Do you know what is IBAN or International Bank Account Number of Philippine banks like BDO, BPI, Metrobank, or RCBC? In this article, I hope you’ll find the answer.
As an OFW, you are regularly sending money to the Philippines to support your family in their financial needs. Most people send money through banks while others send their remittances via Western Union and other money transfer companies.
Remittance fees are not cheap, actually it is expensive specially if you send money via money transfer agency. It is the reason why I choose to send money through bank transfer, it costs less than Western Union.
However, you should have a bank account in the Philippines which will be the receiving account of the money that you will send. The only thing you need to do is visit a bank in your area where you are currently working and fill out a remittance form.
In that form, you must know the bank account number and name of the Philippine bank where you’ll send the money, its address and SWIFT code. For SWIFT codes of Philippine banks, click this link to learn more. How about IBAN?
IBAN of Philippine Banks
International Bank Account Number or IBAN is an identifier commonly used by European banks to lessen the risk of transmitting transcription errors when transferring money from one bank to another bank. Philippine banks have no IBAN because it is not a European bank, instead Philippine banks use SWIFT code. SWIFT means Society for Worldwide Interbank Financial Telecommunication.