What is Swift Code and how to find Swift Code of your bank?
Do you know what is Swift Code and how to find Swift Code of any bank ? Do you want to send money abroad or do you have to come from abroad? If your answer is yes then this article is especially for you. It has become very easy to do this work in today’s world, you just have to go to the bank and you can easily send money anywhere.
Being a blogger, I can understand how much tension there is when your Adsense payment stops coming to your account, because it is an international payment, so it has to go through many steps for approval.
The name of this tension is Swift Code, I will say that this is not any tension, just you should know what it is and how to get it. Let me tell you that Swift System is behind almost all International Transactions and Security Transactions.
This is a very big messaging network that banks and financial institutions use to transfer money. This is a very safe, accurate and secure method. About 10,000 SWIFT Members, approximately 24 Million messages use this network every day .
Today in this article we will know what is Swift Code and how it works. Then what’s the delay, let’s start
What is Swift Code ?
The full form of SWIFT is Society For Worldwide Interbank Financial Telecommunicatio ns . This is a messaging network that is used by financial institutions to send information securely through a standardized system of codes.
Swift code has many names like ISO 9362, SWIFT-BIC, SWIFT ID etc. All these codes are the Standard Format of Business Identifier Codes which has been approved by the International Organization for Standardization (ISO).
This is a code that is used by both Financial and Non-Financial Institutions. This code is used to send money mainly through International Wire Transfer.
These codes are of 8 to 11 characters.
Bank code AZ is the first 4 letter code. It looks like a shortened version of a bank’s name.
Country code AZ is the second 2 letter code. This shows which country this bank belongs to.
Location code 0-9 AZ is the third 2 digit location code which can be either 2 letters or 2 numbers. This gives information about the head office of the bank.
Branch Code 0-9 AZ This is an optional 3 digit code. This shows about the particular branch and not about the head office of the bank.
How to find Swift Code of any Bank
I have already said this thing that you definitely need Swift Code for your Adsense Payment. So now the matter arises that how to find out the Swift Code of any bank. So do not panic at all because I am going to tell you about this from where to get it.
If you want to know about Swift Code, then follow the steps given below, so that you can easily get Swift Code anywhere.
Step #1 : First of all you have to go to this Swift Code Search Website .
Step #2 : Here you have to choose the right country in the Select a Country option below, which you are looking for.
Step #3 : After that, in Select a Bank, you have to select the required bank.
Step #4 : After that, you will see all the cities below in Select a City, there you have to choose the city of the place you want Swift Code.
Step #5 : By doing this, the names of all the branches will be displayed in front of you, here you have to select the required branch in Select a Branch option.
Step #6 : Once you have selected it, then you will get the Swift Code that you are looking for. You can use that Swift Code as per your convenience.
If you want to know about the SWIFT Code of any bank, then you can get it by visiting this website. Through this website, you will easily get to know the Swift Code of your bank.
How Swift Code Transfer works
How this Swift Transfer happens, today I will explain to you guys by giving an example. Suppose there are two friends A and the other B. A wants to send money from his bank to the account of B who lives in another country.
For this, A goes to his bank along with his friend’s account number and also takes the swift code of his friend’s bank. When he asks the bankers to send money, then the bankers send his money to B’s account through a swift message through the secure SWIFT network.
When Bank B receives this message, then they confirm on their behalf that they have received the payment and they deposit that money in B’s account.
SWIFT is just a messaging system, it does not hold any fund, securities, nor does it manage any client.
Can we track SWIFT transfer
A customer is not allowed to access the swift terminal. Only your respected bank can do this work.
If any problem has been seen in any of your transactions, then you can contact your nearest bank. They will give solution to your problem soon.
What was the world like before Swift Code
Before Swift Code, Telex was used to do International Transaction. This was a very slow way to transfer funds. This system had many drawbacks such as one was very slow processing, the other was not very secure.
In this, unified system of codes like Swift was not used. Due to which its transaction processing speed was very slow. In this, the sender had to descibe all the transactions through sentences and then the receiver had to re-interpret the same messages and execute them. Many mistakes were also made during this work.
To solve all these problems, the SWIFT system was created in the year 1974. In the initial phase, 7 major banks of the world participated in it first. And over time, many banks gradually joined it.
Why SWIFT System is at the Forefront
Just 3 years after its origin, Swift membership increased its number to 230. This number is gradually increasing even more.
There are many arrangements for such transactions like Fedwire, Ripple and CHIPS but no one has ever been able to compete with SWIFT. We can show one more reason for this as day by day they are bringing a lot of changes in their system so that their system is becoming more reliable.
When it was established earlier, only Payment Instruction could be sent in it, but nowadays, Security Transaction and Treasury Transaction can also be sent from it.
According to a report, 50% of Swift Traffic is Payment based Messages only, but Security Transaction is main in 43% and Treasury Transaction is included in the rest of the traffic.
Who uses SWIFT System?
Firstly the founders of SWIFT had designed this network so that Treasury and its correspondent transactions could take place in it. Its messaging system turned out to be so robust that its use was increased even more.
Today SWIFT system is being used everywhere and its users have also increased a lot. Mainly it is being used by these organizations like
• Brokerage Institutes and Trading Houses
• Securities Dealers
• Asset Management Companies
• Clearing Houses
• Corporate Business Houses
• Treasury Market Participants and Service Providers
• Foreign Exchange and Money Brokers
What service does SWIFT system provide?
Talking about today’s world, Swift System is being used everywhere. I have mentioned below in some places where they are used the most.
Applications —SWIFT connections are being used for a variety of real time applications such as treasury and forex transactions, to process payment instructions in the banking market infrastructure, to clear and settle payment instructions in the security market.
Business Intelligence — SWIFT is now being used in Business Intelligence as well, with the help of which now clients can see real time, dynamic messages.
Along with this, they can also follow trade flow and reporting. With the help of Reports, you can get information about any place, country and message types.
Compliance Services – With the help of this, now many Financial Crime Compliance can be reported. Such as Know Your Customer (KYC), Sanctions and Anti-Money Laundering (AML).
Messaging, Connectivity, and Software Solutions — The core business of SWIFT System is how to create a secure, reliable and scalable network so that messages can move easily in that network.
SWIFT has created many such products, with the help of which clients can easily send and receive transactional messages.
Swift Code is upgrading its system day by day, so that it can bring more and more clients and increase its transaction processing speed.
It is also going to use automated transaction processing system now so that it does not have to face much problems in the coming time.
Due to Swift Code System being more secure and secure, it has become a robust system, due to which people have gained a lot of faith in it.
I sincerely hope that I have given you complete information about what is Swift Code (What is Swift Code in Hindi) and how to know Swift Code of any bank and I hope you guys will know about this Banking Term. I would have understood.
I request all of you readers that you also share this information in your neighborhood, relatives, your friends, so that there will be awareness among us and everyone will benefit a lot from it. I need your cooperation so that I can pass on more new information to you guys.
It has always been my endeavor that I should always help my readers or readers from all sides, if you people have any doubt of any kind, then you can ask me without any hesitation. I will definitely try to solve those doubts.