Swift Code

What is a SWIFT code? A SWIFT code is an international bank code that identifies particular banks worldwide. It’s also known as a Bank Id...

What is a SWIFT code?

A SWIFT code is an international bank code that identifies particular banks worldwide. It’s also known as a Bank Identifier Code (BIC). Comm Bank uses SWIFT codes to send money to overseas banks.
A SWIFT code consists of 8 or 11 characters.


Use of Swift Code

Actually, SWIFT codes are used to identify banks and financial institutions worldwide. They are used by the swift network to transmit wire transfers (money transactions) and messages between them. For international wire transfers, swift codes are always required in order to make transactions secure and fast.

Swift code is very important for All freelancer because if they want to withdraw money from the market place, they need – Name, Banks Name, Bank Account Number, and Swift Code.

If you want to receive money from a foreign Bank or withdraw money from Freelancing marketplace, then you need this Swift Code.

As for example, If you want to withdraw money from Google Adsense in your BASIC BANK LIMITED' KHULNA BRANCH Account, then you need your Name, your Banks Name, your Bank Account Number, and BASIC BANK LIMITED' KHULNA BRANCH’s Swift Code.

For Example:
Name: Md. Mohi Uddin
Banks Name: BASIC BANK LIMITED
Bank Account Number: 025 151 524 6826
BASIC BANK LIMITED' KHULNA BRANCH’s Swift Code: BKSIBDDHH025


Understanding the swift code



I'm writing this so that this article can increase your knowledge on swift code. SWIFT stands for Society for Worldwide Interbank Financial Telecommunication code. An internationally-recognized identification code for banks around the world. SWIFT codes are most commonly used for international wire transfers and are comprised of 8 or 11 alphanumeric characters. The International Organization for Standardization (IOS) was the authoritative body that approved the creation of SWIFT codes.
Swift codes are broken down into sections, in the same way, telephone numbers are broken into sections, and every section reveals some information about the institution that was assigned this code. Read more about the use of swift code

As for example: If we analysis this 0088-0451-63970 telephone phone number we shall get Country code, area code, phone number.
0088: Country code
0451:  Area code
63970:  Phone number

Swift code consists of eight or eleven characters. Whenever an eight-character code is used, then it is referring to the headquarters (main office) of the institution. Here is how an 11-character code is broken down and what each section of characters represents. Let's we analysis this 8 and 11-character swift code like this phone number:

As for example: If we analysis this BKSIDBDH025 SWIFT Code we shall get, Bank code, Country code, Banks head office code and branch code.
BKSI: BASIC BANK LIMITED (Bank)
BD: Bangladesh (Country)
DH: Dhaka (Head office)
025: Branch Code

It can be broken down into these sections:
BKSI – BD – DH - 025

In Section 1 (the first 4-characters “BKSI”): This code is used to identify the institution’s global presence (all branches and all divisions around the world). For example, “BKSI” is used for “Dutch Bangla Bank”

In Section 2 (5th and 6th characters “BD”): This two-letter code represents the country code. and follows the ISO 3166-1 alpha-2 standard for representing country codes. For example, “BD” for “Bangladesh”.

In Section 3 (7th and 8th characters “DH”): These characters represent the banks head office location code (e.g. “DH” is the code for “Dhaka” that means BASIC BANK LIMITED s head office in Dhaka, and also the second character (8th in the B.I.C.) sometimes carries this information:
If it is equal to “0”, then it typically is a BIC assigned for testing purposes (as opposed to a BIC used on the live network).
If it is equal to “1”, then it denotes a passive participant in the SWIFT network.
If it is equal to "2", then it typically denotes a “reverse billing” BIC, meaning that the recipient of the message has to pay for the message.

In Section 4 (9th to 11th characters “025”): These final three characters form a “branch code” that refers to the particular branch of the institution. Here this BASIC BANK LIMITED’s particular branch is KHULNA. If this section is omitted, then we have an 8-character swift code that is assumed to refer to the HEAD OFFICE of the institution. Also, a typical naming convention is that in the case we are referring to the main offices of an institution, this branch code is “XXX”.

The SWIFT code is 8 or 11 characters, made up of:
4 letters: Institution Code or bank code.
2 letters: ISO 3166-1 alpha-2 country code
2 letters or digits: location code
3 letters or digits: branch code, optional ('XXX' for primary office). Where an 8-digit code is given, it may be assumed that it refers to the primary office.
If the second character is "0", then it is typically a test BIC as opposed to a BIC used on the live network.
If the second character is "1", then it denotes a passive participant in the SWIFT network
If the second character is "2", then it typically indicates a reverse billing BIC, where the recipient pays for the message as opposed to the more usual mode whereby the sender pays for the message.
3 letters or digits: branch code, optional ('XXX' for primary office). Where an 8-digit code is given, it may be assumed that it refers to the primary office.

You just need to read this Note: I have found the wrong swift code or BIC Code in many websites. For this I will request to all readers, please confirm your swift code from your branch or your bank’s official website. For your help, We have given official website address here. We have tried to ensure 100% correct swift code or BIC Code. On top of that, if you find any wrong information on our website, please let us know by comment or using this “wrong information complain form“. you can contact us at any time by using our contact form.




    If you have any questions, ask here. If this article helps you then share this on Facebook, Twitter, Google Plus.

    COMMENTS

    Name

    Antivirus,1,Bangladesh,10,BASIC Bank Limited,2,Commercial Solutions,4,Credit Card,3,Currency & Interest Rate,1,Dutch-Bangla Bank LTD,8,Electronic Product Reviews,1,Guest Post,6,Insurance,1,Laptop Review,1,Mobile Banking,1,Mortgages,3,Personal Loans,2,Reviews,2,Service of Bank,14,Swift Code,13,Write for us,4,
    ltr
    item
    TechMoot: Swift Code
    Swift Code
    TechMoot
    https://www.techmoot.com/2019/01/use-of-swift-code.html
    https://www.techmoot.com/
    https://www.techmoot.com/
    https://www.techmoot.com/2019/01/use-of-swift-code.html
    true
    5744047139575969331
    UTF-8
    Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS PREMIUM CONTENT IS LOCKED STEP 1: Share. STEP 2: Click the link you shared to unlock Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy