What do we understand by Bank Swift Code?

SWIFT code or ISO 9362 is actually the standard format of Business Identifier Code. It is an internationally approved identification code for banks worldwide. It has an approval from the International Organization for Standardization (ISO) and hence is trustworthy. SWIFT that stands for Society for Worldwide Interbank Financial Telecommunication is the unique identification code provided to every institution, be it financial or non-financial. These codes are mostly used during the transfer of money between banks, especially during international wire transfers. It also comes handy while exchanging confidential messages between banks. You may find these codes on account statements too.

SWIFT code: Its composition

SWIFT codes are 8 to 11 alphanumeric characters long.

Note: If you come across an 8-digits code, it must be referring the primary office.

The first 4 characters (only letters) represents the bank code
The next 2 characters (only letters) represents the country code
The next 2 characters (both letters and digits) represent the location code
The last 3 characters (both letters and digits) represent the branch code.

The registration of SWIFT code is in the hands of Society for Worldwide Interbank Financial Telecommunication (“SWIFT”) with its headquarters located in La Hulpe, Belgium.

Today, there are over 7,500 live SWIFT codes around the world. They are co partners who are actively connected to the SWIFT network round the clock. In addition to it, there are more than 10,000 codes employed for manual transactions. Well, these codes are for passive participants though.

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What is an IBAN and where can I locate it?

An IBAN (International Bank Account Number) is used internationally to uniquely identify the sort code and account number of a customer at a financial institution. While IBAN’s are predominantly used in Europe, the following countries also use IBAN’s – Bahrain, Israel, Kuwait, Lebanon, Saudi Arabia & Turkey. The IBAN’s of each country differs, they may be longer or shorter depending upon local numbering standards.

Your IBAN is available from your branch or printed on the top right hand corner of your current account statement.

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How SWIFT brings benefits for business community?

By making use of the services rendered by financial as well as non-financial institutions that carry a bank swift code, businesses can make international payments with ease. Financial institutions under the SWIFT network enhance their operational efficiency, streamline operations and pave way for a better client experience. When businesses makes use of a financial institution that has a bank swift code, turnaround time with respect to payments become shorter, which ultimately result in a quicker and an easier release of payments to a client located in another country.

Most importantly, by making use of SWIFT standards, banks tend to gain transparency related to the payment chain that is set into motion, which ultimately brings benefits for the clients. In simple terms, SWIFT enables financial institutions to cater to the needs and wants of commercial clients in a better way. By making use of reliable resources to obtain the Bank swift code, businesses can speed up the international payment process that can result in quick payments for clients found across the globe.

When sending a payment overseas the swift code helps us identify the receiving bank or financial institution.

Please make sure that you use an active SWIFT/BIC code. The beneficiary's bank can provide the appropriate SWIFT/BIC code in order to enable an international money transfer to reach the overseas account. Alternatively, Bank Identifier Codes can be looked up on the SWIFT website

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What is SWIFT Code

What is SWIFT code

SWIFT Code represents the Society for Interbank Financial Telecommunication worldwide code. This is the code required for international transactions. SWIFT Codes are also known as BIC (Bank Identifier Codes). Each financial institution has SWIFT code of the Society for Worldwide Interbank Financial Telecommunication. And acts as an identification code for the bank.

SWIFT CODE for International Transactions

SWIFT Code is required for sending money from one country to another. As SWIFT code acts between bank branches. It is for telegraphic transfers and wire transfers. This is a comprehensive code for all financial service providers.

SWIFT Code Structure

SWIFT Code is a proof of identity for financial institutions such as banks. It is, of 8-11 digit code in which the first four digits indicate the bank next two indicate the respective country and the last three are for the bank branch.

Using SWIFT Code

Many companies are daily involved in international transactions. SWIFT code for this purpose are essential requirement.Wire transfers can also be made by SWIFT. It means that if a person wants to send a letter of credit, guarantee or other financial message to the bank SWIFT codes other country would be necessary.

Companies planning to enter into transactions with clients located in other countries should take note of the bank swift code to enable smooth international transactions. As an inherent part of international transactions, bank swift code is used to transfer money between banks, particularly for telegraphic transfers and wire transfers. This code is also used by banks worldwide to exchange messages between them.

If a customer is willing to transfer funds to a bank in its country to another bank in a different country, it would be necessary to present the SWIFT code. So you can make fast transactions secure.

So SWFT code international business has safe, fast, no problems. In this era of globalization, this code SWIFT has pave way for new business and personal transactions. It is beneficial for customers to obtain payment safely.

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