In today's increasingly globalized economy, cross-border payments have become essential for international trade, investments, and personal remittances. However, the process often involves complex banking codes where even minor errors can cause delays or failed transactions. This comprehensive guide examines ProCredit Bank Georgia's SWIFT/BIC code to facilitate secure international transfers.
1. Understanding SWIFT/BIC Codes: The Foundation of International Banking
The SWIFT (Society for Worldwide Interbank Financial Telecommunication) code, also known as BIC (Bank Identifier Code), serves as a standardized messaging system for secure interbank communication. Developed and maintained by the Belgium-based SWIFT organization, these codes enable reliable financial transactions worldwide.
1.1 Structure of SWIFT Codes
A standard SWIFT code contains 8 or 11 characters with the following components:
- Bank Code (4 characters): The institution's unique identifier (e.g., MIBG for ProCredit Bank Georgia)
- Country Code (2 characters): The bank's home country (GE for Georgia)
- Location Code (2 characters): Geographic identifier (22 for ProCredit Bank Georgia)
- Branch Code (3 characters, optional): Specific branch identifier (XXX denotes the head office)
1.2 Functions of SWIFT Codes
These codes perform critical roles in international payments:
- Uniquely identify financial institutions in global payment systems
- Route funds accurately to intended recipients
- Prevent errors from similar bank names or misspellings
- Enable secure interbank communication
The SWIFT network connects thousands of banks worldwide. When initiating a transfer, your bank sends a SWIFT message containing transaction details and the recipient's SWIFT code. The receiving bank verifies this information before crediting the beneficiary's account.
2. ProCredit Bank Georgia: A Key Financial Institution
As part of the international ProCredit Group specializing in SME financing, ProCredit Bank Georgia operates with a strong presence in the country's banking sector.
2.1 Financial Services Offered
The bank provides comprehensive solutions including:
- Business loans (working capital, investment financing, trade facilities)
- Deposit accounts (current, savings, term deposits)
- Payment services (domestic and international transfers)
- Foreign exchange and trade finance instruments
2.2 Institutional Characteristics
ProCredit Bank Georgia distinguishes itself through:
- SME-focused financial solutions
- Commitment to responsible banking practices
- Transparent operations and ethical standards
- Efficient customer service delivery
3. MIBGGE22XXX: The Essential SWIFT Code
ProCredit Bank Georgia's primary SWIFT/BIC code is MIBGGE22XXX , which facilitates international transfers to the bank.
3.1 Code Breakdown
- MIBG: Bank identifier
- GE: Georgia country code
- 22: Location code
- XXX: Head office designation
3.2 When to Use This Code
Apply MIBGGE22XXX when:
- Sending international transfers to ProCredit Bank Georgia accounts
- No specific branch code is provided
- Payments are centrally processed by the head office
- Seeking a universally recognized default identifier
4. Branch-Specific Codes: When Precision Matters
While the primary code suffices for most transactions, certain situations may warrant using branch-specific identifiers for potentially faster processing.
4.1 Determining Need for Branch Codes
Recipients can obtain precise branch codes from their bank statements, online banking portals, or by contacting ProCredit Bank Georgia directly.
5. Executing Cross-Border Transfers
Follow these steps for successful international payments:
5.1 Information Requirements
- Beneficiary's full legal name (exactly as registered)
- Complete account number and currency
- Bank name and complete address
- Correct SWIFT/BIC code (MIBGGE22XXX or branch-specific)
- Transfer amount and currency
- Purpose of payment
5.2 Transfer Methods
- Traditional bank wire transfers
- Digital remittance platforms
- Money transfer operators
Always verify all transaction details before submission. Even minor discrepancies in SWIFT codes, account numbers, or beneficiary names can cause significant delays or failed transfers. If errors occur, immediately contact your bank to attempt cancellation or correction.
6. Receiving International Payments
To receive overseas funds into a ProCredit Bank Georgia account, provide senders with:
- Your full legal name (matching account registration)
- Complete account details
- Bank's SWIFT code (MIBGGE22XXX or branch-specific)
- Bank's official name and physical address
7. Frequently Asked Questions
What is the difference between SWIFT and BIC codes?
These terms are interchangeable, referring to the same standardized bank identifier system.
Is the branch code mandatory for transfers?
The primary code (MIBGGE22XXX) typically suffices unless a specific branch code is provided.
What happens with incorrect SWIFT codes?
Transactions may experience delays or return to the originating account, potentially incurring fees.
8. Verification and Due Diligence
While this guide provides accurate reference information, banking details may change. Always confirm current SWIFT codes and account requirements directly with financial institutions before initiating transfers.