BANKING AFFAIRS

Detailed explanation-1: -A SWIFT/BIC code consists of 8-11 characters and follows a format that identifies your bank, country, location, and branch. The first four letters represent the bank and usually look like an abbreviated version of the bank name. These two letters indicate the country where the bank is located.

Detailed explanation-2: -The first four letters represent the bank, followed by two letters that indicate the country code. The subsequent two letters represent the location code, while the final two letters are the branch code. A bank’s SWIFT code can hence be 8-11 characters long.

Detailed explanation-3: -Society for Worldwide Interbank Financial Telecommunications (SWIFT) is a member-owned cooperative that provides safe and secure financial transactions for its members.

Detailed explanation-4: -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.