Want to know what is SWIFT code? This is the guest post by banksifsccodes.com. Here you can get detailed explanation on SWIFT Code.
A SWIFT Code stands for “Society for Worldwide Interbank Financial Telecommunication”. It is the code that enables the handling of codes to banks all across the world. The Society for Worldwide Interbank Financial Telecommunication is responsible for handing over this code to different banks, worldwide.
SWIFT Code Headquarters
The headquarters of this society is located in La Hulpe, Belgium. The headquarters is thus responsible for the registration of SWIFT codes. This code is the registered trademark of S.W.I.F.T. SCRL, with its registered office at ‘Avenue Adele 1, B-1310 La Hulpe , Belgium ‘.
SWIFT Codes are used for an array of things. They are the standard format of Bank Identifier Codes and each bank has a unique identification code. The SWIFT code is thus sometimes referred to as the BIC. This code is predominantly used to exchange messages between banks.
SWIFT Code For Transfer Money
The most popular messages sent through the SWIFT code relates to transferring money between banks. This is basically international wire transfer. Thus, if a person wishes to transfer funds across countries, the bank they are registered with, will request them for the SWIFT code of the bank where they wish to transfer funds to. Thus enabling them to mobilize funds across boundaries with minimal effort and risk.
Since the SWIFT code is a unique code that is assigned to every bank, it is important to understand and be able to read the code if one wishes to transfer funds across countries. It usually consists of 11 characters, where the last 3 characters indicate the branch code. Sometimes 8 character digital codes are also given to banks.
The code thus consists of the first four characters being the Bank Code that comprises only of letters. The next two characters consist of ISO, followed by the first character being alpha and the second character being the country code. The next two characters consist of the Location Code, which comprises of letters and digits. The last three characters are optional and are used for branch specific codes. These can be letters and digits.
“Tips: For example: The swift code for hdfc bank branch is HDFCINBBCHE”.
Online portals consist of the specific IBC/ SWIFT codes for each bank. This is to avail ease with which fund transfer is facilitated between banks internationally. Also you can know the application status of HDFC credit card form the official website. As an abundant caution, banks make sure that they check codes with the user’s ban too before finally transferring funds to ensure and make clear that there are no changes in the status of the branch code.