What is SWIFT BIC?
SWIFT code might be confusing, but it is very important for international remittance, which is performed via the bank of the main street. These include international settlement contains all of the bank required in order to ensure that reach safely to the destination.
If you are confused in financial terms the bank used to coordinate the international settlement, you’re not alone. To send and receive payments using conventional bank anywhere in the world, you will need a SWIFT code. Or big. Or maybe SWIFT / BIC. However, if anything, what is the difference of these codes?
The good news is, Once you learn the terminology, is that quite there is no pain is to find the information you need in international payment. What you should know about BIC / SWIFT code is as follows.
- History and meaning of -SWIFT and BIC code
- Information that is included in the -SWIFT code
- How to find you or your recipient’s SWIFT / BIC
- Process and cost of using -SWIFT system – and a number of alternatives
What is a SWIFT code?
Worldwide Interbank Financial Communication Association (abbreviated to SWIFT a matter of course) are present from more than 40 years ago, it exists in order to support the secure communication between the bank. Bank of SWIFT in the network, by sending a secure payment orders to each other, you can to be able to safely send money between accounts based in various countries.
An important feature of this system is the SWIFT code. This is a unique identifier indicating the exact recipient bank, the country as the base of the bank, its location, and even contains the details of the branch number. SWIFT code consists of only a few letters and numbers, but the bank in the network, will tell you that all you need to know in order to safely send money.
All SWIFT code follows the same format, is the length of 8 or 11 characters. They are configured in a variety of information to guide your international payments. Let’s look at an example: SWIFT code: MIDLGB2114R
This SWIFT code can be categorized as follows:
- 4-character bank identifier – MIDL – in this case, this is a branch of HSBC Bank
- 2-character country code – GB
- 2-character location code – 21 – this can be made up of numbers or letters
- Optional 3-letter branch code – 14R – this is an HSBC Branch on Marylebone Road, London
Branch code is an additional option to the SWIFT code. If you leave off the branch code, the payment is sent to the head office of the bank of issue, it will be sent in that manner to account instead.
What is a BIC code?
In addition, when you arrange the international payment, you may be prompted to enter the BIC code. BIC stands for BusinessIdentifier Code, but before actually is updated in 2009 to reflect the rise of the financial services business was not a bank, was the abbreviation of the original Bank IdentifierCode.
Is SWIFT the same as BIC?
Technically, SWIFT (organization) is assigned the BIC to businesses that need the BIC. However, the term SWIFT code and BIC are used in the same sense, is the same meaning. SWIFT / BIC, you may BIC / SWIFT code or the same code called SWIFT identifier, is displayed.
How to find a BIC/SWIFT code
BIC / SWIFT code is printed on the account statement. In addition, either by logging into online banking where to search, you can find even to seek help on the phone to the nearest branch office.
If you are looking for a SWIFT code for sending a payment to the other people, the easiest way to find the SWIFT code, is to use the online SWIFT / BIC tool. Country, bank, only to enter details such as the location, as appropriate will be found in the SWIFT code search online. Ideally, which was re-confirmation to the recipient, to ensure the safety, is ideal to be able to avoid the payment of the problem.
SWIFT Payments
If you are looking for a SWIFT code, there is a possibility that you are trying to or receive an international payment. In any case, a little to learn about how they function is SWIFT system is a wise idea.
As mentioned above, SWIFT is the main communication network, pass the payment orders among banks. If you want to actually move the payment beyond the border, the bank relies on correspondent banking network. Correspondent bank work together to move the money from one location to the next location, you finally reach the recipient. The one-time payment, there is a possibility that up to three of correspondent banks are involved. This is the money to use a series of connecting flights in order to arrive at the final destination looks a bit like.
This system has generally reliable, but there are some drawbacks. First of all, depending on the remittance method, you may transfer it takes time to reach the recipient. And second, correspondent banking, in addition to the upfront fee you paid already, because they cost can deduct the fee from the payment to cover, might you encounter in unexpected charges.
These SWIFT fee is, in many cases, are listed in small print account of the Terms and Conditions as a charge of third-party. The method of setting the SWIFT network, you may not be able to accurately grasp the commission of the correspondent bank at the time of remittance. Unfortunately, this might mean that the recipient is less than the finally expected.
SWIFT There is an alternative that does not depend on the network. TransferWise of international payments specialist, without any use of the SWIFT system, and remittance using the new technology. In addition, since all of the payment is made online, the overhead of TransferWise is low, you can reduce the savings to the customer. This is often, as compared to the normal bank, which means that the better deal can be obtained and used to pay the TransferWise.
TransferWise has been regulated by the Financial ConductAuthority is an organization that oversees the British high street bank.
SWIFT Code Checker
To confirm or find a SWIFT code required for the payment, please visit this handy BIC / SWIFT code checker.
If you use the wrong SWIFT code, there is a possibility that the payment is delayed. In other words, or sent back, there is a possibility that or is remitted to the wrong account. As much as possible, check the SWIFT code to the recipient, if you are expecting a payment, please get the code from the specification or online banking of the bank.
SWIFT system is an established method for performing international payment. However, since a plurality of banks it is necessary to cooperate in a single payment, there is a possibility that the cost is high. In addition, it is not rare that it is the fastest way to move the money. The emergence of new technology, providers to completely avoid the SWIFT network, such as TransferWise is, you may find that you can offer a better deal in the international remittance.
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