In an increasingly globalized economy, cross-border financial transactions have become commonplace, making transaction security more critical than ever. This underscores the necessity of understanding SWIFT/BIC codes, particularly codes like LOYDGB21004 , which belongs to LLOYDS BANK PLC . The bank is located at 42-46 Market Street, Manchester, Greater Manchester, M1 1PW, England .
A SWIFT code serves as a unique identifier for international interbank transactions, with each bank and branch assigned a distinct code. In the case of LOYDGB21004 , the components break down as follows: "LOYD" represents the bank name, "GB" denotes the country code (United Kingdom), while "21" and "004" identify the specific branch. For consumers, providing the correct SWIFT code during international transfers ensures funds reach the intended destination securely and efficiently. Verifying bank details before initiating payments is essential to avoid delays or losses due to incorrect codes.
Key Considerations for Using SWIFT Codes
When conducting international transactions, attention to the following details can mitigate risks:
- Bank Name Verification: Confirm that the recipient’s bank name matches the one associated with the SWIFT code to prevent misdirected funds.
- Branch Accuracy: If using a branch-specific SWIFT code, double-check the branch details to ensure alignment with the recipient’s account.
- Country Code Consistency: Since banks operate across multiple countries, the SWIFT code’s country segment must correspond to the destination bank’s location to avoid erroneous transfers.
Regularly reviewing and updating SWIFT codes is a vital step in safeguarding financial transactions. Before proceeding with any transfer, meticulously verify all information to eliminate discrepancies and minimize potential risks.