Friends, do you know what is Swift Code and how can we know Swift Code of any bank ? If you want to send money abroad or ask for money from abroad, then today this work has become very easy, apart from this, if you are a blogger or a Youtuber, then you have to ask for your Adsense Earning in your bank account by Swift Code. If it is needed, without this you cannot get Adsense money in your bank account.
Because Swift Code has an important role behind International Payment and Security Transaction, it is a very large messaging network that banks and financial institutions use, this is a very safe and secure method to transfer payment, about 10000 every day. SWIFT members, approximately 24 Million messages use this network. In today’s post, we will know what is Swift Code and how it works.
What is Swift Code?
Friends, the full form of SWIFT is Society For Worldwide Interbank Financial Telecommunication, this is such a messaging network which is used by all financial institutions to send information securely, through standardized system of codes. SWIFT Code has many other names like ISO 9362, SWIFT -BIC, SWIFT ID etc. All these codes are Standard Formats of Business Identifier codes which have been approved by International Organization for Standardization (ISO), this is a code that both Financial and Non-Financial Institutions use. Use of this code Mainly used to send money through International Wire Transfer.
SWIFT codes are 8 to 11 digits like -BBBBUS3MXXX
Bank code AZ is the first 4 letter code which looks like a short version of the name of a bank
Country code AZ is the 2nd letter code, it shows that the bank Which country’s location
code is 0-9 AZ 3rd 2nd digital location code which can be either 2 number or 2 letter
Branch code 0-9 AZ This is an optional 3 digit code, from this about a particular branch find out
How to find SWIFT code of any bank?
As I told you in the beginning that you need Swift code for Adsense Payment, so now the question is how can we know the swift code of any bank, so now I will tell you about this. If you want to know about the swift code of any bank, then you can go through this
You can get complete information by visiting this website , you will easily get complete information about your bank’s swift code.
How does Swift Code Transfer work?
Let us understand this in such a way that suppose there are two men A and another B. Now a man named A wants to send money from his bank to a man named B who lives in another country. So for this the name A A man goes to his bank and takes swift code of B’s bank along with B’s account number, then A’s bank sends his money to B’s account with the help of Swift massege through secure SWIFT network. When the bank of a person named B receives this message, then he is confirmed that he has received the payment, after that the bank puts money in B’s account.
Can SWIFT transfer be tracked?
No customer is allowed to access the SWIFT terminal, this work can be done only by the bank, if you see any problem in any of your transactions, then you can contact your bank, they will solve your problem. .
What happened before SWIFT code?
Before Swift code , Telex was used for international transactions. But it was a very slow method of fond transfer, it had many drawbacks like one, it was a very slow system and secondly it was not as secure as swift code is. Apart from this, there were many drawbacks in it, due to which the customer had to face a lot of problems.
To overcome these problems, the SWIFT system was created in the year 1974. First of all, 7 major banks of the world took part in it and with time, many banks gradually joined it.
Why is the SWIFT system so far ahead?
Swiftmembership had crossed the 300 mark in just 3 years and this number is increasing continuously, there are many other transaction methods in addition to this, but no one has been able to compete with Swift so far, one of the reasons for this is that the day Day by day they are bringing a lot of changes in their system so that it can become even more reliable.
When it was started, only Payment Instruction could be sent in it, but now Security Transaction and Treasury Transaction can also be sent in it. According to a report, 50% of Swift traffic is Payment based messages but in 43% Security Transaction is the main. And the rest of the traffic includes Treasury Transaction.
Who uses SWIFT?
First of all, the founders of SWIFT designed this network so that it could be Treasury and its correspondent transactions, but its messaging system turned out to be so robust that its use increased even more. Today SWIFT is being used everywhere. And its use has also increased, mainly these organizations are using it –
- Brokerage Institutes and Trading Houses
- Securities Dealers
- Asset Management Companies
- Clearing Houses
- Corporate Business House
- reasonable Market Participants and Service Providers
- Foreign Exchange and Money Brokers
What service does the SWIFT system provide?
In today’s time SWIFT is being used everywhere, some examples are given below.
Application – Swift connection is being used to use variety of real time applications like treasury and forex transactions, to process payment instruction in banking market infrastructure, to clear and settle payment instruction in security market .
Business Intelligence – SWIFT is now being used in business intelligence as well, with the help of which clients can now see real time, dynamic messages, along with they can also follow trade flow and reporting, with the help of reports, any place or Information about country and meassege types can be taken
Compliance Services – With its help, many Financial Crime Complaints can now be reported like Know Your Customer i.e. KYC, Sanctions and Anti-Money Laundering i.e. AML.
Messasing, Connectivity and Software Solution – The core business of SWIFT is how to create a secure, reliable and scalable network so that messages can move easily in that network.
SWIFT code is upgrading its system day by day so that it can bring more and more clients and hinder its transaction pricing speed further.