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The SWIFT messaging system is a globally recognized method for securely transmitting financial messages between banks and financial institutions. SWIFT, which stands for the Society for Worldwide Interbank Financial Telecommunication, provides a standardized format for exchanging financial information.
A vital component of the SWIFT messaging system is the SWIFT code. Also known as a Bank Identifier Code (BIC), the SWIFT code is a unique alphanumeric identifier assigned to each financial institution participating in the SWIFT network. It helps identify the sending and receiving banks in international transactions, ensuring accurate routing and delivery of messages.
SWIFT enables communication between over 11,000 financial institutions across 200+ countries, fostering global trade and economic growth.
SWIFT provides a common language for financial institutions, reducing errors, enhancing interoperability, and increasing operational efficiency.
SWIFT employs robust encryption and authentication mechanisms to protect sensitive financial information during transmission, preventing fraud and data breaches.
SWIFT facilitates regulatory compliance and helps meet anti-money laundering (AML) requirements efficiently.
SWIFT operates 24/7, providing continuous messaging services, minimizing disruptions and enhancing operational stability.
SWIFT supports various financial message types, covering a wide range of activities.
ABCD
Bank code
Four letters represent the bank, which is usually an abbreviated bank name.
EF
Country code
Two letters represent the country in which the bank is located.
GH
Location Code
Two characters of letters or numbers. These signs indicate where the bank's head office is located.
12Y
Branch code
Three numbers specify a particular branch. 'XXX' represents the bank's head office.
A SWIFT code, also known as a Bank Identifier Code (BIC), is a unique alphanumeric code that identifies a specific financial institution in international transactions. It ensures accurate routing and delivery of messages between banks.
You need a SWIFT code to accurately identify the receiving bank in international transactions. It helps ensure that your funds or messages are routed to the correct financial institution.
No, a SWIFT code alone does not provide information about the account holder. It only identifies the financial institution involved in the transaction. Additional details, such as the account number or beneficiary name, are required to identify the account holder.
No, SWIFT codes can vary for different branches of a bank. The branch code is the part of the SWIFT code that differentiates one branch from another. Some banks may have a unique SWIFT code for each branch, while others may use a common code for all branches.
SWIFT codes are primarily used for international transactions. For domestic transfers, there would be different mechanisms at place depending upon your country
Yes, SWIFT codes can provide information about the bank’s location. The country code and location code within the SWIFT code can give an indication of the country and city where the financial institution is located
You can use our tool here[Hyperlink to tool] to find swift code of bank of your choice.you can also find them but be sure to double-check it with your bank’s official website if you are doing large transactions.
If you enter an incorrect SWIFT code, there is a possibility that your funds or messages may be mis-routed or delayed. It is essential to double-check the accuracy of the SWIFT code before initiating any international transaction. If you suspect an error, contact your bank for guidance on rectifying the situation.