In the process of international money transfers, the SWIFT/BIC code serves as a critical identifier to ensure funds reach their intended destination accurately. But how can one correctly use these codes to facilitate seamless cross-border transactions?
The SWIFT/BIC code, defined by the Society for Worldwide Interbank Financial Telecommunication (SWIFT), consists of 8 to 11 alphanumeric characters designed to uniquely identify banks and their branches worldwide. Each segment of the code carries specific information:
- Bank Code (TACB): A four-letter identifier uniquely representing Taiwan Cooperative Bank Ltd.
- Country Code (TW): A two-letter code indicating the bank's location in Taiwan, crucial for directing funds to the correct jurisdiction.
- Location Code (TP): The next two letters denote the bank's geographic headquarters region.
- Branch Code (004): The final three digits specify a particular branch. If the code ends with "XXX," it refers to the bank's head office.
For Taiwan Cooperative Bank, the SWIFT/BIC code is TACBTWTP004 . Here, TACBTWTP forms the 8-character base code, while 004 pinpoints a specific branch. The bank's headquarters is located at 301 Nanjing W. Rd, Taipei.
Key Verification Steps Before Initiating a Transfer
To prevent delays or errors in international transactions, the following details must be verified:
- Bank Name Accuracy: Ensure the recipient's bank name matches exactly with the provided details. Even minor discrepancies can result in failed transfers.
- Branch Code Validation: If using a branch-specific SWIFT code, confirm the branch exists and aligns with the recipient's account details.
- Country Code Consistency: Verify that the SWIFT code corresponds to the recipient bank's country, especially for institutions with global operations.
Whether conducting personal or corporate transactions, the precision of SWIFT/BIC codes plays a pivotal role in successful international fund transfers.