Find SWIFT Thread poster: Alexandra Kyaw
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| that's surely useful | Apr 22, 2005 |
Thank you very much for a useful information!
Minoru Kuwahara
[email protected]
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Gina W
United States
Local time: 07:06
Member (2003)
French to English
| A couple questions about SWIFT codes | Apr 22, 2005 |
Thanks for the link and I have bookmarked this. I have questions regarding SWIFT codes: are these used solely in Europe, or also in the U.S.? are these used for individuals or for companies/agencies solely? The reason I ask is for clarification purposes, as it is my understanding that this is a European thing and largely for incorporated entities, but I of course could be wrong about that. I had a situation a few years ago where I had done a large translation for a new start-up company in G... See more Thanks for the link and I have bookmarked this. I have questions regarding SWIFT codes: are these used solely in Europe, or also in the U.S.? are these used for individuals or for companies/agencies solely? The reason I ask is for clarification purposes, as it is my understanding that this is a European thing and largely for incorporated entities, but I of course could be wrong about that. I had a situation a few years ago where I had done a large translation for a new start-up company in Geneva, and the guy kept insisting that I had to give him my SWIFT code in order to get paid. I don't think he understood why I didn't have one, but of course he eventually did pay me by wire transfer. So I'm wondering what made him assume that. ▲ Collapse
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Maria Karra 
United States
Local time: 07:06
Member (2000)
Greek to English
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| wire routing number | Apr 22, 2005 |
gad wrote:
Thanks for the link and I have bookmarked this. I have questions regarding SWIFT codes: are these used solely in Europe, or also in the U.S.?
I think it's for European banks only (it's a sequence of letters). US banks have a "routing number" or "wire routing number" instead.
Maria
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| SWIFT is for the bank | Apr 22, 2005 |
gad wrote:
Thanks for the link and I have bookmarked this. I have questions regarding SWIFT codes: are these used solely in Europe, or also in the U.S.? are these used for individuals or for companies/agencies solely? The reason I ask is for clarification purposes, as it is my understanding that this is a European thing and largely for incorporated entities, but I of course could be wrong about that. I had a situation a few years ago where I had done a large translation for a new start-up company in Geneva, and the guy kept insisting that I had to give him my SWIFT code in order to get paid. I don't think he understood why I didn't have one, but of course he eventually did pay me by wire transfer. So I'm wondering what made him assume that.
Dear gad,
The SWIFT codes are for banks' use only.
Every bank in every country has its swift code and it is used to transfer money between banks. To be more specific, every branch of a bank has its swift code, but ususally it's not used because the transfer go to the central branch of a country or city and from there are going to the relevant branch. Swift is not only for Europe or America or anywhere else. It's global.
So, your italian client was asking for your bank's swift code and not yours
Of course a bank can always find this code from its swift catalogues but as it is a bit painful (and to avoid any mistakes), the client is asked to provide the bank with all relevant details so as to proceed with the transaction.
Best regards,
Dimitra
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Maria Karra
United States
Local time: 07:06
Member (2000)
Greek to English
+ ...
| swift and routing number | Apr 22, 2005 |
Dimitra Karamperi wrote:
To be more specific, every branch of a bank has its swift code, but ususally it's not used because the transfer go to the central branch of a country or city and from there are going to the relevant branch.
I believe the swift code, the routing number, and the branch number are three different things. The swift code in European banks is a series of letters, the routing number in US banks is a series of numbers. Bank branches both in Europe and in the US have branch numbers, and these are not the same as swift codes or routing numbers.
I don't know what numbers or codes are used in other parts of the world.
To do a wire transfer to a US bank you need the account number of the recipient and the wire routing number (the latter is what appears first at the lower part of your checks, right before your account number). (Of course you also need the recipient's name and the Bank's name.) Having the Branch number helps for verification purposes, I think.
To send money to a European bank you need the account number and the swift. Again, the branch number is good to have, but not absolutely necessary.
When I did a wire transfer a few years ago from the US I gave them the SWIFT code of a Greek bank and they had no idea what it was. "Take it, I said, I think we'll need it". They didn't know what SWIFT meant at all. I had to explain it to them.
Maybe US banks have a SWIFT too, I don't know. All I know is that I don't have one for my bank, and it seems that my bank doesn't know it either
Maria
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laurem
Belgium
Local time: 13:06
English to French
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| Have been working for SWIFT... | Apr 22, 2005 |
Hi all,
As you see in the title, I have been working for SWIFT and would like to clarify some of the comments I have read so far. Most banks in the world do have a BIC - European, American or else. These codes are used within SWIFT messages to identify the sender, receiver and all other parties involved in the transaction. For ex. Citibank in NY has CITIUS33 as a BIC. They enable automatic processing of the messages. For your info, every kind of non-bank financial institution and even corp... See more Hi all,
As you see in the title, I have been working for SWIFT and would like to clarify some of the comments I have read so far. Most banks in the world do have a BIC - European, American or else. These codes are used within SWIFT messages to identify the sender, receiver and all other parties involved in the transaction. For ex. Citibank in NY has CITIUS33 as a BIC. They enable automatic processing of the messages. For your info, every kind of non-bank financial institution and even corporates can have a BIC.
A BIC can be 8 characters long (CITIUS33) or 11 characters long when branch codes have been identified as well (CITIUS33TSY for the Treasury department of Citibank NY). This helps route the message directly to the right department.
