Understanding SWIFT CODES and BIC: How to Find Them and Their Importance

Wire transfers are a common method for cross-border remittances, involving banks directing correspondent banks to pay a specified recipient via telegraph, telex, or the SWIFT network.

This method is efficient and secure, making it a reliable choice for both individuals and businesses in international fund transfers. However, filling out the necessary information, such as the recipient bank’s SWIFT code, name, and account number, can be confusing. This article aims to clarify what a SWIFT CODE is and how to find it.

What is a SWIFT CODE?

A SWIFT CODE, or Society for Worldwide Interbank Financial Telecommunication Code, is an international standardized code used to identify financial institutions. It is commonly used for wire transfers and other international transactions to ensure swift and accurate processing of financial messages between banks. The original term for this code is BIC (Bank Identifier Code), but due to potential confusion with other identification systems, it is more commonly referred to as the SWIFT CODE.

How is a SWIFT CODE Assigned?

Banks applying to join the SWIFT network must create their SWIFT CODE and submit it for approval. Once approved, the bank can officially use the code. A SWIFT CODE typically consists of 8 or 11 alphanumeric characters, distinguishing the bank in international financial transactions. Every member bank of the SWIFT network has a specific SWIFT CODE, which is used to route payments to the correct recipient bank.

Components of a SWIFT CODE

A SWIFT CODE contains detailed information and consists of several parts: bank code, country code, location code, and branch code.

For example, Standard Chartered Bank (Hong Kong) Limited’s SWIFT CODE is “SCBLHKHHXXX,” where “SCBL” represents the bank code, “HK” the country/region code, “HH” the location code, and “XXX” the branch code.

Specifications of SWIFT Codes

SWIFT messages are composed of fields, with each message type specifying its components. Each field is strictly regulated in terms of the number of letters, numbers, or characters allowed. For example:

• n: Numeric only
• a: Alphabetic only
• Q: Alphanumeric
• x: Any character allowed in SWIFT messages

For instance, “2n” means up to 2 digits; “3a” means up to 3 letters; “4*35x” means up to 4 lines, each with a maximum of 35 characters.

Information and Fund Flows in SWIFT Transactions

SWIFT uses point-to-point communication for standardized protocols and data formats, allowing direct, fast, and secure transactions over its network. Essentially, SWIFT handles the information flow, while actual funds transfer through correspondent and intermediary banks.

Scenario 1: Both Banks in the Same Country, No Currency Conversion Needed

This simple model involves direct clearing within the same network, with no complexities.

Scenario 2: Banks in Different Countries, Currency Conversion Needed

If the recipient bank has a branch in the remitting country, it can act as a correspondent bank. Clearing occurs through the local network, with subsequent settlement through another network. Currency conversion can be handled by the remitting bank or other banks.

Scenario 3: Banks in Different Countries with No Financial Cooperation

If there is no financial cooperation between the countries and no correspondent banks, a third country’s bank acts as an intermediary. Funds travel through multiple clearing networks, incurring substantial fees and exchange rate markups.

How to check the bank’s SWIFT code and BIC?

Usually, your bank’s SWIFT/BIC code can be found in the bank statement, or you can directly call or ask the bank staff. Of course, you can also search by bank or country/region on BiyaPay’s official website to obtain the correct SWIFT CODE. If you already have your bank’s international code, you can also use its query tool to verify it.

SWIFT bank code is used to help banks process remittances from overseas. If you want to make international remittances or receive payments between banks, especially international telegraphic transfers or SEPA transfers, in addition to the required SWIFT code, you also need to choose a suitable remittance tool.

You can use the global multi-asset trading wallet BiyaPay for overseas remittances, which not only simplifies the remittance process, but also ensures the security of funds and the convenience of transactions.

Its functions include global payment and international remittance, as well as major investment services such as US/Hong Kong stocks, options, and digital currencies. It supports real-time exchange rate queries and exchanges for more than 20 legal currencies and more than 200 digital currencies, allowing for local remittances in most countries or regions around the world anytime, anywhere, with fast arrival speed, low handling fees, and unlimited limit.

Moreover, BiyaPay provides competitive exchange rates to reduce remittance costs, with low procedure fees and no other hidden fees. It has obtained financial licenses such as the US, Canada, US SEC, and New Zealand, making your digital currency to fiat currency exchange safer and more legal, 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. This greatly improves the efficiency and security of international remittances, making cross-border fund flows smoother.

Common SWIFT Codes for Major Banks in Hong Kong:

- HSBC Hong Kong:

SWIFT Code: HSBCHKHHHKH

- Standard Chartered Bank:

SWIFT Code: SCBLHKHH

- Bank of China (Hong Kong):

SWIFT Code: BKCHHKHH (if 11 digits required: BKCHHKHHXXX)

- Hang Seng Bank:

SWIFT Code: HASEHKHH (if 11 digits required: HASEHKHHXXX)

- China CITIC Bank International:

SWIFT Code: KWHKHKHH (if 11 digits required: KWHKHKHHXXX)

- Citibank: SWIFT Code:

CITIHKHX (if 11 digits required: CITIHKHXXXX)

- ICBC (Asia):

SWIFT Code: UBHKHKHH (if 11 digits required: UBHKHKHHXXX)

- Bank of East Asia:

SWIFT Code: BEASHKHH

- China Merchants Bank (Hong Kong):

SWIFT Code: CMBCHKHH (if 11 digits required: CMBCHKHHX)

- OCBC Wing Hang Bank:

SWIFT Code: WIHBHKHH

- DBS Bank Hong Kong:

SWIFT Code: DHBKHKHH

- Nanyang Commercial Bank:

SWIFT CODE: NYCBHKHHXXX

- CMB Wing Lung Bank:

SWIFT Code: WUBAHKHH

- Dah Sing Bank:

SWIFT Code: DSBAHKHH

In summary, SWIFT CODE is equivalent to a bank’s “ID card”, and each bank has a unique SWIFT CODE worldwide. This uniqueness ensures that funds can be accurately sent to designated banks and branches when conducting cross-border financial transactions. In addition, the use of SWIFT CODE also helps to establish mutual recognition and trust between banks, as it is approved by the SWIFT organization according to unified principles and has authoritative and standardized features.

In practical applications, SWIFT CODE can be automatically recognized by computer systems, similar to the technology of automatically recognizing license plates on highways. Once the system recognizes a SWIFT CODE, it can quickly find the corresponding bank information in the database, including bank name, address, credit rating, and financial status. This automatic recognition function not only improves the speed of transaction processing, but also reduces the possibility of human error, thus ensuring the accuracy and security of financial transactions.

Therefore, SWIFT CODE is an indispensable part of international financial transactions, ensuring efficient, accurate, and secure global interbank communication and transactions through a standardized code system.