SWIFT/BIC codes in Philippines: banks starting with M

SWIFT/BIC codes in Philippines

For Philippines we have 456 SWIFT/BIC codes. You will need such a code mostly for payments across borders.

Look for the bank you need below and click through for the full list of codes and the details a transfer needs. The sections below covers how the codes work, what transfers cost and how to avoid mistakes.

Paying a bank in Philippines from abroad

Philippines is not part of the SEPA area. International transfers to Philippines normally travel over the SWIFT network – which is why you need the BIC of the recipient’s bank.

Not every country uses the IBAN; in that case the local account number is used instead. Ask the recipient which details their bank needs for incoming international payments – many banks give clear instructions for this. On the way to Philippines, a payment can go through correspondent banks.

How SWIFT codes from Philippines are built

A SWIFT code is 8 or 11 characters long. It starts with a four-letter bank code, followed by a two-letter country code and a two-character location code.

You can spot a code from Philippines from the fifth and sixth characters: they always show the ISO country code of Philippines. Codes with other letters in that position belong to a bank abroad.

The optional last three characters stand for a specific branch; XXX means the head office. For most transfers the head office code is fine unless the recipient asks for a specific branch.

Philippines and the Philippine Peso

Philippines uses the Philippine Peso. A payment in a foreign currency will be converted into PHP – and the bank that does it picks the rate.

Who converts the money makes a difference, because each party uses its own rate. Often you pay less if you send PHP straight away via a transfer service with a good rate. Rates for PHP move all the time.

Getting paid from abroad into an account in Philippines

To receive a transfer from abroad in Philippines, the person paying you needs more than the BIC. In practice that means: your full name exactly as it appears on the account, your IBAN or account number, the BIC of your bank and usually your address.

Look up your bank in the list on this page and compare the code with your own bank details. Certain banks may also want the name and address of your bank.

What lands in your account is often lower than what was sent. Correspondent banks can take a fee, and if the money is converted, a markup on the rate comes on top. Agree with the sender who pays which costs.

When does money sent to Philippines arrive?

There is no fixed delivery time for payments to Philippines: some arrive the same day or the next, others take several business days. Payments made late in the day or on weekends and holidays usually start the next business day.

A growing number of banks are connected to SWIFT gpi for faster and traceable payments. Each payment gets a unique transaction reference, the UETR that banks can use to see where the money is. Keep the payment confirmation until the recipient confirms; a bank needs it to start a trace.

About our data and how to check a code

The safest source for a SWIFT code is the recipient’s own bank details. When the code you were given differs from our list, stop and ask.

Our SWIFT/BIC directory is based on public sources that we update periodically. Banks merge, change names and change codes. For any payment that matters, confirm the code with the recipient. We are a comparison site, not a bank.

Be wary of invoices with changed bank details, especially when they come by email. Before paying, confirm a change of bank details through a separate channel.

Most SWIFT codes in Philippines: Asiatrust Bank

Among the 411 institutions we list, Asiatrust Bank holds the most SWIFT/BIC codes in Philippines. The head office of Asiatrust Bank uses ATDBPHM1XXX.

Many codes often means separate codes for branches, departments or services – it says nothing about the size of the bank as such. Making a payment to Asiatrust Bank? Go with ATDBPHM1XXX unless a specific branch code is requested.

SWIFT codes in Philippines: banks under :letter

This page only shows the banks in Philippines whose name starts with :letter. The counts in the introduction still cover all banks in Philippines and not only this selection.

If the bank you need does not appear here, check another letter – the registered name can differ from the name people use. Try the full list for Philippines when you are not sure how the name is spelled.

The cheapest way to send money to Philippines

The price of a transfer to Philippines is made up of several parts – not only the fee you see. You pay the transfer fee, possibly charges from intermediary banks along the way and, most importantly, the exchange rate markup if the money is converted.

That exchange rate margin tends to be the largest part of the cost because it is hidden in the rate. Compare the rate you are offered with the mid-market rate that you find on financial sites; the gap is what conversion costs you.

For a lot of routes, a specialist provider is cheaper than a bank, mainly because of the rate. Before your next transfer to Philippines, it is worth comparing the total cost on GoldexPay instead of going straight to your bank.