International money transfers may appear straightforward, but they often conceal complexities. A minor error in the SWIFT code can lead to delayed funds or even failed transactions. For individuals and businesses conducting transactions with Banque Sahélo-Saharienne pour l'Investissement et le Commerce (BSIC Benin), knowing the correct SWIFT code is essential.
BSIC Benin Bank's Primary SWIFT Code: BSAHBJBJXXX
The main SWIFT/BIC code for BSIC Benin Bank is BSAHBJBJXXX . This unique identifier is crucial for international wire transfers to the bank. However, it's important to note that BSIC Benin Bank might use different SWIFT/BIC codes for specific services or branches. Therefore, always verify the correct code with the recipient or directly with BSIC Benin Bank before initiating any transfer.
When to Use BSIC Benin Bank's Primary SWIFT Code
You can use the primary SWIFT/BIC code BSAHBJBJXXX in the following scenarios:
- Sending international transfers to BSIC Benin accounts: This is the most common use case. When transferring funds from abroad to a BSIC Benin Bank customer, you'll need to provide this code.
- Recipient hasn't provided a branch-specific code: If only the bank name and account details are available without a specific branch code, use BSAHBJBJXXX as the default.
- Payments processed through BSIC Benin's main office: Some transactions may be routed through the bank's principal office in Cotonou, even for accounts at different branches.
- When a widely accepted default code is preferred: BSAHBJBJXXX serves as the recognized default SWIFT/BIC code for BSIC Benin Bank in Benin.
Key Information About BSIC Benin Bank
- Bank Name: Banque Sahélo-Saharienne pour l'Investissement et le Commerce (Benin) S.A.
- SWIFT Code: BSAHBJBJXXX
- Address: Lot 26F, 106, Dako Donou Guinkomey
- City: Cotonou
- Country: Benin
Local Branches of BSIC Benin Bank
BSIC Benin Bank operates multiple branches throughout Benin. While the primary SWIFT/BIC code can be used for most transactions, certain situations might require branch-specific codes. Always confirm with the recipient whether a particular branch code is necessary.
The Critical Importance of Verifying SWIFT Codes
Despite BSAHBJBJXXX being the primary SWIFT code for BSIC Benin Bank, it's strongly recommended to verify the correct code with the recipient or bank before initiating any transfer. Using an incorrect SWIFT code may result in delayed transactions, additional fees, or even lost funds. This verification becomes particularly crucial when dealing with substantial transfer amounts.
Understanding SWIFT Codes
SWIFT codes, also known as BIC (Bank Identifier Codes), are unique identifiers for financial institutions worldwide. These 8-11 character codes represent bank, country, location, and branch information. In international banking, SWIFT codes play a vital role in ensuring accurate and secure fund transfers between institutions.
Common Considerations for International Transfers
Beyond SWIFT codes, several other factors require attention when making cross-border payments:
- Recipient details: Ensure the recipient's name and address exactly match their bank records.
- Account number: Double-check the recipient's account number for accuracy.
- Amount and currency: Verify both the transfer amount and currency type.
- Transfer fees: Understand applicable fees from both sending and receiving banks, including potential intermediary charges.
- Processing time: International transfers typically require several business days to complete.
Conclusion
Successful international money transfers to BSIC Benin Bank accounts begin with using the correct SWIFT code. By understanding when and how to use BSAHBJBJXXX, along with other critical transfer details, senders can ensure their funds reach the intended destination securely and efficiently.