Imagine funds needing to travel securely across borders from a distant country to an Arab Bank account in Jordan. In this process, the SWIFT/BIC code acts as a precise "international passport," ensuring the money reaches the correct bank and branch. But what exactly is Arab Bank's SWIFT/BIC code in Jordan, and how should it be used for international transfers? This article provides a detailed explanation.
Understanding SWIFT/BIC Codes and Their Role
SWIFT (Society for Worldwide Interbank Financial Telecommunication) is a global network facilitating communication between financial institutions, while BIC (Bank Identifier Code) is the unique code used within this network to identify specific banks and their branches. SWIFT and BIC codes are essentially identical and interchangeable. These codes consist of 8 or 11 characters, containing information such as the bank code, country code, location code, and branch code.
In international money transfers, SWIFT/BIC codes play a critical role. They ensure payment instructions are accurately delivered to the recipient's bank, preventing delays or failures due to incorrect banking information. For recipients, providing the correct SWIFT/BIC code is essential for successfully receiving international transfers.
Arab Bank (Jordan) SWIFT/BIC Code
The primary SWIFT/BIC code for Arab Bank PLC in Jordan is ARABJOAXXXX .
This code breaks down as follows:
- ARAB : Bank code representing Arab Bank.
- JO : Country code for Jordan.
- A : Location code, typically indicating the bank's headquarters.
- XXX : Branch code. When "XXX" is used, it denotes the head office or default branch.
Note that different branches of Arab Bank in Jordan may have their own specific SWIFT/BIC codes. When making international transfers, always confirm the exact SWIFT/BIC code of the recipient's branch to ensure funds arrive correctly.
Key Arab Bank (Jordan) Branch SWIFT/BIC Codes
Below is a list of SWIFT/BIC codes for some major Arab Bank branches in Jordan:
- Shaker Ben Zaid Street, Shmeisani, Amman : ARABJOAX100
- Nuzha St, Karak : ARABJOAX102
- King Faisal I St, Mafraq : ARABJOAX104
- King Hussain St, Russeifa, Zarqa : ARABJOAX105
- King Abdullah St, Jerash : ARABJOAX107
- Quraish Street, Saqf Al Sail, Amman : ARABJOAX108
- Princess Raya Bint Hussein St, Amman : ARABJOAX110
- King Faisal Street, Amman : ARABJOAX111
This list may not be exhaustive. Always verify the most current SWIFT/BIC code with the recipient or Arab Bank before initiating a transfer.
Process and Considerations for International Transfers to Arab Bank (Jordan)
-
Gather Recipient Information
: Before making an international transfer, obtain these details from the recipient:
- Recipient's full name (must match bank account name)
- Recipient's account number
- Bank name: Arab Bank PLC
- Bank SWIFT/BIC code (confirm specific branch code)
- Recipient's address
- Recipient's contact information
-
Select Transfer Method
: Options include:
- Bank Wire Transfer : The most common method, processed through your local bank.
- Online Money Transfer Services : Such as Western Union or MoneyGram, though fees may be higher.
- Third-Party Payment Platforms : Some support international transfers but may require registration.
- Complete Transfer Details : Accurately enter all recipient banking information, especially the SWIFT/BIC code and account number.
- Pay Transfer Fees : International transfers typically involve fees that vary by amount, method, and bank policies.
- Verify Information : Double-check all details before submission.
- Keep Transaction Records : Save transfer receipts for reference if issues arise.
When to Use Arab Bank's Primary SWIFT/BIC Code
Use the primary code ARABJOAXXXX when:
- Sending funds to an Arab Bank account in Jordan
- The recipient hasn't provided a specific branch code
- Using a widely recognized default code
- Arab Bank processes payments through its headquarters
Frequently Asked Questions
How can I verify Arab Bank's SWIFT/BIC code in Jordan?
Confirm with the recipient, check official bank sources, or consult reliable financial databases.
What happens if I enter the wrong SWIFT/BIC code?
Incorrect codes may cause delays, returned transfers, or failed transactions. Always verify the code.
How long do transfers to Arab Bank (Jordan) take?
Bank wires typically take 1-5 business days, while online services may be faster.
What fees apply to international transfers?
Costs include sender fees, intermediary bank charges (if applicable), and recipient bank fees.
How can I avoid transfer problems?
Ensure accurate recipient details, choose reputable transfer methods, verify all information, and keep transaction records.
Risk Considerations
Be aware of:
- Fraud Risks : Beware of scams; never transfer money to unknown parties.
- Exchange Rate Risks : Currency conversion rates may affect final amounts received.
- Regulatory Risks : Comply with international transfer regulations in both sending and receiving countries.
Conclusion
Correct use of SWIFT/BIC codes is essential for successful international transfers to Arab Bank accounts in Jordan. Always confirm recipient banking details, select appropriate transfer methods, and carefully review all transaction information. Understanding the transfer process, fees, and potential risks enables secure and efficient cross-border transactions.