Philippine Bank SWIFT Codes Explained (2024)

Philippine Bank SWIFT/BIC Codes

A SWIFT code (also called a BIC code) is an alphanumeric code used to identify specific banks in the Philippines and around the world. An important part of international money transfers, SWIFT codes are often used for international wire transfers and currency exchange.

SWIFT codes are also used to identify the recipient’s bank network, and when used together with other information like bank identifiers and account numbers, they can verify exactly where transferred money should be deposited. Entering a SWIFT code allows for the faster and easier exchange and deposit of currency around the world.

When you're sending money to the Philippines, you'll need to provide the generic SWIFT/BIC code for your recipient's bank, as well as more specific personal information, such as:

• Your recipient's full name;
• Your recipient's physical address;
• Your recipient's bank account number.

SWIFT Transfers: Beware The Hidden Costs

If you're looking for information about Philippine bank SWIFT/BIC codes, then you're probably either:

1. sending money to the Philippines from abroad, or
2. receiving money to your Philippine-based account from abroad.

If so, then you should beware of hidden bank fees and consider using a digital provider to save money instead. To see why we recommend most people avoid the bank for international SWIFT transfers, see the two use cases below:

1 — Sending an International Transfer to the Philippines

If you're sending money internationally to a Filipino bank account through your local bank overseas, the transaction will likely be much pricier than it ought to be. —

This is because fixed international bank transfer fees, bad exchange rates, and correspondent banking fees can stack up very quickly. At Monito, we analyzed the cost of sending money with around 50 major banks in eight countries around the world, and we can confidently say that we don't recommend using your bank to send money to the Philippines.

Additionally, bank transfers via the SWIFT network tend to take quite long (between one and five business days on average), meaning they're not a good option if you want to make a speedy transfer.

Fortunately for you, much smarter alternatives exist. Using a digital money transfer provider, not only could you up to 95% in fees compared to the bank, but you'll also be able to send money more quickly to your beneficiary's account in the Philippines. Compare now on Monito's real-time comparison engine to find the cheapest way to send to any bank account in the Philippines:

Compare better ways to send money to a bank in the Philippines:

2 — Receiving an International Transfer in the Philippines

Are you expecting a transfer from abroad and is the sender asking you to provide a SWIFT/BIC code for your bank in the Philippines? Then you'll likely receive less than you should because of the high international bank transfer fees and bad exchange rates that the senders' bank usually applies.

For example, a typical foreign bank will charge between 5% and 10% in total fees for sending a $1,000 equivalent to the Philippines. With costs like this, you'd quickly receive $50 to $100 less per $1,000 sent than you would've had transferred at the real, mid-market exchange rate.

Luckily, a much better alternative exists to save money when receiving money in the Philippines from abroad. It's called the Wise Account, and it's available for both individuals and businesses. Using a Wise Account (whose online account — but not the debit card — is available in the Philippines), you'll get local bank account details for 10 different currencies. Moreover, you'll be able to send, hold, spend, and receive Philippine pesos, US dollars, and other foreign currency at the mid-market exchange rate with low, transparent fees. This means you'll be able to use Wise to receive money like a local in the Philippines (and other currencies), making it an excellent online account.