Saturday, July 3, 2010

What is Swift Code?

SWIFT Codes:

SWIFT code is an 8 or 11-character bank code, which allows effective identification of the Bank to which the funds are being sent (beneficiary bank). For example, the SWIFT code of Citibank in Greece is CITIGRAA where CITI – is the name of the bank, GR – Country code for Greece and AA – Head office code (Athens in this case). To denote a branch a three alpha/numeric/alpha numeric character may be suffixed.

The SWIFT Bank Identification Code is an internationally-documented system of codes for identifying banks (see ISO 9362). SWIFT codes are commonly used to identify the banks included in an international wire transfer. It is not the only coding system for banks - individual countries also have their own sets of codes which are applied to identify banks in national interbank business. For example, ABA numbers (or routing codes) identify banks in the US and Canada, Sort Codes identify banks in the UK.

SWIFT is a credential code for all legal banks in the world. It is needed for all International Wire Transfers. The SWIFT code (also known as ISO 9362 or BIC code) is a standard format of Bank Identifier Codes approved by the International Organization for Standardization. SWIFT code is the unique identification code of a Specific Bank.

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) controls a worldwide financial messaging network which exchanges messages between banks and other financial groups. SWIFT also markets software and services to financial organizations, much of it for use on the SWIFT Net Network, and ISO 9362 Bank Identifier Codes (BICs) are popularly known as "SWIFT codes".

The majority of international interbank messages use the SWIFT web. As of November 2008[update], SWIFT linked 8,740 financial institutions in 209 nations. SWIFT carries financial messages in a highly protected way, but does not hold accounts for its members and does not act any form of clearing.

Find your SWIFT Code Filling with Bic or Bank name


BIC OR BANK NAME:

Unlike the modern IBAN, the telex-era SWIFT (or BIC as it is now known) does not include a check sum for automatic validation. Fortunately, all banks doing regular international business have their full BIC details listed in the SWIFT online database shown above; access is free.

Technical details: BIC comes in either an eight (8) or eleven (11) character format with the digit 1 always in the eighth position

50 comments:

  1. Thanks for information. It is really nice and useful about swift codes. can u give information on china and hongkong bank swift codes too.

    ReplyDelete
  2. swift code definition has broaded my knowledge more i knew merely using of swift code is not sufficient without knowing it .

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  3. Dear Sir /Madam
    please give me swift code of caja granada bank , paseo Maritimo, 5 local -a Melilla, spain
    Raj Patel
    Samrat pulse ramata2002@yahoo.com

    ReplyDelete
  4. How is a corporate versus financial institution determined by SWIFT?

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Swift Codes & How To Find it

swift codes are individual codes assigned to bank and its branches, this is necessary when you need to make online cash transactions to any account across the globe. some of the banks update their branches swift codes in their official website, or u can get swift codes of any other banks by talking to nearest branch to get the swift codes
swift codesare communication network used by banks, brokers, financial institutions and corporations to exchange messages. Institutions send each other messages over the network to confirm trades or to expect a wire transfer as examples.a swift codes owned by the network's members. The Swift organization issues the Bank Identifier Numbers or BIC. The BIC is required to be included in all messages between the banks using the Swift network. Swift issues the Business Entity Identifier or BEI for non financial corporations on the network. The Swift codes numbers are valid worldwide.Read more