Routing numbers are also identifiers for the banks/financial institutions but used domestically, i.e. when the accounting takes place at the central bank and not through correspondent banks. In the US there is the Fedwire Routing Number (also called ABA routing number); in the UK, there is the CHAPS sort code; and in other countries where there is a domestic settlement system, financial institutions are also identified domestically.
Hope this helps. If you have any more questions, let me know and I will try to help.
Regards,
Laurence
PS: Obviously, you can send me all your SWIFT-related translation projects )
[Edited at 2005-04-22 14:25]
[Edited at 2005-04-22 14:29]
[Edited at 2005-05-02 12:04] ▲ Collapse
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Maria Karra
United States
Local time: 07:06
Member (2000)
Greek to English
+ ...
| all these codes and numbers! | Apr 22, 2005 |
Laurence REMACLE wrote: PS: Obviously, you can send me all your SWIFT-related translation projects )
He he Will do.
Thanks so much for all these details. Very helpful, indeed.
Maria
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| Regarding Swifts | Apr 22, 2005 |
I believe the swift code, the routing number, and the branch number are three different things.
The branch number it's a 3-digit number that can be inserted in the end of the SWIFT code of the relevant bank, but usually is not.
To do a wire transfer to a US bank you need the account number of the recipient and the wire routing number (the latter is what appears first at the lower part of your checks, right before your account number). (Of course you also need the recipient's name and the Bank's name.) Having the Branch number helps for verification purposes, I think.
To do a wire transfer in Greece also you need only the account number of the recipient and the bank. Swift codes are for international transfers only or transfers between different countries.
When I did a wire transfer a few years ago from the US I gave them the SWIFT code of a Greek bank and they had no idea what it was. "Take it, I said, I think we'll need it". They didn't know what SWIFT meant at all. I had to explain it to them. Maybe US banks have a SWIFT too, I don't know. All I know is that I don't have one for my bank, and it seems that my bank doesn't know it either Maria
They didn't know because they probably hadn't done any such transaction till then)
I had been working in a bank for 7 years and in this specific department --swifts, wire transfers, currency exchange etc-- that's why I am so sure about what I've mentioned.
It's true though that problems with transfers to US were more than frequent due to the difference of the "internal" system both countries used and continue to use.
I can remember one time that I was searching for a missing transfer and I had found that the money were sent to FYROM because our client had included in his address the county Macedonia (Thessaloniki, Macedonia).)
Dimitra
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| More clarification | Apr 22, 2005 |
SWIFT is the name of system, the code name is BIC, and it's usually slightly different for each branch of a bank. If you talk to the bankers about SWIFT, some of them may not understand, while their response to BIC is usually immediate. And yes, that is a global system.
The account number, preceded by the country code nad branch sort code is called IBAN in Europe. It is from umph-teen to 26 (28?) characters long, depending on the country.
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Dear Alexandra,
This is a very useful link and I immediately bookmarked it. Thanks for sharing it.
Greetings from a rainy Suriname (at least where I am).
Lucinda
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| They meant your bank's code | Apr 23, 2005 |
gad wrote:
the guy kept insisting that I had to give him my SWIFT code in order to get paid.
The guy meant he needed the SWIFT code of your bank so he could transfer the fund.
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Gina W
United States
Local time: 07:06
Member (2003)
French to English
| I understand it's the bank code | Apr 28, 2005 |
The guy meant he needed the SWIFT code of your bank so he could transfer the fund.
I understand it's the bank code, but it seemed to me that since I had already give him my Bank ABA number and my account number, that he should have figured out that there was no NEED for a SWIFT code, for an American bank. We finally got it straightened out - I guess someone must have told him to stop asking me for something that didn't exist and that he didn't need, lol.
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| Can anyone help? | Oct 31, 2008 |
Hello there.
I would like to know if Swift Code is the same as Rounting Number?
I´m trying to send the security deposit for a house that i intend to rent at the States, and the Girl at Citibank in Brazil is asking for a Swift Code, this same stup** girl doesnt know what a swift code is, the owner of the house provided me a routing number. I gave this routing number for the ´´inteligent`` girl at Citibank when she asked the swift code, did I do a mess? or it should be fine?
... See more Hello there.
I would like to know if Swift Code is the same as Rounting Number?
I´m trying to send the security deposit for a house that i intend to rent at the States, and the Girl at Citibank in Brazil is asking for a Swift Code, this same stup** girl doesnt know what a swift code is, the owner of the house provided me a routing number. I gave this routing number for the ´´inteligent`` girl at Citibank when she asked the swift code, did I do a mess? or it should be fine?
Thanks a lot in advance!
[Edited at 2008-10-31 16:39] ▲ Collapse
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Maria Karra
United States
Local time: 07:06
Member (2000)
Greek to English
+ ...
Marcelo_Werneck wrote:
Hello there.
I would like to know if Swift Code is the same as Rounting Number?
I´m trying to send the security deposit for a house that i intend to rent at the States, and the Girl at Citibank in Brazil is asking for a Swift Code, this same stup** girl doesnt know what a swift code is, the owner of the house provided me a routing number. I gave this routing number for the ´´inteligent`` girl at Citibank when she asked the swift code, did I do a mess? or it should be fine?
Thanks a lot in advance!
Marcelo,
Swift Code is not the same as Routing Number, as was already mentioned in this thread. You may have confused the bank employee even more.
Maria
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