Financial transactions both in Russia and in other countries can be carried out using a special bank code - SWIFT. But what is it, and where can you find it?
Swift code is a unique international format code that is issued to each banking institution. It is used for international financial transactions, usually transfers. The very same abbreviation SWIFT comes from the Society for Worldwide Interbank Financial Telecommunication - a global community of interbank telecommunications.
Using swift code, the bank can perform operations such as:
- payments of a different nature;
- international payments;
- exchange of banking information;
- sending messages about payments and checks, etc.
Swift code is open for use by both legal entities and individuals. And it consists of numbers and letters of the Latin alphabet. The alphabetic part of the code encrypts information about the main or central office of a banking institution in the country, and the digital part is assigned only to small branches or branches of the bank.
However, it is not easy to obtain a swift code for banks, and it does not happen immediately. First, a financial institution must apply to join the global community, and the decision on acceptance will be made by the SWIFT board of directors.
Swift code encryption, as a rule, includes eleven characters, the meaning of which is the following:
- the first four letters are an individual code that is compiled for each financial institution and conveys its abbreviated name in English;
- the next two characters encrypt the letter code of the country in which the bank is located, and it is taken from the ISO 3166 standard;
- the seventh and eighth symbols represent the place in the country where the bank is located;
- the last three characters are not assigned to the head offices of financial institutions and are not considered mandatory, since they are the digital code of the bank branch.
Using the swift code, you can make financial transactions both in the country where the bank's central branch is located, and in other countries. With its help, people pay for training, buy shares, conduct transactions with traveller's checks, etc.
In Russia, through the swift code, it will be possible to operate with the following currencies:
- rubles;
- U. S. dollars;
- Euro;
- pounds;
- Swiss francs.
However, the use of such a code in Russia implies a number of requirements that must be familiarized with before deciding to conduct a financial transaction.
And you can find out the swift code of a specific bank using one of three methods:
- look at the official website of the financial organization - swift is usually placed in the section with details;
- visit the official website of PHA SWIFT, where you will need to find a special section called "Swift codes of all Russian banks" and choose the one you need;
- contact the central office of the financial institution or any of its branches.
Banks are obliged to keep information about the swift code in the public domain, so every client can get it, and most often, for this he just needs to read a special information stand with details. However, it must be remembered that the codes of branches of the same bank will differ, and be sure to take this into account when making transfers.
