Bank’s Swift Codes and its significance.

Bank’s Swift Codes and its significance.

Swift Code is a standard format of Bank Identifier Codes (BIC) and it is unique identification code for a particular bank. These codes are used when transferring money between banks, particularly for international wire transfers. Banks also used the codes for exchanging other messages between them.
The Swift code consists of 8 or 11 characters. When 8-digits code is given, it refers to the primary office. The code formatted as below;
 First 4 characters - bank code (only letters)
 Next 2 characters - ISO 3166-1 alpha-2 country code (only letters)
 Next 2 characters - location code (letters and digits) (passive participant will have "1" in the second character)
 Last 3 characters - branch code, optional ('XXX' for primary office) (letters and digits)
The downside of international transfers with your bank is when you send or receive an international wire with your bank, you might lose money on a bad exchange rate and pay hidden fees as a result. That’s because the banks still use an old system to exchange money. To avert this, we recommend you use TransferWise, which is usually much cheaper. You earn the following when you use TransferWise:-
 You get a great exchange rate and a low, upfront fee every time.
 You move your money as fast as the banks, and often faster – some currencies go through in minutes.
 Your money is protected with bank-level security.
You can receive or send money via TransferWise.

The registrations of Swift Codes are handled by Society for Worldwide Interbank Financial Telecommunication (“SWIFT”) and their headquarters is located in La Hulpe, Belgium. SWIFT is the registered trademarks of S.W.I.F.T. SCRL with a registered address at Avenue Adèle 1, B-1310 La Hulpe, Belgium.

Source: Wikipedia

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