How is SWIFT code different from BIC? Well, SWIFT code is actually just the more commonly used term for the Bank Identifier Code (BIC), and the two are pretty much the same. Why is it called SWIFT Code? It’s called SWIFT, not because it means your remittance will be quick, but because SWIFT is actually an acronym for the “ Society for Worldwide Interbank Financial Telecommunication” - an organization that provides a network for institutions worldwide to send and receive information about financial transactions. SWIFT codes are unique identification numbers assigned to a bank or a financial institution around the world. What is BRSTN or Routing Numbers (for Upwork or Paypal)?.What is IBAN (International Bank Account Number)?.
What is BIC (Business Identifier Code)?.SWIFT Codes of Brokers, Rural Banks, and Philippine Companies.What’s the SWIFT Code of Philippine banks?.That’s the reason we made this list - containing bank Swift Codes or BIC of financial institutions in the Philippines - which we individually verified to be correct, so that you won’t have to experience the same mistake I did!Ĭheck out below the complete, accurate, and most updated list of SWIFT codes for banks and financial institutions in the Philippines! Yes, it was my fault that I got the wrong information from an unreliable website back then, so don’t make the same mistake now. Worse, they charged me $10.00 for the failed transaction! My remittance bank told me the wire transfer was rejected because I gave the wrong SWIFT Code.
The very next day, I went to my remittance bank to inquire and that’s when they told me that the money transfer did not go through! I was told the remittance would be completed in 2-3 days and I thought everything would be just fine.īut 3 days later, my recipient in the Philippines told me the money was still not yet deposited in his bank account. Apparently I used the wrong SWIFT Code (which I got from some unreliable source on the internet) but my originating bank still accepted the money transfer request. I remember one time when I was still working abroad and I sent a wire transfer to the Philippines. Worse, you might even get charged a hefty fee for providing incorrect SWIFT Codes or making typo errors in the transaction. Make sure you’re using the right bank code because if you provide the wrong digits, your remittance might not be delivered. Look no further because you can find all the SWIFT Codes you need in this list! When sending cash remittances or wire transfer to a bank account in the Philippines (such as BDO, BPI, Metrobank, Landbank, DBP, etc.), you’ll surely need the SWIFT Code of the bank.
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