Hey,
Like you, I have been confused about what is swift code. Locating the SWIFT code of the bank is important and easy. You can figure out the code by conducting a quick internet search or checking the bank website. You can even get the code via a third party that conducts cross-border business.
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What is swift code for a bank?
The full form of SWIFT is the Society of Worldwide Interbank Financial Telecommunication. These are codes used by banks for conducting international transactions. Think of it as a code that is used to identify banks when money or money is transferred between banks or financial institutions, in particular for international wire transfers or SEPA payments.
Now that you know the bank swift code meaning. You should know it's also known as Business Identifier Codes (BIC). It is an ID code for the bank. This 8-11 character code identifies the country, city, bank, and branch. It ensures the money is deposited into the correct account.
Swift code will look like : AAAA BB CC 123Wherein, AAAA is the Bank code, BB is the Country code, CC is the Location code
And 123 is the Branch code
Bank code is generally A-Z wherein, 4 letters represent the name of the bank.
Country code is given in alphabets (A-Z). For India it's IND.
The location Location code is 2 figures. Either it is numerical or 0-9 alphabetical A-Z
Branch Code which dictates the bank's head office is given a number and alphabet 0-9 A-Z
3 digits specifying a particular branch. 'XXX' represents the bank’s head office.
I hope the example helped you understand what is swift code.
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Authors Of The Question
What is swift code ?
Roma
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2 Year
2022-08-03T09:45:45+00:00 2022-08-03T09:45:46+00:00Comment
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