Press Release

What is SWIFT?

SWIFT stands for the Society for Worldwide Interbank Financial Telecommunication. It serves as a global messaging network that enables the exchange of financial information between banks and other financial institutions.

SWIFT does not actually transfer funds but gives a secure and standardized communication pathway for financial institutions to send and receive transaction-related data. The messages sent over the SWIFT network are established through a set of standardized formats, ensuring consistency and compatibility across different financial institutions.

Why SWIFT Code is Required?

SWIFT code is an important element in the banking system, especially to transfer funds internationally.

  • To identify the financial institution or bank to send or receive funds
  • Crucial for international money transfers
  • Ensure standardized communication between banks
  • For accurate routing and settlement of cross-border payments
  • For efficiency, reliability, and security in international transactions.

How to Use Our SWIFT Code Search Tool?

It is pretty easy to use the SWIFT code search tool; look how,

  • Go to use the SWIFT code search tool.
  • Choose your preferred country from the list.
  • Select the bank and city to get the code.
  • Once you have selected these all, you will see a list of SWIFT codes in the drop-down list.
  • Click on the SWIFT Code and get all the information about it.

Benefits of Using the SWIFT Code Search Tool.

SWIFT code search tool comes up with various benefits; have a look.

  • Ensure accuracy through correct identification of financial institutions
  • It ensures efficiency and streamlines communication with quick access to SWIFT Codes
  • It reduces errors by verifying and preventing code inaccuracies.
  • It is convenient and gives you easy access anywhere at any time
  • Saves you time than manual searching
  • Access up-to-date information on SWIFT Codes.
  • Has a user-friendly Interface

How to Find the SWIFT Code Online?

You can find the SWIFT code online on the SWIFT Code Finder Tool or also on the digital Banking statement, banking portals, or official bank website.

Where Can I Find My SWIFT Code?

The easiest way to fetch your accurate SWIFT code is to visit the MyBankDetail and use SWIFT Code Finder. Choose your preferred Country, City, Bank, and Branch to get your SWIFT Code. Besides this, you can also find this in your digital or paper banking statement or banking portal.

Who Owns the SWIFT System?

SWIFT is not under the control of any single entity; instead, a member-owned cooperative operates it. These members are the shareholders of SWIFT. To ensure effective oversight, G-10 collaborated with central banks. G-10 is a group of 11 industrialized countries that includes Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, Sweden, Switzerland, the United Kingdom, and the United States. Among the G-10 members, Belgium takes a lead role in overseeing SWIFT alongside the other participating countries.

How to Make a SWIFT Transaction?

To make a SWIFT transaction through the banking portal, you first have to add your beneficiary details. Along with that, you have to provide a SWIFT code.

Here is your step-by-step guide to making a SWIFT Transaction.

  • Log in to your Banking portal or website
  • Click on the option similar to the ‘Funds Transfer’ tab
  • Click on ‘request.’
  • Choose ‘Add Beneficiary’
  • Enter all the beneficiary details with the SWIFT code you are asked
  • Press ‘Confirm’
  • Provide the OTP that is sent to the registered phone number for verification
  • After 30-40 minutes, refresh the portal and log in to your online banking
  • Click on the option similar to the ‘Funds Transfer’ tab
  • Press on ‘Foreign Outward Remittance
  • Provide the remaining details to complete the transaction
  • Click on Confirm to make the SWIFT transaction
  • Wait for the confirmation of the transaction

What Do You Need to Facilitate a SWIFT Transfer?

To facilitate a SWIFT Transfer, you will need the following details:

  • The SWIFT Code of the Recipient’s Bank
  • Bank Name and Address of the Recipient
  • Recipient’s Account number
  • Account Holder’s Name
  • Your Bank name, address, and SWIFT code
  • Your Account number and Your full name
  • Transfer Amount and currency
  • Purpose of Transfer (e.g., purchase of goods, payment for services) if required.
  • Additional Information for tracking (If asked)

Before providing any information, you are advised to verify it from every end to ensure an accurate transaction.

How Long Do SWIFT Payments Take?

There are no specific hours for the completion of the payment, but the transfer varies based on the destination, transfer value, and your bank’s procedures. However, transfers on common routes may take a day or several hours. Some payments may take 3-5 business days to be transferred.

Keep in mind that you have entered the right SWIFT code, as any error in the SWIFT code will end up transferring money to the wrong destination. If you are unsure about your SWIFT code whether it’s correct or not, then quickly validate your SWIFT code using the SWIFT Code Checker.

FAQs

What is the Full Form of the SWIFT Code?

SWIFT’s Full Form is the Society for Worldwide Interbank Financial Telecommunications.

How Do I Send Money With SWIFT?

It is easy to transfer money to SWIFT. First, contact your bank and provide all the required Information about the recipient (name, address, recipient’s bank name, Branch, account number, SWIFT/BIC of recipient), the amount you want to transfer, and confirm fees and exchange rate, authorize the transfer and monitor the transaction.

What Does a SWIFT Code Look Like?

SWIFT Code is a code consisting of 11 characters in the form AAAABBCC123. Where,

  • AAAA - represents the Bank Code,
  • BB - represents the Country Code,
  • CC (Number or letter) - represents the location of the bank’s headquarters, and
  • 123 - represents the branch code.

How is Money Moved Using the SWIFT Network?

In fact, the SWIFT network doesn’t transfer funds from one account to another but facilitates the exchange of payment orders between banks using SWIFT codes, enabling quick, accurate, and secure international money transfers. It acts as a messaging system rather than moving funds physically.

Can I Use the Same SWIFT Code for Both International and Domestic Transfers?

Well, SWIFT is generally used for international wire transfers, but in case you are asked to enter the SWIFT code for domestic transfers, then you can use the same SWIFT Code. Many banks use the same SWIFT code for both international and domestic transfers.

Can Money Transferred Through SWIFT Be Retrieved?

Unfortunately, money transferred through SWIFT cannot be easily retrieved. SWIFT transactions are usually irreversible, and once you have transferred them through SWIFT, it is challenging to recover them.