x You are an import -export enterprise and are participating in international payment transactions to learn Swift Code?
x You do not understand the functions, roles, services that Swift Code has been providing to customers?
X You want to know how to quickly look up the bank's Swift Code?
Here, Proship.vn will quickly answer Swift Code? How important is the Swift code in international payment and import and export transactions? What are the services that Swift Code provides to customers?
Swift code: General concept and convention
What is Swift Code and the general convention of the Swift code will be answered as follows:
What is Swift Code?
Swift code (or BIC - Business Identifier Codes) is an international identification code that helps clearly determine the location of the bank and the country that the bank belongs to. Each Swift code consists of 8 or 11 characters, each character has a special meaning: from the national name, the bank name to the specific branch code.
General convention of Swift Code
Swift code according to international conventions with 8 to 11 characters, divided into 4 parts and the form is AAAA BB CC DDD. Specific meaning:
- AAAA (Code of Bank - Bank name):
The abbreviation in English of the bank. These characters are the words, from A - Z, not to use the digit.
- BB (Code of Country - Country):
Is a fixed national code of the bank, set according to ISO 3166-1 Alpha-2. Vietnam's country code is currently Vietnam.
- CC (local code - local code):
As a local identification code, this character can be used both numbers and letters.
- DDD (Optional Branch Code - Branch code):
Is the local level 2 identification code, where the bank's branch is located. Some banks will create this identity code for each large branch and can use both words and numbers.
Why is Swift Code important in import and export? What function does Swift Code have?
The content below will help you understand why Swift Code is important and what is the function of this Swift code:
The reason Swift Code is important in import and export
Swift Code plays an important role in import and export activities, because:
- Swift code international payment:
In import and export transactions, payments are usually carried out through banks and these transactions need Swift Code to determine the bank and the recipient's account.
- Swift code enhances security:
Swift Code helps secure international payment transactions, prevents fraudulent acts and ensures transparency.
- Swift Code guaranteed exactly:
Swift Code ensures money is transferred to the right address, avoiding errors during the payment process.
Functions of Swift Code
What is the function of Swift Code? Swift Code plays an important role in international financial transactions. The main functions include:
- Payment and receive money from abroad:
Swift code supports international payment, helping organizations and individuals quickly easily make payments and receive money from abroad.
- Determining banks and branches globally:
Swift Code is an identification code that helps to accurately identify banks and branches participating in international transactions.
- International money transfer:
Swift code is an indispensable tool in international cash transactions, ensuring money is safely transferred, the right account.
- Multinational financial transactions:
Swift code facilitates banks and customers to participate in international investment activities, securities transactions and other financial services.
What are Swift Code services provided to customers?
So, what are the services provided to customers of Swift Code? The main services provided by Swift code include:
International money transfer safely and quickly
Swift code makes it easy for customers to transfer international money between banks and global financial institutions. With this code, the bank can accurately identify bank information, branches, recipient accounts, ensuring smooth transactions.
International payment accurately
Customers can use the Swift code to pay for the cost of goods, services or international transactions quickly and ensure accurate information to the recipient.
Receive money from abroad easily
When using Swift code, customers can receive money from other countries very convenient. Thanks to the only identification code of the bank and the branch, the recipient does not have to worry about the mistake in the process of receiving money.
Diverse international financial transactions
Swift Code supports complicated international financial transactions such as securities transactions, capital mobilization, international investment and other global financial services. This helps customers to carry out large investment projects and access financial opportunities around the world.
Provide detailed financial information
Swift code helps provide detailed information about financial transactions, including bank information, service fees and money transfer limits. As a result, customers easily track and manage international transactions clearly.
Instructions on how to look up SWIFT/BIC Bank Code
To look up the bank's Swift/BIC code, you can follow the following ways:
Check on account statements
Some banks display Swift/BIC code right on your bank account statement, including online statements and paper copies. If you have a bank account, check this information carefully before searching for more.
Look up online on the official website
You can look up the Swift/BIC code through online tools. The steps are as follows:
- Step 1: Visit the site Theswiftcodes.com ;
- Step 2: Enter national information, banks and cities into the search box;
- Step 3: The system will display the bank's Swift/BIC code to find.
Look up on the bank's website
In addition to online Swift Code search tools, you can access the bank website. Typically, banks will provide SWIFT/BIC code at the International Money Transfer Guide or Frequently Questions (FAQ).
Contact the Bank Center
If the SWIFT/BIC code is not found through the above methods, call the Customer Care Center (Customer Care) of the Bank to get the most accurate information.
* Note: Each bank may have one or more SWIFT/BIC codes depending on the branch or type of transaction. So, check carefully before making international transactions to ensure accurate information.
What is Swift Code, along with the role, function, and services that Swift code provides to customers in international payment transactions, the exact Swift Code lookup has been answered in the most detailed way above. In addition, you need to send FCL or LCL goods to international roads, sea, railways, ... Contact 0909 344 247 for advice from Proship Logistics and best service quotes.
