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Remittance: MT103 Customer Fund Transfers from Correspondent Banks
This is single customer electronic fund transfer utilizing the SWIFT Network (Society for Worldwide Financial Telecommunications) for remitting funds to or from foreign correspondent banks intended for the named beneficiary.
 
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Remitters may course their remittance through UCPB correspondent bank worldwide using UCPB SWIFT address: UCPBPHMM
SWIFT MT103 remittance instruction is pre-formated that can achieve an straight-through processing
SWIFT remittance data is electronically uploaded to UCPB Money Transfer System (MTS) that process the fund transfer
Remittances may be paid to the local beneficiary through:
 
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Issuance of a Manager’s Check
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Credit to a US Dollar Savings Account
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Credit to a Peso Checking/Savings Account
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Other Local Banks
Remittance proceeds are received by the ultimate beneficiary within the same banking day upon receipt by UCPB of the funds before the 2:00 p.m. cut-off time
   


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