Why SWIFT Code Vital for Your Money Transfer

SWIFT code is vital for any kind of money transfer. Its importance can be advocated during online electronic payment transfer through National Electronic Fund Transfer (NEFT) and Real Time Gross Settlement Finance Transfer Systems (RTGS) or other customer details. But note that this system is applicable only in India and is not valid for payment transfers internationally.

The main objective behind the launching of the SWIFT online site is to facilitate its customers about their banks Code and address. Bank’s unique identification numbers is a must for individuals, corporate or trading houses while transferring payments using NEFT, RTGS and CFMS systems. Bank SWIFT code is equally important for net banking customers who use online electronic money transfers.

SWIFT consists of 8-11 unique alphanumeric code that is used to identify a bank. This unique number is divided into three separate sections, each with a meaning of its own. The first part consists of 4 characters which stand for the bank branch, the next two represent the country code, followed by two lettered location code and the last three characters refers to the branch code.

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Now there are two possible ways to find your bank’s unique identification characters. One is through the unique codes printed on the Cheque leaves. Banks print these characters on the Cheque leaves and hand it over to the account holders. You will have to provide these characters during any sort of financial transfer.

The second and the most feasible way to find your SWIFT code is by typing Bankswiftcode.org on your address bar. You will get a complete list of Swift Code for all of countries worldwide. This website will also offer you with a SWIFT Code search option. As soon as you open the page you will be provided with keywords like Bank, State, District, City, Branch or Locality and Search in vertical order. These keywords make your search for bank and its unique identification numbers all the more simple.

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It is very important to produce your bank’s unique identification number along with other details like Account No, Account Name (currently in bank records), Account Types and Name of the Bank while receiving payments electronically from the sender during internet banking. If in any case you fail to produce the same, your fund transfer transaction will be invalid.

Hence, it is advisable to bookmark the link of the online site on your browser so that you can have an easy access to the Indian Financial System Code of the bank during internet transactions.

Check this also: International Money Transfer