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SWIFT Code / BIC Code is a Business Identifier code, approved by International Organization for Standardization body (ISO), which is a unique alpha numeric code used by financial and non financial institutions to carry out several business transactions. The SWIFT code stands for the Society for Worldwide Interbank Financial Telecommunication. When the SWIFT code is assigned to a non-financial organization or institution, the code may also be known as a Business Entity Identifier or shortly BEI. These codes are very much required or used when performing the money transaction between banks or financial institutions. These codes are plays important identification role during international wire transfers, communication of messages between the international banks or financial institutions. If you notice, these codes are often found in our bank / account statements.
Mostly the SWIFT code consists of 8 to 11 alpha numeric characters, the first four characters are meant for bank code Alphabets, which denotes the relevant bank code. the next 2 character denotes the country code ( the country code is standardized through ISO-3166 standard by ISO body), then next 2 characters denotes the location, which may be the alpha numeric number. Some times location codes are restricted to one. The last three characters are allocated to branch code, which may be "XXX" for the primary bank head offices.
The SWIFT codes can be registered in Society for Worldwide Interbank Financial Telecommunication (called SWIFT), situated in La Hulpe, Belgium. The organization has registered SWIFT as a trademark.
We must note that, there are 10,000 bank SWIFT codes are being used and its in active status. Apart from the same another 10,000 SWIFT-Bic codes are available,
which is used in manual fund transfer / international wire transfers. These additional codes are mainly used by passive customers / participants.
Wire transfer is the safest, fastest and easiest way of fund transfer in the world. In order to perform international wire transfer, you must know the folowing steps in details. please go through the quick steps given below..
Please check with your bank about the wire transfer facility, few localized banks doesn't have the international wire transfer sending / receiving facility. Also inquire about the wire transfer charges for sending or receiving the funds from overseas.
Get the correct Bank SWIFT Codes / BIC codes from the bank. You need to submit the SWIFT Code / BIC Code informational along with your account details and bank address.
If you are sending money, please visit your bank, request for wire transfer application form and fill the receiver information along with the account name, country , SWIFT Code / BIC code, currency name, etc,.
Pay the amount for the transfer along with commission ( vary between banks normally from $20 to 60$ / transaction) and get the transaction number for follow up.
Generally the process would take place 5 to 7 business days before the fund get transfered to the receiver account. If someone makes frequent wire transfers, then they can receive bank Personal Identification Number (PIN code) code, so that they can make transfers over the Internet or telephone. The Wire transfer facility is available for following countries and SWIFT Code / BIC codes are also available.