Bank of Philippine Islands SWIFT Code: BOPIPHM1

Bank of Philippine Islands SWIFT: BOPIPHM1

Bank of the Philippine Islands' SWIFT code is BOPIPHM1 — the identifier used by international banks to route wire transfers to BPI, one of the Philippines' oldest and largest commercial banks.

What Is the BPI SWIFT Code?

The Bank of the Philippine Islands SWIFT code is BOPIPHM1. It is the primary SWIFT/BIC code for Bank of the Philippine Islands — operating commercially as BPI — and applies to international wire transfers sent to BPI accounts from outside the country. You may also see it written as BOPIPHM1XXX — the XXX suffix indicates no specific branch, and both formats are accepted by international sending banks.

The bank's official registered name is Bank of the Philippine Islands. BPI is the commercial name used in day-to-day operations. Both names refer to the same institution — use "Bank of the Philippine Islands" on wire instructions for the most precise legal name match.

How to Wire Money from the US to BPI

To send an international wire from the U.S. to a BPI account, provide your bank with the following:

• Recipient name: Full legal name, exactly as it appears on the BPI account
• Account number: Full BPI account number (10 digits)
• SWIFT/BIC code: BOPIPHM1
• Bank name: Bank of the Philippine Islands
• Bank address: BPI Head Office, 6768 Ayala Avenue, Makati City 1226, Metro Manila, Philippines
• Purpose of remittance: Specific description of the commercial basis for the payment
• Recipient address: Full physical address of the account holder

The purpose of remittance is required by the Bangko Sentral ng Pilipinas (BSP) for all incoming international wire transfers. Use specific, documentable language — "payment for web development services — invoice [number]" or "contractor fee per services agreement dated [date]" — rather than generic entries. A vague purpose triggers compliance review before BPI releases funds to the recipient's account.

PHP vs USD: Which to Wire to BPI?

Wiring USD to a BPI USD account (FCDU). BPI offers Foreign Currency Deposit Unit (FCDU) accounts that receive and hold USD without immediate conversion to Philippine pesos. This is the cleanest structure for U.S. businesses paying Filipino contractors or vendors who invoice in USD. The recipient holds USD, converts to PHP on their own schedule, and avoids forced conversion at BPI's rate. For U.S. companies running regular contractor payments, confirming whether the recipient holds a BPI FCDU account is the single most useful setup step before the first payment.

Wiring USD to a BPI PHP account. If the recipient holds a standard BPI savings or checking account denominated in pesos, BPI converts incoming USD to PHP at its prevailing rate on receipt. The rate includes a spread above the BSP reference rate — the recipient receives PHP at BPI's rate on the processing day, which the sender does not control. For fixed-price contracts denominated in pesos, this creates reconciliation variability.

Which is better for business payments. For recurring contractor or vendor payments, USD to a BPI FCDU account is the superior structure — it gives the recipient maximum flexibility, avoids forced conversion, and eliminates FX variability from the sender's perspective. For one-time or personal remittances where the recipient needs PHP immediately, USD to a PHP account works fine despite the conversion spread.

BSP and Bangko Sentral Compliance for Inward Remittances

The Bangko Sentral ng Pilipinas regulates all incoming international wire transfers to Philippine banks, and BPI — as a major commercial bank — applies these requirements consistently.

Purpose declaration. Every incoming international wire requires a declared purpose. BPI collects this information and may ask the recipient to complete a Foreign Currency Transaction Form before releasing funds. Recipients who can present a contract or invoice at the time of wire receipt move through the process faster.

Reporting thresholds. Incoming wire transfers above USD 10,000 (or equivalent) must be reported by BPI to the BSP under the Philippines' Anti-Money Laundering Act. This reporting is handled by BPI — the recipient doesn't file directly — but recipients may be asked to provide documentation substantiating the purpose before BPI credits the account.

First-time sender review. BPI applies additional scrutiny to the first wire from any new international sender, regardless of amount. Inform recipients to expect a longer processing window — sometimes two to three business days — on the first payment. Subsequent transfers from the same U.S. account to the same BPI account process faster as the relationship is established in BPI's records.

AMLC compliance. BPI reports to the Anti-Money Laundering Council (AMLC) for transfers that trigger reporting obligations. For U.S. businesses making high-frequency or high-value payments to Philippine recipients, maintaining a complete documentation file per recipient — signed contracts, invoices, identity documentation — provides what BPI and AMLC may request without disrupting payment timelines.

BPI Business Banking: International Payment Features

BPI's business banking division offers several features relevant to U.S. companies receiving or making international payments through BPI accounts.

Business account vs personal account for USD receipt. BPI business accounts can hold FCDU balances in USD, making them a clean structure for Filipino businesses or freelancers with U.S. clients. A business account with FCDU capability provides both the legal entity structure for commercial payments and the USD-holding flexibility to avoid forced conversion. Individual FCDU accounts are also available but are structured for personal use.

BPI's international wire processing. BPI has established correspondent banking relationships with major U.S. banks, which means wires from U.S. institutions typically reach BPI without additional intermediary routing. Processing time for USD wires from the U.S. is generally one to two business days after the sending bank releases funds.

BPI Online for businesses. BPI's business online banking platform allows account holders to track incoming wire transfers, view conversion rates applied, and manage FCDU balances alongside PHP balances — useful for Filipino businesses managing both USD receipts and peso expenses.

Common Mistakes When Wiring to BPI

Wrong account number format. BPI account numbers are 10 digits. A truncated, padded, or transposed account number causes the wire to be rejected or posted to the wrong account. Always confirm the full 10-digit account number from the recipient's BPI online banking portal or a bank-issued document — not from memory or an older payment record.

Missing beneficiary address. U.S. sending banks and BPI's compliance system frequently require the account holder's physical address. Omitting it triggers holds. Have the recipient's complete Philippine address on file before initiating.

Missing or vague remittance purpose. BSP compliance requirements make the purpose declaration mandatory — not optional. Generic entries like "payment" or "transfer" without further context consistently trigger review holds at BPI. Specific, invoice-linked language resolves this proactively.

FX account mismatch. Wiring USD to a PHP-only BPI account when the recipient expects to hold USD — or wiring to an FCDU account with a PHP conversion instruction — causes unintended conversion. Confirm account type and currency denomination with the recipient before every first transfer to a new account.

First transfer timing expectations. Recipients who expect next-day credit on the first wire from a new international sender will be disappointed. Set expectations with Philippine counterparties that the first transfer typically takes longer due to BPI's initial compliance review.

How Slash Helps

U.S. companies with Philippines-based development teams, creative contractors, or operations staff deal with the same documentation-heavy wire process for every BPI payment — BSP purpose declarations, AMLC reporting, first-transfer review delays, and FX conversion variability. For businesses running regular payroll or vendor payments, that friction accumulates.

Slash is built for U.S. businesses managing distributed international teams. For BPI account holders who accept card payments, Slash virtual cards let you pay directly without initiating a wire — no purpose code, no BSP documentation hold, no PHP conversion at BPI's rate per transaction. For payments that require a bank wire, Slash's real-time spend tracking records every transaction at initiation with vendor-level categorization, giving your finance team a timestamped, organized record of every payment made to Philippine counterparties. When BPI or AMLC asks about a specific transfer, the record is already there. Transparent FX rates mean the cost of every peso-denominated payment is visible before you approve it.