A SWIFT code, also known as a Bank Identifier Code (BIC), is a unique identifier for financial institutions, used for international wire transfers and other transactions. Here’s a breakdown of what a SWIFT code usually consists of:
- Bank Code: Four letters representing the bank’s name. For example, “HSBC” for HSBC Bank.
- Country Code: Two letters indicating the country. For example, “SG” for Singapore.
- Location Code: Two characters, letters or digits, to specify the location of the bank’s main office. For example, “SG” for the main office in Singapore.
- Branch Code: Optional three characters that identify a specific branch of the bank. For example, “123” might refer to a particular branch within the main office’s region.
Here’s an example of a SWIFT code: HSBCSGSG for HSBC Bank in Singapore.
SWIFT codes ensure that money sent internationally reaches the correct bank and branch, preventing errors and delays in transactions.
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