In today’s interconnected global economy, international money transfers have become increasingly vital. However, delays or errors in transactions are not uncommon—often due to incorrect or incomplete SWIFT/BIC codes. These codes, consisting of 8 to 11 characters, are essential for accurately identifying specific banks and their branches.
For instance, the SWIFT/BIC code for Danske Bank A/S, Finland Branch, is DABAFIHHSD2 . This code can be broken down into four distinct parts:
- Bank Code (DABA) : The first four characters identify the bank—in this case, Danske Bank A/S.
- Country Code (FI) : The next two letters indicate the bank’s location, Finland.
- Location Code (HH) : The following two characters specify the bank’s city or region.
- Branch Code (SD2) : The final three digits pinpoint a specific branch. If the code ends with ‘XXX,’ it refers to the bank’s headquarters.
Ensuring Accurate and Efficient Transfers
To avoid delays or failed transactions, verifying the correct SWIFT/BIC code is crucial. When initiating a transfer, ensure the recipient’s bank name matches the provided details, especially if using a branch-specific code. Additionally, confirm that the code complies with the regulations of the recipient’s country.
Some platforms, such as Xe, offer streamlined solutions for international transfers, reducing costs and improving transaction speed and security. Understanding codes like DABAFIHHSD2 and their structure can significantly enhance the reliability of cross-border payments.