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SWIFT is the abbreviation of the Society for Worldwide Interbank Financial Telecommunication. It was created in 1973 supported by 239 banks in 15 countries. The mission is to have a shared worldwide data processing and common protocol for international financial transactions. The community of financial sectors worldwide recognize the technological benefit of SWIFT system that it outperformed the TELEX system. Members of the SWIFT has its own id number called the BANK SWIFT CODE.

SWIFT CODE is the banking route for money remittance. Through the use of SWIFT codes, money could be wire transferred internationally easilly.

Since these codes are very much essential in terms of remittance for OFWs and online transactions – knowing this bank number is a must.

Here is the list of the Philippine bank swift codes:

Allied Banking Corporation – ABCMPHMM
American Express Bank Philippines – AMEXPHMM
Banco de Oro Universal Bank – BNORPHMM
Bank of China Manila Branch – BKCHPHMM
Bank of Commerce – PABIPHMM
Bank of the Philippine Islands – BOPIPHMM
China Banking Corporation – CHBKPHMM
Development Bank of the Phil. – DBPHPHMM
East West Banking Corporation – EWBCPHMM
Equitable PCI Bank – PCIBPHMM
Hong Kong and Shanghai Bank – HSBCPHMM
International Comm Bank of China – ICBCPHMM
International Exchange Bank – INXBPHMM
Land Bank of the Philippines – TLBPPHMM
Maybank Philippines Incorporated – MBBEPHMM
Metropolitan Bank & Trust Co. – MBTCPHMM
Philippine Bank of Communications – CPHIPHMM
Philippine National Bank – PNBMPHMM
Philippine Veterans Bank – PHVBPHMM
Philtrust Bank – Allied Banking Corporation – ABCMPHMM
American Express Bank Philippines – AMEXPHMM
Banco de Oro Universal Bank – BNORPHMM
Bank of China Manila Branch – BKCHPHMM
Bank of Commerce – PABIPHMM
Bank of the Philippine Islands – BOPIPHMM
China Banking Corporation – CHBKPHMM
Development Bank of the Phil. – DBPHPHMM
East West Banking Corporation – EWBCPHMM
Equitable PCI Bank – PCIBPHMM
Hong Kong and Shanghai Bank – HSBCPHMM
International Comm Bank of China – ICBCPHMM
International Exchange Bank - INXBPHMM
Land Bank of the Philippines – TLBPPHMM
Maybank Philippines Incorporated – MBBEPHMM
Metropolitan Bank & Trust Co. – MBTCPHMM
Philippine Bank of Communications - CPHIPHMM
Philippine National Bank – PNBMPHMM
Philippine Veterans Bank – PHVBPHMM
Philtrust Bank – PHTBPHMM
Prudential Bank – PILBPHMM
Rizal Commercial Banking Corp – RCBCPHMM
Security Bank and Trust Corp – SETCPHMM
Standard Chartered Bank – SCBLPHMM
Union Bank of the Philippines – UBPHPHMM
United Coconut Planters Bank – UCPBPHMM
United Overseas Bank Philippines – UOVBPHMM
Prudential Bank - PILBPHMM
Rizal Commercial Banking Corp – RCBCPHMM
Security Bank and Trust Corp – SETCPHMM
Standard Chartered Bank – SCBLPHMM
Union Bank of the Philippines – UBPHPHMM
United Coconut Planters Bank – UCPBPHMM
United Overseas Bank Philippines – UOVBPHMM

I hope this will help you on your online transactions…Enjoy!

In connection with the article I posted yesterday about paypal fund to your peso account. So I tried updating my paypal account that now requires a 9-digit bank code but I don’t know where to get one… Do I have to call my bank?

To complete your PayPal withdrawal, you will need to enter the name of your bank, your bank account number and the corresponding 9-digit bank code, which identifies your bank.

If this is your first attempt to withdraw PayPal, you need to add a bank account to your PayPal account first. To do this, log in to PayPal, go to My Account > Profile > Add or Edit Bank Account then fill in the Bank Name, Account Number, and Bank Code.

Philippine banks with Paypal bank codes: Allied Bank; Asia United Bank; BSP; Banco de Oro (BDO); Equitable PCIBank (same as BDO bank code); Bank of Commerce; Bank of the Philippine Islands (BPI); China Bank; China Trust; Citibank; Development Bank of the Philippines (DBP); Deutsche Bank; East-West Bank; Export Bank; Hong Kong and Shanghai Bank (HSBC); Landbank of the Philippines (Land Bank); Metropolitan Bank and Trust Co. (Metrobank); Philippine Bank of Communications (PBCom); Philtrust; Philippine National Bank (PNB); Prudential Bank; Veterans Bank; Rizal Commercial Banking Corporation (RCBC); Security Bank; Standard Chartered; United Coconut Planters Bank (UCPB); UnionBank of the Philippines (Unionbank); United Overseas Bank.

I just receive an email advisory from Paypal and eBay and this is what it says:

Now you can add your Philippine bank account to your PayPal account, so you can withdraw your money directly to your bank. It saves you time and gives you faster access to your PayPal funds! Plus, there is no charge to withdrawal amounts over PHP 7000*. So go ahead and add your bank account today!

