When sending money internationally, selecting the correct bank code is crucial to ensure smooth and secure transactions. Among the most important identifiers is the SWIFT/BIC code, which plays a vital role in cross-border payments. This guide explores the SWIFT/BIC code for EXIMBANK (TANZANIA) LTD and how to use it effectively.
What Is a SWIFT/BIC Code?
A SWIFT/BIC code is an 8- to 11-character alphanumeric identifier used to facilitate international money transfers between financial institutions. Each segment of the code provides specific information about the bank and its location. For example, EXIMBANK (TANZANIA) LTD's code is EXTNTZTZTFD , which breaks down as follows:
- Bank Code (EXTN): The first four letters represent the bank's name, in this case, EXIMBANK (TANZANIA) LTD.
- Country Code (TZ): The next two letters indicate the country where the bank is located—Tanzania.
- Location Code (TZ): These two characters specify the bank's geographic location.
- Branch Code (TFD): The final three characters identify a specific branch. If the code ends with "XXX," it refers to the bank's headquarters.
For EXIMBANK (TANZANIA) LTD, the full SWIFT/BIC code is EXTNTZTZTFD , where EXTNTZTZ is the primary identifier and TFD denotes the branch.
Why Accuracy Matters in International Transfers
Entering the correct SWIFT/BIC code is essential to prevent delays or failed transactions. Here are key considerations:
- Verify the Bank Name: Ensure the recipient's bank name matches the one associated with the SWIFT/BIC code.
- Confirm the Branch: If using a branch-specific code, double-check that it aligns with the recipient's details.
- Check the Country: The code must correspond to the bank's registered country to avoid transfer issues.
By understanding and correctly using SWIFT/BIC codes, individuals and businesses can enhance the efficiency and security of their international transactions. Proper verification ensures funds reach their intended destination without complications.