The Philippine banking system works differently than most other countries.
The codes matter more.
The routing is more specific. One wrong number and your payment disappears into the banking void for three days while your contractor wonders if you’re ghosting them.
I’m going to break down exactly what you need to know.
The SWIFT Code Is Your Starting Point
When you’re sending money from outside the Philippines to a Filipino worker’s bank account, you need a SWIFT code.
Think of it as the international address for a bank.
SWIFT codes are 8 to 11 characters. Letters and numbers mixed together. They look like BOPIPHMMXXX for Bank of the Philippine Islands. Or BNORPHMM for BDO.
Here’s what makes this tricky though.
Some banks have one main SWIFT code for the entire institution. Others have different codes for different branches.
BPI, for example, tells you to use their main code BOPIPHMMXXX if you’re unsure about branch specifics. Other banks might require the exact branch code.
Your best move? Ask your worker for their bank’s SWIFT code.
They can get it from their bank’s website, their banking app, or by calling their branch.
Don’t guess. Don’t pull it from some random website you found on page three of Google.
Get it directly from the source.
What About BRSTN Codes?
The Bank Routing Symbol Transit Number is a 9-digit code used primarily for domestic transfers within the Philippines.
You probably won’t need this for most international payments.
But here’s where it gets interesting.
Some payment platforms that clear transactions locally in Philippine pesos might ask for a BRSTN code even if you’re sending from abroad. Certain fintech services or integrated payment systems might need this.
The BRSTN for BPI is 010040018. For BDO, it’s 010530667.
These are strictly numerical. Always nine digits.
Most direct bank-to-bank international wires won’t ask for this. But if a payment platform requests it, now you know what it means and why.
The Bank List You Actually Need
Let me give you the straight reference list.
These are the most common banks Filipino remote workers use.
Bank of the Philippine Islands (BPI)
SWIFT: BOPIPHMM
BRSTN: 010040018
Banco De Oro (BDO)
SWIFT: BNORPHMM
BRSTN: 010530667
Metrobank
SWIFT: MBTCPHMM
BRSTN: 010269996
UnionBank
SWIFT: UBPHPHMM
BRSTN: 010419995
Security Bank
SWIFT: SETCPHMM
BRSTN: 010140015
RCBC
SWIFT: RCBCPHMM
BRSTN: 010280014
Philippine National Bank (PNB)
SWIFT: PNBMPHMM
BRSTN: 010080010
Landbank
SWIFT: TLBPPHMM
BRSTN: 010350025
EastWest Bank
SWIFT: EWBCPHMM
BRSTN: 010620014
Citibank Philippines
SWIFT: CITIPHMX
BRSTN: 010070017
Save this list. Print it. Share it with your finance team.
These ten banks cover probably 90% of the Filipino workforce.
Digital Banks Are Different
The Philippine banking landscape is changing fast.
Digital banks like GCash, Maya, Tonik, GoTyme, and UNO Digital are becoming popular with younger workers.
GCash technically operates under Globe Xchange, Inc. The BRSTN is 18040010.
But here’s the reality about digital banks. They handle international transfers differently than traditional banks.
Some integrate with traditional banking rails. Others use alternative routing.
If your worker uses a digital bank, the same rule applies. Ask them for the specific codes their bank requires for receiving international payments.
Don’t assume it works the same as traditional banks.
Fintech Platforms Hide the Complexity
Services like Wise, PayPal, and Payoneer abstract away most of this mess.
They handle the routing codes in the background. You might not even see a SWIFT code during the transaction.
But understanding what’s happening behind the scenes still matters.
When something goes wrong, you need to know how these codes work to communicate with customer service effectively.
Some platforms use internal 4-digit bank codes that are completely separate from SWIFT or BRSTN codes. These are platform-specific identifiers.
If Upwork asks for a bank code, it’s not asking for a SWIFT code. It’s asking for their internal reference number.
This is why you can’t just memorize one set of codes and call it done.
Different payment methods require different information.
Other Codes You Might See
If you’re sending from the United States through a smaller regional bank, they might ask for a Fedwire or ABA routing number before the international wire.
This is a domestic US code, not a Philippine code.
It routes your payment through the US banking system before it hits the international network.
UK banks use sort codes. Australian banks use BSB numbers.
These only matter if your payment routes through those countries before landing in the Philippines.
For direct US-to-Philippines or most international transfers, you won’t need them.
The key is understanding what each code does in the payment chain. SWIFT handles international routing. Domestic codes handle local routing. Platform codes handle internal routing within that specific service.
All The Fees That You Should Know
Here’s something that surprises a lot of employers.
Your worker might receive less than you sent.
Philippine banks charge receiving fees for international wire transfers. These typically range from 200 to 500 pesos per transaction.
That’s roughly $4 to $10 USD per payment. Sometimes higher depending on the bank and transfer amount.
Your sending bank also charges fees. International wire transfers from US banks typically cost $25 to $50 per transaction.
Then there’s the exchange rate markup.
Banks don’t give you the mid-market rate you see on Google. They add a margin, usually 1% to 3%.
So if you’re sending $1,000, your worker might receive the peso equivalent of $940 after all fees and markups.
This is why many employers shift to payment platforms like Wise. Lower fees, better exchange rates, faster transfers.
But regardless of your method, be transparent with your workers about what they should expect to receive.
How Long Does A Transfer Take?
Bank wire transfers to the Philippines typically take 1 to 3 business days.
That’s business days in both countries, accounting for time zones and banking holidays.
The Philippines observes different holidays than the US, UK, or Australia. Payment sent on a Thursday might not arrive until the following Tuesday if there’s a long weekend.
Fintech platforms are usually faster.
Wise transfers often complete within hours. PayPal transfers to Philippine bank accounts take 1 to 2 business days.
Set clear expectations with your workers. Tell them when you initiate payment and when they should expect to see it in their account.
Building a System That Works
When you’re paying one contractor, manually entering bank codes each time is manageable.
When you’re paying ten? Or fifty?
You need a system.
HireTalent.ph integrates with Wise to automate this entire process. You set up contractor profiles once with all their banking information. Then you process single payments or batches with a few clicks.
The system handles currency conversion, routing codes, and payment tracking automatically.
No more scrambling for SWIFT codes. No more typos causing three-day delays. No more manually calculating exchange rates.
But even if you’re building your own systems, the principle remains the same.
Capture accurate banking information once. Verify it. Store it securely. Automate the repetitive parts.
Your finance team should never be scrambling to find SWIFT codes the day before payroll.
That information should be in your system, verified, and ready to go.
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