What is a bank Identification Code (BIC) / SWIFT code?

What is a bank Identification Code (BIC) / SWIFT code?

SWIFT code?

A SWIFT code is a global bank code that identifies explicit banks worldwide. It’s conjointly called a Bank symbol Code (BIC). Comm-bank uses SWIFT codes to send cash to overseas banks.

A SWIFT code consists of eight or eleven characters.

State Bank Of India’s SWIFT code is SBININBB123. You’ll must offer this code to anyone causation cash to you from overseas. The code is formed from letters and numbers as follows:


SWIFT codes and BIC codes are the identical factor and therefore the terms are interchangeable. different terms employed by banks overseas include:

  • IFSC (Indian national economy Code)
  • NCC (National Clearing Code)
  • BSC (Bank type Code)
  • CHIPS (Clearing House Inter-Bank Payment System) – North American nation and Canada solely.

If you’re causation cash to somebody overseas, you’ll must get the recipients SWIFT so as to try to to the transfer.

Please note: once getting into a SWIFT in NetBank don’t enter areas, hyphens or special characters.

Credit by: commbank.com.au


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