Frequently Asked Questions

• What is a bank SWIFT code?

  With the growth of international trade and financial transactions, banks need a standardized way to conduct cross-border payments and information exchange. Therefore, the SWIFT Association proposed a bank identification code - SWIFT Code (SWIFT Code), which was officially adopted by ISO (International Organization for Standardization). The official name of the SWIFT code is "Bank Identifier Code" (BIC). The member banks of the SWIFT Association will have their own specific SWIFT code or BIC code. When making a wire transfer, the remitting bank sends a payment instruction based on the SWIFT code (or BIC code) of the beneficiary bank to ensure that the funds are accurately remitted to the beneficiary bank.
  Banks applying to join the SWIFT organization must first formulate their own SWIFT address code in accordance with the unified principles of the SWIFT organization, which will take effect after approval by the SWIFT organization. When remitting money, the payment message can be sent according to the SWIFT Code of the beneficiary bank to remit the money to the beneficiary bank.
  The SWIFT Code consists of 8 or 11 characters and can be split into 4 parts to identify the bank institution, country, location and branch. The first 4 digits are the abbreviation of the receiving bank, the 5th and 6th digits are the country code, the 7th and 8th digits are the region code, and the 9th to 11th digits are the branch code.

• How to use bank SWIFT Codes?

  International remittances: When you need to remit money to an overseas bank account, you usually need to provide the SWIFT code of the receiving bank. This code helps the sending bank accurately identify the receiving bank and ensure that the funds reach the target account smoothly.
  Cross-border trade and settlements: When companies conduct international trade, they use SWIFT codes to handle cross-border payments and settlements. For example, an importer pays an exporter for goods, or an exporter refunds money to an importer.
  Foreign exchange transactions: When financial institutions conduct foreign exchange transactions, they use SWIFT codes to ensure that transaction funds can be accurately transferred between different banks.
  Securities transactions: When investors and financial institutions conduct international securities transactions, they use SWIFT codes to ensure that funds and securities can be accurately transferred between different banks and custodians.
  Interbank communications: Banks communicate and exchange information securely through the SWIFT network, including account reconciliation, payment instructions, transaction confirmations, etc.
  Insurance: Insurance companies and reinsurance companies use SWIFT codes to transfer funds and exchange information when handling cross-border insurance and reinsurance business.
  International Tuition payment: When paying international tuition, you need to provide the SWIFT code of the bank designated by the school to ensure that the tuition can accurately reach the school account.
  Travel or immigration fee payment: When paying travel or immigration related expenses, such as visa fees, immigration application fees, etc., you need to use the bank SWIFT code of the relevant institution.
  Specific bank SWIFT code information can be found on the bank-swiftcodes.com official website.

• What are the ways to query bank SWIFT codes?

  1. You can filter the SWIFT code of the bank you want on the bank-swiftcodes.com official website and check the accuracy of the bank's SWIFT code. The operation process is convenient, simple and fast!
  2. Bank official website: Most banks will provide SWIFT code information on their official website, especially on the international business or contact us page.
  3. Bank customer service: Contact the bank's customer service center directly and ask for the SWIFT code by phone or online customer service.

• When providing a SWIFT code for cross-border transfers, should I use the bank's head office code or the branch code?

  When making overseas wire transfers, you usually need to fill in the SWIFT code according to the specific situation.
  Head office SWIFT code: If the receiving bank requires the use of the head office's SWIFT code, or you are not sure of the specific branch code, you can use the head office code. Many banks will receive remittances through the head office code and allocate funds to the correct branch or account internally.
  Branch SWIFT code: If the receiving bank clearly provides the branch's SWIFT code, it is recommended to use the branch code, which helps to directly remit funds to the designated branch, which is faster and more accurate.
  It is recommended that you confirm the specific SWIFT code provided by the recipient before making a transfer, and fill it in according to the bank's instructions to ensure a smooth remittance.