Money is important to one and all. It really doesn’t matter whether you belong to an elite class or the labor class, it is essential for every person on the planet so that he can lead a normal and comfortable life. Everyone needs to deal with financial transactions at some point or the other. You have to hang on to one bank or the other. Because you do not have a choice! Once you are a part of this world you have to make yourselves aware of the common phrases and acronyms like SWIFT, BIC and IBAN. You will be encountering with them almost each day. You probably must be wondering what these terms stand for and how are they useful!
Understanding the SWIFT Code / BIC Code
There are thousands of banks with lacks of branches. Hence, it is important to know its unique identification code. Every financial transactions deals with a financial institution. Thus, the unique address which helps in identifying the exact bank for the said transaction is called the Bank Identifier Code. It is the exclusive code that helps in fast identification without any error.
A SWIFT code usually consists of 8 or 11 characters. If you come across 8-digit SWIFT code, note that it is the main branch/office of the bank. For further clarification a simple skeleton of its feature is shown below. Every character has a significance which has been explained below for a quick understanding:
This makes it so logical and synchronized to easily spot the bank and its branch with the help of the code.
What is BankSwiftCode.ORG?
BankSwiftCode is a website that has been designed exclusively for offering free BIC Codes / Swift Codes directory for searching any financial institution's Bank Identification Code. You have all the convenience of choosing from two kinds of searches- Alphabetical search and Keyword search, to have quick and convenient access. It is a simple process. You just need to add the bank's name and you will be provided with all the information about that bank that is available in our database.
SWIFT Code, BIC Code, ISO 9362
SWIFT Code or BIC code are part of ISO 9362 standards. It is a standard format of Business Identifier Codes (BIC). BIC sometimes also refers to Bank Identifier Code.
SWIFT Code or BIC Code is a unique code to identify financial and non-financial institutions. These codes are mostly used when transferring money between banks, especially for international wire transfers or telegraphic transfer (TT). The codes are also used in exchanging messages between banks.
SWIFT Code for Worlds Largest Economies
For individual users, SWIFT Code normally used to transmit money across the international border.
The following countries are the 24th largest economies based on Gross Domestic Product (GDP) as listed by the International Monetary Fund (IMF).
What are Domestic Bank Codes?
Some countries also implement domestic bank code or clearing system to transfer money within their own border. Examples are, Routing Number in United States (USA), Routing Number or Transit Number in Canada, Sort Codes in United Kingdom (UK), National Sort Codes (NSC) in Ireland, Bankleitzahl (BLZ Codes) in Germany, Bankenclearing-Nummer (BC) & SIX Interbank Clearing Codes (SIC) in Switzerland, Code Banque & Code Guichet In France, Codice ABI (ABI) & Codice di Avviamento Bancario (CAB Code) in Italy, Registreringsnummer (Reg. nr.) in Denmark, Bank State Branch (BSB number) in Australia, Bank State Branch (BSB number) in New Zealand and Indian Financial System Code (IFSC) in India.
These are very helpful in tracing the information of the financial transaction that has taken place within your country by decoding the code.
How BankSwiftCode.ORG Helps?
BankSwiftCode.ORG is the largest and the most reliable SWIFT Code / BIC Code database on the internet. We allow quick access of the Bank Identification Code of any bank around the globe. It does not matter if you are planning on money transaction through bank wire or online, we provide a free service with a guarantee in quality.
We make sure that our SWIFT Codes and Bank Identification Codes are frequently updated so that you can have the right information on one click. We thank our customers for helping us construct an improved Bank Swift Code reference for the internet society.
Benefits of bank swift codes
Bank Swift Codes were introduced to make financial transactions easily traceable and manageable. Here are some of its benefits which have really helped a lot….
Easy Location and Retrieval of Bank
Convenience for Expanding Businesses
Easy Verification of Validity of Bank
Secure Financial Transactions
Use of Bank Swift Codes
There are thousands of banks all over the world. Hence, there is quite a fair chance that there are two banks with the same name in two completely different corners of the world. This can surely lead to lots of confusion amongst the investors. They will surely have a hard time dealing with these banks with same names. To make sure that such a thing doesn’t happen, swift code bank were invented. Now every bank can have its unique swift code which every customer can have it from the bank customer support department. You may also find it online from your bank site. This will never cause any kind of confusion or overlapping.
The swift code bic organization never takes part in any financial transactions. Its objective is to help banks maintain a unique code that does not lapse with one another. It also gives you access to swift code lookup. Again, the bic code iban gives a unique identification to every single bank worldwide, irrespective of the bank, branch or country to avoid confusion.