When making international wire transfers, confusion about bank codes can lead to costly mistakes. An incorrect SWIFT/BIC code might send your funds to the wrong destination or cause significant delays. Understanding these codes is crucial for secure and efficient transactions with institutions like SVENSKA HANDELSBANKEN AB.
Understanding SWIFT/BIC Codes
SWIFT/BIC codes consist of 8 to 11 alphanumeric characters that uniquely identify banks worldwide. For SVENSKA HANDELSBANKEN AB, the correct code is HANDSESSI02 , which breaks down as follows:
- Bank code (HAND) : Identifies SVENSKA HANDELSBANKEN AB specifically
- Country code (SE) : Indicates Sweden as the bank's location
- Location code (SS) : Points to the bank's headquarters
- Branch code (I02) : Specifies a particular branch
Key Considerations When Using SWIFT Codes
Before initiating any international transfer, keep these important points in mind:
- Always verify that the code corresponds to your intended recipient bank
- Codes ending with "XXX" typically represent a bank's head office
- Double-check all recipient details before submitting your transfer
How to Make an International Transfer Using SWIFT Codes
Follow these steps for a successful wire transfer:
- Access your online banking platform or visit your local bank branch
- Select the international transfer option and enter the recipient's complete SWIFT/BIC code along with their account details
- Review all information carefully before submitting the transaction
- Note the expected processing time and any applicable fees
Proper use of SWIFT/BIC codes forms the foundation of secure international banking. Whether you're an individual or business client, understanding these financial identifiers helps ensure your cross-border transactions proceed smoothly. By using the correct HANDSESSI02 code when transferring to SVENSKA HANDELSBANKEN AB, you can conduct your financial operations with confidence.