How to find Swift Code: A Complete Guide

In today’s globalized world, international banking plays a very important role in both personal and business transactions. Whether you are sending money abroad or receiving your funds from another country, one term that you have heard about is SWIFT Code. But many of you are confused about what Swift Code is and how to find it. Don’t worry, we are here with the answer to your confusion about the Swift Code. If an individual is sending money internationally to an Indian bank account or receiving any kind of funds in an Indian bank account, then you will need a SWIFT code with other bank details. It is essential to facilitate secure and efficient international money transfers between banks. In this blog, you will learn more about the Swift Code, its importance, structure & format, how to find Swift Code, and other essential details.  

What is the Swift Code?

A Swift Code, which is also known as the Swift Numbers or the BIC Code (Bank Identifier Code), is a unique code that is used to route International payments to the correct bank. A Swift code consists of 8 to 11 characters, each formed with a special meaning. The Swift code format is authorised by the International Organisation for Standardisation (ISO). All the financial and non-financial institutions might use it as a special identifier code. 

The full form of SWIFT  is (Society for Worldwide Interbank Financial Telecommunication), and it is used to transfer money between banks, especially in International wire transfers. A SWIFT code is also helpful in exchanging messages between banks. You may find these types of codes on your account statements. 

What is the Importance of the Swift Code?

The points given below highlight the importance of the Swift Code: 

1. A SWIFT code ensures the speedy transfer of information between banks, even if they are in different countries. 
2. It ensures that the funds are transferred to the correct banks. This reduces the risk of errors and fraud related to banking. 
3. A SWIFT Code is a more trusted process that has been used for decades. It is the backbone of International transactions.   
4. Unlike the other networks, SWIFT Code offers a secure platform that uses encryption and decryption to safeguard its information during transmission. 
5. SWIFT Codes are considered a unique identifier for financial institutions, ensuring accurate identification.  

6. It guarantees you the highest levels of integrity and confidentiality, as attested by its global reputation. 

How to Find Swift Code?

Finding the Swift Code of your bank is simple and can be done in a few easy steps, which are mentioned below: 

1. Check your bank statement or account documents. Many banks print the SWIFT code on paper statements, account opening forms, or welcome emails.
   
2. Log in to online or mobile banking. Look under account details, international transfers, or the “help”/“support” sections; banks often list the SWIFT/BIC there.
   
3. Visit the bank’s official website. Search for “SWIFT code” or “BIC” on their site; they usually publish it on the international payments or contact page.
   
4. Call or visit your branch. A quick phone call or visit to your branch will get you the exact code, handy if you need a branch-specific version.
   
5. Ask the person sending money. If you’re receiving an international payment, the sender’s bank may also be able to confirm the correct SWIFT code.
   
6. Use a trusted SWIFT/BIC directory. Official directories also list SWIFT codes, but make sure you use reputable sources.

Structure and format of the Indian Bank Swift Code

An Indian bank’s SWIFT Code is made up of 8 to 11 characters, each serving a specific purpose. These characters of the SWIFT Code provide the information about the bank name, city, country, and the branch name. The following is what each part of the code means: 

•  Bank Code: This part includes the first four letters representing the bank name in the shorter form. For example, for the State Bank of India, the bank code is SBI. 
• Country Code: Country code refers to the next two letters after the bank code, which indicate the country from where the bank is located. 
• Location Code: It is made up of both letters and Numbers. This code indicates the location of the Indian bank’s head office. 
• Branch Code: It comprises the three digits, which identify the specific branch of the Indian Bank. 

Example of the Swift Code: 

1. Bank code: IDIB represents Indian Bank.
2. Country code: IN indicates India.
3. Location code: BB signifies a specific location.
4. Branch code: CBE is the branch code (a branch in Coimbatore)

Why does an individual need a SWIFT Code?

A SWIFT Code is something you need whenever you are sending or receiving money internationally. Think of it like an address for banks. Just like you need a home address to deliver a letter, banks need a SWIFT Code to know exactly where to send your money across borders.

Each SWIFT Code is unique and helps identify not only the bank but also the specific branch. This avoids confusion and ensures your money doesn’t end up in the wrong place. For example, if someone in the USA wants to send money to your account in India, their bank will use your bank’s SWIFT Code to route the funds correctly.

It’s also important because international transactions usually involve multiple banks, and the SWIFT Code helps these banks communicate securely with each other. Without it, the process would be slower, riskier, and more expensive.

Are Swift Code and BIC the Same? 

Yes, both are the same terms and interrelated. A SWIFT Code is a unique code system; on the other hand, a BIC is the coded identifier that the system uses to identify your bank code. Both are used interchangeably to refer to the essential code needed for the transaction of an individual. Always remember, whether you are a global corporation or an individual who has international relations, a SWIFT Code or a BIC Code is essential. It ensures that your money reaches its desired destination securely and efficiently. 

Final Words: 

Understanding the concept of SWIFT Code and how to find SWIFT Code is essential for anyone involved in International banking. Whether you are sending money, receiving the funds, or investing your money abroad, a SWIFT Code is a must. It ensures that your money reaches its destination securely, efficiently, and accurately.

FAQS: 

1) How to find Swift Code? 

You can find a SWIFT Code through the bank’s official website or your bank statement, your mobile banking app, etc. 

2) Can I get the SWIFT Code Online?

Yes, you can find your SWIFT Code Online through your bank website or the mobile banking app. 

3) What is the full form of SWIFT Code? 

Society for Worldwide Interbank Financial Telecommunication is the full form of SWIFT Code.   

4) Why do you need a SWIFT Code? 

A SWIFT Code is something you need whenever you are sending or receiving money internationally.

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