Like for example, if you're transferring money to ChinaBank (China Banking Corporation), you should provide ChinaBank's swift code in order for the money transaction to go through successfully.
Swift code is also known as BIC (Bank Identifier Code). If you're asked for ChinaBank's BIC, it refers to the swift code.
So, what's the swift code of ChinaBank?
What's the official swift code or BIC of ChinaBank?The official swift code of ChinaBank is CHBKPHMM.
You might asked, "What if the ChinaBank branch who will receive the money is located in Iloilo, Cebu, Davao or in any other areas in the Philippines? Can I use that ChinaBank swift code listed above no matter where the branch is located?"
Yes. You can use that ChinaBank swift code above no matter where the branch is located. It's applicable to all ChinaBank branches in the Philippines.
SWIFT stands for Society for Worldwide InterBank Financial Transactions. It's the organization who develops the swift code or the BIC. They assigned swift codes to financial and non-financial institutions all over the world.
These swift codes identifies and traces the money transfer anywhere in the world. It will trace the details of the source and the recipient of the money transfer. It will determine the following info:
- Person's Name
- Institution's Name
- Branch Location
- Bank's Name
- Date of Transaction