Bank Codes In the Philippines: A Complete List Of SWIFT And PayPal Codes

6 min read By Kia Navarro on September 24, 2019

When it comes to banking transactions locally and internationally, bank codes, SWIFT codes, and PayPal codes are required to complete the exchange.

You may be asking yourself now, what is a bank code? What is a SWIFT code? What is a PayPal code? And, crucially, when are they used? Read on for the answers.

What is a bank code?

To put it in simple terms, a bank code is a national numerical code that is assigned by the country’s central bank to identify it during financial transactions (ex. money transfers).

The common banking codes that are used are BRSTN and SWIFT. We’re going to explain more about SWIFT later.

BRSTN’s full meaning is the Bank Routing Symbol Transit Numbers for banks located in the Philippines. This is a 9-digit code that is commonly used as a bank identifier code to transfer money as it bears the country, name of the bank and the city. Kind of like a zipcode!

The likes of online-based companies would ask you for the BRSTN code for them to deposit the funds to the correct bank. You wouldn’t have to worry about your hard-earned money getting lost in the process of transfer. For those using online transfers for remittance, this is also required in order for them to transfer directly to a local bank account.

Check out the table below for a list of banks in the Philippines and their corresponding BRSTN codes.

BANK CODES (BRSTN)

(Read: Bangko Sentral: Banks Must Provide Customers With Interbank Fund Transfer Channels)

What is a SWIFT code?

The SWIFT code, on the other hand, means Society for Worldwide Interbank Financial Telecommunication. SWIFT codes or address are also called the Business Identifier Codes (BICs).

These codes are made up of eight to 11 characters. The first four characters are the bank codes, then the next two characters are the country codes. After that, the next two characters are the location code than the last three codes are the branch code.

Every character in this code is important as it is designed specifically for the identification of a bank used for money transfers.

SWIFT codes are used when banks located in other countries or even here in the Philippines are going to wire funds to a bank. It has the same function as BRSTN; the main difference is that SWIFT has an eight to 11 character code that indicates the bank code, country code, location code, and branch code.

For example: BOPIPHMMTRY

1. Bank Code: BOPI (Bank of the Philippine Islands)
2. Country Code: PH (Philippines)
3. Location Code: MM (Metro Manila)
4. Branch Code: TRY (Treasury Group Branch)

Check out the table below to get a list of banks and their corresponding SWIFT codes.

SWIFT CODES

(Read: 7 Best Mobile Payment Apps In The Philippines For Cashless Transactions)

What is a PayPal Code?

PayPal is a common and trusted international payment system. It is also a system that requires the BRSTN code.

PayPal users that are in the Philippines who will withdraw their funds and transfer it to a local account will be asked for the 9-digit BRSTN code of their preferred bank.

For those who want to transfer their PayPal funds to a local bank, these are the Philippine banks that have PayPal Bank Codes:

Banks that are not on the list do not allow PayPal transfers. You won’t be able to transfer or withdraw your PayPal funds into your account.

Banks that have no PayPal codes:

• One Network Bank (ONB – BDO)
• City Savings Bank (CSB – UnionBank)
• Robinsons Bank

How do I add a local bank in PayPal?

1. Login to your PayPal account
2. Click the “Wallet” tab
3. Select “Link a bank account”
4. You will be asked to fill in the following information:
   • Country
   • Name associated with the bank account
   • The name of the bank
   • Bank Code
   • Account Number

Make sure you double-check the information you have entered. There is a P250 return fee charge if you used an invalid bank account information to withdraw money.