Society for Worldwide International Financial Telecommunication or commonly known as SWIFT code is a unique identification code used as a standard for monetary transactions in the global platform. The code is actively used to deal with and transfer money and messages between banks. It is 8 or 11 characters long figure divided into four sections viz.:
- First 4 characters: Represent bank code
- Next 2 characters: Represent ISO 3166-1 alpha-2 country code
- Next 2 characters: Represent location code
- Last 3 characters: Represent branch code
This unique address also serves as format for Bank Identifier Codes (BIC) that forms the base of any international financial transaction. Hence whenever need arises you may easily trace down your swift code for a foreign bank. All you need to do is to give a call or just drop an email enquiring about the same. You may also trace down the official website of the bank and call their customer service number. They are normally available 24X7.
Steps to find Swift Code for Foreign Bank
Step1: Trace down the name and address of the bank. If the institute has nothing to do with SWIFT, it won’t have a Bank Swift code assigned.
Step2: The next step will be to contact the bank or the corporate institution and to appeal for their Swift number. Normally the Trading, Wire Transfers or Securities Settlement areas are in charge for such numbers.
Step3: Go to bankswiftcode.org. Enter the country or the name of the bank or corporation and hit search. You will be offered the number (s) assigned to the company by Swift.
Step4: In case you find it difficult to connect through the Internet, you can always go for the traditional method by sending an e-mail or fax or simply connecting over the phone.
SWIFT, by and large is a communication network set up by banks, brokers, corporations and financial institutions with the intention of exchanging messages. Corporate institutes confirm trades and other transactions expect wire transfers through these codes. These numbers are recognized globally and hence have a crucial status in the world platform.