In today's globalized financial landscape, ensuring smooth international money transfers has become increasingly important. Among financial institutions facilitating cross-border transactions, Taiwan Cooperative Bank Ltd. plays a significant role through its unique SWIFT/BIC identification code.
Decoding the SWIFT/BIC System
A SWIFT/BIC code is an international standard identifier consisting of 8 to 11 alphanumeric characters that precisely identifies banks and their branches worldwide. The structure of Taiwan Cooperative Bank's SWIFT/BIC code reveals important information:
- Bank Code (TACB): The first four letters identify Taiwan Cooperative Bank.
- Country Code (TW): These two letters indicate the bank's location in Taiwan.
- Location Code (TP): This segment specifies the bank's headquarters location.
- Branch Code (003): The three-digit number identifies specific branches, with "003" representing the main branch.
The complete SWIFT/BIC code for Taiwan Cooperative Bank is TACBTWTP003 , where the first eight characters form the essential bank identifier and the final three digits pinpoint the specific branch.
Verification Best Practices
Accurate SWIFT codes are fundamental for secure and timely fund transfers. Consider these verification guidelines:
- Bank Name Confirmation: Verify that the bank name matches the recipient's financial institution exactly to prevent transfer failures.
- Branch Validation: When using branch-specific codes, ensure alignment between the code and the recipient's actual branch.
- Country Consistency: Confirm the SWIFT code corresponds to the correct country location, as many banks operate internationally.
For individuals and businesses conducting international transactions, proper use of SWIFT/BIC codes forms the foundation of secure financial transfers. Taiwan Cooperative Bank's standardized identification system supports efficient global transactions while maintaining security protocols.