In today's globalized economy, the security and accuracy of financial transactions have become increasingly important, particularly for international wire transfers. For many, SWIFT (Society for Worldwide Interbank Financial Telecommunication) codes are an essential component of cross-border financial transactions. In Taiwan, where Taiwan Cooperative Bank serves as one of the primary financial institutions, knowing the correct SWIFT codes for its branches is crucial to ensuring seamless international transfers.
However, locating these codes can be challenging for first-time users. This article provides a detailed overview of Taiwan Cooperative Bank's SWIFT codes and key considerations when using them.
Taiwan Cooperative Bank: A Brief Overview
Established in 1904 as Taiwan's first cooperative bank, Taiwan Cooperative Bank has consistently provided comprehensive financial services to its customers. With branches across Taiwan, the bank serves both local residents and international clients. Understanding its SWIFT codes and branch-specific contact information is particularly important for international transactions.
Structure of SWIFT Codes
A SWIFT code typically consists of 8 to 11 alphanumeric characters:
- First 4 letters: Bank code
- Next 2 letters: Country code
- Following 2 letters/numbers: Location code
- Final 3 letters/numbers (optional): Branch code
Key Taiwan Cooperative Bank Branches and Their SWIFT Codes
Below are some major Taiwan Cooperative Bank branches along with their corresponding SWIFT codes:
- No. 77, Guanqian Road, Zhongzheng District, Taipei - SWIFT: TACBTWTP002
- No. 77, Kunming Street, Wanhua District, Taipei - SWIFT: TACBTWTP003
- No. 301, Nanjing West Road, Taipei - SWIFT: TACBTWTP004
- No. 17, Zhengyi South Road, Sanxia District, New Taipei City - SWIFT: TACBTWTP010
- No. 20, Wenhua Road, Banqiao District, New Taipei City - SWIFT: TACBTWTP011
- No. 58, Zhonghua Road, Taoyuan District, Taoyuan City - SWIFT: TACBTWTP015
- No. 23, Zhongzheng Road, East District, Hsinchu City - SWIFT: TACBTWTP017
- No. 660, Zhongzheng Road, Miaoli City, Miaoli County - SWIFT: TACBTWTP018
Important Considerations for International Transfers
When conducting international transactions, several factors beyond SWIFT codes require attention:
Country-Specific Regulations: Some jurisdictions have strict requirements for outgoing transfers and may require additional documentation.
Exchange Rates and Fees: Rates and charges vary between banks. Comparing options can help optimize costs and transfer speed.
Accuracy of Information: Double-check all details including recipient name, account number, and SWIFT code to prevent delays or failed transactions.
Processing Time: International transfers typically take 3-5 business days, though this may vary depending on holidays and intermediary bank procedures. For time-sensitive transfers, initiate the process well in advance.
If a specific branch's SWIFT code is unavailable, using the bank's headquarters code will route the transfer through its central system for proper allocation. Always verify the most current SWIFT codes directly with the bank before initiating transfers.
Understanding SWIFT codes represents fundamental preparation for international banking. By selecting the appropriate code and verifying all transaction details, senders can ensure secure and efficient cross-border transfers. In an increasingly interconnected financial landscape, such knowledge proves invaluable for both individuals and businesses engaging in global transactions.