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What is SWIFT Code in Banking, and what is it used for?
October 07, 2022
What is SWIFT Code in Banking?
- Swift Code is simply used by financial institutions and banks
- It is in an Alphanumeric format
- It consists of Bank Code, Country Code, Location Code, and specific Branch Code.
- The purpose is to make it easy to identify globally
- Moreover, it is used for International Money Transfer
- For Transfering money in India, IFSC Code is sufficient
The format in Swift Code in Banking
1. Bank Code:
It consists of FOUR letters of the Bank
2. Country Code:
It consists of TWO letters of the Country where the Bank is located.
3. Location Code:
It is simply made of TWO characters that are a mixture of numbers and letters.
4. Branch Code:
It has three digits that represent the Branch
Where to find SWIFT Code:
- Bank Website
- Third-Party Website
- Call
- Bank Passbook
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