In today's increasingly globalized world, international money transfers have become commonplace. Whether for personal remittances or corporate payments, ensuring funds reach their destination securely and promptly is paramount. The SWIFT code serves as a critical identifier in these cross-border transactions, acting as a unique fingerprint for financial institutions worldwide.
MEGA International Commercial Bank (MEGA International Commercial Bank Co., Ltd.) utilizes the SWIFT code ICBCTWTP005 for all international transfers. This alphanumeric sequence enables precise routing of funds to the bank's headquarters at No. 233, East 4th Street, Taipei City, Taiwan, with postal code 105.
When to Use SWIFT Codes
Financial professionals identify two primary scenarios requiring SWIFT codes:
- Initiating international wire transfers to overseas accounts
- Receiving payments from foreign entities or individuals
The code ICBCTWTP005 ensures transactional accuracy whether processing commercial invoices, loan repayments, or personal remittances. When properly utilized, this identifier significantly reduces transfer failures by precisely directing funds to MEGA International Commercial Bank's systems.
Understanding SWIFT Code Structure
All SWIFT codes follow a standardized 8-11 character format:
- First 4 characters: Bank identifier (ICBC for Industrial and Commercial Bank of China)
- Next 2 characters: Country code (TW for Taiwan)
- Following 2 characters: Location code (TP for Taipei)
- Optional last 3 characters: Branch designation (005 for specific MEGA International Commercial Bank branch)
Financial institutions recommend verifying SWIFT codes before initiating transfers, as these identifiers occasionally undergo updates. The banking industry maintains these codes through the Society for Worldwide Interbank Financial Telecommunication (SWIFT) network, which facilitates secure messaging between over 11,000 financial institutions across 200+ countries.
For individuals and businesses engaged in international commerce, understanding proper SWIFT code usage represents a fundamental aspect of global financial literacy. Accurate application of these identifiers streamlines cross-border payments while minimizing operational risks.