When conducting international wire transfers, the correct use of SWIFT codes is a fundamental aspect of cross-border financial transactions. A SWIFT code, also known as a Bank Identifier Code (BIC), is a unique alphanumeric sequence that identifies banks and their branches worldwide. Typically consisting of 8 to 11 characters, this code ensures that funds are routed accurately to the intended financial institution.
For instance, the SWIFT/BIC code for Sweden’s SKANDINAVISKA ENSKILDA BANKEN AB is ESSESESSPCS . When sending or receiving international payments to or from this bank in Stockholm, providing this code is essential for identifying the recipient’s bank and its specific branch. This minimizes the risk of errors and delays in processing the transaction.
Bank Details for Reference
- Bank Name: SKANDINAVISKA ENSKILDA BANKEN AB
- City: Stockholm (STOCKHOLM)
- Address: RISSNELEDEN 110, STOCKHOLM, STOCKHOLM, 106 40
- Country: Sweden (SWEDEN)
Ensuring the accuracy of the SWIFT/BIC code is critical for seamless cross-border transactions. Before initiating a transfer, it is advisable to verify the correct code with the recipient’s bank to avoid potential complications or delays. A clear understanding of these basics enhances the efficiency and security of international wire transfers.