When initiating an international wire transfer, one critical step is ensuring the funds reach the intended account accurately. For financial institutions such as ARAB BANK PLC, understanding its SWIFT/BIC code is essential. But what exactly is a SWIFT/BIC code, and how does it safeguard your funds? Let’s explore.
What Is a SWIFT/BIC Code?
A SWIFT/BIC code is an 8- to 11-character alphanumeric identifier that specifies a particular bank and its branch globally. For example, ARAB BANK PLC’s code begins with "ARAB," representing the bank’s name. The following "JO" denotes Jordan as the country, while "AX" identifies the bank’s headquarters location. The final three digits, "104," pinpoint a specific branch.
Notably, if the code ends with "XXX," it refers to the bank’s primary office. ARAB BANK PLC’s full SWIFT/BIC code is "ARABJOAX104," with the 8-character SWIFT code being "ARABJOAX." This combination ensures precise routing of funds to the correct destination.
For instance, ARAB BANK PLC’s branch in MAFRAQ is located at KING FAISAL I ST. Verifying such details minimizes delays or errors during transactions.
Key Verification Steps Before Using a SWIFT Code
To prevent errors and ensure secure transfers, follow these steps:
- Confirm the Bank Name: Double-check that the recipient’s bank name matches the one you input exactly.
- Verify the Branch Name: If using a branch-specific SWIFT code, ensure it corresponds to the recipient’s branch.
- Check the Country Code: Since banks operate internationally, confirm the SWIFT code aligns with the recipient’s country.
By adhering to these measures, you reduce the risk of misdirected funds and ensure smooth transactions. Accurate SWIFT/BIC code entry remains the cornerstone of successful international transfers.