International wire transfers can be daunting with their complex procedures and cryptic codes. One small error might lead to delayed or lost funds. This article focuses on Svenska Handelsbanken AB (Swedish Commercial Bank) and explains how to properly use its SWIFT/BIC code HANDSESSI02 for secure and efficient cross-border transactions.
SWIFT Codes: The Essential Passport for International Transfers
In international banking, SWIFT (Society for Worldwide Interbank Financial Telecommunication) codes serve as critical identifiers. These function as a bank's "passport," ensuring funds reach the correct financial institution. For Svenska Handelsbanken AB, the SWIFT code is HANDSESSI02. When sending money to this bank, always use this specific code.
Decoding HANDSESSI02: Every Character Matters
SWIFT/BIC codes consist of 8-11 alphanumeric characters, each conveying specific information. The HANDSESSI02 code breaks down as follows:
- HAND: Bank code identifying Svenska Handelsbanken AB
- SE: Country code indicating Sweden
- SS: Location code typically representing the bank's headquarters
- I02: Branch code specifying a particular office (XXX indicates the main office)
Critical Precautions When Using SWIFT Codes
To prevent transfer issues or delays, always verify these details:
- Bank name: Ensure exact match with recipient's bank information
- Branch details: Confirm if the specific branch code matches the recipient's account location
- Country code: Verify the code corresponds to the bank's correct national location
When HANDSESSI02 Is Required
This code is essential for both sending and receiving international wire transfers through Svenska Handelsbanken. It precisely identifies the recipient bank and branch within the SWIFT network. Note that some countries or payment types might not require SWIFT codes—always confirm with the recipient or bank before initiating transfers.
Understanding Svenska Handelsbanken's Branch Network
The bank operates multiple branches across Sweden, each potentially serving different regions with varying services. Some branches may use distinct SWIFT codes for international transfers. Always confirm the specific branch associated with your account and use its corresponding SWIFT code when providing payment instructions.
Risks of Using Incorrect SWIFT Codes
Inaccurate SWIFT information may lead to:
- Delayed payments
- Funds routed to incorrect accounts
- Bank rejection of transfers
- Additional fees for returned payments
To mitigate these risks, always verify that the SWIFT code matches your specific branch or the bank's official head office code. When uncertain, contact Svenska Handelsbanken or your own bank for confirmation.
Ensuring Secure International Transfers
For optimal security when wiring funds internationally, implement these verification measures:
- Directly confirm SWIFT details with the recipient
- Consult your bank's customer service
- Reference the official Svenska Handelsbanken website
Proper understanding and application of SWIFT codes are fundamental for successful international banking transactions. By following these guidelines, you can minimize errors and ensure smooth cross-border fund transfers.