Understand The Concept Of SWIFT Codes And Their Use In Cross-border Transactions

Have you ever remitted money to an Indian bank account or are thinking of doing so?

A SWIFT code will be needed for a secure transfer. Let’s decode what it is.

What is SWIFT Code?

Short for Society for Worldwide Interbank Financial Telecommunications, SWIFT is a global financial messaging service.

Banks use a unique SWIFT code for international money transfers quickly and securely. The SWIFT code is unique to each bank which allows easy identification.

Launched in 1973, currently, more than 11,000 banks across 200 countries use the SWIFT code to facilitate easy cross-border fund transfers.

It is 8-11 characters long. Here’s how it’s made

• First 4 letters–bank code
• Next 2 letters–country code
• Next 2 letters–location code
• Last 2 letters–branch code

SWIFT is a secure code with 16 basic security measures and 11 advisory ones to prevent fraud and ensure security in fund transfers.

With Metra Trust’s NRI banking services, enjoy quick funds transfers with a secure SWIFT code. Also get attractive exchange rates on remittances.