In today's globalized economy, cross-border fund transfers have become increasingly common. Understanding how to conduct international wire transfers safely and efficiently is crucial, with SWIFT/BIC codes serving as essential components for these transactions.
Faysal Bank Limited, a prominent financial institution in Pakistan, utilizes the SWIFT code FAYSPKKA118 to facilitate its international operations. The bank is headquartered at Quality Height, Clifton, KDA Scheme No.5, Karachi, Sindh, 75600, Pakistan.
The Importance of SWIFT/BIC Codes
During international fund transfers, SWIFT codes ensure accurate delivery of funds to the intended bank while forming the foundation for information exchange between financial institutions across global networks. Understanding each component of a SWIFT code is therefore critical.
Decoding FAYSPKKA118
The SWIFT code FAYSPKKA118 can be broken down into distinct components, each carrying specific meaning:
- Bank Code (FAYS): Identifies Faysal Bank Limited.
- Country Code (PK): Denotes Pakistan as the bank's location.
- Location Code (KA): Specifies the bank's geographic area.
- Branch Code (118): Pinpoints the specific branch, enabling precise routing of funds to the correct account and location.
When to Use FAYSPKKA118
When initiating international transfers to Faysal Bank, ensuring the use of the correct SWIFT code FAYSPKKA118 is paramount. This code must be accurately provided along with other bank details—including the recipient's account name, account number, and bank address—when completing transfer instructions.
Similarly, when receiving international funds into a Faysal Bank account, the same SWIFT code should be provided to the sender.
Verifying SWIFT Code Accuracy
Given that SWIFT codes may occasionally change due to operational developments, periodic verification of the current code is recommended. The most reliable methods include consulting Faysal Bank's official website or contacting the bank's customer service department directly. This precaution helps prevent potential delays or misrouting of funds due to outdated information.
Sample SWIFT Transfer Process
To transfer funds from an international account to a Faysal Bank customer, the sender should provide their bank with the following details:
- Recipient's full name as registered with the bank
- Recipient's complete account number
- Faysal Bank's SWIFT code: FAYSPKKA118
- Bank address: Quality Height, Clifton, KDA Scheme No.5, Karachi, Sindh, 75600, Pakistan
All information should be carefully verified before initiating the transfer to ensure accuracy.
As financial markets in Pakistan and worldwide continue to evolve, understanding how to properly utilize Faysal Bank's SWIFT/BIC code becomes increasingly important. Familiarity with these financial instruments enables more confident international transactions, ensuring funds reach their intended destination securely and efficiently.