In an era of increasingly frequent global financial transactions, ensuring the accuracy of SWIFT/BIC codes is critical for seamless and secure international wire transfers. This article provides a detailed breakdown of the SWIFT/BIC code for Taiwan Cooperative Bank Ltd. (TACB), helping senders avoid common errors and delays.
Structure of SWIFT/BIC Codes
SWIFT/BIC codes, typically comprising 8 to 11 alphanumeric characters, uniquely identify banks and their branches worldwide. For Taiwan Cooperative Bank, the code is structured as follows:
- Bank Code (TACB): The first 4 letters represent the bank’s identity.
- Country Code (TW): The next 2 letters indicate Taiwan as the bank’s location.
- Location Code (TP): These 2 characters specify the bank’s headquarters.
- Branch Code (017): The final 3 digits identify a specific branch. A code ending with "XXX" denotes the bank’s head office.
Key Verification Steps
To minimize transfer issues, senders should confirm the following details before initiating transactions:
- Bank Name Accuracy: Ensure the recipient’s bank name matches exactly with the SWIFT code’s associated institution.
- Branch Specificity: If using a branch-specific code, verify that the recipient’s account is held at that branch.
- Country Alignment: Cross-check that the SWIFT code’s country designation corresponds to the recipient bank’s location.
Errors in SWIFT codes can lead to delayed or failed transactions, underscoring the importance of meticulous verification.