In the global financial system, SWIFT/BIC codes serve as unique banking identifiers that play an indispensable role in international transactions. Have you ever experienced frustration due to code errors during international transfers? The precise use of SWIFT/BIC codes ensures funds reach their destination accounts securely and efficiently. Today, we examine the SWIFT/BIC code structure of Egypt's Banque Misr and its practical applications.
Understanding SWIFT/BIC Codes
SWIFT/BIC codes typically consist of 8 to 11 characters that precisely identify specific banks and their branches. Using Banque Misr as our example, we can break down the code's composition:
- Bank code (BMIS): The four-character representation of Banque Misr
- Country code (EG): Two letters indicating the bank's location in Egypt
- Location code (CX): Two characters reflecting the bank's headquarters location
- Branch code (TFC): Three characters specifying a particular branch ('XXX' denotes the head office)
Banque Misr's Complete SWIFT/BIC Code
Based on this structure, Banque Misr's full SWIFT/BIC code appears as follows:
SWIFT/BIC Code: BMISEGCXTFC
Bank Code: BMIS
Country Code: EG
Location Code: CX
Branch Code: TFC
Branch Name: Banque Misr
Address: 22 Adly St Dowen Town
City: Cairo
Critical Considerations for Using Banque Misr's SWIFT/BIC Code
When conducting international transfers, ensuring the accuracy of SWIFT/BIC codes proves essential. Several key factors warrant careful attention:
- Bank Name Verification: Confirm the recipient bank's name matches the SWIFT code being used
- Branch Code Confirmation: When using a specific branch's SWIFT code, verify it corresponds with the recipient's branch
- Country Code Accuracy: As banks may operate branches across multiple countries, ensuring the SWIFT code matches the target bank's location minimizes transfer delays or rejections
Conclusion
Mastering SWIFT/BIC code usage not only safeguards financial transactions but also optimizes processing time. Through accurate information and thorough preparation, international transfers can become more efficient and reliable. Whether for personal or commercial purposes, Banque Misr's SWIFT/BIC code provides a secure foundation for cross-border financial operations.