FAQ - Frequently asked Questions - www.bankswiftbiccodes.com
1. What is swift BIC codes ?
SWIFT Code: An international bank code used for sending money between banks worldwide.
BIC Code: Stands for Bank Identifier Code and is the same as a SWIFT code.
Format: Usually 8–11 characters (Bank code, Country code, Location code, Branch code).
Example: HDFCINBBXXX
SWIFT/BIC codes help identify banks globally and ensure accurate international transfers.
2. What information do I need to transfer funds to another country?
To transfer funds to other countries, you need the overseas bank account details including the details of the bank that will receive the funds.
- Recipient’s full name (as per bank records)
- Recipient’s bank name and address
- Recipient’s account number or IBAN
- SWIFT/BIC code of the recipient’s bank
- Purpose of payment (if required)
- Your own bank details and ID (for verification)
3. Are there any specific requirements for different countries?
Yes, different countries may have specific requirements for wire transfers using SWIFT or BIC codes.
- IBAN: Many countries in Europe, the Middle East, and parts of Asia require an International Bank Account Number in addition to the SWIFT/BIC code.
- Routing Numbers: The U.S. often requires an ABA routing number along with the SWIFT code.
- Sort Codes: The U.K. may ask for a 6-digit sort code.
- Bank/Branch Codes: Countries like Japan, India, and Australia may require additional branch codes.
- Purpose of Transfer: Some countries require you to state the reason for sending money (e.g., Middle Eastern countries).
- Recipient Address: Certain banks require the full physical address of the beneficiary.
Always check with your bank for the exact details required for the destination country.
4. What is the structure of a SWIFT/BIC code? Can I understand the details from the code?
A SWIFT/BIC code consists of 8 to 11 alphanumeric characters. The first four letters represent the bank code, identifying the specific bank. The next two letters indicate the country code, based on the ISO-3166 standard. The following two characters represent the location code, which can be alphanumeric. In some cases, the location code may be restricted to a single branch or region. The final three characters (optional) indicate the branch code, and when “XXX” is used, it typically refers to the bank’s primary or head office.
5. What is a SWIFT code?
A SWIFT code is an international bank identifier used to route wire transfers between financial institutions across countries.
6. Is a SWIFT code the same as a BIC code?
Yes, SWIFT and BIC codes refer to the same banking identifier and are used interchangeably.
7. What information do I need to send a wire transfer using SWIFT?
You typically need the recipient’s full name, bank name, account number or IBAN, SWIFT/BIC code, and the purpose of the transfer.
8. How long does an international wire transfer take?
International transfers usually take 1–5 business days depending on the banks involved, currency, and country requirements.
9.Are there additional fees for SWIFT transfers?
Yes, banks may charge sending fees, intermediary bank fees, and receiving fees for international SWIFT transfers.
10. Can I track my SWIFT wire transfer?
Yes, banks can provide a SWIFT tracking reference (MT103) that shows the progress of your transfer.
11. Do different countries have different requirements?
Yes. Some countries require additional details such as IBANs, routing numbers, sort codes, or mandatory transfer purpose declarations.
12. What should I do if the SWIFT code is incorrect?
If a wrong SWIFT code is used, the transfer may fail or be delayed. Contact your bank immediately to amend or recall the payment.
13. Is it safe to use SWIFT for international transfers?
Yes, SWIFT is a globally recognized, secure messaging system widely used by banks for secure international transactions.
14. Can SWIFT transfers be reversed?
Reversals depend on whether the funds have been credited. Banks can attempt a recall, but success is not guaranteed.
15. Do all banks have a SWIFT code?
No, not all banks have a SWIFT code. Smaller or local banks may use the SWIFT code of a correspondent or partner bank for international transfers.
16. Where can I find my bank’s SWIFT code?
You can find your bank’s SWIFT code on your bank statement, online banking portal, bank website, or by contacting your branch.
17. Is IBAN required along with a SWIFT code?
In many countries, especially in Europe and the Middle East, IBAN is required in addition to the SWIFT code for accurate international transfers.
18. Can I use a SWIFT code for domestic transfers?
Generally, no. SWIFT codes are used for international transfers. Domestic transfers use routing numbers, sort codes, or local clearing codes depending on the country.
19. What happens if I enter the wrong account number but correct SWIFT code?
The transfer may be rejected or sent to the wrong account. Always double-check account numbers before sending funds.
20. Why do SWIFT transfers sometimes take longer?
Transfers may take longer due to time zone differences, weekends, intermediary banks, compliance checks, or incomplete recipient details.
21. What is an intermediary bank in a SWIFT transfer?
An intermediary bank is a third bank used to complete a transfer when the sender’s and receiver’s banks do not have a direct relationship.
22. Can I send money without a SWIFT code?
No, you need a SWIFT or BIC code for international wire transfers unless using alternative systems like SEPA, Western Union, or digital transfer services.
23. Is there a limit on how much I can send through SWIFT?
There is no universal limit, but your bank or country regulations may impose daily or transaction limits for international transfers.
24. Why are SWIFT transfers sometimes expensive?
Costs can include the sender bank fee, recipient bank fee, and intermediary bank charges, making SWIFT transfers more expensive than local or digital transfers.
Common Issues Faced During SWIFT Transfers and Their Solutions
| Issue Faced During SWIFT Transfer | Possible Solution |
|---|---|
| Incorrect SWIFT/BIC code entered | Verify the SWIFT code from the bank’s official website or customer support before initiating the transfer. |
| Transfer delayed due to intermediary banks | Ask your bank if an intermediary bank is involved and request tracking information (MT103). |
| Recipient account number or IBAN mismatch | Double-check the IBAN or account number with the beneficiary before sending funds. |
| High transfer fees | Compare fee structures with different banks or consider shared charges (SHA) or alternative transfer methods. |
| Transfer rejected by recipient bank | Ensure all details such as name, account number, and SWIFT code exactly match the bank’s records. |
| Purpose of payment not provided | Include a clear reason for transfer if the destination country requires mandatory purpose codes. |
| Compliance or regulatory checks causing delays | Provide any requested documents promptly, such as ID proof, invoice, or business justification. |
| Incorrect beneficiary name | Use the exact name as registered on the recipient’s bank account to avoid rejection or returns. |
| Currency conversion errors or unexpected rates | Confirm the exchange rate and charges with your bank before initiating the transaction. |
| Transfer returned without clear explanation | Contact your bank for an MT103 report to identify the point of failure and resubmit with correct details. |