In an era of global economic integration, using the correct SWIFT/BIC code for international wire transfers has become increasingly critical. Delays or lost transactions often stem from incorrect banking identification details. Understanding and using the SWIFT/BIC code for BANK OF BARODA (KENYA) LTD— BARBKENAKIS —can help mitigate such issues.
How SWIFT/BIC Codes Work
SWIFT/BIC codes consist of 8 to 11 characters and serve as unique identifiers for banks and their branches worldwide. For BANK OF BARODA (KENYA) LTD, the code breaks down as follows:
- Bank Code (BARB) : The first four letters represent BANK OF BARODA (KENYA) LTD.
- Country Code (KE) : The next two letters indicate Kenya as the bank’s location.
- Location Code (NA) : These two characters typically refer to the bank’s headquarters.
- Branch Code (KIS) : The final three digits specify a particular branch. If the code ends with "XXX," it denotes the bank’s primary office.
Key Verification Steps for Smooth Transfers
To avoid complications, always verify the following before initiating a transfer:
- Bank Name : Ensure the recipient bank’s name matches the provided details.
- Branch Specifics : If using a branch-specific SWIFT code, confirm the branch aligns with the recipient’s account.
- Country Consistency : Double-check that the SWIFT code’s country matches the transfer destination.
Additionally, inquire about transaction fees beforehand to optimize cost efficiency. Lower fees translate to more economical transfers. Most international transactions are processed within a single business day, prioritizing speed and reliability.
Understanding these details ensures seamless cross-border payments, minimizing delays and maximizing efficiency.