What is Bank SWIFT Code?
Bank swift code is used internationally. The long form of the swift code is Society for Worldwide Interbank Financial Telecommunication. SWIFT code is used as a bank identification code. This code is useful if you want to send money from one bank to another bank. In this article we can understand about what is bank SWIFT code and much more about it.
What is Bank SWIFT Code
What is Bank SWIFT Code?
In simple words, if you want to send money anywhere in India then you need the IFSC code but if you want to send money outside India or receive money from a foreign country then swift code is used.
Let us explain with the help of an example,
A company whose account is in Bank of America. This company wants to send money to an x person in India. And the account of x person is in Allahabad bank and bank branch in Bandra in Mumbai. So that company will need the SWIFT code of the Bandra branch of Allahabad Bank. This will be done in this way.
A bank’s SWIFT code is an international standard code used to identify a bank. Swift code is 8 or 11 digits. It is used to send money internationally. This code is used by banks to send and receive money from other banks.
How to find the SWIFT code of your bank?
What is bank SWIFT code – SWIFT code is used for international transactions. A bank’s SWIFT code is a unique identifier used to identify a bank in international financial transactions. This code is commonly used in international wire transfers and is sometimes referred to as the BIC code.
If you want to make an international wire transfer, you need to know the SWIFT code of the bank receiving the funds. This code is sometimes called a BIC code.
There are a few ways to find a bank’s SWIFT code. Using swift code online is common and easier. You can also find the code on the bank’s website or in its printed materials.
If you can’t find the bank’s swift code, you can contact the bank and ask about the swift code.
What is Swift Code used for?
A SWIFT code is a standard form of BIC i.e. Bank Identifier Code that is used to identify a specific bank or branch. swift codes are used to transfer money between banks,
This code is especially used for international wire transfers. Banks also use these codes to exchange messages between them.
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Swift codes can usually be 8 or 11 characters long. When an 8-digit code is given, it refers to the primary office. Let us see what character represents what in Swift code.
SWIFT CODE OF BANK “XYZ” – AAAA BB CC DDD
The first 4 characters (“AAAA”) specify the bank. These are letters.
The next 2 characters (“BB”) specify the country. This 2-character country code is created according to the ISO 3166-1 alpha-2 standard.
The next 2 characters (“CC”) specify the location. Some examples of locations might be: “GB” (Great Britain), “US” (United States), “CA” (Canada), “DK” (Denmark), “AU” (Australia), etc. These two characters can contain letters and numbers.
The last 3 characters (“DDD”) specify the branch. This is an optional code. In some cases, the last 3 characters may also specify the clearing house. These 3 characters can contain letters and numbers.
Let us take an example of a bank and understand. If a foreign company wants to send money to Allahabad Bank Bandra branch the swift code of this branch is as follows:
“ALLAINBBBOB”
ALLA – Allahabad Bank (Bank Code)
IN – India (Country Code)
BB – Bombay Branch (What is the location)
BOB – Bandra (Branch Code)
Let’s go through the swift code with the help of one more example.
For example, the SWIFT code for Barclays Bank in London is BARCGB2L.
The first 4 letters (BARC) identify the bank. The next 2 characters (GB) specify the country. The last 2 characters (2L) identify the location. The branch code is not used in London, so it is omitted.
If you are sending a payment to someone in another country, you need to know their bank’s SWIFT code. The recipient’s bank will then use the SWIFT code to identify where the money is to be sent.
When you send an international wire transfer, you need to provide certain details to the recipient’s bank. This includes the recipient’s name and address, the recipient’s account number, and the SWIFT code of the recipient’s bank.
A SWIFT code is a series of numbers and letters that identify a bank. You can use SWIFT codes to make international money transfers to bank accounts.
What is Bank SWIFT Code
How to use the bank SWIFT code?
A bank’s SWIFT code is an international standard format code that identifies specific banks worldwide. It is also known as the BIC code. These codes are used when transferring money between banks, especially for international wire transfers and other messages exchanged between banks.
To find a bank’s SWIFT code, you can check the bank’s website, contact the bank directly, or use a SWIFT code lookup service.
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Difference between SWIFT code and IFSC code
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SWIFT CODE |
IFSC CODE
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| 2. Swift code is used in international transaction | 2. IFSC code is used for domestic fund transfer.
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| 3. Swift codes can be 8 or 11 digits. | 3. IFSC code is 11 digits.
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| 4. The four characters seen in the swift code represent the bank, the next two represent the country, the next two represent the location, and the last three represent the bank branch. | 4. The first four characters seen in the IFSC code represent the name of the bank, the last six characters represent the bank branch, and the last character is 0.
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| 5. SWIFT code indicates bank, country, branch and location. | 5. IFSC code is bank and branch information date.
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Conclusion:
In this article, we learn Information about what is bank swift code. Swift code is very important for accurate and safe fund transfers. If you want to send money to another country, you need to know the swift code of the related bank. We also learn about each character of Swift code. If you liked this article or if you found this information useful, do not forget to comment and share.
