Imagine saving diligently to send money to loved ones in Comoros, only to have the transfer delayed because of an incorrect SWIFT code. This frustrating scenario is more common than you might think. Today, we'll explore everything you need to know about EXIM Bank Comoros' SWIFT code to ensure your cross-border transfers go smoothly.
Understanding SWIFT Codes and Their Importance
A SWIFT code (also known as a BIC code) serves as a bank's international identifier in wire transfers. Functioning like a global address, it ensures your money reaches the correct financial institution. An incorrect SWIFT code may result in returned funds or, worse, misdirected payments that could prove difficult to recover.
EXIM Bank Comoros' Primary SWIFT Code: EXTNKMKMXXX
EXIM Bank Comores' headquarters SWIFT code is EXTNKMKMXXX . While this serves as a universal code for most transactions, specific branches or services might require alternative codes. Always verify with the recipient for the most accurate information.
Detailed Information for EXTNKMKMXXX
- Bank Name: EXIM BANK COMORES LTD
- SWIFT/BIC Code: EXTNKMKMXXX
- Address: PLACE DE FRANCE
- City: MORONI
- Country: COMOROS
When to Use EXTNKMKMXXX
This primary SWIFT code applies in several scenarios:
- Transfers to EXIM Bank Comoros accounts when no specific branch code is provided
- Payments processed through the bank's centralized system
- Situations requiring a default, widely-accepted identifier
- When the recipient confirms this as the appropriate code
Preventing SWIFT Code Errors
Avoid transfer delays and complications by:
- Directly confirming the code with the recipient
- Double-checking the code provided by your bank
- Utilizing online SWIFT code verification tools
- Reviewing all transfer details before submission
Correcting SWIFT Code Mistakes
If you've submitted an incorrect SWIFT code:
- Immediately contact your bank to attempt cancellation
- If the transfer has processed, request recall procedures
- Understand that recovery attempts may take time with no guaranteed success
Receiving International Transfers
When expecting incoming funds to your EXIM Bank Comoros account:
- Provide the sender with your complete account details
- Include the correct SWIFT code (EXTNKMKMXXX unless otherwise specified)
- Verify all information matches your bank records exactly
Branch-Specific Considerations
While EXTNKMKMXXX suffices for most transactions, certain EXIM Bank Comoros branches may require specific codes. Consult the bank's official resources or contact them directly for branch-specific information when necessary.
Frequently Asked Questions
Can I use EXTNKMKMXXX for transfers to other Comorian banks?
No. This code exclusively identifies EXIM Bank Comoros. Other financial institutions in Comoros maintain their own unique SWIFT codes.
Is the SWIFT code sufficient without an account number?
No. The SWIFT code identifies the bank, while the account number specifies the recipient. Both are mandatory for successful transfers.
How does SWIFT differ from IBAN?
SWIFT codes identify financial institutions globally, while IBANs (International Bank Account Numbers) specify individual accounts. Comoros doesn't utilize the IBAN system.
What's the typical processing time for SWIFT transfers?
Most transactions complete within 1-5 business days, depending on the involved banks and intermediary institutions.
What fees apply to SWIFT transfers?
Costs vary by institution and typically include charges from the sending bank, intermediary banks, and the receiving bank. Always confirm fees before initiating transfers.