In international banking, SWIFT/BIC codes play a pivotal role in ensuring seamless cross-border transactions. Have you ever faced confusion while initiating an international transfer due to unfamiliarity with a bank's SWIFT code? Today, we delve into the SWIFT/BIC code of Thailand's state-owned Krung Thai Bank (Krung Thai Bank Public Company Limited) and highlight key considerations for its use.
Breaking Down the SWIFT/BIC Code
SWIFT/BIC codes consist of 8 to 11 characters, uniquely identifying banks and their branches worldwide. Here’s how Krung Thai Bank’s code is structured:
- Bank Code (KRTH): Represents Krung Thai Bank Public Company Limited.
- Country Code (TH): Denotes the bank’s location in Thailand.
- Location Code (BK): Indicates the bank’s headquarters.
- Branch Code (KNM): Specifies a particular branch. A code ending with "XXX" typically refers to the bank’s head office.
Krung Thai Bank's SWIFT/BIC Details
The complete SWIFT/BIC code for Krung Thai Bank Public Company Limited is KRTHTHBKKNM . The shortened version, KRTHTHBK , represents the bank’s headquarters, while "KNM" identifies a specific branch.
Headquarters City: Bangkok
Key Considerations for Using SWIFT/BIC Codes
Accuracy is critical when using SWIFT/BIC codes for international transfers. Follow these guidelines to avoid errors or delays:
- Verify the Bank Name: Ensure the recipient’s bank name matches exactly to prevent misdirected transfers.
- Confirm Branch Details: If using a branch-specific code, double-check that it aligns with the recipient’s branch.
- Check Country Consistency: Confirm the SWIFT code’s country matches the recipient bank’s location.
Conclusion
SWIFT/BIC codes are indispensable for secure international banking transactions. By understanding and correctly applying these codes, you can minimize errors and ensure efficient cross-border payments. Always verify details before initiating transfers to guarantee smooth and successful transactions.