SWIFT (Society for Worldwide Interbank Financial Telecommunication) assigns a unique identification code to each Bank to facilitate financial transactions between Banks. It ensures security and standardized communication, enabling efficient and accurate fund transfers overseas.
Find SWIFT Code for All Banks By Country
What is the SWIFT Code in the Context of a Bank?
How Do Bank SWIFT Codes Work?
SWIFT codes typically consist of 8-11 characters. This is required when customers request international transactions. When you enter transaction details, it creates a SWIFT message and includes the amount, currency, sender, and recipient details. Later on, the sender’s Bank sends a SWIFT message through a secure network, it routes the message to the recipient’s Bank using the SWIFT code.
Then, the recipient’s Bank receives, processes, and notifies recipients if required. When the transaction proceeds, the recipient's Bank credits funds to his account and sends the confirmation to the sender’s Bank about completing the transaction through the SWIFT Network.
SWIFT Code plays a lead role while transferring funds overseas, so we advise you to verify your SWIFT Code on the SWIFT Code Checker Tool
How Do I Find Out My SWIFT Code Offline?
You can find out your SWIFT/BIC Code printed right on your Bank statement or you can simply visit your respective Banks to find out your SWIFT Code.
Who Pays for the SWIFT Fees in Different Countries?
Banks and financial institutions pay SWIFT fees for using SWIFT’s services. These fees are usually passed on to customers involved in the transactions. The Bank traces who is paying the fees using the code. These are options available to choose from, “OUR” for the sender to cover all fees, “BEN” stands for the beneficiary for the recipient to pay, or “SHA” for shared payment. The specific responsibility usually depends on the agreement between the people involved in the transaction. Therefore, it is important to check with the Bank for their particular policy on SWIFT Fees. You can find the list of SWIFT Countries on MyBankDetail to easily find out the SWIFT Code for all Banks.
Who Decides the Banking SWIFT Code of Each Bank?
SWIFT (Society for Worldwide Interbank Financial Telecommunication) assigns and generates the SWIFT Code for each Bank while ISO (International Organization for Standardization) approves the SWIFT code for each financial and non-financial Institution.
How Many SWIFT Codes Does the Bank Have?
Usually, each Bank has one SWIFT Code, while others may have unique SWIFT codes for different branches in some cases. If you are confused about your SWIFT Code, do not get worried, just grab your SWIFT Country Code from the SWIFT Code Finder Tool. You can browse through the list of Banks or SWIFT Countries List and find them as per your preference in a few seconds.
Does the SWIFT Code Change From Branch to Branch in All Countries?
No, the SWIFT Code does not change from branch to branch instead it varies from Bank to Bank in all the countries. Every branch of the same Bank has the same SWIFT Code. In certain cases, branches may have unique SWIFT codes.
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