What is a swift code?
A SWIFT code is an identification code for an international bank, regardless of its location in the world. This code is also known as BIC or Bank Identifier Code as it helps in identifying the location of the international bank. SWIFT code is used by commercial banks while sending money to the banks of other countries. A SWIFT code contains 8-11 characters including numerals and alphabets.
For instance, if the SWIFT code of a bank is AAAA BB CC DDD then
First, four letters AAAA show the name of the bank which should be in A-Z.
Next two digits BB show the name of the country which should also be in A-Z.
Next two digits CC show the location code of the head office of the bank which can be in 0-9 or A-Z.
Last three digits DDD show the code of particular branch of the bank which can be in 0-9 or A-Z.
How to get a registered SWIFT code?
If you want to get money transferred from a foreign country? Then you must have a registered SWIFT code. So that the sender bank will send money to the right address of your bank. Swift codes are registered by S.W.I.F.T. SCRL or the Society for Worldwide Interbank Financial Telecommunication. The headquarters of this society is located at Avenue AdÃ¨le 1, B-1310 La Hulpe, Belgium. SWIFT is the registered trademarks of S.W.I.F.T. SCRL.
How to get SWIFT code from a bank through online banking?
You can find the SWIFT code of your bank through Online Banking, simply by logging in to the website of your bank. Now you can choose the destination where you want to send the money. Then enter the account number and amount from where you want to pay the money. Now enter the bank details of the recipient. You can search for the SWIFT code of the bank of the recipient just by entering the name of the city where the bank is located.
While using this code you should keep in mind that you will have to use an International Bank Account Number or IBAN while sending all payments in Euro currency to the UK and Europe or sending payments in any currency to Kuwait and Lebanon.
Difference between an IBAN number and a SWIFT code?
An International Bank Account Number or IBAN is a sequence of numbers and letters recognised all over the world and used while processing certain particular types of payment to other countries. Originally the member states of European Union but later on. Also, accepted by various other countries.
You need a valid IBAN while sending payment to the countries that recognise IBAN?
SWIFT code, on the other hand, recognised by the banks of almost all the countries in the world. Normally these codes used banks to transfer payments safely to the right bank account specifically while transferring international payments through a wire. But sometimes these codes also used by the banks for swapping other types of messages between them.
Sending Money using my bank?
SWIFT identifies the payment beneficiary’s bank; the bank designated to receive the fund's transfer. It usually consists of 8 to 11 characters that add bank identification to the details provided by the Basic Bank Account Number or IBAN. SWIFT renamed BIC which stands for Bank Identifier Code, however, most banks still refer to SWIFT codes, SWIFT numbers or SWIFT addresses.
Please note SWIFT codes does not contain a sum for automatic validation, unlike the modern IBAN.
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