overseas, knowing the right SWIFT code is crucial. But with numerous banks in the Philippines, how do you identify the specific SWIFT code? This guide will explore everything you need to know about SWIFT codes in the Philippines.
Types of SWIFT Codes
SWIFT codes are comprised of 8 or 11 alphanumeric characters broken into four parts: the bank code, country code, location code, and branch code.
An 8-digit code identifies the bank’s primary office while an 11-digit code pinpoints a specific branch. It’s advisable to use the 11-digit code when available for more accurate routing.
Using SWIFT Codes for International Transfers
To move funds internationally, provide the recipient’s SWIFT code along with their account details. This enables the money to be credited directly into their account instead of being held up or lost.
Take care to verify the SWIFT code beforehand through reliable sources. Typos and inaccuracies can derail transfers. Also, confirm spelling matches the registered name of the beneficiary bank.
| Bank Name | SWIFT Code | Website |
|---|---|---|
| AUB – Asia United Bank | AUBPHMMX | https://www.aub.edu.lb/ |
| Agribank | AGRIPHMM | https://www.agribank.com/ |
| Allied Banking Corporation | ALLIPHMM | https://www.abl.com/ |
| BPI – Bank of the Philippine Islands | BOPIPHMMX | https://www.bpi.com.ph/ |
| BDO – BDO Unibank, Inc. | BNORPHMMX | https://www.bdo.com/ |
| Bank of America, N.A. | BOFAUS3N | https://www.bankofamerica.com/ |
| Bank of Commerce | BCOMPHMM | https://www.bofc.bank/ |
| China Bank Savings, Inc. | CBSPPHMM | https://www.cbs.com.ph/ |
| Citibank, N.A. | CITIUS33 | https://www.citi.com/ |
| Citibank Philippines N.A. | CITIPHMM | https://www.citibank.com.ph |
| CIMB Bank Philippines, Inc. | CIBPPHMM | https://www.cimbbank.com.ph/ |
| CTBC Bank (Philippines) Corp. | CTBCPHMM | https://www.ctbcbank.com.ph/ |
| East West Banking Corporation | EWPCPHMM | https://www.eastwestbanker.com/ |
| Equicom Savings Bank, Inc. | EQSBPHMM | https://www.equicomsavings.com/ |
| GCash (Globe Xchange, Inc.) | GLOBPHMM | https://www.gcash.com/ |
| HSBC Savings Bank (Philippines) Inc. | HSBCPHMM | https://www.hsbc.com.ph/ |
| ING Bank N.V. | INGSPHMM | https://www.ing.com/ |
| JPMorgan Chase Bank, N.A. | CHASUS33 | https://www.chase.com/ |
| Land Bank of the Philippines | LANDPHMM | https://www.landbank.com/ |
| Maybank Philippines, Inc. | MBSPPHMM | https://www.maybank.com.ph/ |
| Mega International Commercial Bank Co., Ltd. | MEGBPHMM | https://www.megabank.com.tw/ |
| Metropolitan Bank & Trust Company | MBTCPHMM | https://www.metropolitanbank.com/ |
| Mizuho Bank, Ltd. | MHCBPHMM | https://www.mizuhogroup.com/ |
| Philippine Business Bank | PBBPPHMM | https://www.pbb.com.ph/ |
| Philippine National Bank (PNB) | PNBMPHMM | https://www.pnb.com.ph/ |
| RCBC Savings Bank, Inc. | RCBCPHMM | https://www.rcbconlinebanking.com/ |
| Rizal Commercial Banking Corporation (RCBC) | RCBCPHMM | https://www.rcbconlinebanking.com/ |
| Security Bank Corporation | SECBPHMM | https://www.securitybank.com/ |
| Standard Chartered Bank | SCBLPHMM | https://www.sc.com/ |
| Sterling Bank of Asia, Inc. | SBAPPHMM | https://www.sterlingbankasia.com/ |
| Tonik Digital Bank, Inc. | TONIPHMM | https://tonikbank.com/ |
| Union Bank of the Philippines | UNBKPHMM | https://www.unionbankph.com/ |
| Wells Fargo Bank, N.A. | WFBIUS6S | https://www.wellsfargo.com/ |
Avoiding Common SWIFT Code Mistakes
Check and double-check that the SWIFT code is valid and belongs to the intended bank before initiating any transfer. Here are some common mistakes to avoid:
- Transposing numbers or letters incorrectly
- Using outdated or invalid SWIFT codes
- Selecting the wrong SWIFT code for the named bank branch
Verifying SWIFT codes beforehand prevents costly errors and delays.
Final Thoughts
SWIFT codes offer a standardized way to route international bank payments quickly and securely. By taking the time to identify the correct codes, Filipinos can avoid transfer mishaps when sending or receiving money worldwide.
References to credible sources like SWIFT and the National Bank of the Philippines establish authority on the topic. Actively utilizing SWIFT codes also enables choosing the ideal bank for seamless overseas transactions.
What to do next?
- Use our lookup tool to find SWIFT codes for all major Philippine banks.
- Read our guide comparing transfer fees across top international banks.
- Sign up to receive expertise on navigating international banking and transfers.
Frequently Asked Questions
What is the SWIFT code for BDO in the Philippines?
The SWIFT code for BDO Unibank in the Philippines is BNORPHMM.
Where can I find SWIFT codes for banks in the Philippines?
SWIFT codes can be found directly on bank websites or through third-party databases like TheBanks.eu.
How do I choose the best bank for international transfers?
Look for banks with a strong SWIFT code record for international transfers. Check reviews and compare transfer fees to pick the optimal bank.
What is a SWIFT code?
A SWIFT code is a unique identifier for banks used to facilitate international bank transfers and wire transfers between accounts.
Why are SWIFT codes important?
SWIFT codes provide critical routing information to ensure transfers reach the intended recipient accounts smoothly and securely.
Where can I find SWIFT codes for banks in the Philippines?
SWIFT codes for major Philippine banks can be found on the banks’ official websites or through third-party lookup tools online.
What are the parts of a SWIFT code?
SWIFT codes contain 8 or 11 characters broken down into the bank code, country code, location code, and branch code.
How do I use a SWIFT code?
To make an international transfer, provide the recipient’s SWIFT code along with their account details when setting up the wire transfer through your bank.
Can I initiate a transfer without a SWIFT code?
It is not advisable to attempt international bank transfers without a valid SWIFT code, as it can cause significant delays or errors in the transfer.
What mistakes should I avoid with SWIFT codes?
Avoid typos, use the correct 11-digit code specific to the recipient’s branch, and always verify the code beforehand through official channels.
Which bank is best for international transfers from the Philippines?
Banks with strong SWIFT code records like BDO Unibank and Bank of the Philippine Islands (BPI) are recommended based on expertise in overseas transfers.
Are there SWIFT code scams I should watch out for?
Yes, providing incorrect SWIFT codes intentionally is a common scam. Independently verify any provided codes through official directories beforehand.
Please note that some of the websites above may not be in English.
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