Digitalisation comes with its own complexities. The global economy has become digital. This has led to everything being connected. Transferring money in foreign currencies across borders has become commonplace and easy. The things that hold everything together in this connected world are codes known as IBAN, SWIFT and BIC codes. While doing transactions with money transfer services in Delhi, these codes come to play and help in completing the transactions. If you are a regular user of overseas transactions, it is important to know these codes.
The acronym IBAN stands for International Bank Account Number. All over the world, international banks and the payment services that operate internationally, use IBAN codes to transfer money from one country to another, or one currency to another. IBAN codes are unique and are used to identify the persons or their accounts involved in the transaction. This code is a standard that is accepted globally. It is linked to your local account number, which it represents internationally.
Any international money transfer service or bank prefers to use IBAN codes for transacting money across borders. These codes have important information linked to them. This information is used to withdraw and deposit money correctly from and to the right accounts. Customers are required to produce their IBAN codes for any foreign transactions.
Identification of IBAN Code: Any IBAN code is composed of three parts. The first two are letters that represent the country code. The next two are digits that represent the check number. The last part is of variable length and represents the basic bank account number or BBAN. altogether, the length of the entire IBAN code must not exceed 34 characters.
Obtaining IBAN Code: IBAN is needed to execute foreign money transfers from Delhi. There are few ways to obtain it. You can check your bank’s website or contact them directly. You can check your printed copy of bank statements. People also use online calculators to construct their IBAN codes. In this case, it is always wise to cross-check with your bank.
The acronym SWIFT stands for Society for Worldwide Interbank Financial Telecommunication. This code uniquely represents individual financial organisations. This serves as an international messaging address for the organisation. The Society maintains the SWIFT codes. SWIFT is a network of financial institutions that maintains a huge database of information on the network. This information is finance-related and helps to smoothen transactions so that they can be fulfilled quickly. The network shares payment specifics and data for trading, depositing, security purposes, and many other financial transactions within the system.
SWIFT codes are used widely by banks, financial security companies, broker firms, trading companies and other financial institutions. Nowadays, even asset management companies and companies in the corporate sector are also using SWIFT codes. SWIFT codes are used for foreign money transfers from Delhi in bulk amounts, quickly and securely.
The acronym BIC stands for Business Identifier Code. This code is also widely used in the international banking sector. BIC numbers are unique identification codes that comprise eight digits. The digits may be eleven in case the bank’s branch ID is also included. BICs function similarly to SWIFT. To get BIC, institutions have to register with SWIFT. BICs are also used outside the finance sector to assist in the exchange of data automatically. There are two kinds of BICs:
- Connected BICs are used by organizations to send finance-related messages via the SWIFT network.
- Non-connected BICs that only serve as international messaging addresses.
To get BIC or SWIFT codes, you can get in touch with your bank or visit their online banking portal. It may also be present in the printed copy of your statement.
The IBAN, SWIFT and BIC code numbers facilitate secure and quick international fund transfers from money transfer services in Delhi in an efficient and organized manner.
Aug 28 2021