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When you’re tasked with transferring money internationally, you’ll often need to provide a SWIFT code for the bank, or a bank code if you’re dealing with PayPal transactions. What exactly are these codes, and what purpose do they serve? Moreover, how does one go about locating them?
Thankfully, these seemingly complex codes are quite straightforward to understand. This guide will demystify everything from the meaning of a SWIFT code to the various SWIFT and bank codes utilized in the Philippines.
Table of Contents
Philippine SWIFT Codes (BIC): Defining SWIFT Code
The SWIFT code is a unique identifier used globally to recognize business entities, predominantly banks, and to direct financial transactions across the globe. This is a safeguard to ensure funds are moved promptly and to the correct banking institution.
Also referred to as a BIC (Business Identifier Code), BIC code, SWIFT-BIC, or SWIFT ID, it comprises eight to eleven characters arranged as follows:
- A four-letter bank code
- A two-letter country code
- A two-letter location code
- An optional three-letter branch code
For instance, the SWIFT code for BPI is BOPIPHMM:
- BOPI represents the Bank of the Philippine Islands
- PH stands for the country code of the Philippines
- MM signifies Metro Manila
SWIFT is an acronym for the Society for Worldwide Interbank Financial Telecommunication, an organization situated in La Hulpe, Belgium, which oversees these codes. Below is a list of SWIFT Codes in the Philippines.
| No. | Bank or Institution | City | SWIFT Code |
|---|---|---|---|
| 1 | Bank of the Philippine Islands (BPI) | City of Makati | BOPIPHMM |
| 2 | BDO Unibank | City of Makati | BNORPHMM |
| 3 | East West Bank | City of Makati | EWBCPHMM |
| 4 | Land Bank of the Philippines (Landbank) | – | TLBPPHMMXXX |
| 5 | Metropolitan Bank (Metrobank) | – | MBTCPHMM |
| 6 | Philippine National Bank (PNB) | – | PNBMPHMM |
| 7 | Rizal Commercial Banking Corporation (RCBC) | – | RCBCPHMM |
| 8 | Security Bank | – | SETCPHMMXXX |
| 9 | Union Bank | – | UBPHPHMMXXX |
| 10 | Al-Amanah Islamic Investment Bank of the Philippines | City of Makati | AIIPPHMM |
| 11 | Asia United Bank Corporation | City of Pasig | AUBKPHMM |
| 12 | Australian and New Zealand Banking Group Limited | City of Makati | ANZBPHMX |
| 13 | BancNet, Inc. | City of Makati | BNNNPH22 |
| 14 | Bangko Sentral Ng Pilipinas | City of Manila | PHCBPHMM |
| 15 | China Banking Corporation | City of Makati | CHBKPHMM |
| 16 | CIMB Bank Philippines Inc. | City of Taguig | CIPHPHMM |
| 17 | CTBC Bank (Philippines) Corp. | City of Taguig | CTCBPHMM |
| 18 | Deutsche Bank AG | City of Manila | DEUTPHMM |
| 19 | Development Bank of the Philippines | City of Makati | DBPHPHMM |
Usage of SWIFT Code
This code instructs banks and remittance services where to dispatch funds. Hence, you need this code each time you make an international fund transfer.
If you’re sending money overseas, the recipient’s bank SWIFT code is essential before proceeding with the transfer.
Conversely, if you’re expecting funds from abroad, you must provide the sender with your bank’s BIC code from the Philippines.
Locating a Philippine Bank’s SWIFT Code
Accuracy with BIC is crucial as incorrect codes prevent the successful transmission of money transfers.
You can locate the precise SWIFT code for any bank by visiting the SWIFT website and utilizing their complimentary BIC Search tool.
Online BIC Searching Procedure
- Input the name of the bank or institution in the provided field. For instance, type “Bank of the Philippine Islands” for BPI’s SWIFT code, or “Globe Telecom” for the GCash SWIFT code.
- Optionally, you can enter the bank’s branch in the designated field.
- Select the Philippines from the Country dropdown menu.
- Fill in the captcha in the Challenge field.
- Click the Search button.
- The SWIFT code will be displayed under the BIC column in the search result table.
Alternatively, you can inquire about the SWIFT ID by contacting your bank’s customer service or visiting a branch.
Philippine Bank Codes (BRSTN) Understanding Bank Code:
The bank code, or Bank Routing Symbol Transit Number (BRSTN), is a nine-digit figure assigned to banks for identifying their name, city, and nation in financial transactions. It serves as the standard identifier for money transfers within the Philippines.
You can obtain your bank code or BRSTN by reaching out to the bank’s head office or the main bank if it’s a subsidiary.
Bank Code Usage
Bank codes are commonly used for PayPal withdrawals to local bank accounts.
You might have first come across a bank code when you linked a bank account to your PayPal for fund transfers.
Finding Bank Codes of Philippine Banks for PayPal
PayPal provides a bank code list for the Philippines, accessible when you log into your account.
After signing in:
- Click on the Wallet link at the top.
- Under Bank accounts, select Link a bank account.
- Press the Add button.
- Click the List of bank codes link next to the Bank Code field.
However, locating the BRSTN on PayPal’s list can be challenging. If you need a more user-friendly list, such as for BPI’s bank code, you can reference a sorted list provided below.
Comprehensive Philippine Bank Code List:
Here you’ll find an organized list of bank codes for significant Philippine banks, current for 2023.
| Bank Name | Bank Code |
|---|---|
| Asia United Bank Corporation (AUB) | 011020011 |
| Australia and New Zealand Banking Group Limited | 010700015 |
| Bank of America, N.A. | 010120019 |
| Bank of China | 011140014 |
| Bank of Commerce | 010440016 |
| Bank of the Philippine Islands (BPI) | 010040018 |
| BDO Unibank, Inc. (BDO) | 010530667 |
| China Banking Corporation | 010100013 |
| Citibank, N.A. | 010070017 |
| Development Bank of the Philippines (DBP) | 010590018 |
| East West Banking Corporation (EastWest Bank) | 010620014 |
| Land Bank of the Philippines | 010350025 |
| Metropolitan Bank and Trust Co. (Metrobank) | 010269996 |
| Philippine National Bank (PNB) | 010080010 |
| Rizal Commercial Banking Corporation (RCBC) | 010280014 |
| Security Bank Corporation | 010140015 |
| Union Bank of the Philippines | 010419995 |
| United Coconut Planters Bank (UCPB) | 010299995 |
Should your bank be absent from the list, it might indicate that PayPal does not facilitate withdrawals to it. In such cases, consider utilizing a different bank or opening a new account.