What is bank SWIFT code? SWIFTcode Banks and what you need to know?
When we talk about swift, it represents society for worldwide interbank financial communication. It has it’s headquartered in Belgium. SWIFT code is mainly for wire transfer from bank to bank mostly international money transfer.
SWIFT code remains the Standard for identifying Banks. It is the standard for identifying financial institution when sending funds to banks without hitches, mostly when it has to do with international transaction.
Banks uses this SWIFTcode to communicate within them.
More About SWIFTcode. How Bank SWIFT code Works
It serves for both financial and non-financial purposes in the banking world.
It is structured in a 8 or 11 digit code suppurated in the form of Bank code, Country Code, location code and branch code.
The first four digits represent the bank’s code, followed by two digits which stand for county code. Next is another two digit code which stands for location code, followed by the three-digit code that represents the bank’s branch code. The three branch code is optional which is used to send messages to the primary office.
As it stands now, there are over 10,500 institutions in more than 200 countries in the world that are presently registered with the society.
The aim and objective of SWIFT is to enable customers to carry out standardized automated financial transactions that guarantee maximum security.
N.B. SWIFT have to access to bank customer’s account details neither does it manage any bank account or keep records of financial dealings in any form.
So SWIFT codes are used by broker-dealers, investment managers, and most especially financial institutions.