There is always a set format for SWIFT/BIC codes. In this way, we are able to determine whether yours is valid or not, as well as what each part of it signifies.
Enter a SWIFT/BIC to check it's correct and to find out which bank it belongs to.
You will get following details when you enter Swift code for verification
The Swift code is a unique identification code assigned to banks and other financial institutions worldwide. By verifying this code, you can be confident that the funds will be sent to the correct destination.
Incorrect Swift codes can lead to delays in processing your international transfers. By verifying your Swift code beforehand, you can avoid unnecessary delays and potential reversals, ensuring a smooth and timely transaction.
Verifying the code helps to establish a secure connection between the sender’s and the recipient's financial institution, minimizing the chances of unauthorized access or interception of funds.
Inaccurate or invalid Swift codes can result in funds being sent to the wrong account or lost in transit. By taking the time to verify the code, you can mitigate the risk of financial loss and ensure that your funds reach their intended recipient securely.
If you mistakenly send money to a nonexisting Swift code, the most common scenario is that the transaction will be rejected or declined by the financial institution involved.
This is because the receiving bank or intermediary bank will not be able to locate the nonexisting SWIFT code in their system. As a result, the funds will not be transferred and will be returned to the sender.
With millions of banks worldwide, each having its own unique identification, the Swift code acts as a standardized format to ensure that the funds are routed to the correct financial institution.
The Swift code provides information about the country and location of the bank. This helps in determining the appropriate intermediary banks and routing the funds through the proper channels. It also ensures that the money reaches the intended recipient's account without any delays or errors.
The duration for an international wire to return if the Swift code was indicated incorrectly may vary based on several factors. These factors include the policies of the sender's and recipient's banks, the efficiency of the correspondent banks involved in the transfer, etc.
The sender should contact their bank as soon as they realize the mistake to initiate the process of correcting the Swift code and ensuring the return of the funds. Generally, it can take anywhere from a few days to several weeks for it to be returned. To avoid such delays and complications, it is crucial to double-check and ensure the accuracy of the Swift code before initiating an international wire transfer.
If you enter the wrong Swift code, there is a possibility that the funds may be sent to the wrong recipient or to the wrong bank altogether. Get in touch with your bank as soon as possible if you realize you sent money to the wrong SWIFT code.