How to add a bank account?

In just a few easy steps, you can add your Philippine or Indonesian bank account to your PayPal account in order to conveniently withdraw your money.

Step 1: Log into your PayPal account

Click the ‘My Account’ tab and then click the ‘Withdraw’ sub tab.

Step 2: Select the ‘Withdraw funds to your bank account’ option

For Philippine users, withdrawals equal or more than PHP 7,000 are free. For withdrawal amounts of less than PHP 7,000, there will be a fee of PHP 50.

Step 3: Select the bank account and amount to withdraw

Important: You must become a verified PayPal member in order to withdraw funds from your account. To start the verification process using your credit card, please click the ‘Lift this limit’ link on the “Withdraw funds to your bank account” page, or learn more first.

Please note verification may take 3-4 business days to complete.

Step 4: Confirm the transfer

Frequently Ask Questions:

Which bank can I use to withdraw my money?

All local banks can be used to withdraw the funds.

How long does it take for funds to reach my bank account?

It typically takes 5-7 business days. However, depending on your bank’s policies, it may take longer.

Are there any minimum or maximum withdrawal amounts?

No, once you are a verified PayPal member, there are no minimum withdrawal amounts or maximum withdrawal amounts. However, non-verified PayPal members will not be permitted to make withdrawals of any amount. Learn more about verification.

Are there any requirements that I must fulfill before I can withdraw my funds?

You will need to add a bank account and also become a verified PayPal member.
Learn how to become a verified PayPal member now.

Can I still withdraw funds to a US bank account?

Yes, the functionality to withdraw your PayPal balance to a US bank account is still available.

Can I still withdraw funds to a Visa debit, credit, or prepaid card?

Yes, the functionality to withdraw your PayPal balance to a Visa debit card, credit card, or prepaid card is still available.
Learn more.

Can I withdraw US Dollars to a US Dollar denominated Philippine or Indonesian bank account?

No. At this time, PayPal only supports withdrawal to Peso or Rupiah bank accounts located in the Philippines or Indonesia. However, you can withdraw funds in US Dollars, if you have a United States bank account. Add a United States bank account to your PayPal account now.

What currency will be transferred from my PayPal account to my local bank account?

Regardless of the foreign currency (USD, EUR, AUD, etc.) you are withdrawing from your PayPal account, the funds will be converted to your local currency.

For example, if you are in the Philippines, your withdrawal will be converted into Pesos and transferred to your local bank account. If you are in Indonesia, your withdrawal will be converted into Rupiahs and transferred to your local bank account.

How much does it cost?

For Philippine users, withdrawals of PHP 7,000 or more are free. For withdrawal amounts less than PHP 7,000 there will be a fee of PHP 50. For Indonesian users, withdrawals of IDR 1.5 million or more are free. For withdrawal amounts of less than IDR 1.5 million, there will be a fee of IDR 16,000.

Foreign exchange fees may also apply. Check our schedule of fees for details. Please note that some banks charge their customers a fee for electronic funds transfers. PayPal can make no assurances that you will not be charged by your bank. Please ask your bank whether it charges for electronic fund transfers before you initiate a withdrawal.

I logged in today to my Google Adsense account and saw that the Money Transfer Control Number (MTCN) for my November Adsense payout via Western Union Quick Cash is already available.

Since the Western Union (WU) method was offered two months ago, the MTCN was always released to publishers a bit delayed. The Money Transfer Control Number for my October 2007 earnings, for example, appeared on my account only on November 1. For my November earnings, I was able to receive the payout only on December 2.

But with the MTCN for November now out, I can encash my Adsense income before the end of December 2007. Woot!

Happy New Year, indeed!

P.S. Before you encash your Adsense earnings, here’s a Western Union payout tip. Scout first for the WU branch that offer the highest exchange rate because not all Western Union pickup outlets have the same rates.

Again, happy new year!

A friendly reminder to everyone encashing their Google Adsense earnings via Western Union Quick Cash: scout first for the Western Union branch that offers the highest exchange rate because you will “lose” if you received a low rate.

This I realized when I encashed my Adsense income for November today. First I went to SM Megamall’s Bills Payment section where they process Western Union transactions. I asked what their dollar-to-peso exchange rate is and got told it’s $1 to P42.35.

I decided not to redeem my earnings yet and instead headed to an RCPI-Western Union branch inside St. Francis Square which is just across SM Megamall. The staff told me their current exchange rate is $1 to P42.67.

Betting that another Western Union pickup location can beat this rate, I went to Sanry’s Foreign Exchange at Glorietta Mall in Makati. True enough, they offer $1 to $42.70. I then decided to settle for this and I redeemed my November Adsense earnings.

Our reminder again: before you hurry to a Western Union agent for your Google Adsense payment, search first for a branch with the highest offered rate.

Because if, for example, you received $1,000 and decided to convert this to peso today at SM Megamall instead of Sanry’s at Glorietta, you would have “lost” P350 [$1,000 * (P42.70-P42.35)].

It might not be a big amount, but P350 still is P350, right?

What has been your experience using Western Union to receive Adsense payments?

Let us know!