Preparing to send money to a friend in Cyprus but confused by the bank's SWIFT/BIC code requirements? This comprehensive guide will explain everything you need to know about Bank of Cyprus's international banking codes, ensuring your transfers arrive safely and efficiently.
Understanding SWIFT/BIC Codes
Before examining Bank of Cyprus's specific codes, let's clarify what SWIFT/BIC codes represent. SWIFT (Society for Worldwide Interbank Financial Telecommunication) is a global cooperative providing secure financial messaging services. The BIC (Bank Identifier Code) serves as a unique identification number assigned to financial institutions worldwide.
Essentially, a SWIFT/BIC code functions as a bank's international "passport" - an essential component for identifying recipient banks in cross-border transactions. Without the correct code, your transfer cannot reach its intended destination.
Bank of Cyprus Primary SWIFT/BIC Code: BCYPCY2NXXX
The main SWIFT/BIC code for Bank of Cyprus Public Company Limited is BCYPCY2NXXX . This code facilitates international transfers to accounts held with Bank of Cyprus in Cyprus. However, the bank may use different codes for specific branches or services. Always verify the exact code with your recipient or the bank before initiating any transfer.
Code Structure Breakdown
Examining the components of BCYPCY2NXXX reveals important information:
- BCYP : Bank code identifying Bank of Cyprus
- CY : Country code for Cyprus
- 2N : Location code indicating the bank's headquarters
- XXX : Branch identifier (XXX represents the primary office when no specific branch code applies)
Branch-Specific SWIFT/BIC Codes
Bank of Cyprus maintains numerous branches across Cyprus, some with dedicated SWIFT/BIC codes. Notable examples include:
- Nicosia - 51 Stasinos : BCYPCY2N010
- Limassol - 100 Ayiou Andreou : BCYPCY2N030
- Strovolos - 51 Stassinos Street, Ayia Paraskevi : BCYPCY2NINS
- Nicosia - 51 Stasinos : BCYPCY2NTSY
When to Use the Primary Code (BCYPCY2NXXX)
The main SWIFT/BIC code applies in these situations:
- Transferring funds to any Bank of Cyprus account in Cyprus
- When the recipient hasn't provided a specific branch code
- For transactions processed through the bank's central operations
- When using a universally recognized default identifier
Critical Verification Steps
Before authorizing any SWIFT transfer, meticulously verify:
- The SWIFT code matches the recipient bank exactly
- The account number corresponds with the beneficiary's details
- The recipient's full name appears precisely as registered with the bank
Even minor discrepancies may cause delays or failed transfers. If you've submitted incorrect information, contact your bank immediately for resolution.
Receiving International Transfers
To receive international funds into your Bank of Cyprus account, provide senders with:
- The correct SWIFT/BIC code
- Your complete account number
- Other required banking details
Frequently Asked Questions
Can I use an IBAN instead of a SWIFT/BIC code?
IBANs and SWIFT/BIC codes serve different but complementary purposes. While IBANs identify specific accounts, SWIFT/BIC codes identify financial institutions. Some transactions require both identifiers.
What happens if I enter an incorrect SWIFT/BIC code?
Mistakes may result in delayed, returned, or lost transfers. Always double-check all information before submission.
Where can I find branch-specific SWIFT/BIC codes?
Consult the recipient, visit Bank of Cyprus's official website, contact their customer service, or use reputable online code verification tools.
Do SWIFT/BIC codes expire?
These codes generally remain valid indefinitely, though bank mergers or reorganizations may prompt changes. Periodically confirm code validity for important transactions.