In international financial transactions, SWIFT/BIC codes serve as critical identifiers that ensure both the security and timely delivery of funds. For those conducting business with ARAB BANK PLC, understanding its specific code—ARABJOAX100—can prevent costly delays and potential errors in money transfers.
Consider this scenario: You're sending money to a family member abroad, but due to a minor error in the bank code, your transfer gets delayed or even lost. Such situations occur more frequently than one might expect. A SWIFT/BIC code, comprising 8 to 11 characters, precisely identifies banks and their specific branches worldwide. For ARAB BANK PLC, the complete code ARABJOAX100 follows a standardized structure that facilitates smooth transactions when properly used.
Decoding ARABJOAX100
The SWIFT/BIC code ARABJOAX100 breaks down into four distinct components:
- Bank Code (ARAB): The first four letters identify ARAB BANK PLC as the recipient institution.
- Country Code (JO): The subsequent two letters specify Jordan as the bank's home country.
- Location Code (AX): These two characters pinpoint the bank's specific city or regional location.
- Branch Code (100): The final three digits designate the particular branch. Note that when a code ends with "XXX," it typically refers to a bank's headquarters.
Verification Checklist Before Transfer
To ensure error-free transactions, always verify these key details:
- Bank Name: Confirm that the recipient's bank name matches exactly with the one associated with the SWIFT code.
- Branch Information: When using a branch-specific code, verify that it corresponds to the recipient's actual branch location.
- Country Accuracy: As global banks operate across multiple jurisdictions, ensure the code's country designation aligns with the recipient bank's location.
Proper use of SWIFT/BIC codes forms the foundation of secure international money transfers. Taking a few moments to understand and verify these details can save considerable time and prevent unnecessary complications in global financial transactions.