Imagine an international wire transfer delayed at an intermediary bank due to an incorrect SWIFT code, causing not only payment delays but potentially additional fees. In today's increasingly globalized financial landscape, accurate SWIFT code information is essential. This article examines the Central Bank of Bosnia and Herzegovina's SWIFT code as a case study, providing practical guidance for international money transfers.
Central Bank of Bosnia and Herzegovina SWIFT Code: CBBSBA22XXX
The Central Bank of Bosnia and Herzegovina's SWIFT/BIC code is CBBSBA22XXX. Like other major financial institutions, the central bank may use different SWIFT codes for specific services or branches. When initiating cross-border transfers, always verify the exact SWIFT code with the recipient or directly with the central bank to ensure funds reach their intended destination.
Structure and Meaning of SWIFT Codes
SWIFT codes, also known as BIC (Bank Identifier Codes), are international bank codes that identify financial institutions worldwide. These codes consist of 8 or 11 characters representing specific information:
- First 4 characters (Bank Code): Unique identifier for the bank (CBBS for Central Bank of Bosnia and Herzegovina)
- Characters 5-6 (Country Code): Country where the bank is located (BA for Bosnia and Herzegovina)
- Characters 7-8 (Location Code): Geographic location code (22 for Sarajevo)
- Characters 9-11 (Branch Code): Optional code for specific branches (typically XXX when unused)
When to Use the Primary SWIFT Code CBBSBA22XXX
The primary SWIFT code CBBSBA22XXX should be used in these situations:
- When sending international transfers to the Central Bank of Bosnia and Herzegovina
- When the recipient hasn't provided a specific branch code
- When the central bank processes payments through its main office
- When a universally recognized standard code is required
Essential Information for International Transfers
To ensure successful international transfers to a Central Bank of Bosnia and Herzegovina account, provide the following details to the sending institution:
- Correct SWIFT/BIC code (CBBSBA22XXX or verified branch-specific code)
- Complete bank account number
- Recipient's full name and address as registered with the bank
- Any additional information required by the sending bank
Practical Recommendations to Avoid Transfer Delays
- Confirm all banking details with the recipient or central bank before initiating transfers
- Use established, reputable banks or money transfer services
- Double-check all information before submission
- Understand all potential fees including transfer charges, intermediary bank fees, and recipient bank costs
- Retain all transaction documentation for reference
Central Bank Branches and Correspondent Banking
For specific branch information, contact the Central Bank of Bosnia and Herzegovina directly or consult its official website. This ensures transfers reach the intended branch without complications.
The Critical Role of SWIFT Codes in Global Finance
SWIFT codes facilitate secure international banking communication, serving not only wire transfers but also letters of credit, collections, and interbank transactions. Accurate SWIFT codes ensure timely, secure fund transfers, preventing unnecessary delays and expenses. This system is particularly vital for businesses and individuals engaged in international trade, investment, or global financial transactions.