The SWIFT Code is an international bank code which is used to identifies particular banks worldwide. It’s also known as a Bank Identifier Code (BIC). Most of the Bank uses codes to send money to overseas banks.
What is SWIFT Code?
The elaboration form of SWIFT is “Society for Worldwide Interbank Financial Telecommunication” code. The SWIFT Codes approved by the International Organization for Standardization ISO 9362 to defines a standard format of Business Identification. It is a unique identification code for both financial and non-financial institutions.
The SWIFT Code is an international bank code which is used to identifies particular banks worldwide. It’s also known as a Bank Identifier Code (BIC). Most of the Bank uses SWIFT codes to send money to overseas banks.
Understanding the SWIFT Code:
I’m writing this so that this article can increase your knowledge on swift code. SWIFT stands for Society for Worldwide Interbank Financial Telecommunication code. Internationally-Recognized identification code for banks around the world. Ir sed for international wire transfers and are comprised of 8 or 11 alphanumeric characters. The International Organization for Standardization (IOS) was the authoritative body that approved the creation of SWIFT codes.
Swift codes are broken down into sections, in the same way, telephone numbers are broken into sections, and every section reveals some information about the institution that was assigned this code. Read more about the use of it.
As for example: If we analysis this 0088-0451-63970 telephone phone number we shall get Country code, area code, phone number.
0088: Country code
0451: Area code
63970: Phone number
On the other hand, Swift code consists of eight or eleven characters. Whenever an eight-character code is used, then it is referring to the headquarters (main office) of the institution. Here is how an 11-character code is broken down and what each section of characters represents. Let’s we analysis this 8 and 11-character like this phone number:
As for example: If we analysis this WFBIUS6WFFX SWIFT Code we shall get, Bank code, Country code, Banks head office code and branch code.
WFBI: Wells Fargo Bank (Bank)
US: United States (Country)
6W: New York (Head office)
FFX: Branch Code
It can be broken down into these sections:
WFBI – US – 6W – FFX
In Section 1 (the first 4-characters “WFBI”): This code is used to identify the institution’s global presence (all branches and all divisions around the world). For example, “WFBI” is used for “Wells Fargo Bank”
In Section 2 (5th and 6th characters “US”): This two-letter code represents the country code. and follows the ISO 3166-1 alpha-2 standard for representing country codes. For example, “US” for “United States”.
In Section 3 (7th and 8th characters “6W”): These characters represent the banks head office location code (e.g. “6W” is the code for “New York ” that means Wells Fargo Bank s head office in New York , and also the second character (8th in the B.I.C.) sometimes carries this information:
If it is equal to “0”, then it typically is a BIC assigned for testing purposes (as opposed to a BIC used on the live network).
If it is equal to “1”, then it denotes a passive participant in the SWIFT network.
If it is equal to “2”, then it typically denotes a “reverse billing” BIC, meaning that the recipient of the message has to pay for the message.
In Section 4 (9th to 11th characters “FFX”): These final three characters form a “branch code” that refers to the particular branch of the institution. Here this Wells Fargo Bank’s particular branch is N.A. Foreign Exchange. If this section is omitted, then we have an 8-character swift code that is assumed to refer to the HEAD OFFICE of the institution. Also, a typical naming convention is that in the case we are referring to the main offices of an institution, this branch code is “FFX”.
The SWIFT code is 8 or 11 characters, made up of:
4 letters: Institution Code or bank code.
2 letters: ISO 3166-1 alpha-2 country code
2 letters or digits: location code
3 letters or digits: branch code, optional (‘XXX’ for primary office). Where an 8-digit code is given, it may be assumed that it refers to the primary office.
If the second character is “0”, then it is typically a test BIC as opposed to a BIC used on the live network.
If the second character is “1”, then it denotes a passive participant in the SWIFT network
If the second character is “2”, then it typically indicates a reverse billing BIC, where the recipient pays for the message as opposed to the more usual mode whereby the sender pays for the message.
3 letters or digits: branch code, optional (‘XXX’ for primary office). Where an 8-digit code is given, it may be assumed that it refers to the primary office.
You just need to read this Note: I have found the wrong swift code or BIC Code in many websites. For this I will request to all readers, please confirm your code from your branch or your bank’s official website. For your help, We have given official website address here. We have tried to ensure 100% correct Information. On top of that, if you find any wrong information on our website, please let us know by comment or using this “wrong information complain form“. you can contact us at any time by using our contact form.
How to use Swift Code?
Actually, SWIFT codes are used to identify banks and financial institutions worldwide. They are used by the swift network to transmit wire transfers (money transactions) and messages between them. For international wire transfers, swift codes are always required in order to make transactions secure and fast.
Swift code is very important for All freelancer because if they want to withdraw money from the market place, they need – Name, Banks Name, Bank Account Number, and.
If you want to receive money from a foreign Bank or withdraw money from Freelancing marketplace, then you need this Swift Code.
As for example, If you want to withdraw money from Google Adsense in your Wells Fargo Bank, N.A. International Branch Account, then you need your Name, your Banks Name, your Bank Account Number, and Wells Fargo Bank, N.A. International Branch ’s Swift Code.
For Example:
Name: Md. Mohi Uddin
Banks Name: Wells Fargo Bank
Bank Account Number: 025 151 524 6826
Wells Fargo Bank, N.A. International Branch ’s Swift Code: WFBIUS6S
Where do I lookup my SWIFT Code?
There are several easy ways to find this Code. So you can get it easily. Here I’m trying to tell you some ways. You can get all banks Code from this website “Bankinfo.us” by using SWIFT Code Lookup box. Just type your bank’s name or address or SWIFT Code on this search box. You will get your code details.
Other ways to:
Bank Statement: And you can also get your desired banks by this following ways: You can easily find your BIC or SWIFT code in your bank account statements. Suppose you are looking for Bank of America or Wells Fargo or SWIFT, then you need to collect a statement from your bank and at the top of the page you will get Banks LOGO or Banks Name and next line you will find your Bank Account Number, Bank address, SWIFT, Routing Number, and other information.
Banks official website: lookup your Banks official website. Every bank has an official App. You can easily find your SWIFT Code, BIC code, Routing Number, Branch Code, Bank location/Address, holidays, ATM Location and everything that you need to know.
Banks Mobile application: Every bank have an official App. You can easily find your SWIFT Code, BIC code, Routing Number, Branch Code, Bank location/Address, Bank holidays, ATM Location and everything that you need to know.
Banks Leaflet or papers: Every Bank publish Leaflet for their bank’s advertisement. At the end of that leflet you will file your bank’s swift code.
Google Search: Get your desired banks SWIFT Code instantly by a few clicks on your Smart Phone’s or computer button easily.
- Just go to Google.com from your mobile or computer. You will get a blank search box.
- Type your desired banks name and branch name on that search box.
- You will get your desired banks Code Instantly.
Just By searching Google, Because many 3rd party website like us provide this information.
Specific Website: There are some specific website who are published all banks SWIFT Code, BIC code, Routing Number, Branch Code, and Bank location/Address information, You can get your Code from there. Here As for example: https://www.banksinfo.us/swift-code-lookup/ To know more details about SWIFT Code, Click here.
Hope, from this article, you have understood all about swift code. If you think that, this article is helpful for you, then pls share this article. Thanks.
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