Swift Code: In today’s digital era, transferring money and asking for money is a common thing. Whereas a few years ago, to transfer money one had to go to the bank and fill a form, which took a lot of time. But today people can do this work with their smartphones in just a few seconds. You might know many people whose family members work abroad and they also send money from there. Now a question might be coming in your mind, how does money from abroad reach India?
Actually, all this is the wonder of Swift Code, due to which you can send and receive money to any corner of the world. What is Swift Code, along with giving information about the full form of SWIFT, how to know the Swift Code of the bank here? It is being told about this.
What is Swift Code?
Swift code is used in international transactions. It is also called BIC Code, whose full name is Bank Identifier Code. This code is used to identify the bank and bank branch. This is exactly the same way as we use IFSC Code while doing domestic transactions i.e. within our country.
SWIFT code is an 8 or 11 digit international bank branch code or ID. It is a messaging network used by a financial institution to send messages securely. In simple words, it is used for international financial transactions.
Although some people consider IFSC Code and Swift Code to be the same, whereas both are completely different from each other. For your information, let us tell you that IFSC Code is used in home transactions. Whereas Swift Code is used in International Banking.
Full form of SWIFT (Swift Full form in English)
Before giving information about Swift Code, let us tell you about its full form. The full form of Swift is “Society for Worldwide Interbank Financial Telecommunication”. Swift Code is also known as ISO 9362, BIC Code. This code is certified by ISO International Organization for Standardization.
How many digits is the Swift code?
Swift code is of 8 to 11 digits, which includes complete information about any one bank like the branch of the bank, which country the bank belongs to, what is the location of the bank etc. Through this code, all types of details related to the bank are available. Actually, it is the Unique Identification Code of a bank, which is divided into 4 parts Bank Code, Country Code, Location Code, Branch Code. is.
For example, the SWIFT code of a bank is EBIN-IN-BB-496, understand it like this-
Swift Code – EBIN-IN-BB-496
- Bank Code – EBIN
- Country Code – IN
- Location Code – BB
- Branch Code – 496
- Bank Code – In this 11 digit code, the first 4 digits are known as the bank code. These 4 digits tell you which bank you want to send the money to.
- Country Code – Country code consists of 2 letters. The fifth and sixth characters of the SWIFT code are used for the country code. Through these letters, it is known through these 2 letters which country the bank is in and where the bank is located in which country.
- Location Code – The third part of Swift code is called location code. Location code is made up of 2 digits or 2 letters. The 7th and 8th digits or letters of the Swift code are called location code.
- Branch Code- The fourth and last part of Swift Code is called Branch Code. Branch code is of 3 digits, which is made up of numbers or letters.
How to find Swift Code of the Bank
Although Swift code is printed on the bank passbook, if it is not there then you will have to go to the bank branch to get its information. If you do not want to go to the bank branch, then you can find out the Swift code of your bank sitting at home. Its process is as follows-
- First of all you have to go to Swift Code website https://www.ifscswiftcodes.com.
- Now the home page will open in front of you, here you will see a window to know the Swift code.
- In this window, first of all you have to write the name of the bank, name of the state, name of the district and name of the branch.
- Now the complete details related to the bank will be visible in front of you.
What do 8 and 11 Characters Swift code Mean?
Now this question might be coming in your mind that Swift code at some places is of 8 letters and at some places it is of 11 letters, what does it mean? If a bank branch is located in a regional area, then the SWIFT code of that bank is 11 digits. Actually, the last 3 digits in Swift Kos are added to give information about that area. Apart from this, if it is a branch of the bank, then its SWIFT code is of 8 characters. It does not have the last 3 digits, since it is a nominal branch, hence there is no need to give regional information in it.
What to do if you do not receive Swift Code from the bank branch (Bank Branch Not Receive Swift Code What To Do)
If you have not received the SWIFT code from your bank branch, then you do not need to worry. Because only 1% bank branches in the country have SWIFT code available. Therefore it is available only in major bank branches of major cities. Otherwise, you should not worry too much if you do not get the Swift code. Therefore, whenever you open an account, while choosing the branch, from the names of the branches you will see, you have to see which branch is nearest to you and in which bank SWIFT code is available. You can use it by getting the Swift code from the branch where Swift code is available, in which you will not face any problem.
Using Swift Code
The SWIFT code network has been designed so that treasury and its correspondent transactions can be done easily. But seeing the strength of this messaging system, its use was greatly increased, and at present the Swift system is being used everywhere. The institutions which use this code are as follows:-
- Foreign Exchange, Money Brokers
- Clearing Houses
- Brokerage Institutes
- Trading Houses
- Asset Management Companies
- Securities Dealers
- Corporate Business Houses
SBI Swift Code
You already know that SWIFT code is required to receive money in your account internationally or to send money to any international bank account. These things require Swift code. Just as all banks have SWIFT code to complete international transactions, in the same way SBI Bank also has its own SWIFT code.
Through this code SBI customer can receive international payment in his bank account. Bank SWIFT code consists of 8-11 letters, which contain information about bank code, country code, branch code and location code. State Bank of India is the largest commercial bank of India, which has branches spread all over India. SBI provides a SWIFT code to each of its branches, which can be used by any SBI bank customer.
How to know SBI Bank Swift Code (SBI Bank Swift Code)
If you are a customer of SBI Bank, and you want to know the SWIFT code of your bank branch, then you can know its SWIFT code by going to your bank branch. Apart from this, you can also know the SWIFT code of SBI Bank through online SBI Bank website or other websites available on the internet.
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