Browse Swift Codes for Country Start with P
Banks That Can Receive an Overseas Wire Transfer
Things have changed a lot now there are people who wish to receive payments in foreign currency. You can also benefit from this trend if you have an account with U.S. bank. The method used by banks to send money between each other is known as International wire transfers.Read more
How to Monitor Incoming Wire Transfers
Before coming to the actual question we need to understand how does wire transfer work. It is simple as money from one bank account is deposited into another bank account. There are thousands of banks around the world and everyday there are countless wire transfers.Read more
SWIFT stands for Society for Worldwide Interbank Financial Telecommunication Code. You need Swift code when you are thinking about transferring money from one bank to another especially for internationally wire transfers. Swift codes have also other uses such as banks use these codes when there is an exchange of messages between them.
Normally there are eight or eleven characters in the Swift code. This is how the code is formatted.
WWWW XX YY ZZZ
This is a Swift code comprising of eleven characters. The first four characters are bank code and they are always letters. Next two characters are also letters and they are basically ISO 3166-1 alpha-2 country code. The two letter country code is assigned by International Organization for Standardization. Next comes the location code which comprises of two characters (can be numeric or alphabetic or a combination). Finally there are last three characters which denote the branch code. These characters include both letters and digits.
More than forty thousand "live" Swift codes exist currently. These live codes are mainly for the partners who are actively connected to the Swift network. In addition for manual transaction, there are more than fifty thousand codes which are mainly for the passive participants. Society for Worldwide Interbank Financial Telecommunication is responsible for handling the registration of Swift Codes. They are headquartered in Belgium.