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Can we Send Money Overseas Without Using the SWIFT Code?
Sending money internationally has become an absolute need as more and more relatives and friends relocate to other countries. In course of this, money transmitted from one nation to another via an electronic fund transfer system is referred to as SWIFT, which stands for Society for Worldwide Interbank Financial Telecommunications. It enables safe and secure financial transactions to take place anywhere in the globe. Money is sent in the form of Swift codes under this system.
What is Swift Code?
Wondering what the SWIFT code is? It is often known as a SWIFT number which is a standard format for Business Identifier Codes (BIC). This is used to recognise banks and financial organisations all around the world. It tells you who they are and where they are — sort of like an international bank code or ID.
These codes are used for moving funds between banks, most notably for international wire transfers and SEPA payments. Banks also utilise these codes to communicate with one another.
A SWIFT code is made up of the following elements and can range between 8 and 11 digits:
The first four characters serve as bank codes where only letters are permitted.
The country code is described or provided by the next two characters, which are just letters.
The next two characters can be a mixture of numbers and letters. These are the codes associated with location-based services.
The code's final three characters are optional and can be numbers or letters.
How does Swift Payment Work?
Money is transferred from one nation to another using the Swift network of financial institutions. Each financial institution has an 8 or 11 character fast code or bank identification code issued to it. Financial institution transfers are done in the form of messages that are transmitted in order for the money to be credited to the receiver's account. Swift is a communications method that transfers money internationally in the form of codes to the receiver's account in order for it to be credited as soon as possible.
Swift provides each bank with an eight- or eleven-character designation known as a bank identification. It is analogous to the IFSC code, which is used for domestic interbank transactions, with Swift being used for international transfers. For instance, if someone wants to send money internationally from India, they will require the latter's bank account number as well as the Swift code of the destination bank. The Swift code notifies the US bank of the transfer in real-time, making it easier for it to clear.
How can I check a SWIFT code?
Before transmitting or receiving money, always double-check the SWIFT code and other details with the receiver or your bank.
What is the Swift Code of Bank?
If you're doing an international wire transfer or sending a bank transfer to relatives or friends, you'll need the SWIFT code that identifies their banks in order to execute your payment. You and your responders can locate them in the following easy ways:
1. Check the website of the bank
Whether you're looking for your own bank's SWIFT code or the SWIFT number of another bank:
Check the website of the bank if the SWIFT codes are listed or not.
Examine the bank's FAQs, foreign payments, or other relevant websites.
If the website has a search option, type ‘SWIFT code' into the search field.
2. Check your bank statements
Banks frequently include their SWIFT codes on printed statements. If your respondents do not receive monthly statements, they can log in to their bank account and view them there. They can then provide you with the SWIFT code.
3. Look it up online
There are numerous websites that can assist you in locating a bank's SWIFT code. Simply choose the nation and then the bank's name.
Swift transfers entail certain minor processing and transfer expenses in the form of service fees, which can vary from nation to nation. Swift transfers are expected to take 2-5 working days, however, this may take longer owing to the volume of transactions between banks and nations. Avail convenient international money transfer with Muthoot Finance that’s safe, efficient and seamless. Visit your nearest Muthoot Finance branch to know more.