Security Bank Swift Code: All You Should Know

It is very important to know about the swift code as it can help you with your banking needs and safety. These codes ensure that no one sends their money to someone else’s account by mistake or under pretenses. This article will help shed some light on the Security Bank Swift Code, so keep reading to get more information about it.

What Is The Security Bank Swift Code? 

SETCPHMM – used for Primary Office of SECURITY BANK AND TRUST CORP Bank in Manila, Philippines, is the swift code belonging to a financial institution. As a bank’s primary office has control over it, it may contain an optional branch code “___”.

Swift Code has other names such as SWIFT-BIC, SWIFT ID, or BIC (short form of Bank Identifier Code). For SECURITY BANK AND TRUST CORP, BIC can also be SETCPHMM___ and SETCPHMM.

Swift codes usually include 8 or 11 characters. If the code is in the form of 8-digit, it means that the swift code/BIC refers to a primary office. The arrangement of the codes is as below: SETC PH MM ___

  • Country Code (A-Z) – 2 letter code. The two beginning letters show the country’s name in which this bank operates. The Country Code for the Philippines corresponds with its code, PH or Philippines as you may know it.
  • Location Code (0-9) (A-Z) – This two-digit code has two forms: two numbers or letters. It represents the head office’s location. For this, the Location Code is MM.
  • Bank Code (A-Z) – 4 letter code. The four beginning letters stand for the bank’s name in shortened versions, so the code is SETC.
  • Branch Code – An optional 3-digit code. Instead of the head office, it says a specific branch. Thus, the Branch Code is ___.

The Security Bank branch that your bank account is based on is not a matter. If you need to wire money from your bank account, use the SWIFT code of their head office or branch as this will automatically transfer it.

See also: BDO swift code – Banco de Oro Unibank (2021 update)

What Is The Security Bank Branch SWIFT CODE?

Used for any particular bank Swift Code, branch code is usually an extra three characters. Because it helps to identify the branch of the bank, it also identifies the routing number of the bank in many cases. Most banks are already using the Swift code, and this is a widely accepted system.

What Is The Security Bank Branch SWIFT CODE? .jpeg

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Benefits Of Security Bank Swift Code

The Swift system brings many outstanding advantages. All banks all over the world use this system, and Security Bank is not an exception. Below are its advantages: 

  • It is the bank’s advanced communication network for only financial institutions and banking systems, so it is a safe and secure way to send or receive information.
  • The information transmission is at high speed, which means that the number of processed transactions is quite high.
  • In comparison to Letter and Telex – the traditional medium, the cost for a transaction is low.
  • SWIFT is a universal way to send and receive payments, with access worldwide. Any bank joining SWIFT can keep up with the world banking community and find itself in good company.

What Are The Functions Of The Security Bank SWIFT Code?

For those transferring money internationally, having quick and easy access to the Swift Code is a must. As mentioned above, this allows you to know what bank to send to, what branch, which country, and its location as well. 

Most of the banks in the Philippines use the Swift Code 8 characters to identify themselves since it is more manageable with fewer branches than an 11-character type. The latter uses additional branch codes, while a bank can have many branches. As a result, banks usually put Swift Code 8 characters onto their websites.

When you receive money from overseas, the bank will normally ask for your information like Account Number, Account Name, Bank Name, and the bank’s Swift Code. Specifically, you have to fill in the English name of that bank corresponding to the rule of writing the Swift Code.

What Are The Functions Of The Security Bank SWIFT Code?

A Security Bank Swift Code can do quite a lot of things

What Happens If Using A Wrong SWIFT Code For Transfers?

When you request the bank to transfer your money to the wrong SWIFT code, that will deduct funds from your balance. Then, it will try transferring money with the SWIFT code that you issued. If the code exists, the transfer continues to happen. 

In case the SWIFT code does not exist, the bank reserves your money to your account. Be patient, as it can take some time for a refund and can lead to additional costs. 

What if the wrong SWIFT code you request exists? Or in other words, you have already sent an amount of money to the wrong destination. If this happens, you need to contact the bank soon and report the mistake to them.

See also: Security Bank Credit Card Review 2021

Frequently Asked Questions

What is the IBAN of Security Bank?

There is no IBAN in Security Bank. Instead, you can use the SWIFT CODE SETCHPHMM. International

IBAN/Bank Account Number is popular among most EU countries or other European nations, besides several areas in the Middle East.

How Can I Receive Remittances Using The Security Bank?

Saving accounts allow users to receive funds from anywhere in the world using local correspondent banks with cable, SWIFT, and telefax facilities. You may ask your bank about their Security Bank Swift Code if you would like remittance sent through telegraphic transfer, and they will be able to help with this process! Below are some basic details that need completing when using telegraphic transfer. 

  • Country Code – PHILIPPINES
  • The bank’s full name – SECURITY BANK CORPORATION
  • CHIPS UID – 010457
  • Full Account Number and Account Name of Beneficiary

You should notice that you have to pay applicable fees as well as charges. Please coordinate with your bank regarding possible additional costs they may charge for this transaction.

What Do Security Bank Swift Codes Do?

These codes are internationally recognized ones for facilitating cross-border money transfers.

Final Thoughts

Overall, the Security Bank Swift Code is a unique identification code assigned to banks to communicate with other international banking institutions. With this code, you can transfer funds quickly and securely. We have provided all the information about it above, and we hope that our article has been helpful!

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