Probably one of the most utilized e-wallets in the Philippines, GCash also works the same as neobanking, allowing its users to store, transfer, and even receive money from local and international sources. In addition, GCash has a designated bank code, which is necessary for performing certain financial transactions online.
But what is a bank code, and where do you use it? To find out, read our guide below to learn more about the GCash bank code.
What is a Bank Code?
A bank code may compose eight to eleven sets of unique characters assigned to a bank, allowing convenient financial transactions with different banks. Furthermore, bank codes are known as Bank Routing Symbol Transit Number (BRSTN) with nine-digit characters. It can also be the Society for Worldwide Interbank Financial Telecommunication (SWIFT), or Bank Identifier Code (BIC), which consists of eight to eleven alphanumeric sets of characters.
When to use BIC Code?
If you’re sending money from an international bank or source of funds and the recipient’s account is in the Philippines, knowing the receiver’s BIC code makes it easier for the sender to transfer money. The same goes if you’re claiming from overseas, you should also provide your BIC code to the sender to ensure a fast and accurate fund transfer.
When to use SWIFT Code?
On the other hand, if you’re residing in the Philippines and sending money to an international account, you’ll need the recipient’s SWIFT code to transfer funds overseas. So if you’re the overseas recipient, provide your SWIFT code to the sender in the Philippines.
What is GCash Bank Code?
Since GCash is managed by the Bangko Sentral ng Pilipinas (BSP) and an Instapay and PESONet services partner as it allows users to transfer and receive money to other banks, there is also a designated bank code for GCash. So whether you’re managing your funds or receiving and sending money to your loved ones, here are the following GCash bank codes for a successful transaction:
GCash BRSTN code
For transactions involving claiming fund transfer from an international source, the GCash BRSTN code is 018040010. This code is also necessary when applying your bank account to overseas-based payment solutions.
GCash Swift Code
For transferring funds outside the Philippines, the GCash SWIFT code is GLTEPHMT. The first four letters of the code represent the name of the official bank, the following two letters mean the Philippines, and the last two letters are the location code. Also, GCash’s official bank is Globe Telecom, Inc., and the branch is at the head office of Globe Tower, Bonifacio Global City, Taguig.
How to verify a BRSTN code?
If you have a PayPal account, verifying a bank BRSTN code is easy as the platform has a prepared list of bank codes. To verify a BRSTN code of a bank via PayPal, follow the steps below:
- Visit the PayPal website and log in to your account.
- On the dashboard, click Wallet and Bank accounts.
- Next, click Link a bank account.
- Click the Add button.
- Then, look for the List of bank codes to verify a BRSTN code.
How to verify a SWIFT code?
To verify a SWIFT code, follow the steps below:
- Visit https://www2.swift.com/bsl/.
- Fill out the required fields.
- Click Search to see the results of the verified SWIFT code.