Bank International Code SWIFT Code www.deekpay.com

What are SWIFT codes?

The SWIFT code is the standard format used for international transfers between banks and financial institutions. It identifies the branch, bank and country in which the account is registered and conveys identity, content and location through the BIC (Bank Identification Code).

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is an 8 to 11 character code, also known as the Bank Identifier Code (BIC). Each bank has a unique SWIFT code that indicates its name, location and branch. The first 4 characters of the SWIFT code are the bank code, the next 2 characters are the country code, the next 2 characters are the city code, and the last 3 characters are an optional code indicating the bank's branch. International organisations have approved these standardised codes (ISO).

SWIFT owns and manages the BIC system. It recognises banks and sends payments quickly, within seconds. The SWIFT network also standardises the IBAN (International Bank Account Number) format.

The SWIFT network uses BIC codes for secure payments such as international bank wire transfers, international remittances and SEPA payments. It is also used as a messaging system only.

When companies use the SWIFT network, they are not actually sending money. Instead, it is called a "payment instruction" between two banks.

Other names for SWIFT codes include:

SWIFT ID BIC code ISO9362

Format of SWIFT codes

SWIFT codes are 8-11 alphanumeric character codes in a standard format from left to right:

Bank code (four letters of the bank's name abbreviation) Country code (two letters for the country) Location code (two letters or numbers for the bank's head office) Branch code (3 letters or numbers of the bank's branch)

Branch codes are much like the routing numbers used in the US. Some SWIFT codes simply use XXX instead of the branch code. In this case, the transfer will go to the bank's head office.

The international standard for SWIFT/BIC codes is ISO 9362, which is why the term is sometimes seen used in place of SWIFT. ISO is responsible for the structure of SWIFT codes, including the use of letters, numbers and code length.

SWIFT code example

Now with the State Bank of IndiaSBIThe SWIFT code SBININBB270 of Head Office, Bhubaneswar is used as an example to explain what each character in the code stands for:

SBIN stands for the bank code, i.e.State Bank of India. IN is the country code and stands for India. BB stands for the location code, which is Bhubaneswar. 270 stands for branch code i.e. Bhubaneswar Main Branch.

When do I need SWIFT codes?

SWIFT codes are often required when a business or individual needs to send or receive money internationally between banks, especially when sending wire transfers or SEPA payments.

Initially, SWIFT was created only to facilitate communication about financial and agency transactions. However, the functionality of the messaging format allows for great scalability.

SWIFT now serves the following customers:

banks Corporate Foreign exchange clearing system asset management company Money brokers Non-Banking Financial Institutions Treasury bond market participants depository institution

The role of SWIFT codes in international payments

SWIFT was originally designed to create a more efficient and secure way for banks to communicate with each other. This is particularly true for processing international payments. SWIFT codes come into play when financial institutions such as banks and clearing systems use them to identify the location of international remittances. This includes the recipient's bank, the sender's bank and the final location of the funds. In addition to the sender's bank and the recipient's bank, SWIFT payments may also require an intermediary bank. Different countries have different banking rules and sometimes a third party needs to be involved to complete the transaction.

Differences between SWIFT and IFSC codes

The following SWIFT codes and IFSC Some basic differences between the codes:

SWIFT codes represent the Society for Worldwide Interbank Financial Telecommunication and were developed by the International Organisation for Standardisation. However, IFSC stands forIndian Financial System Codefunded byReserve Bank of IndiaFormulation. SWIFT codes are used by banks to transfer funds from one bank to another, more precisely in international transactions. It is also used to transfer messages between different banks. However, IFSC is a branch-specific code used to transfer funds from one bank account to another within India. SWIFT codes help all banking institutions across the globe to receive information related to financial transactions easily. It is important for the user to know and use the SWIFT code while carrying out financial transactions.

On the other hand, domestic users in India need to be aware of the specific country/region in which they are transferring money NEFT maybe RTGS IFSC code. It will facilitate direct transfer of funds to the accounts of selected beneficiaries.

SWIFT is normally 11 digits long, but the main office SWIFT code is eight characters, the first four of which represent the bank or financial institution code. The next two represent the ISO country/area code and the last two represent the location code. IFSC is an 11-digit unique code where the first four characters are letters and represent the bank name. The fifth character of this 11-character code is always zero. The last seven characters can be numeric or alphanumeric, depending on the bank's preference.

Recommended Reading:Guide to the Indian Financial System Code IFSC

How to find SWIFT codes

SWIFT codes can be found in the following ways:

Bank account statements Online Banking Customer Portal Bank website Call the bank

Or you can find it by following the link below:SWIFT Code

How to check SWIFT codes

Once the SWIFT code is obtained, it can be checked and verified via online resources. Simply copy and paste the code into SWIFT Code Inspectorin it, the search engine will tell you if the code is valid or not. Since international banks list these codes online, it won't be long before you can be sure that the code you have is accurate.

Atpay - we are a professional provider of payment solutions and have been deeply involved for many years inIndia PaymentsWe have successfully provided payment functions for countless customers at home and abroad. We are fully confident in payment integration and high-risk payment processing, and welcome inquiries and exchanges.