Do you ever send the money internationally or receive money from the Foreign countries. Then you’ll come with the asked question “what is your SWIFT / BIC CODE?”
You need a SWIFT / BIC CODE to do this transaction services.

This article will help you to know

  1. What IS A SWIFT CODE / BIC CODE?
  2. How to find your SWIFT/BIC code?
  3. When is a SWIFT code needed?
  4. SWIFT Codes (BICs) of World’s Largest Banks

WHAT IS A SWIFT / BIC CODE?

  1. BIC stands for Bank Identifier Code
  2. SWIFT stands for the Society for Worldwide Interbank Financial Telecommunication

Swift Code is the standard format for Business Identifier Codes (BIC), it is a Unique Identification code for banks and both financial and non-financial institutions.

BIC is also known as SWIFT code, BIC code, SWIFT ID or SWIFT BIC all of this are the same.
When it is assigned to a non-financial institution, the code is known as a Business Entity Identifier or BEI. This SWIFT / BIC CODE is required when you are making an international transaction with the banks, for international wire transfer and Single Euro Payments Area (SEPA) payments to check the money is going to the correct place. This code is also used for sharing or making messages between banks.

SWIFT code, BIC code, SWIFT ID or SWIFT – BIC (ISO 9362) is a standard format of Business Identifier Codes approved by the International Organization for Standardization (ISO).

This code is of 8-11 character used to check the Specific bank in an international transaction, to make sure the money is going to the correct place.

What is a SWIFT / BIC code?, newsvstech.

What is a SWIFT / BIC code?

 

  • Bank code A-Z
4-letter code. It usually looks like a shortened version of that bank’s name or Institution Code.
  • Country code A-Z
2-ISO 3166-1 alpha-2 letter code. It says which country that bank is in.
  • Location code – 2 letters or digits ( 0-9 A-Z )
  1. If the second character is “0”, then it is typically a test BIC as opposed to a BIC used on the live network.
  2. If the second character is “1”, then it denotes a passive participant in the SWIFT network
  3. 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.
  4. 2-digit location code that could be either 2-letters or numbers. It says where that bank’s head office is.
  • Branch Code 0-9 A-Z
Optional 3-digit code. It specifies a particular branch, instead of the bank’s head office. ‘XXX’ for the head office/ primary office.
Let’s have a clear idea
Deutsche Bank is an international bank, with its head office in Frankfurt, Germany.
The SWIFT code for its primary office is DEUTDEFF:
  • DEUT identifies Deutsche Bank
  • DE is the country code for Germany
  • FF is the code for Frankfurt

Deutsche Bank uses an extended code of 11 digits and has assigned branches or processing areas individual extended codes. This allows the payment to be directed to a specific office. For example, DEUTDEFF500 would direct the payment to an office of Deutsche Bank in Bad Homburg.

How to find your SWIFT/BIC code?

In your Bank account statement, you’ll easily find your bank’s BIC or SWIFT code. You can also find Online tools to find the BIC / SWIFT code.

When is a SWIFT code needed?

Whenever you are doing an international transfer, a SWIFT code is necessary to complete the transaction. It is usually paired with an IBAN (International Bank Account Number). Once the transfer is completed, the bank that receives the money issues a ‘SWIFT message’, a confirmation that funds were received and contains the full information about the transfer.
For eg., you can think of a SWIFT/BIC code as a bit like an international postal code so that a bank on one side of the world finds the right bank on the other side of the world.

It is, therefore, an important piece of information to include in an invoice if you have customers abroad. It makes payment faster because the customer will not need to request the information, and ensure that your transfer is secure.

