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 an European bank, instead Philippine banks use SWIFT code. SWIFT means Society for Worldwide Interbank Financial Telecommunication.
Again, Philippine banks have no IBAN!
General IBAN Information
What is an IBAN?
IBAN stands for International Bank Account Number. It is the ISO 13616 international standard for numbering bank accounts. In 2006, the International Organization for Standardization (ISO) designated SWIFT as the registration authority for ISO 13616.
Why is IBAN needed?
IBAN is the only beneficiary account identifier recognized and accepted by banks in the European Union and European Economic Area for wire payments in Single Euro Payments Area (SEPA).
The IBAN facilitates the communication and processing of cross-border and / or wire payment transactions. It allows exchanging account identification details in a machine-readable form.