BPI SWIFT Code: BOPIPHM1

BPI SWIFT Code: BOPIPHM1 (Philippines)

BPI's SWIFT code is BOPIPHM1 — the identifier used by international banks to route wire transfers to Bank of the Philippine Islands.

What Is the BPI SWIFT Code?

The BPI SWIFT code is BOPIPHM1. It is the primary SWIFT/BIC code for Bank of the Philippine Islands, one of the largest and oldest commercial banks in the Philippines, 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.

How to Wire Money from the US to BPI Philippines

To send an international wire from the U.S. to a BPI account, you'll need the following from the recipient:

• Recipient name: Full legal name, exactly as it appears on the BPI account
• BPI account number: 10-digit BPI account number
• SWIFT/BIC code: BOPIPHM1
• Bank name: Bank of the Philippine Islands
• Bank address: BPI Building, Ayala Avenue corner Paseo de Roxas, Makati City, 1226 Metro Manila, Philippines
• Purpose of remittance: A brief description of why the funds are being sent — required for regulatory compliance

The purpose of remittance field is not optional. The Bangko Sentral ng Pilipinas (BSP), the Philippines' central bank, requires that all incoming international wire transfers declare a reason for payment. Common designations for business transfers include payment for services, professional fees, contractor payment, and goods payment. A vague or missing purpose can trigger a compliance hold at BPI before funds are released to the recipient.

For U.S. business senders, your bank will typically ask for the recipient's address as well. Have that on hand before initiating.

USD vs PHP Transfers to BPI

U.S. businesses wiring to Filipino contractors, employees, or vendors have a choice of currency, and the right option depends on what the recipient needs and what type of BPI account they hold.

Wiring in USD. If the recipient holds a BPI USD-denominated account (a foreign currency deposit account), the funds can be received and held in USD without immediate conversion. This is the preferred structure for business contractors who invoice in USD or need to hold dollar balances for their own international payments.

Wiring in PHP. If the recipient holds a standard BPI peso account, the wire must either be converted by your U.S. bank before sending or converted by BPI upon receipt. BPI applies its own exchange rate to incoming USD transfers destined for peso accounts, which includes a spread above the mid-market rate. The recipient receives the converted PHP amount — the exact amount depends on BPI's rate at the time the wire is processed.

For U.S. businesses running payroll or contractor payments to Philippines-based teams, the cleanest approach is to confirm account type with each recipient before setting up payment. Sending USD to a PHP account works but introduces conversion rate variability. Sending PHP from the U.S. requires your U.S. bank to support PHP wires, which not all do. Wiring USD to a USD-denominated BPI account gives the recipient maximum flexibility and avoids forced conversion at an unfavorable rate.

BPI Branch-Specific SWIFT Codes

BOPIPHM1 is Bank of the Philippine Islands' head office SWIFT code and is the correct code for the vast majority of international wire transfers to BPI accounts nationwide. For transfers to specific BPI branch offices or BPI's international representative offices, extended 11-character SWIFT codes exist where the final three characters identify a specific location.

In practice, BOPIPHM1 is sufficient for sending to any standard BPI account. The 10-digit account number handles branch-level routing once the wire reaches BPI's processing center — the head office SWIFT code directs the wire to BPI, and the account number routes it to the correct branch and account from there.

If a recipient specifically requests a branch-specific code, ask them to obtain it directly from their BPI branch. Branch codes are not consistently published and should not be guessed at — an incorrect branch suffix can create processing conflicts even when the account number is correct.

Transfer Documentation for Philippines Remittances

The Philippines has formal foreign exchange regulations governing international transfers, administered by the Bangko Sentral ng Pilipinas. For U.S. businesses sending regular payments to Philippines-based contractors or vendors, understanding these requirements upfront prevents repeated delays.

BSP 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 (AMLA). This reporting is handled by BPI on the recipient's behalf, but recipients may be asked to provide supporting documentation — a contract, invoice, or service agreement — to verify the nature and origin of the funds.

Purpose declaration. Every incoming international wire requires a declared purpose. BPI categorizes these transfers using standardized codes aligned with BSP guidelines. Recipients may be asked to submit a Foreign Currency Transaction Form for each incoming wire, particularly for first-time transfers or amounts above reporting thresholds. Recurring payments from the same U.S. sender to the same recipient become easier to process over time as BPI establishes the relationship in its records.

Anti-money laundering compliance. BPI is required under Philippine law to conduct due diligence on large or unusual incoming transfers. For U.S. businesses sending contractor payments above $10,000 per transaction, or cumulative payments to a single recipient that cross AML thresholds, having a formal contract and invoices on file with the recipient — so they can produce them for BPI on request — shortens the compliance review window significantly.

Common Mistakes When Wiring to BPI

Wrong account number format. BPI account numbers are 10 digits. Truncated, padded, or incorrectly formatted account numbers cause the wire to be rejected or posted to the wrong account. Always confirm the full 10-digit account number directly with the recipient — do not rely on what's printed on older documents.

Missing beneficiary address. U.S. sending banks frequently require the recipient's physical address for compliance. BPI may also request it as part of its incoming wire processing. Omitting this field triggers holds that delay posting.

Sending USD to a PHP-only account without expecting conversion. If the recipient holds a standard BPI savings or checking account (peso-denominated), incoming USD is automatically converted to PHP at BPI's rate. U.S. businesses that need the recipient to receive a specific USD amount should either confirm the recipient holds a USD-denominated account or gross up the transfer to account for BPI's conversion spread.

Missing or vague remittance purpose. "Transfer" or "payment" without further context is insufficient under BSP regulations. Use specific language: "contractor payment for software development services — January 2025" or "professional fee per consulting agreement dated [date]." This is the single most common cause of compliance holds on incoming international wires at BPI.

Compliance holds on first-time transfers. BPI applies additional scrutiny to the first wire from a new international sender, regardless of amount. First-time transfers often take longer to post while BPI verifies the relationship. Inform recipients to expect this on the first payment and have documentation ready.

How Slash Helps

U.S. companies with Philippines-based development teams, creative contractors, or operations staff face a consistent operational problem: paying individuals and small vendors via international wire is slow, documentation-heavy, and expensive when done repeatedly. A $1,500 monthly contractor payment losing $40 in wire fees plus a 2% FX spread represents meaningful overhead at scale.

Slash is built for U.S. businesses managing distributed international teams. For Philippines-based contractors or vendors who accept card payments, use Slash virtual cards to pay directly — no wire, no correspondent fee, no BSP declaration required for each transaction. For payments that require a wire, Slash's real-time spend tracking means every international payment is recorded and categorized as it happens, giving your finance team the documentation trail it needs without manually reconciling bank statements. Per-vendor card controls let you issue and limit cards for specific contractors without involving a bank, and transparent FX rates mean what you pay is what you expect — not a number you calculate after the fact from a monthly statement.