How SWIFT Code helps make remittances fast and secure

Sending money from abroad to the Philippines should be fast, secure, and reliable.  Using a SWIFT code ensures that your transactions are without errors and reaches the bank quickly.

A SWIFT code, also known as a Business Identifier Code (BIC), is a standardized format used to identify banks and financial institutions globally. It consists of 8 to 11 characters that provide specific information about the bank, such as its country, location, and branch.

For the Bank of the Philippine Islands, the SWIFT code is BOPIPHMM. Here’s what it means:

When necessary, an 11-character SWIFT code will also include a specific branch code at the end, but the 8-character code is usually sufficient, as in the case for BPI.

Here are some advantages that make SWIFT codes crucial in international money transfers and remittances.

• Accuracy and Security

SWIFT Codes ensure funds are transferred to the correct institution, reducing errors and delays.

• Speed

Transactions are processed faster, often within a few hours.

• Global Reach

SWIFT Codes connect over 11,000 financial institutions in more than 200 countries, enabling efficient money transfers worldwide.

• Transparency and Tracking

SWIFT Codes provide a way to track payments, ensuring transparency and accountability for both sender and receiver.

• Reduced Costs

The process of sending money using SWIFT Codes typically has lower fees compared to other international money transfer methods and has fewer additional charges due to reduced errors.

When sending money to a BPI account from abroad, you will need to provide the following information:

• Recipient’s name and address

• Recipient’s BPI account number

• BPI's SWIFT code: BOPIPHMM

• Additional details like the bank’s branch name and address, if required

In order to avoid complications, double check details to ensure that all information is accurate.