How to find SWIFT code？
When creating a recipient in SkyRemit, the system will require you to provide a "SWIFT code". It is also common for users to enter an incorrect SWIFT code.
So what is a SWIFT code and how do you find it?
After reading this article, you will know!
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What a SWIFT/BIC code is?
SWIFT stands for the Society for Worldwide Interbank Financial Telecommunications, and BIC stands for Bank Identifier Code. Sometimes, people use the terms “BIC” and “SWIFT” interchangeably.
SWIFT is a network that many banks use to facilitate the transfer of money to banks in different countries. Through the SWIFT system, banks can securely transmit information to one another. This allows them to know where the money should come from (which account should be debited) and which account should be credited with the money.
In short, without this code, your bank won’t know where exactly they should send your money to.
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Not Every Bank Has a SWIFT Code
Many U.S. credit unions and small banks do not connect to the SWIFT network and do not have a SWIFT code. If your overseas bank happens to be a bank without the code, contact our customer service team.
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What Does a SWIFT Code Look Like?
A bank’s SWIFT code is an 8- or 11-digit code with four components: Bank code, Country code, Location code and Branch code (optional).
①Bank code: Four letters that represent a shortened version of the financial institution’s name.
②Country code: Two letters that indicate the country in which the financial institution is located.
③Location code: Two numbers or letters that identify the city of the financial institution’s headquarters.
④Branch code (optional): Three numbers or letters that identify a financial institution’s branch, as opposed to its headquarters.
To help you understand better, we’ve listed out the SWIFT/ BIC codes for a few large banks from around the world:
Scotiabank (Canada): NOSCCATTXXX
Charles Schwab Bank (US): CSCHUS6SXXX
Bank of England: BKENGB2LXXX
State Bank of India: SBININBBXXX
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How To Find a Bank’s SWIFT Code
Most bank SWIFT codes can be found in one of the following ways:
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Searching the bank’s website
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Contacting the bank
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Checking a bank statement
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Logging into the online banking platform or mobile banking app associated with the account
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Searching online with the bank’s name and the keyword “SWIFT code,” verifying that any information is coming from a reliable source.
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How do I verify a SWIFT code?
In the U.S., some banks have SWIFT codes for specific branches, while others have one SWIFT code for incoming transfers in U.S. dollars and another SWIFT code for incoming transfers in foreign currency.
It is important to use the correct SWIFT code when transferring money. This will help avoid transfer delays or errors.
When sending money for the first time, always cross-check the BIC/ SWIFT code and other details with the recipient (your bank) before you send the money.
Then, you can choose the recipient infos which successfully transferred money at the following times.
So, now you know what a SWIFT code is, its format, and how to find it. Let's sign in to your SkyRemit and initiate a transfer!