The Complete List of Philippine Bank Codes & Swift Codes

This guide serves as a comprehensive resource on Philippine Bank Codes and Swift Codes. It provides an extensive list of bank codes and swift codes used in financial transactions within the Philippines and internationally. Its purpose is to assist businesses, individuals, and financial institutions in streamlining transactions and gaining a better understanding of the banking system in the Philippines. The knowledge of relevant bank codes and swift codes is crucial in ensuring a smooth and efficient transfer process, whether you’re sending or receiving money domestically or internationally.

BANK CODE AND SWIFT CODE FAQ

Bank code and swift codes may cause confusion, particularly for those who are not yet familiar with financial transactions. This FAQ aims to provide clarity by answering frequently asked questions about these codes.

1. WHAT IS A SWIFT CODE

A SWIFT code, also known as a SWIFT number or Business Identifier Code (BIC), is a unique identification code used to identify banks and financial institutions worldwide. It is a standard format code that is used for transferring money between banks, particularly for international wire transfers. The SWIFT code is used to identify the bank or financial institution where the recipient has their account, allowing the transfer to be made securely and efficiently.

In the Philippines, every bank and financial institution has a unique SWIFT code that can be used for international money transfers. The list of SWIFT codes for Philippine banks is publicly available and can be accessed online through various sources such as the official website of SWIFT or the respective bank’s website.

It is important to note that while the SWIFT code is used for international transactions, it is not always necessary for domestic transactions within the same country. In the Philippines, for example, local transfers between banks can be made using the Philippine Interbank Fund Transfer (PIFT) system, which does not require a SWIFT code.

2. WHAT IS A BANK CODE

A bank code is also known as the Bank Routing Symbol Transit Number (BRSTN). It is a nine-digit code assigned to each bank in the Philippines by the Central Bank of the Philippines. This unique identifier is used in various financial transactions, such as local fund transfers, salary crediting, bill payments, and other financial transactions. Each bank in the Philippines has a specific BRSTN code that represents its unique identity.

The BRSTN code is essential when it comes to processing financial transactions because it ensures the accuracy and speed of money transfers between different banks in the Philippines. Without a correct BRSTN code, the transaction could get delayed, rejected or even lost, causing inconvenience and additional costs to both the sender and receiver.

Moreover, the BRSTN code, or Bank code also plays a crucial role in international remittances. When someone transfers money from abroad to a bank in the Philippines, they need to know the recipient bank’s BRSTN code to ensure the smooth processing of the transaction.

3. WHAT IS THE DIFFERENCE BETWEEN A BANK CODE & A SWIFT CODE

A bank code is used to identify a specific bank within a country for local money transfers, while a SWIFT code is used to identify a bank globally for international money transfers.

A bank code, also known as the Bank Routing Symbol Transit Number (BRSTN), is a series of digits used to identify a specific bank in a country. In the Philippines, a bank code consists of nine digits that identify the bank’s name, city, and country in financial transactions. This code is used for domestic transfers within the Philippines.

On the other hand, a SWIFT code is an international bank code used to identify banks globally. It stands for Society for Worldwide Interbank Financial Telecommunication. A SWIFT code consists of eight or eleven characters that identify a specific bank, country, and location. This code is used for international money transfers and wire transfers between banks.

In summary, a bank code is used for local transactions within a country, while a SWIFT code is used for international transactions between banks in different countries.

LIST OF SWIFT CODES OF ALL PHILIPPINE BANKS

LIST OF BANK CODES OF ALL PHILIPPINE BANKS

Acquiring knowledge of bank codes and swift codes is essential for individuals and businesses engaged in financial transactions within the Philippines and internationally. This comprehensive guide offers an extensive list of these codes and aims to simplify the process of sending and receiving money. It is crucial to ensure that the correct codes are used to avoid any delay or complexity during the transaction. By using this guide as a reference tool, you can streamline your banking process and optimize your financial transactions. Familiarizing yourself with these codes can be advantageous, enabling you to make informed decisions and manage your financial affairs more efficiently. With the help of this guide, you can ensure that your transactions are executed with the utmost accuracy and speed, enhancing your financial operations.