You’re preparing to send money overseas to the Philippines and you’ve come across this new term SWIFT Code. Do you really need a SWIFT code for money transfers? The answer is yes. A SWIFT Code, also known as BIC, is an alphanumeric code used to make international money transfers more secure. Find out more about this important part of the money transfer process before sending money to friends and family in the Philippines.
How do Philippine bank SWIFT codes work?
SWIFT stands for Society for Worldwide Interbank Financial Telecommunication. As the name implies, a SWIFT code is universally used throughout the world’s banks to enable secure transfers between accounts located in different countries. Most Philippine banks are active participants in the SWIFT network to allow for international money transfers.
The SWIFT code is an alphanumeric code consisting of either 8 or 11 digits, because in some cases the last three digits are optional.
- Digits 1-4 identify the bank code.
- Digits 5-6 represent the country of the bank.
- Digits 7-8 indicate the city and are often appear as city initials.
- Digits 9-11 represent a specific branch of the bank. It’s okay if the three digits do not appear, that just means the money is being transferred to the main bank rather than a bank branch.
For example, the SWIFT code BOPIPHMM stands for the following:
- BOPI = Bank of the Philippine Islands
- PH = Philippines country code
- MM = Metro Manila
The SWIFT code ensures the money you send to the Philippines arrives at its proper destination quickly and securely.
SWIFT Codes are also referred to as BIC codes. BIC stands for Business Identifier Code. So, if you see references to a BIC code, know it’s the same thing.
How to find your Philippine bank’s SWIFT code
To send money to the Philippines, you’ll need your receiver to provide you with some basic information, one of them being the SWIFT code. Your receiver can find their SWIFT code via the following options:
- Contact the bank’s customer service hotline or visit a branch location to ask for the SWIFT code.
- Search online via the SWIFT website.
Once you have the SWIFT code, you can prepare to send money to them.
Benefits of Sending Money to the Philippines through an Intermediary
While you can send transfers through your bank, beware of hidden costs. Fixed international banking fees, poor exchange rates, and long processing times can make sending money this way slower and more costly.
Alternatively, you’re better off transferring money via a trusted transfer provider like Western Union. Western Union stays transparent about processing fees so nothing surprises you; you even can simulate a transfer on the mobile app beforehand so you know what to expect. Additionally, transfers happen more quickly too—you can track your transfer online or via the mobile app. In short, Western Union can save you lots of money and time. Get started today.
