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Where can we find swift codes? - PowerPoint PPT Presentation

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Where can we find swift codes?

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  1. Where can we find swift codes? SWIFT is the abbreviated form of Society for Worldwide Inter bank Financial Telecommunication (SWIFT). It is another term for bank identifier code (BIC). The code constitutes of 8- or 11-digit that stands for your country, city, bank and (11-digit only) branch. BankSwiftCode's are capable of routing funds to any registered bank worldwide, with the use of this code. For further information on SWIFT codes, visit Bankswiftcode.org. A need for an 11-digit SWIFT code may arise if your bank has multiple branches. But in some cases this does not happen. They may rather process all funds through their headquarters or parent bank. Cross check with your bank to ensure that you are using the correct SWIFT code.

  2. If your bank provided you with an 11-digit SWIFT code:You will have to enter all 11 letters and/or numbers, unless the last 3 digits are XXX. Note that some banks provide 11-digit SWIFT code ending in XXX. It serves as a place holder for those that do not accept 8-digit SWIFT codes. It can hence be cut off from the BankSwiftCode.ORGWire Transfer registration form.Such SWIFT codes return the address of the headquarters and not the local branch. Your bank will use your account number to get your funds transferred to you. The best way to get your bank's SWIFT code is to contact your bank.Request your bank for the SWIFT code and bank account number that is needed for receiving incoming wire transfers.If you plan on receiving only local currencies, you need not worry about intermediary banks.The SWIFT organization offers a look-up service too.BankSwiftCode.ORG strongly recommends you contact your bank directly to cross verify the proper routing of your funds.