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What’s a SWIFT/BIC code?

SWIFT codes are a type of Bank Identification Code (BIC) used for international wire transfers. These 8-11 characters long codes allow banks to identify financial institutions when transferring money between banks.

SWIFT codes broken down:

  • Bank Code: This is a unique four-character alphabetical identifier that represents your financial institution. It comprises a combination of letters (A-Z).
  • Country Code: The following two characters indicate the bank’s location country.
  • Location Code (Optional): An extra two characters, if present, specify the city.
  • Branch Code (Optional): Final 3 characters specifying the branch of a bank, not always included.

When do you need a SWIFT code?

If you’re sending or receiving money internationally, you may be asked for a SWIFT/BIC code depending on how it’s being sent. Certain digital payment solutions like Veem, makes it possible to send international transfers with or without a SWIFT code.

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What is the difference between BIC and SWIFT Codes?

SWIFT stands for Society for Worldwide Interbank Financial Telecommunication. It’s a global network for processing payments between countries. BIC stands for Bank Identifier Code, which refers to the set of digits you can use to send international payments. In practice, many people use ‘BIC’ and ‘SWIFT’ interchangeably to describe the code for international payments.

Why do some international payments not require a SWIFT code?

In some cases, alternative methods such as IBAN (International Bank Account Number) or ACH (Automated Clearing House) can be used to make international payments. These methods are quicker, cheaper, and more convenient than using a SWIFT code. Veem also has its own routing system, making it unnecessary to use a SWIFT code.

What is the difference between a SWIFT code and an IBAN?

A SWIFT code is a unique identifier for financial institutions globally and is used for international wire transfers and other types of transactions between banks and financial institutions. An IBAN, on the other hand, is a unique identifier for individual bank accounts and is used primarily for cross-border transfers within the European Union.

Can I use my IBAN for international payments instead of a SWIFT code?

Yes, in some cases, you can use your IBAN for international payments within the European Union through the single payment area (SEPA). It’s always best to check with your bank or financial institution to determine the best method for your needs.

What is the advantage of using alternative methods to make international payments

Digital payment platforms like Veem are quicker, more convenient, and often less expensive than traditional wire transfers using a SWIFT code.

Is it safe to use a digital payment platform for international transfers?

Digital payment platforms use a wide range of security measures like encryption to protect your financial information.

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