Swift Code is the code you need to provide to identify a bank when transferring money overseas or receiving deposits from abroad to Philippines.
Table of Contents
What is swift?
SWIFT is the English abbreviation of Society for Worldwide Interbank Financial Telecommunication, also known as the Global Interbank Financial Telecommunication Association. This association is responsible for connecting and helping member banks make international money transfer / receipt transactions easier with lower costs and more securely.
To become a member of SWIFT, banks and financial institutions must fulfill all conditions, including documents required by SWIFT and the most popular connection system.
Due to the nature of controlling the cash flow of the world, SWIFT’s security is very high, hackers have never been able to attack this system.
Advantages of Swift code
All banks around the world use SWIFT system due to its outstanding advantages as follows:
- This is a communication network used only in the banking system and financial institutions, so it is highly secure and safe;
- The high speed of information transmission allows a large number of transactions to be processed;
- The cost of a transaction is low compared to Letter and Telex, which is the traditional medium;
- Using SWIFT will follow a uniform worldwide standard. This is the common point of any bank joining SWIFT that can get along with the world banking community
What is Swift Code?
Swift Code is a code format that is intended to identify a bank or a financial institution in the world. This code usually consists of 8 characters or 11 characters, each with its own meanings:
- Bank name,
- Country name,
- Branch code.
In addition, the Swift Code code can also be called BIC, short for Business Identifier Codes. Both Swift codes or BIC codes have the same meaning.
Convention on Swift Code code
AAAA BB CC DDD
- AAAA: is the abbreviation in English of the bank name. This is a signature that distinguishes banks and financial institutions from each other. In the first 4-character position, this AAAA only allows the use of letters from A to Z, it is not allowed to use numbers here. Using the number here will not match the standard.
- BB: The national abbreviation of the bank. These two BB characters are used according to ISO 3166-1 alpha-2. For PH banks, these 2 characters are always PH. So when looking at the Swift Code code, and seeing the 5th and 6th position with the word VN, it shows that the bank is in Philippines.
- CC: A local identifier. In these 2 characters, both numbers and letters are allowed. The specified CC code is usually VX.
- DDD: A code that identifies a participating bank or bank branch. In these 3 characters it is allowed to use both numbers and letters. For example, Agribank’s Thanh Xuan Hanoi branch has the code DDD of 435.
So basically, a Swift Code (BIC) code in our country is in the form AAAAVNVXDDD.
What is Swift Code used for?
Swift Code is something that you are indispensable when receiving / transferring money internationally. As mentioned above, Swift Code makes it easy to know what the name of the bank is, in which country, what branch, and what address is it?
In Philippines, most banks often use 8-character Swift Code is the most popular. Because the 11-character type has additional branch codes, a bank has many branches. Therefore, banks often put Swift Code 8 characters on their website as below table.
When receiving money from abroad, you will normally be asked to enter information such as: Account Name, Account Number, Bank Name and Swift Code Code of that bank. In it, the name of the bank you should fill in is in English and the Swift Code code is filled in corresponding to the table above.
For other banks not listed in the table, please do a further internet search to view and fill in the correct information.
List of Swift Code codes of banks in Philippines
|Asia United Bank Corporation (AUB)||AUBKPHMM|
|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|
|Bank of the Philippine Islands (BPI)||BOPIPHMM|
|BDO Unibank, Inc. (BDO)||BNORPHMM|
|BNP Paribas, Manila Offshore Branch||BNPAPHMM|
|BPI Family Savings Bank||BPFSPHM1|
|BPI Globe Banko Inc.||BPGOPHM1|
|Cathay United Bank Co., LTD. Manila Branch||UWCBPHMM|
|China Banking Corporation (China Bank)||CHBKPHMM|
|China Bank Savings, Inc.||CHSVPHM1|
|Citibank, N.A. – Makati Branch||CITIPHMX|
|Citibank, N.A. – Manila Branch||CITIPHMXTSU|
|Citibank, N.A. – Cebu Branch||CITIPHMXCBU|
|CTBC Bank (Philippines) Corp.||CTCBPHMM|
|Deutsche Bank AG||DEUTPHMM|
|Development Bank of the Philippines (DBP)||DBPHPHMM|
|East West Banking Corporation (EastWest Bank)||EWBCPHMM|
|Equicom Savings Bank, Inc.||EQSNPHM1|
|First Commercial Bank, Ltd., Manila Branch||FCBKPHMM|
|The Hongkong and Shanghai Banking Corporation Ltd – Philippine Branch (HSBC Philippines)||HSBCPHMM|
|HSBC Savings Bank (Philippines) Inc.||HBPHPHMM|
|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|
|Land Bank of the Philippines||TLBPPHMM|
|Maybank Philippines, Inc.||MBBEPHMM|
|Mega International Commercial Bank Co., Ltd., Manila Branch||ICBCPHMM|
|Metropolitan Bank and Trust Co. (Metrobank)||MBTCPHMM|
|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 National Bank (PNB)||PNBMPHMM|
|Philippine Savings Bank (PSBank)||PHSBPHMM|
|Philippine Veterans Bank||PHVBPHMM|
|Philtrust Bank (Philippine Trust Company)||PHTBPHMM|
|Rizal Commercial Banking Corporation (RCBC)||RCBCPHMM|
|Robinsons Bank Corporation||ROBPPHMQ|
|Security Bank Corporation||SETCPHMM|
|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|
|Union Bank of the Philippines||UBPHPHMM|
|United Coconut Planters Bank (UCPB)||UCPBPHMM|
|United Overseas Bank Limited – Manila Branch||UOVBPHMM|
|Yuanta Savings Bank (formerly Tong Yang Savings Bank)||TYBKPHMM|
See also: Philippines full swift codes