BIC or SWIFT codes are used for transferring money to other countries. SWIFT stands for Society for Worldwide Interbank Financial Telecommunication and
BIC stands for Bank Identifier Code. SWIFT-BIC code consists of 8-11 character identification code of a bank or financial institution
What information do I need to transfer funds to other 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.
Country name, where you will be transferring funds.
Branch name / Number
Account Number / IBAN
Bank full Name
Bank Branch Address
BIC /SWIFT code
We also require the address of the recipient and their identification details depending on the country we transfer funds.
Is there any specific requirements for different countries?
Few of the destination countries, have extra information requirements when transferring funds from other countries. The fields to be filled in will
differ depending on the country you have chosen. For example, Vietnam requires the passport or citizen card number of the recipient.
Few countries may require the beneficiary / recipient address to match with the bank record. (Bangladesh, Canada, Ireland, Israel, Malaysia, Pakistan,
What is the structure followed in SWIFT BIC code ? Can i understand from the code ?
The swift code consists of 8 to 11 alpha numberic characters in nature, the first four characters are meant for bank code ( Alphabets),
which denotes the particular bank code. The next 2 characters points the country code ( country code standard ISO-3166 standard by ISO body), then next
2 characters indicates the location, which is alpha numberic number. Some times location codes are restricted to only one. The last three characters
are meant for branch code. Also there may be "XXX" for the bank primary bank head offices.