You have been asked for the Swift BIC code but do not know what to refer to? In fact, even the holders of the best online current account could be unaware of its function.
In the past it was possible to make money transactions, even of substantial amounts, indicating only the current account number, the name of the bank and that of the account holder. The monetary transfers were carried out without a verification of the identity of the receiving bank. This is why the BIC Swift code is born, its real purpose is to protect the account holder by directing the money to the right channel without making mistakes.
But let’s see now the main features of this tool.
The Swift code is also called BIC, or Bank Identifier Code, and is an alphanumeric sequence consisting of eight or ten characters that identifies a specific bank. The first four letters of the code represent, abbreviatedly, the name of the bank, the next two characters refer to the country to which the bank belongs followed by two others that identify the city in which it is located. The last 3 numerical digits, instead, indicate the branch number of the bank, unless the word “XXX” is present. In that case you would have to refer to the central office of the credit institution.
In the European system, the Swift code is not widely used because SEPA allows to make payments thanks to the bank details provided by Iban. But if you need to transfer money abroad or receive a payment from a banking system outside of SEPA, then knowing this tool is essential.
In most cases, the Swift code easily appears in the coordinates of the best online current accounts. If you need it, for example to perform an international bank transfer, just contact your bank, look for it on its official website or on the Society for Worldwide Interbank Financial Telecommunication portal.
In the case of online banks, there are two Swift codes: one that identifies the bank, the other to be used to refer to the credit institution that acts as a liaison.
The contribution of the Swift code in international payments is essential. This, together with other specific measures, guarantees the uniformity of payments between countries avoiding a fragmented system.
If you are looking for a bank that can offer you the best online bank account allowing you to perform transactions such as international payments with Swift code, contact Trustcom Financial and our experts