BANK SWIFT CODE
I believe most people know what a bank swift code is. If not, I will be taking you through the journey of what bank swift code is, the importance of bank swift code, the usefulness of bank swift code.
A BANK SWIFT CODE is an international bank code which is used to identifies particular banks worldwide. Also, it can be called “Bank Identifier Code (BIC).” CommBank uses this swift codes to send money to overseas banks. SWIFT stands for the Society for Worldwide Interbank Financial Telecommunication. It always consists of 8 to 11 characters that identify your country city bank and branch. If SWIFT Code contains 8 characters, that is, it belongs to bank’s primary office.
SWIFT - Society for Worldwide Interbank Financial Telecommunication code. An internationally-recognized identification code for all banks in the world . SWIFT codes are most commonly used for international wire transfers. Swift codes are comprised of 8 or 11 alphanumeric characters. The International Organization of Standardization (IOS) was the authoritative body that approved the creation of SWIFT codes. Below You Will find all swift codes for any country.
How swift codes are defined? Why every single swift code is unique? Below is how you can identify swift codes.
Here is the details
- First 4 characters - bank code (only letters)
- Next 2 characters - ISO 3166-1 alpha-2 country code (only letters)
- Next 2 characters - location code (letters and digits) (passive participant will have "1" in the second character)
- Last 3 characters - branch code, optional ('XXX' for primary office) (letters and digits)
SWIFT has a very wide network and we can estimate it with the presently running SWIFT Codes which are approximately 50,000 in the count. Basically, this huge network links the banks and allow them partners for international funding process. These bank swift codes are allotted by Society for Worldwide Interbank Financial Telecommunication (“SWIFT”) This swift code is helpful in the online transaction of money easily without the stress of visiting bank’s branch. These codes are allotted to financial as well as non-financial institutes. It is important when one wants to transfer money overseas between banks as well as countries. Every bank this code for online funding and communication.If you are to transfer money online internationally, The bank teller will ask you to provide the receipt so. Definitely, you must know your swift code. SWIFT Code is essential and should be used wisely while transferring money internationally.
Problems you might encounter when you are using your swift code
When you enter a SWIFT code on the wire transfer registration form, they check it in the bank's database and whatever was found will be shown to you If something doesn't match.You have to check the SWIFT code you entered for typos. If that is not the problem, you have to check with your bank to ensure you have the correct SWIFT code. Make sure you check your bank to ensure you have their correct SWIFT-registered name and address. Sometimes your bank's officially-registered name isn't the same as their operating name. Check your Address. Some banks might give you a SWIFT code for their headquarters or parent branch location and then use your bank account to get you your funds If the bank name or address isn't correct. To conclude, Bank Swift Codes often serve as an extra layer of security.