SWIFT stands for Society for Worldwide Interbank Financial Telecommunication and is important for all international fund transfer through messaging system which offers banks to exchange economic data. Financial data like account debit, account credit, data regarding money transfer and account status can be easily exchanges in banks. SWIFT Codes are unique for every bank and they are standard format of The Bank Identifier Codes (BIC). The SWIFT Code is a series of 8-11 unique serial characters. When SWIFT Code is contains 8 characters then, it belongs to bank’s primary office. You can easily understand the format of SWIFT Code:
- Primary 4 characters are letters and represent bank code.
- Next two characters are letters and represent ISO 3166-1 alpha-2 country code
- Next two characters are combination of letters and digits which shows location code
- Last 3 characters are alphanumeric which represent branch code
The network of SWIFT is too wide and we can estimate it with the presently running SWIFT Codes which are approximately 40,000 in count. This huge network links the banks and makes them partners for international funding process. Apart from SWIFT codes, there are around 50,000 passive additional codes which are used for manual transactions. The passive code is unique for every passive participant. The SWIFT Codes are allotted by Society for Worldwide Interbank Financial Telecommunication (“SWIFT”). If you want to get details about State Bank of Mysore Swift Code then you can get it online from Bank’s website or through Bank Branch effortlessly.
The introduction of Online Banking Services became possible with the introduction of IFSC Codes, SWIFT codes and RTGS. All these are helpful in online transaction of money easily without visiting the bank’s branch. IFSC Code is helpful in online transactions nationally but, SWIFT code covers some major aspects. SWIFT Codes are allotted to financial as well as non-financial institutes. SWIFT Codes are internationally considered as important when one wants to transfer money oversees between banks as well as countries. Foreign banks also use this code for online funding and communication.
Get prepared for online Transactions Internationally:
If you have to transfer funds online internationally, then you must know your SWIFT Code as the bank teller will ask you to provide the receipt. If you don’t have receipt then, you can choose alternate option which is non-banking service through money Transfer Company. Money Transfer Company can transfer your money online through its own international transaction system. But, for that you have to show them your valid ID card and the recipient as well.
Be careful before sending money internationally, as you can be fooled. Go through the specifics of the country’s local banking system for which you are heading to. This will eliminate the confusions and errors which people usually make while oversee money transactions. You can also look for Transaction Company to help you in this process.
SWIFT Code is essential and should be used wisely while transferring money internationally. Hope! It helped you.