In an increasingly globalized world, cross-border money transfers have become commonplace. However, many individuals and businesses remain unaware of the key elements required to ensure these transactions are completed securely and efficiently. One such critical component is the SWIFT/BIC code, which plays a vital role in guaranteeing funds reach the intended bank accurately.
Understanding SWIFT/BIC Codes
SWIFT codes, also known as Bank Identifier Codes (BIC), typically consist of 8 to 11 alphanumeric characters. These codes serve as unique identifiers for financial institutions worldwide, facilitating smooth international transactions. The accuracy of this code is paramount—any error can lead to delays or, in worst-case scenarios, lost funds.
For example, BANK OF BARODA (KENYA) LTD, a financial institution based in Kisumu, Kenya, uses the SWIFT code BARBKENA KIS . When initiating an international transfer to this bank, using the correct code significantly reduces the risk of processing errors.
Essential Bank Details for International Transfers
When sending money internationally, it's crucial to verify not just the SWIFT code but all relevant bank information. For BANK OF BARODA (KENYA) LTD, the complete details are:
- Bank Name: BANK OF BARODA (KENYA) LTD
- SWIFT Code: BARBKENA KIS
- City: KISUMU
- Address: CENTRAL SQUARE, KISUMU, 40100
- Country: KENYA
Why Accuracy Matters
Mistakes in SWIFT codes can have serious financial consequences. An incorrect code may route funds to the wrong institution or cause the transaction to be rejected entirely. In such cases, recovering the money can be time-consuming and complicated.
Beyond verifying the SWIFT code, senders should confirm the recipient's branch name and location. These details become particularly important when investigating delayed or misdirected transfers, as they help financial institutions quickly trace and resolve issues.
Best Practices for International Transfers
Whether conducting personal remittances or business transactions, following these steps can help ensure successful international money transfers:
- Double-check all bank details, especially the SWIFT/BIC code, before initiating a transfer
- Confirm the recipient's full name as it appears on their bank account
- Keep records of all transaction references and confirmation numbers
- Consider sending a small test amount for first-time transfers to new recipients
By understanding and properly using SWIFT/BIC codes like BARBKENA KIS for BANK OF BARODA (KENYA) LTD, individuals and businesses can conduct international transactions with greater confidence and security.