Detailed Guide: Using COOPERATIVE BANK OF CAGAYAN SWIFT Code for Global Transfers
When dealing with international finance, precision is paramount. The COYAPHM2 Business Identifier Code (BIC) is the exclusive digital signature for COOPERATIVE BANK OF CAGAYAN located in CITY OF TUGUEGARAO. Without this precise string of characters, your international wire transfer could be delayed, routed to the wrong intermediary, or returned with significant banking fees.
1. Understanding the 11-Character Logic
The code COYAPHM2 is not a random sequence. It follows a strict ISO-9362
hierarchy that tells the global financial system exactly where your money needs to land:
- COYA: The Bank Code representing COOPERATIVE BANK OF CAGAYAN globally.
- PH: The Country Code, identifying that the bank is regulated under Philippines laws.
- M2: The Location Code, usually pointing to the CITY OF TUGUEGARAO hub.
- XXX: The Branch Code, specifying this exact physical office.
2. How to Receive Money in CITY OF TUGUEGARAO
If you are a resident or business owner in CITY OF TUGUEGARAO, you must provide the following information to your international sender. For transactions involving COOPERATIVE BANK OF CAGAYAN, ensure these fields are filled accurately in the MT103 (SWIFT Message Type):
| Field Name | Required Value |
|---|---|
| Beneficiary Name | Your Full Legal Name |
| Account Number | IBAN or Regional Account Format |
| BIC/SWIFT | COYAPHM2 |
| Destination Bank | COOPERATIVE BANK OF CAGAYAN |
| Branch Location | CITY OF TUGUEGARAO, Philippines |
3. Potential Fees & Intermediary Banking
It is important to note that a transfer to COOPERATIVE BANK OF CAGAYAN might not be direct. Depending on the relationship between your sender's bank and the PH banking system, an "Intermediary Bank" might be involved. These banks may deduct a "Handling Fee" ranging from $15 to $50. Always ask your sender to choose the OUR instruction if they wish to cover all costs, or SHA to share the fees with you.
4. Frequently Asked Questions (Verified Answers)
What happens if I use the Head Office SWIFT instead of the CITY OF TUGUEGARAO branch code?
In most cases, COOPERATIVE BANK OF CAGAYAN will
automatically route the funds to your account based on your Account Number/IBAN. However,
using the local COYAPHM2 is recommended for faster processing
and lower risk of manual intervention.
Is COYAPHM2 the same as a Routing Number?
No. Routing numbers are primarily used for domestic transfers within the USA. For international transfers to Philippines, the SWIFT code is the standard identifier used by the global banking network.
How can I verify if this code is still active?
The code COYAPHM2 for
COOPERATIVE BANK OF CAGAYAN is part of the latest directory update. We
periodically refresh our database to ensure all codes for CITY OF TUGUEGARAO are compliant
with current financial standards.
Note: Financial data changes. While COYAPHM2 is
verified for COOPERATIVE BANK OF CAGAYAN, always perform a small test transfer for high-value
transactions. This resource is for educational purposes regarding the banking infrastructure in
CITY OF TUGUEGARAO, Philippines.