SWIFT code is 8 or 11 characters: -e.g. CITICATTBCH
4 letters: Institution Code or bank code: - CITI CATTBCH
2 letters: ISO 3166-1 alpha-2 country code: - CITI CA TTBCH
2 letters or digits: location code. - CITICA TT BCH
Second character is 0": Then it is a test BIC as opposed to a BIC used on the live network.
Second character is 1": Then it denotes a passive participant in the SWIFT network
Second character is 2": Then it indicates a reverse billing BIC, where the recipient pays for the message as opposed to the more usual mode whereby the sender pays for the message.
3 letters or digits: branch code, optional (XXX for primary office) CITICATT BCH
Where an 8-digit code is given, it may be assumed that it refers to the primary office.
What is SWIFT Code or BIC?
SWIFT Organization has defined standard format of Business Identifier Codes which is called as SWIFT code or BIC Code.
This is an unique identification code for both financial and non-financial institutions whic can be used while doing international wire transfers, and also for the exchange of other messages between banks.
SWIFT handles the registration of SWIFT codes across the world.
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A Routing Number/Transit Number is used while doing financial transactions. Routing Number identifies the beneficiary financial institution and the branch to which a payment is being initiated. Routing/Transit Number is essential for making payments through the clearing system.
There are two types of Routing Numbers used in Canada.
What is SWIFT Code/BIC Code?
Society for Worldwide Interbank Financial Telecommunication(SWIFT) has defined standard format of Business Identifier Codes which is called as SWIFT code or BIC Code. It acts as a unique identification code for both financial and non-financial institutions. Swift code is used while transferring money between banks, particularly for international wire transfers, and also for the exchange of other messages between banks. SWIFT handles the registration of SWIFT codes across the world.
Disclaimer: Information posted on this site is only for reference.Please confirm this information with your bank before initiating any financial transaction. We are not liable for your loss due to any errors in our information.
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