Everything to know about SWIFT codes

Transferring money is often a thing that freaks people out. This is because they are often sceptical of the situation of their hard earned money. Sending money in an international level has gotten easier these days. It isn’t based on the ways that previously used to be employed to have secured payments. Both nationally and internationally several codes are used to make the process secure and full proof. This help in the bank to safeguard your money and safely transfer the funds to the desired location. One such thing is the SWIFT code which is important while transferring fund on an international level.

What is a SWIFT Code?

  • SWIFT code stands for the Society for Worldwide Interbank Financial Telecommunication code that is a form of Business Identifier Code (BIC) identified by the International Organization for Standardization or ISO. The code is a unique code and can be assigned to both financial and non-financial institution. The main purpose of the code is the transfer fund between banks which is mainly for international wire transfers. The code can also be used to send messages between banks. The other names used for SWIFT codes are ISO 9362, BIC code, SWIFT-BIC, SWIFT ID.
  • The usual SWIFT code will consist of 8 or 11 characters in it. It follow a pattern of the first 4 characters being the bank or institution code, the next 2 characters being the country code specified by ISO 3166-1 alpha-2, then the next 2 characters are the location code. There are some characters which varies according the role of the participant. If 0 is the second character in the code then it is probably a test code. If 1 is present as the second character then the participant is passive in the network. If 2 is present as the second character then it is a BIC used for reverse billing. The last 3 characters of the SWIFT code signifies the branch code, they are omitted in case the code belongs to a primary office.
  • If someone wants to perform a fund transfer on an international level then they will have to provide a SWIFT code. It is the best way to get money if you have partnered with online companies such as YouTube or Google. These days international companies like the process of wire transfer better in case of fund transfers. So being aware of the SWIFT code becomes important.

Where to get the SWIFT code?

As it is important to know the SWIFT codes you can search directories stating the codes. The best way available today is the Bankcodez.com website as they have a database full of SWIFT codes. If you generally receive or transfer funds on an international basis then you can get the codes easily here. You will need to specify the information like bank, country code etc. to get the SWIFT code. It is an easy and safe way to get the codes so that you can have a safe and secure international transaction.

List of Banks in India