Swift Codes Reference Information.

image A list of Bank SWIFT codes is something you may not think is useful until you need one. I am going one to our resources page for you to book mark for future reference, when you do. 

What are SWIFT codes you may ask and why would you need one?

Today a client asked us for the Swift code so they could pay us. Not having it handy meant the funds transfer was delayed. In a nutshell the SWIFT code is a unique bank code used for all interbank messaging.

If you have need to send money from one bank to another especially for international transfers, a SWIFT code is required. 

Sometimes when you send money, bank staff may look them up for you so you may not be aware.  But if your asking customers to pay you via bank transfer they may request it.

When you send an international SMS. you need a unique country code before you add the area or provider code which is part of the phone number. Sending money to a bank is no different. There you need specific bank and its code, before you include the branch and beneficiary account information so the funds can be sent.

In our case our bank, DBS is in Singapore and our client’s sending bank is in another country. Here is what we gave them, based on a format you can also find on the DBS bank website …..

Account Name: (your name as in bank’s records)
Account Number: (your bank account number)
Bank Name: DBS Bank Ltd
Bank Address: 6 Shenton Way, DBS Building Tower One Singapore 068809 
DBS SWIFT BIC Code: DBSSSGSG

For a more expansive list of the codes go to our resources page : >> SWIFT BIC CODES List

For the technically minded and/or trivial pursuit exponents here is a summary of SWIFT facts.

The SWIFT code is 8 or 11 characters, made up of:

4 characters: bank code (only letters)
2 characters: ISO 3166-1 alpha-2 country code (only letters)
2 characters: location code (letters and digits) (if the second character is “1”, then it denotes a passive participant in the SWIFT network)
3 characters: branch code, optional (‘XXX’ for primary office) (letters and digits)
Where an 8-digit code is given, it may be assumed that it refers to the primary office.

. These codes are used when transferring money between banks, particularly for international wire transfers, and also for the exchange of other messages between banks.

“ISO 9362 (also known as SWIFT-BIC, BIC code, SWIFT ID or SWIFT code) is a standard format of Bank Identifier Codes approved by the International Organization for Standardization (ISO).

The Society for Worldwide Interbank Financial Telecommunication (“SWIFT”) operates the worldwide financial messaging network.  SWIFT also markets software and services to financial institutions, much of it for use on the SWIFTNet Network.

Source: Composite of Wikipedia entries

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