Looking for Routing Number?

Looking for Swift Code for your International Bank Transactions? We have made it easy just by sorting all of the Bank’s Code at single place where you won’t be having any issue in finding your code.

Suppose one of your relatives called you urgently and asked you for some cash urgently and he lives overseas internationally in a different country.

So you decided to send in the money but unfortunately, you get to know that you need a number which will be needed to transfer the money to overseas banks and you tried to look for it everywhere but all in vain.

So if you are in the same situation don’t worry, here you will get that number and that number is called the BIC Code.
If you would like to know a bit more about this code you must read further.

Swift stands for the Society for Worldwide Interbank Financial Telecommunication it basically provides a network for the financial institutions so that they can send and receive money overseas.

Swift Code is also referred to as BIC that is Bank Identification Code.

This code is 8 to 11 characters number which is needed to transfer money overseas or internationally across banks.

Different banks have different codes for carrying international transactions so you will need to know the swift code of your bank and the recipient’s bank.

These codes are used while transferring money between banks for international wire transfers or a SEPA payments. Banks also use this code to exchange messages.

Swift Code

SWIFT is a cooperative association headquartered in Belgium comprised of more than 10,800 corporate customers, banks and securities institutions located in 200 countries worldwide.

SWIFT doesn’t hold your money or manage any of your financial affairs. Instead, It provides a framework that allows companies and financial institutions to conduct business seamlessly.

History

Swift Code History

Very useful for the Cooperative sector and telecommunication industry, It was founded 46 years ago in the year 1973. This financial telecommunication product in today’s time gives employment to more than 2000 people. The swift code was founded by the CEO Carl Reuterskiold (1973 – 1989).

Founded in Brussels, the swift code was supported by 293 banks in fifteen countries. In 1979, the governor of Virginia, John N Dalton inaugurated the first operating centre of Swift in United States of America.

The original purpose of Swift was to establish a global communication link for data processing and a common language for International Financial transactions, its essential function was to deliver messages quickly and to make the transactions and messages easier and understandable.

Check out the complete history of this code using this link.

Standards

Swift Code Standards

In today’s time, It has become the standard and Default Syntax for financial messages. the messages that are dealt in Swift standard can be easily processed and is easily understandable for almost all financial processing systems. Swift along with international authority is defined as the standard for message content and flow. It also plays the role of registration authority (RA) for many well known ISO standards.

The Swift in ATS role as an iso registration authority issues Bank identifier code to financial and nonfinancial instructions. One of the most famous is the ISO 9362 : 2014 standard.

This generally and 8 character code, defined as ‘business party identifier’, consisting of the business party prefix (four alphanumeric) followed by the country code defined as in ISO 3166-1(two alphabetic), and then the business party suffix (two alphanumeric).

Some of the common used ISO standards are given below-

  1. ISO 13616 – made up in 2003 it helps in IBAN registry.
  2. ISO 10383 – this deals with security and financial instruments and is purposely made up for exchange and market identification.
  3. ISO 15022 – formulated in 1999 for security purpose, it replaces the ISO 7775 and helps in data field dictionary.
  4. ISO 20022 – 1 made in 2004 and ISO 20022 – 2 made in 2007, this both are for Universal and efficient messaging.

Difference Between Swift code and Routing number

SWIFT code and routing numbers are the fingerprints of a bank or financial institute. But they are significantly different from each other.

One of the most significant fact that differs Swift codes from routing numbers is that swift codes are internationally and worldwide used but routing numbers are used for domestic transactions only and are not used mainly for international Financial purposes.

A SWIFT code has 8 to 11 characters which are made up of letters and numbers. Of these, the first four letters denotes the bank code, the next two are the country code, the following two letters or numbers will be the location code, and the last three numbers will be the branch code.

Whereas, a routing number has nine digits ,and it is an account number that the bank or the financial institution has with the Federal Reserve. These nine-digit numbers are those that are seen on the bottom of the check, and it is only after these that the account number follows

So, The routing number of 9 digits file or Swift code consists of 8 to 11 characters.

However, in both the cases it is ensured that the money transaction is safe, secure, fast, quick, accurate and efficient each and every time.

Swift Code Examples

Swift codes are very essential for today’s time and has become an integral part to do financial and money transfers overseas.

Some of the most common examples of Swift codes are- CHASUS33XXX, NWBKGB2LXXX, etc.

In these Swift codes, the first four characters represent the name of the bank.

The fifth and the sixth characters represent the name of the country in which the bank is located.

The seventh and the eighth characters represent the location code of the bank.

The last three codes stand for the branch code. The need of swift code in banking-

The need of swift code for banking is of utmost importance and it is a major constituent which helps in international banking and helps in connecting the people worldwide.

The Swift code makes banking easier and fast for the people who are situated into different countries. For two people in two different countries now it’s very easy to do transactions and money transfers just by the help of this codes.

So, in today’s generation it’s hard to imagine banking without swift code.

FAQ

Q When was the swift code found?

Ans was found in 1973.

Q Where are the headquarters of swift code located?

Ans The headquarters are located in La Hulpe, Belgium.

Q How old is this code?

Ans This code is 46 years old.

Q Who Is the present CEO of swift code?

Ans The present CEO is Gottfried Liebbrandt.

Q Who is the present Chairman ?

Ans The present Chairman is Yawar Shah.

Final words

The perspective of international banking has become much more easier and efficient with the help of swift code. It has opened the eyes of millions of people and has gained their trust and confidence upon itself. The concept of Swift code is for the Welfare and betterment of the people.

It has made life easier and is one of the best banking facilities and functions.

Pin It on Pinterest

Shares