The SWIFT code (also known as BIC code or Business Identifier Code) is an international standard used to identify specific banks and financial institutions around the world. This code is essential for conducting international wire transfers, ensuring that the money is sent to the correct financial institution. For customers of the Bank of the Philippine Islands (BPI) in Tagum City, knowing the correct SWIFT code is important when making or receiving payments across borders.
What is the SWIFT Code for BPI Tagum City?
The SWIFT code of BPI Tagum City, like most BPI branches, will follow the general BPI SWIFT/BIC code, which is BOPIPHMM. This code represents the Bank of the Philippine Islands’ main branch located in the Philippines. However, it’s important to understand that the SWIFT code is generally consistent across all BPI branches in the country, including those in Tagum City, unless specified otherwise for local branches.
Here is a breakdown of the SWIFT code:
- BOPI: The bank code for the Bank of the Philippine Islands.
- PH: The country code for the Philippines.
- MM: The location code, specifically for Manila (where the central office of BPI is located).
What Does the SWIFT Code for BPI Mean?
- BOPI – This is the bank’s identifier, referring to the Bank of the Philippine Islands.
- PH – The two-letter country code for the Philippines.
- MM – The two-letter code identifying Manila, which is the central location for BPI in the Philippines.
While BPI’s SWIFT code of BOPIPHMM is used for most transactions involving BPI in the Philippines, including Tagum City, certain transactions may require more specific details, such as the name or address of the Tagum branch or additional identification for local variations.
How to Use the SWIFT Code for International Transfers?
If you are sending or receiving money internationally through BPI Tagum City, you may need to provide the SWIFT code for the transfer. Here’s how you can proceed:
- For sending money: When initiating a transfer to a BPI account, make sure to use the BOPIPHMM code for general BPI transactions, especially for transfers from abroad.
- For receiving money: If you’re expecting an international transfer into your BPI account, make sure to inform the sender of BPI’s SWIFT code BOPIPHMM. You may also need to provide your specific BPI account number and branch address for processing.
Checking Specific Branch Codes
Though BOPIPHMM is generally used for BPI in the Philippines, there might be instances where a specific branch (like BPI Tagum City) could have a localized SWIFT code. It’s recommended to check with the BPI Tagum City branch directly or inquire with the bank’s customer service to confirm if a different SWIFT code applies for the branch.
Why is the SWIFT Code Important?
The SWIFT code is critical in ensuring that financial transactions, especially international payments, are processed correctly. It helps route the transfer to the right bank in the right country and even to a specific branch, ensuring that funds are transferred smoothly without errors. Using the wrong SWIFT code can lead to delays, rejections, or even lost payments.