SWIFT Codes (BICs) of World’s Largest Banks

No Bank Name Country Swift Code
1 JP Morgan Chase USA CHASUS33XXX (CHASUS33)
2 Industrial and Commercial Bank of China (ICBC) China ICBKCNBJXXX (ICBKCNBJ)
3 Bank of America USA BOFAUS3NXXX (BOFAUS3N)
4 Wells Fargo USA WFBIUS6SXXX (WFBIUS6S)
5 China Construction Bank (CCB) China PCBCCNBJXXX (PCBCCNBJ)
6 HSBC Holdings PLC UK MIDLGB22XXX (MIDLGB22)
7 Agricultural Bank of China China ABOCCNBJXXX (ABOCCNBJ)
8 Citigroup USA CITIUS33XXX (CITIUS33)
9 Bank of China China BKCHHKHHXXX (BKCHHKHH)
10 China Merchants Bank China CMBCCNBSXXX (CMBCCNBS)
11 Royal Bank of Canada Canada ROYCCAT2XXX (ROYCCAT2)
12 The Toronto-Dominion Bank Canada TDOMCATTXXX (TDOMCATT)
13 Commonwealth Bank of Australia Australia CTBAAU2SXXX (CTBAAU2S)
14 Morgan Stanley USA MSNYUS33XXX (MSNYUS33)
15 Goldman Sachs USA GOLDUS33XXX (GOLDUS33)
16 Banco Santander Spain BSCHESMMXXX (BSCHESMM)
17 Mitsubishi UFJ Financial Group Japan BOTKJPJTXXX (BOTKJPJT)
18 U.S. Bancorp USA USBKUS44XXX (USBKUS44)
19 BNP Paribas France BNPAFRPPXXX (BNPAFRPP)
20 Bank of Nova Scotia Canada NOSCCATTXXX (NOSCCATT)
21 Westpac Australia WPACAU2SXXX (WPACAU2S)
22 Itau Unibanco Holding Brazil ITAUBRSPXXX (ITAUBRSP)
23 PNC Financial Services Group USA PNCCUS33XXX (PNCCUS33)
24 Bank of Communications China COMMCNSHXXX (COMMCNSH)
25 Lloyds Banking Group UK LOYDGB2LXXX (LOYDGB2L)
26 Sumitomo Mitsui Financial Group Japan SMBCJPJTXXX (SMBCJPJT)
27 UBS AG Switzerland UBSWCHZHXXX (UBSWCHZH)
28 ANZ Banking Group Australia ANZBAU3MXXX (ANZBAU3M)
29 ING Group Netherlands INGBNL2AXXX (INGBNL2A)
30 Bank of New York Mellon USA IRVTUS3NXXX (IRVTUS3N)
31 National Australia Bank Australia NATAAU33XXX (NATAAU33)
32 Intesa Sanpaolo Italy BCITITMMXXX (BCITITMM)
33 Banco Bradesco Brazil BBDEBRSPXXX (BBDEBRSP)
34 Bank of Montreal Canada BOFMCAT2XXX (BOFMCAT2)
35 Capital One USA HIBKUSH1XXX (HIBKUSH1)
36 Barclays UK BARCGB22XXX (BARCGB22)
37 BBVA Spain BBVAESMMXXX (BBVAESMM)
38 Mizuho Financial Group Japan MHCBJPJTXXX (MHCBJPJT)
39 Royal Bank of Scotland Group UK RBOSGB2LXXX (RBOSGB2L)
40 China CITIC Bank China ITRCCNB1XXX (ITRCCNB1)
41 China Minsheng Banking Corp China MSBCCNBJXXX (MSBCCNBJ)
42 Credit Suisse Group Switzerland CRESCHZFXXX (CRESCHZF)
43 Nordea Bank Sweden NDEASESSXXX (NDEASESS)
44 Credit Agricole France AGRIFRPPXXX (AGRIFRPP)
45 UniCredit Italy UNCRITMMXXX (UNCRITMM)
46 CIBC Canada CIBCCATTXXX (CIBCCATT)
47 Societe Generale France SOGEFRPPXXX (SOGEFRPP)
48 Standard Chartered UK SCBLGB2LXXX (SCBLGB2L)
49 KBC Group Belgium KREDBEBBXXX (KREDBEBB)
50 Deutsche Bank Germany DEUTDEFFXXX (DEUTDEFF)

 

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