In today's global financial landscape, cross-border payments have become an essential component of economic activity. One critical element in facilitating these transactions is the correct use of SWIFT/BIC codes. These codes, which are tied to specific banks and their locations, not only enhance the efficiency of fund transfers but also minimize delays and reduce the risk of misdirected payments. This article provides a detailed guide to using the SWIFT/BIC code for BANK OF BARODA (KENYA) LTD, ensuring seamless international transactions.
Key Details for BANK OF BARODA (KENYA) LTD
The SWIFT/BIC code for BANK OF BARODA (KENYA) LTD is BARBKENA MER . This code must be used for all international wire transfers to ensure funds reach the intended recipient. Below are the bank's full details:
- Bank Name: BANK OF BARODA (KENYA) LTD
- City: MERU
- Address: ROCK BUILDING, B11/72 JURI NCHEKE STREET, MERU, MERU, 60200
- Country: KENYA
Understanding SWIFT Code Structure
SWIFT codes follow a standardized format that provides essential information about the recipient bank. The structure is as follows:
- First 4 characters: Bank code (e.g., BARB for BANK OF BARODA)
- Next 2 characters: Country code (e.g., KE for Kenya)
- Following 2 characters: Location code (e.g., NA for Nairobi)
- Last 3 characters (optional): Branch-specific identifier
Benefits of Using Correct SWIFT Codes
Accurate SWIFT/BIC codes play a pivotal role in international banking for several reasons:
- Prevents delays: Incorrect or missing codes can result in processing hold-ups.
- Reduces errors: Proper codes ensure funds reach the exact destination.
- Avoids additional fees: Mistakes may lead to extra charges for retrieval or redirection.
- Builds trust: Accurate information facilitates smoother transactions between banks and customers.
Verification and Updates
Financial institutions occasionally update their SWIFT codes due to mergers, rebranding, or operational changes. Before initiating any transfer, it's advisable to:
- Confirm the current validity of the SWIFT code
- Check the bank's official website for updates
- Contact the bank directly if uncertain about recent changes
While international money transfers involve multiple steps and potential complexities, proper understanding and application of SWIFT/BIC codes can significantly streamline the process. By ensuring the accuracy of these critical identifiers, individuals and businesses can facilitate secure and efficient movement of funds across borders.