When conducting international wire transfers, one of the most crucial steps is ensuring the correct SWIFT/BIC code is used. This 8- to 11-character alphanumeric code serves as a unique identifier for banks and their branches worldwide. For example, KASIKORNBANK PUBLIC COMPANY LIMITED's SWIFT/BIC code breaks down into distinct components:
Understanding SWIFT/BIC Code Structure
- Bank Code (KASI) : The first four characters represent the bank's abbreviated name.
- Country Code (TH) : The next two characters indicate the bank's registered country (Thailand in this case).
- Location Code (BK) : These two characters specify the bank's headquarters city.
- Branch Code (FMD) : The final three characters identify specific branches. A code ending with 'XXX' denotes the bank's head office.
Why Accuracy Matters
Using the correct SWIFT/BIC code is essential to prevent processing delays or failed transactions. Before initiating a transfer, carefully verify these details:
- Bank Verification : Confirm the recipient bank's name matches the SWIFT code provided.
- Branch Specificity : If using a branch-specific code, ensure it corresponds to the recipient's actual branch location.
- Country Alignment : Verify that the SWIFT code's country designation matches the transfer destination.
SWIFT/BIC codes play an indispensable role in global financial transactions. Proper verification minimizes risks of processing errors and ensures seamless fund transfers across borders.