In today's globalized financial landscape, cross-border payments have become an essential part of modern life. When making international transfers, using the correct SWIFT/BIC code is crucial. This article provides a comprehensive guide to Taiwan Cooperative Bank's SWIFT/BIC code and its proper usage.
Bank Name:
Taiwan Cooperative Bank
SWIFT/BIC Code:
TACBTWTP018
What Is a SWIFT/BIC Code?
The SWIFT (Society for Worldwide Interbank Financial Telecommunication) code, also known as a Bank Identifier Code (BIC), is a standardized format used to identify financial institutions globally. Each bank's SWIFT code consists of 8 to 11 characters that precisely identify the specific bank and its branch.
For individuals or businesses planning to transfer funds to Taiwan Cooperative Bank, understanding the structure of its SWIFT/BIC code is essential:
- TACB : Represents the bank's name (Taiwan Cooperative Bank)
- TW : Indicates the country (Taiwan)
- TP : Specifies the location or particular branch
- 018 : Identifies the specific branch number
When initiating an international transfer through your bank or a third-party financial service provider, you must use the complete SWIFT/BIC code: TACBTWTP018 . Additionally, ensure you provide the following bank details:
- Bank Name: Taiwan Cooperative Bank
- City: Miaoli
- Address: No. 660, Zhongzheng Road, Miaoli City
- Country: Taiwan
The Importance of SWIFT Codes
SWIFT codes serve as critical components in international financial transactions, ensuring funds reach their intended destination securely and efficiently. These codes facilitate both personal transfers and corporate cross-border transactions, forming the backbone of global financial connectivity.
Key Considerations for International Transfers
Before initiating a transfer, keep these important factors in mind:
- Verify code accuracy: While SWIFT codes rarely change, banks may occasionally update them. Always confirm the current code before transferring funds.
- Provide complete recipient information: Beyond the SWIFT code, include the beneficiary's account number, full address, and contact details when required.
- Understand transfer fees: International transactions typically involve various charges. Inquire about applicable fees with your financial institution to properly account for all costs.
By thoroughly understanding Taiwan Cooperative Bank's SWIFT/BIC code and related transfer requirements, individuals and businesses can conduct international transactions more efficiently and with greater confidence.