What is bank swift code? And what r the uses of it? Is it necessary to have bank swift code for direct depositing money in bank account?
The SWIFT address is an 8 or 11 alphanumeric characters long international standard uniquely identifying your financial institution. The SWIFT address is also known as BIC (=Bank Identifier Code). Please contact your bank for SWIFT details.
just talk to your banks international business section [The section of the bank that deals with sending/receiving money outside the country] and then will give you your swift code!
thx i just want to receive money . Well without having BIC can't we receive money? My client is from UK
For international wire transfer, you will definitely need the SWIFT Code or else the sending bank do not know where to send the money to as there are probably several thousands of banks in the world with probably millions of branches around. The SWIFT Code would address that issue. Of course, if your customer sends you a check then the SWIFT Code is not needed since you be the one depositing the check.
SWIFT code is a unique number given by SWIFT to all banks which are in SWIFT network. banks in SWIFT network use this code in transferring money to bank accounts. you can find more info at their website, swift.com you can also find swift code for your bank in their website
if both payer and payee are from EU country, then just use IBAN else you want to quote SWIFT/BIC code in the payment form. see www.swift.com/biconline
What more can I say, very well said.. I always get into the same issue when I am dealing with EU transactions. This is one of their ways in verifying identities. Good luck on your deals
As For as I know, it is used in online money transfer by banks. Moneybookers requires Swift Code while you are transferring payment from MB to bank