Understand The Concept Of SWIFT Codes And Their Use In Cross-border Transactions
IDFC FIRST Bank
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.
IDFC FIRST Bank
What is SWIFT Code?
Short for Society for Worldwide Interbank Financial Telecommunications, SWIFT is a global financial messaging service.
IDFC FIRST Bank
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.
IDFC FIRST Bank
Launched in 1973, currently, more than 11,000 banks across 200 countries use the SWIFT code to facilitate easy cross-border fund transfers.
IDFC FIRST Bank
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
IDFC FIRST Bank
SWIFT is a secure code with 16 basic security measures and 11 advisory ones to prevent fraud and ensure security in fund transfers.
IDFC FIRST Bank
With IDFC FIRST Bank’s NRI banking services, enjoy quick funds transfers with a secure SWIFT code. Also get attractive exchange rates on remittances.