SWIFT code plays a main role for aiding money transfer between banks in different countries. Many people often wonder “What are bank swift codes?”
Read this article to know about SWIFT codes, their roles in international money transfers and how do I find my bank’s swift code.
What are bank Swift codes?
What are bank SWIFT codes?
SWIFT codes are a part of the ISO 9362 standards for transferring money internationally.
SWIFT codes are applied all over the world to identify each bank branch when you make overseas payments. This helps to ensure your money arrives at the right place.
Today, SWIFT code is the most effective tool for overseas money transfer, with over 11.000 member institutions in more than 200 countries, transferring over 5 billion messages internationally every year.
If you often transfer or receive money overseas, you should know about bank Swift codes. Those who never use their bank’s SWIFT code won’t know that it exists.
When you need to transfer money internationally, it’s necessary to have a SWIFT code for receiving banks and beneficiary account numbers.
The Society for Worldwide International Financial Telecommunications (SWIFT) is a network that allows banks to facilitate the money transfer to banks around the world.
A SWIFT message will be sent to the receiving bank by the sender’s bank for transfer acceptance. Once the receiving bank accepts the request, your transfer will be successful.
A SWIFT code (a SWIFT number) is a standard for a Business Identifier Code. Every bank with its SWIFT network has one or more SWIFT codes relating to the bank’s business identifier codes.
The network itself doesn’t carry out transfers. It merely transmits transfer instructions between banks and sometimes uses intermediary institutions to pass along these transfer instructions.
Sometimes, the term BIC (Business Identifier Code) is used interchangeably with SWIFT number and means the same thing.
Many U.S. credit unions and small banks don’t connect to the SWIFT network and do not have a SWIFT code. Instead, some of these institutions send and receive international transactions, or wire transfers, using other U.S. banks that serve as intermediaries to wire the money or other wire transfer services.
What’s in a bank SWIFT code?
A bank’s SWIFT code consists of a code with eight or 11 digits arranged in a certain format. There are four components in this code (bank, country, location, and branch)
Bank code (4 letters)
The first four letters represent the bank and an abbreviated version of the bank name or financial institution’s name.
Country code (2 letters)
Two letters represent the country where a financial institution or a bank originates from.
Location code (2 letters or numbers)
Two numbers or letters represent the location of the bank’s main office.
Branch code (3 digits)
3 digits represent a detailed branch. ‘XXX’ is for a bank’s head office.
How do I find my bank’s swift code?
If you intend to make an overseas money transfer via the SWIFT network, you have to know the SWIFT code of the beneficiary bank.
If you want to receive an international transfer, it’s compulsory to give SWIFT code to the sender for their bank.
It’s not hard to find your Swift bank code. Most bank SWIFT codes can be found as suggestions:
- Find on the bank’s website
- Contact the bank and ask for more information.
- Check a bank statement
- Log into the online payment platform or mobile payment app
- Search online keyword “SWIFT code,” combined with the bank’s name from a trustworthy source.
SWIFT code is like a magic key to open a gate for international payment.
Some information of DNBC Financial Group
DNBC Financial Group is an online money transfer service provider with over 5 years of experience in sending money internationally.
We are a financial institution in the international industry, providing personal and business accounts with smart digital payment solutions, convenient payment platform, and an online money transfer/receipt service online easily around the world.
DNBC Financial Group’s mission is to help global financial payments with ease and convenience, secure daily transactions, and make sure each customer always satisfies their international payment purposes.
You can make an overseas transaction limit of up to 500 000 EUR per day for a business account. We provide the customers with transfer alternatives at the lowest possible rate and save your time of transfers.
The recipient can receive the money in one-three days, depending on the final destination and the method of payment.