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The basic of SWIFT code

Have you ever transfer fund to abroad?

If yes you might be aware about the SWIFT code. In lateral term the SWIFTY code is used to transfer fund to a bank located outside the geography of the nation. In order to transfer fund the SWFIT code comes to picture and the fund will be sent to the receiving bank in the form of a SWIFT message and the receiving bank will decode the message and it will transfer the fund to the beneficiary.

What does SWIFT mean?

The SWIFT stands for Society for Worldwide Interbank Financial Telecommunication” and in order to maintain a standard approach SWIFT organization used to take care of the SWIFT message. The organizations maintain the standards of the SWIFT and the member of the SWIFT can use the code to transfer fund. In fact all most all the bank and financial instructions are the members of the SWIFT and at the time of transferring fund to abroad they use the SWIFT code.
With the passing days the SWIFT has been replaced by another name BIC and it stands for Business Identifier Codes”. Though the name has been changed but the main function remains same.

Understanding the SWIFT code:

Generally the SWIFT code is a combination alpha and numeric and totaling to 8 to 11 character. Each character in the SWIFT represents something and at the time of decoding the message of the SWIFT you have to know the meaning of each and every character.
XXXX – XX – XX – XXX

The first four character of the SWIFT code represent the bank and the bank name will be coded in the first character. As the bank will be represented in the first four characters hence only letter only come in the first four place.

The next two character of the SWIFT code generally represented as ISO 3166-1 alpha- 2 and it represents the country code. Each country has been assigned with a specific code.

Next comes the seventh and the eight codes and this two codes of the SWIFT represent the location code. It represents where the bank is located in a country.  

The last there code of the SWIFT code does not carry much importance compared to the other codes. In fact the last three codes represent as the optional one and it represent the branch code of a particular bank. Without the last three character of the SWIFT code we can also proceed for the fund transfer.

Where to get the SWIFT code:

You can have your SWIFT code from your base branch where you are maintaining your account. Else over the internet there are several bank code service provider webistes from where you can have your SWIFT code for the fund transfer.