David Jones
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edit Swift codes are very necessary for monetary transaction around the world. The SWIFT code of a bank is an alphanumeric code that uniquely identifies your financial institution. SWIFT code is also known as BI - Bank Identifier Code. You do not need to know your bank's SWIFT code unless you are doing international transactions. SWIFT Code stands for Society for Worldwide Interbank Financial Telecommunication Code also known as ISO 9362 or SWIFT BIC or BIC code of SWIFT ID is the standard format of Bank Identifier Codes (BIC) which is permitted by the International Standard Organization (ISO). It represent as the unique identification code of a particular bank. The purpose of these codes includes the transferring of money between banks especially for international wire transfers and also used for exchanging of other messages between banks.
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Mon Sep 03, 2012 7:13 am |
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elvaria123
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For international wire transfer, you will definitely need the SWIFT Code or else the sending bank do not know where to send the money to as there are probably several thousands of banks in the world with probably millions of branches around. The SWIFT Code would address that issue.
Of course, if your customer sends you a check then the SWIFT Code is not needed since you be the one depositing the check.
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Tue Sep 18, 2012 12:01 pm |
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ShelleyM
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I have heard about swift code of bank but was not aware of it that what exactly it is. Here is get to know about it in detail. Thanks for sharing such a helpful info.
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Sat Oct 06, 2012 6:50 am |
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ambes01
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SWIFT and BIC codes are basically the same. The Society for Worldwide Interbank Financial Telecommunication (SWIFT) handles the registration of these codes. For this reason, Bank Identifier Codes (BICs) are often called SWIFT addresses or codes. SWIFT codes or the bank identifier codes are provided to financial institutions by the Society for Worldwide Interbank Financial Telecommunication, which is put to use to identify financial as well as non-financial institutions.
Bank swift code which is also referred to as the BIC code is a unique code that is used to recognize financial and non-financial institutions. The bank swift code comes with eight or eleven characters that throw light on details regarding the bank code, country code, location code, and the branch code. The first four letters of a eleven digit bank swift code is but the bank code, followed by another two digits that identifies the country code, as the next two letters help identify the location of the financial institution. The last three letters tell us more about the branch related to a financial institution, which is but an optional code of letters that come along with the other details of a financial institution.
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Mon Mar 04, 2013 12:29 pm |
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SunilSamuel
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now another code is required for funds transfer around the world.... the code is called as IBAN (International Bank Account Number)
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Tue Mar 19, 2013 5:40 am |
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Pattinson
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SWIFT CODE is basically a bank code that is used for international money transfers. I guess you will also need to have an IBAN (International Bank Account Number) in order to get money from a foreign bank account to your local bank account.
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Sun Apr 14, 2013 7:46 am |
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