What Is SWIFT Code?
A SWIFT code is a set of numbers (8 to 11) used by banks to identify the country an account number belongs to, its bank and its specific branch. For example, if you want to send money outside your country, this code is needed to identify the country, bank and branch of the recipient.
How a SWIFT Code Works and Its Uses
If you are sending money from one country to another, you would need an account number, but the not too famous criteria needed to ensure money is received by the recipient is a SWIFT code. So if you are sending money to someone outside of your country, be sure to ask for the SWIFT code of their banks. Here are the reasons why:
it helps to identify the country an account number belongs to, its bank, location and branch when sending money internationally. It is necessary to ensure there are no mix ups with the transfer and the money reaches its appropriate destination. Without it, you stand the risk of losing money because it might not get to the recipient. It is a combination of numbers and letters. To identify, continue reading below.
How to Identify it?
it is a combination of numbers and letters made up of four features. These features have been mentioned above, they include
CountryBankLocationBranch
This code consists of eight to eleven characters and looks like this AAAABBCCDDD. These characters represent those four features above, as explained below:
The four As, that is, “AAAA” represents the code of the recipient’s bank and it is written only in letters. BB stands for the recipient’s country code. It also comes only in letters. CC represents the location of the receiver and this is a combination of letters and numbers. Finally, DDD signifies the branch code. That is, the branch of the receiver’s bank and this also comes in letters and numbers.
How to Find Your Bank’s Swift Code?
Knowing it, what it is used for and how to identify it is not enough. The question now is how do you get it? Either just to know it and save it for when you need it (when money is being sent to you) or for when it is required of you in the process of transferring money outside your country. To find any bank’s SWIFT code, here are the steps to take:
Conclusion
This article contains all you need to know about SWIFT codes. The next time you see it or are asked for it, trust with the knowledge obtained from this article, you would know what it is and how to go about getting it. You may not need to wait until you need it, you can go ahead, get it and save it somewhere you cannot lose it. Trust this helps.
- What is the difference between a Swift Code and IBAN?
SWIFT code is used to pick out the country, bank and branch, while the International Bank Account Number (IBAN) is used to identify individual or specific accounts and it can be up to 34 characters (numbers and letters). However, both codes are necessary for sending money internationally.
- Are SWIFT codes peculiar to individuals?
No, they are not. Rather it is peculiar to banks or branches.
