Hong Kong Bank SWIFT Code and Hong Kong Local Bank Code Summary!

Table of Contents

• What is SWIFT Code?
• How to check SWIFT Code?
• Is the SWIFT Code the same as the Hong Kong bank code?
• SWIFT Code Format
• How to use SWIFT Code for remittance?
• SWIFT Code of Hong Kong Banks
• Bank code for local banks in Hong Kong
• Bank code of Hong Kong Virtual Bank
• SWIFT Code remittance restrictions
• FAQs

What is SWIFT Code?

SWIFT Code, the full name is “Society for Worldwide Interbank Financial Telecommunication Code”, and its Chinese name is “Society for Worldwide Interbank Financial Telecommunication Code”. It is like a bank’s “ID number”, used for international fund transfers to ensure that funds can accurately arrive at the designated bank account. Its original name was BIC (Bank Identifier Code), but the name BIC is too general, and some people are worried that it will be misunderstood as another bank identification code system, so gradually people have come to call BIC SWIFT Code by convention.

Imagine if you were to send money to a friend overseas, you would definitely need to know their bank account number and name, right? However, due to differences in language and writing habits, misunderstandings or errors may sometimes occur. SWIFT Code exists to solve this problem. It is a unique code that is unique to each bank globally, ensuring that there is no confusion when transferring funds.

Simply put, SWIFT Code is a code system that helps banks identify and locate recipient banks in international fund transfers.

How to check SWIFT Code?

There are several ways to check a bank’s SWIFT Code:

• Go directly to the bank and ask the staff
• Call for consultation
• Query through the official SWIFT website
• Find your bank’s SWIFT/BIC code in the bank statement

Taking Bank of China as an example, the keyword for Bank of China is Bank of China. By directly outputting this keyword, we can search for the swift code of Bank of China’s branches worldwide.

You can also search by bank or country/region on the Wise and BiyaPay official websites to find the correct SWIFT Code and bank code. If you already have an international bank code, you can also use its query to verify it. By using the bank code on BiyaPay, you can easily, conveniently, and securely make overseas remittances.

Briefly introduce BiyaPay:

BiyaPay is an international wallet that provides multi-asset transactions for users worldwide, including global payments and international remittances, as well as major investment services such as US/Hong Kong stocks, options, and digital currencies. Its most notable feature is that it supports real-time exchange rate queries and exchanges for more than 20 legal currencies and more than 200 digital currencies, allowing for large remittances in most countries or regions around the world anytime, anywhere, with fast arrival speed, low handling fees, and unlimited amount.

Meanwhile, BiyaPay completes global remittances online, supports full-process on-chain tracking, and has multiple compliance qualifications. It has obtained financial licenses in the US, Canada, US SEC, and New Zealand, making it safer and more legal to exchange digital currency for fiat currency, avoiding the risk of being frozen over the counter. With complete KYC certification and professional and legal offshore accounts, every remittance is taken seriously, allowing users to transfer every penny with peace of mind.

Is the SWIFT Code the same as the Hong Kong bank code?

Although both SWIFT Code and Hong Kong Bank Code are used to identify banks, they are not the same and can be seen as different levels of identification systems.

SWIFT Code is an internationally recognized code consisting of 8 or 11 digits and letters used for bank identification worldwide. This code was developed by the Society for Worldwide Banking and Financial Telecommunication (SWIFT) to ensure that banks worldwide can be uniquely identified.

The Hong Kong bank code usually refers to the identification code used by Hong Kong banks locally, such as the bank’s branch code, account number, etc. These codes are mainly used for local banking business and transactions in Hong Kong.

For example, if you open an account at a bank in Hong Kong, your account may have a local bank code and account number. However, when you need to receive or send funds from overseas to this account, you need to use the SWIFT Code to ensure that the funds arrive accurately.

Therefore, SWIFT Code is more like a bank’s “passport” globally, while Hong Kong bank code is like a bank’s “ID card” locally. Although both are used to identify banks, their scope and purpose of use are different.

SWIFT Code Format

SWIFT/BIC is a code consisting of 8-11 characters used to identify your country, city, bank, and branch. This code consists of several parts.

• Bank code

Composed of four letters, it is usually an abbreviation of the bank name.

• Country/region code

The country/region where the bank is located is represented by two letters.

• Location code

A character consisting of two letters or numbers that indicates the headquarters of the bank.

• Bank branch code

Consists of three digits or letters used to identify a specific branch.

How to use SWIFT Code for remittance?

If you want to make an international remittance to a Hong Kong bank account, or someone transfers cash to your bank account in Hong Kong, the system will ask you to provide information such as SWIFT/BIC code and bank address when making the remittance. At this time, you must provide the SWIFT Code used to identify the receiving bank, as well as the account number, remittance currency and amount, and the recipient’s account number or IBAN (International Bank Account Number) to ensure accurate transaction instructions.

Hong Kong Bank SWIFT Code

Bank code for local banks in Hong Kong

Bank code for Hong Kong Virtual Bank

SWIFT Code remittance restrictions

When using SWIFT Code for cross-border transfer via telegraphic transfer, the following factors need to be considered:

1.Remittance time

Traditional banks generally complete international remittances within 1-5 working days, but they can also be affected by other factors . If there is a time difference between the banks of the transaction due to regional issues, your funds will not be processed in a timely manner, and telegraphic transfer will take longer.

2.Remittance fee

When transferring money through a bank, a handling fee is usually charged per transaction. Sometimes, the fee for telegraphic transfer through online banking may be lower, while the fee for branch branches may be higher, depending on the situation. In addition, if a third-party bank is involved in the remittance process, you may have to pay an additional handling fee from the agent bank, which may increase the cost.

3.Exchange rate

Cross-border transfers cannot ignore the fluctuation of exchange rates. Generally speaking, bank exchange rates are usually higher than market exchange rates. If the exchange rate of the currency used is relatively floating, the costs involved are likely to increase.

FAQs

1.Do I need to use SWIFT Code for overseas remittance to Hong Kong?

Yes. If you want to transfer money from overseas to Hong Kong, you need to provide the SWIFT Code of the Hong Kong receiving bank to ensure the smooth arrival of the funds.

2.How to check a bank’s SWIFT Code?

In most cases, you can find the SWIFT Code of the bank on its official website or in your bank statement. You can also check the SWIFT Code on the BiyaPay official website.

3.What is the difference between SWIFT Code and IBAN?

SWIFT Code and IBAN are two different international financial identification codes. The former is mainly used to identify banks or financial institutions, while IBAN is used to identify bank accounts.