In an increasingly globalized economy, international money transfers have become commonplace for both commercial transactions and personal remittances. The accurate identification and selection of recipient banks is crucial for successful transactions, with SWIFT/BIC codes serving as essential tools in this process. These codes not only facilitate precise connections between financial institutions but also ensure funds reach their intended destinations securely and efficiently.
The Structure of SWIFT Codes
SWIFT codes, also known as Bank Identifier Codes (BIC), represent a standardized system developed by the Society for Worldwide Interbank Financial Telecommunication (SWIFT). These 8-11 character codes contain vital information about financial institutions, including bank names, countries, locations, and specific branches. For ICICI Bank, one of India's largest financial institutions with global operations, the primary SWIFT/BIC code is ICICINBB007 .
A detailed breakdown of ICICI Bank's SWIFT code reveals its structural components:
- Bank Code (ICIC): This four-letter sequence identifies ICICI Bank Limited as the recipient institution.
- Country Code (IN): The two-letter designation indicating India as the bank's home country.
- Location Code (BB): This segment specifies the bank's primary operational location.
- Branch Code (007): The optional three-digit component identifying specific branches. When ending with "XXX," the code typically refers to a bank's headquarters.
Key Details for ICICI Bank Transfers
Financial professionals and individual senders should note these essential details when processing transactions to ICICI Bank:
- Complete SWIFT Code: ICICINBB007
- Bank Name: ICICI Bank Limited
- Headquarters Address: Floor 9A, Phelps Building, New Delhi
Known for its comprehensive financial products and customer service excellence, ICICI Bank offers tailored solutions for wealth management and growth. Verification of all transfer information remains critical to prevent processing delays.
Best Practices for International Transfers
When initiating cross-border payments, financial professionals recommend these verification steps:
- Confirm the exact legal name of the recipient bank matches official records
- Verify branch-specific codes when applicable, as mismatches may cause processing delays
- Validate country codes align with the recipient bank's jurisdiction
- Anticipate potential clearance delays due to time zone differences or compliance reviews
Optimizing International Payment Processing
Specialized currency exchange platforms offer distinct advantages for international transfers compared to traditional banking channels:
- Competitive exchange rates that often exceed traditional bank offerings
- Transparent fee structures with full cost disclosures before transaction confirmation
- Expedited processing times with many transactions completing within one business day
Professional support teams specializing in international payments remain available to address complex transfer scenarios or code verification needs.
Conclusion
As global financial interactions continue expanding, proper understanding and application of banking identifiers like ICICI Bank's SWIFT/BIC code ICICINBB007 becomes increasingly important. Whether processing commercial payments or personal remittances, attention to code accuracy and selection of efficient transfer channels significantly impacts transaction success in today's interconnected financial landscape.