In today's globalized financial environment, understanding SWIFT codes has become increasingly important. Imagine attempting to make an international bank transfer when the recipient's banking information appears unclear - this situation could easily result in delayed or failed transactions. This is where knowledge of SWIFT codes becomes essential for successful money transfers.
BANK OF BARODA (Kenya) serves as a significant player in financial services, with its SWIFT code identified as BARBKENAKAK. When conducting international financial transactions, understanding the specific meaning and application of this code can significantly enhance both the security and efficiency of your fund transfers.
Understanding SWIFT/BIC Codes
A SWIFT code, also known as a Bank Identifier Code (BIC), consists of 8 to 11 characters that uniquely identify banks and their branches worldwide. For BANK OF BARODA (Kenya), the code BARBKENAKAK breaks down as follows:
- BARB - The primary bank identifier, representing BANK OF BARODA.
- KE - The country code indicating Kenya.
- NAKAK - The branch identifier, with "AKAK" specifically pointing to the Kakamega branch located in Kakamega City, Kenya.
Essential Information for International Transfers
To initiate an international transfer, you must provide complete banking details, including the SWIFT code, the bank's official name, and physical address. For BANK OF BARODA (Kenya), the required information includes:
- Bank Name: BANK OF BARODA (KENYA) LTD
- Address: KENYATTA AVENUE, KAKAMEGA, KAKAMEGA, 50100, KENYA
- SWIFT Code: BARBKENAKAK
Providing accurate and complete information significantly reduces the potential for errors during international transactions.
Verifying Current SWIFT Codes
Given the dynamic nature of global financial markets, SWIFT codes may occasionally undergo updates or modifications. Before initiating any transaction, it's advisable to verify that the SWIFT code you're using remains current and valid.
In summary, when planning to transfer funds internationally to BANK OF BARODA (Kenya), ensure you have the correct SWIFT code (BARBKENAKAK) along with the precise bank name and address. This attention to detail will not only expedite your transaction but also enhance the overall security of your financial operations.