BANKING AFFAIRS

Detailed explanation-1: -The first 4 characters of the SWIFT Code are the bank code, the next 2 are the country code, the following 2 are the city code, and the last 3 are optional codes indicating the bank branch. The International Organisation approves these codes for Standardisation (ISO).

Detailed explanation-2: -The first 8 characters refer to the head office/HQ of a bank/financial institution. The total 11 characters refer to the specific branch office.

Detailed explanation-3: -Each bank has a unique SWIFT code. It usually consists of 11 characters divided into four groups: first, four letters to identify the bank; second, two letters to identify the country; third, two letters to indicate the bank’s location; and fourth (which is optional), three digits to specify the receiving branch.

Detailed explanation-4: -A SWIFT code is used to identify worldwide banks. It is made up of 8-11 characters and is commonly known as a Bank Identifier Code or BIC. Around the world, other banks may refer to a SWIFT or BIC code as CHIPS, NCC, BSC or IFSC.

Detailed explanation-5: -FBNINGLA XXX BIC / SWIFT Code-FIRST BANK OF NIGERIA LTD Nigeria-Wise.