SWIFT Code

What is a SWIFT Code? 

The SWIFT (Society for Worldwide Interbank Financial Telecommunication) network is a global messaging system that enables banks to communicate securely and efficiently.  

A SWIFT code, or BIC (Business Identifier Code), is an alphanumeric code typically consisting of 8 to 11 characters. The code provides essential information about the financial institution, including the bank's name, its country, and the specific branch involved in the transaction.  

Standard SWIFT code structure 

• Bank Code (4 characters): Identifies the bank. 
• Country Code (2 characters): Indicates the country of the bank. 
• Location Code (2 characters): Pinpoints the bank’s location or head office. 
• Branch Code (3 characters): Optional; specifies a particular bank branch. 

SWIFT code example

Let's consider the SWIFT code: KKBKINBBXXX. Here's how we decipher it: 

• KKBK (4 characters) - Bank Code: This identifies the specific bank. In this case, "KKBK" stands for Kotak Mahindra Bank.
• IN (2 characters) - Country Code: This indicates the country where the bank is located. "IN" stands for India. 
• BB (2 characters) - Location Code: This pinpoints the bank's location, which usually refers to the city of the bank's head office. "BB" typically indicates Mumbai, which is where Kotak Mahindra Bank's headquarters are located. 
• XXX (3 characters) - Branch Code: This part is optional and can be used to identify a specific branch of the bank. "XXX" usually refers to the bank's primary office or head office.

So, KKBKINBBXXX refers to the Kotak Mahindra Bank, which is located in India and has its primary office in Mumbai. 

How to find your SWIFT code

If you need to find the SWIFT code for a specific bank, there are several ways to do so:

• Bank Statements: Your bank account statement or online banking platform typically displays the SWIFT code for your account. 
• Bank Website: Most banks list their SWIFT codes on their official websites. 
• SWIFT Code Finder: Several online resources offer SWIFT code search tools based on bank name or location. 

SWIFT Code vs. IBAN 

SWIFT codes and IBANs are both essential for international transfers. While a SWIFT code directs the payment to the right bank, an IBAN specifies the exact account within that bank. Together, they ensure that your money reaches the correct destination efficiently.

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