When conducting international money transfers, communication barriers between banks can sometimes arise. This is particularly evident when transferring funds from the United States to European countries, where simply providing a bank's name often proves insufficient. The SWIFT/BIC code serves as a critical component for cross-border financial transactions.
SpareBank 1 SR-Bank ASA , headquartered in Forus, Stavanger, Norway, operates with the SWIFT/BIC code SPRONO22FOR . In global financial transactions, these codes precisely identify specific banks and accounts. Comprising 8 to 11 characters, the code contains information about the bank's country, region, and specific branch, ensuring accurate fund routing.
For instance, a $10,000 transfer from the U.S. to SpareBank 1 SR-Bank would typically yield approximately €8,409 for the recipient. This conversion reflects current exchange rates and includes applicable banking fees. Standard international transfers between banks generally require three business days for completion, though processing times may vary depending on intermediary banks and currency exchange procedures.
Verifying a bank's SWIFT/BIC code before initiating international transfers remains crucial. Using the correct code (SPRONO22FOR in this case) prevents transaction delays caused by incorrect routing information. Customers should also account for potential fee structures and exchange rate fluctuations that may affect the final transfer amount.
The SWIFT/BIC system significantly reduces uncertainty in international transactions. Whether for personal or commercial purposes, proper use of these standardized codes ensures funds reach their intended destination securely and efficiently.