In the world of online banking and money transfers, there are many alphanumeric codes that play a part in making sure money reaches its correct destination. One of these is the SWIFT (Society for World Interbank Financial Telecommunication) code, also known as a BIC (Bank Identifier Code).
The SWIFT code is used in over 200 countries. So whether you’re paying bills, transferring funds to family or making international business transactions, having the right SWIFT code is essential.
What exactly is a SWIFT / BIC code, and where can you find it? Read on to find out.
What is a SWIFT Code?
The SWIFT Code (or BIC) is a unique identifier for banks and financial institutions around the world. It is used to facilitate international money transfers by ensuring that the funds are sent to the correct place.
The code typically consists of 8 to 11 characters using the following format:
- AAAA: Bank code (4 letters)
- BB: Country code (2 letters)
- CC: Location code (2 letters or digits)
- DDD: Branch code (3 optional characters)
For example, the SWIFT code for any Westpac Bank branch in Australia is WPACAUSRXXX
Where to find a SWIFT code
Finding the correct SWIFT code is crucial for a successful international money transfer. Here are several ways to locate the one you need:
Bank statements: Most bank statements will include the SWIFT code along with any other essential banking details.
Bank’s website: Many banks list their SWIFT codes on their official websites, usually in the sections dedicated to international banking or FAQs
Online banking: If you have access to online banking, you can often find the SWIFT code listed in your account details.
Customer service: Contacting your bank’s customer service can be a straightforward way to obtain the SWIFT code.
Why are SWIFT codes important?
SWIFT codes are essential for several reasons:
Accuracy: They ensure that your money reaches the correct bank, avoiding delays or losses.
Efficiency: They streamline the process of transferring money internationally, reducing the time it takes for transactions to be processed.
Security: They provide an added layer of security, helping to prevent fraud and errors in the transfer process.
Why should I use OrbitRemit to send money overseas?
OrbitRemit offers a convenient and reliable way to send money internationally. To get started, simply enter your send and receive values in the currency calculator to find out the current exchange rate and exactly what your transfer will cost.
With competitive exchange rates, low fixed fees and speedy transfers, OrbitRemit offers the ideal solution for online money transfers. Not only will your money and personal details be safe and secure, our exceptional customer service team is always available with dedicated support at every step of the transfer process.Start sending money overseas today by downloading the OrbitRemit app or visiting our website.