Every international bank transfer requires a SWIFT code to be carried out, which will indicate to the company that provides the service to make this transaction, or to the bank from where the transaction is made, the exact place where the money transferred should arrive.
Thanks to the SWIFT code, the interbank connection can be consolidated on a global scale, so we will explain in detail in this article everything related to this bank coding, the number of digits that make it up, and other relevant aspects.
What is the Swift code?
SWIFT It is the abbreviation in English Society for Worldwide Interbank Financial Telecommunication, to refer to the unique code created by this institution, with which financial or banking institutions that exist in the world are identified.
This code is also known as BIC (Bank Identifier Code), and is made up of a set of 8 to 11 characters, which distinguish the bank in which the beneficiary has an account into which the money will be deposited.
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With the SWIFT code a significant increase in security levels has been achieved, when these international cash transfers are executed, minimizing any possibility of incurring errors, reducing waiting times for the money to become cash, and preventing the payment of additional costs.
These are the main purposes with the SWIFT code, to make international bank transfers very smooth, secure and expedited, reducing the risks that may be associated with this type of transaction, for which every bank has this encryption.
How to get a SWIFT code?
To obtain a SWIFT code for a specific bank account, it is necessary to go to Internet search engines where this information can be obtained.
One of these search engines is TransferWise, where you can search by bank or by country, managing to determine the code of the branch you are interested in and if you have one, you can use its verifier to make sure that it is indeed the correct code with which you can make the transfer.
Bank Codes is another search engine for obtaining a SWIFT code, where you will have a list of the codes that have been most requested, and a search engine that breaks down the information by the name of the bank, code and address.
How do I know the SWIFT code of my account?
The way to know the SWIFT code of the bank account is very simple, since many banking institutions present it among the information related to the customer's bank account, so this information is accessible both through the bank's website, and in its app, and at the branch of your choice.
What are the differences between the IBAN code and the SWIFT code?
A question that many people have is that they are not aware of the existing differences, enter the IBAN (International Bank Account Number), And the SWIFT code.
The IBAN code It is used to validate and identify a bank account anywhere in the world, since it has a unique code consisting of 34 characters between letters and numbers, which symbolize information about the country where the bank is incorporated, the financial institution itself, the office where the account was opened, and the number assigned to the bank account.
But the SWIFT code serves as an identifying element of a bank on a global scale.
The SWIFT code of a bank account is a very important element for international bank transfers., because these are transactions that are carried out very frequently throughout the year, in which large amounts of money are handled.
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