When conducting international money transfers, verifying accurate banking details remains one of the most crucial yet frequently overlooked steps. The selection of correct SWIFT codes directly impacts both fund security and transfer efficiency. This examination using MEGA INTERNATIONAL COMMERCIAL BANK CO., LTD. as a case study demonstrates how proper verification ensures successful cross-border transactions.
Headquartered at 253 Zhongzheng 4th Road, Kaohsiung City, Taiwan, MEGA International Commercial Bank requires senders to use its unique SWIFT/BIC code: ICBCTWTP002 . This alphanumeric sequence serves dual purposes—it functions as a security measure while guaranteeing precise routing of funds through international banking networks. Failure to input this exact identifier may result in misdirected transfers or unnecessary processing fees.
SWIFT codes typically comprise 8-11 characters that precisely identify both financial institutions and specific branches. The standardized format allows global interoperability between banking systems. In the case of MEGA International Commercial Bank, the complete 11-character code includes country (TW) and location (TP) identifiers, followed by branch-specific digits (002).
Financial institutions strongly recommend account holders verify all transfer details before initiating transactions. For institutions like MEGA International Commercial Bank, this includes reconfirming the physical address along with the SWIFT code. Such precautions prevent processing delays that could extend from several days to weeks in cases of incorrect information.
Modern banking systems have reduced but not eliminated human error in international transfers. The responsibility ultimately lies with account holders to ensure accuracy when submitting transaction details. What might appear as minor data entry mistakes can potentially trigger complex recovery procedures involving multiple financial intermediaries.