BIC/SWIFT Code: What You Need to Know
What is a BIC/SWIFT Code?
A BIC (or SWIFT code) is a special 8- or 11-digit code used to identify banks from different countries. With it, international payments are processed securely and correctly.
When Do You Need a BIC/SWIFT Code?
- A money transfer can only be sent or received abroad with an International Banking Number.
- Everybody involved in sending money between countries needs to be aware of FX rates.
- Banks commonly use it to determine which branch is supposed to handle the funds.
BIC/SWIFT Code Format
In this code, everything is set up as shown below:
- Bank code (4 letters): Identifies the bank (state bank) in the first two to four letters
- Country Code (2 letters): Shows the name of the country (such as IN for India)
- Location Code (2 letters or digits): This shows the bank's city (for example, BB for Mumbai)
- Optional Branch Code (3 letters or digits): To identify a particular branch, it displays 101 (for example).
Without the branch code, it is 8 characters long; however, if included, it has 11 characters.
Example:
SBININBB101
SBIN = State Bank of India
IN = India
BB = Mumbai
101 = Specific branch
Why is the BIC/SWIFT Code Important?
- It ensures that the receipt of international money ends up at the expected bank and branch.
- Sets up systems that prevent problems and slow down payments made from one country to another.
Details Needed for a SWIFT Transfer
- The person's name, where they live and the number of their bank account
- The recipient bank includes its name, address and a SWIFT or BIC reference.
- Transfer the amount, choose your currency and enter the type of payment.
- Information about the sender and recipient should be provided.
How to Find a SWIFT/BIC Code
- Review your bank balance on your statement or use the online banking service.
- Get in touch with your bank and ask them.
- Refer to lists provided by banks or SWIFT in your search.
For seamless international payments with EximPe, always use the correct BIC/SWIFT code to ensure your funds reach the right destination quickly and securely.