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Glossary entry

English term or phrase:

SWIFT CODE (ALL CAPS)

English answer:

It is a routing code

Added to glossary by Zareh Darakjian Ph.D.
Jan 23, 2008 06:27
16 yrs ago
1 viewer *
English term

SWIFT CODE (ALL CAPS)

English Bus/Financial Chemistry; Chem Sci/Eng Banking terminology
Isn't this what here in the USA is known as the routing number of the bank?

If not, what is it?

Thank you
Responses
5 It is a routing code
3 +4 see explanation
4 not a routing number

Discussion

Zareh Darakjian Ph.D. (asker) Jan 24, 2008:
I don't know how this happened! I intended to award the points to Ioanna!

I will contact the moderators to see if anything can be done...
Zareh Darakjian Ph.D. (asker) Jan 23, 2008:
Thank you, again, orientalhorizon!
orientalhorizon Jan 23, 2008:
SWIFT=S.W.I.F.T, a telecommunications organization, and SWIFT code is just like an Email address which is allocated by the organization, nowadays, most international money transfers are advised through this system.
Zareh Darakjian Ph.D. (asker) Jan 23, 2008:
Thank you, Ioanna. You have been very helpful. Thanks to all who helped in guiding me in this matter:

Marek, gina and orientalhorizon
Ioanna Karamanou Jan 23, 2008:
PS Once you get all the information, it might be a good idea to set up a short table in Word with all the information. I modified a form a client had sent me once and whenever asked for wire transfer instr from a new client, I just send them the form.
Ioanna Karamanou Jan 23, 2008:
They should be. I'm betting it's the second generic non-LA one, but they'll give you the correct one. Good luck, and good night.
Zareh Darakjian Ph.D. (asker) Jan 23, 2008:
Thank you, Ioanna. I will do that. Hope that the bank will be able to give me that iformation.
Thanks again.
Ioanna Karamanou Jan 23, 2008:
If you do it without the city name you get 2 results, but you REALLY need to call your bank to get the correct code.
Zareh Darakjian Ph.D. (asker) Jan 23, 2008:
Thanks. I typed in the questionnaire:
Institiution key word: Bank of the West
City ... Fresno

etc..
but I got zero results. How does this search work: I don't know what keyword means here... it's a BANK.

Responses

2 hrs
Selected

It is a routing code

This should be displayed on your client's bank statements, along with an IBAN number.
The SWIFT number gives the bank and branch ID while the IBAN number gives the account details. Both are required for an international payment to be made.
Note from asker:
Thank you, kmtext. It seems however, not every branch of a bank has this Swift Code or BIC. So I asume, they would give me not their branch- but the central bank- swift code when asked. In my case, I can't find Bank of the West Fresno BI, but I can fiin Walnut Creek and LAX (this is the LA airport) BIC.
sorry : BIC and find...
Something went wrong...
4 KudoZ points awarded for this answer. Comment: "Thank you, Ioanna for your expert help and for your guidance. Thanks to orientalhorzon, kmtext and Patricia for their contribution in enlightening me all about swift codes and BICs !"
+4
4 mins

see explanation

It's not used here in the US, to the best of my knowledge, but it functions similar to what we call a routing number here for European (and perhaps other country?) banks.

http://en.wikipedia.org/wiki/ISO_9362

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Note added at 5 mins (2008-01-23 06:32:37 GMT)
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Also see here:

http://www.proz.com/topic/31583

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Note added at 7 mins (2008-01-23 06:35:34 GMT)
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Hold on, I am looking up my own personal form that I have for EU clients... I know I addressed this before...

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Note added at 13 mins (2008-01-23 06:40:36 GMT)
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Ok, I stand corrected. I have BofA and I have the SWIFT code. Now I recall that you have to call the bank for it because it is needed for international wire transfer and also, the routing number for wire transfer is different than for direct deposit. Call your bank.

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Note added at 17 mins (2008-01-23 06:45:15 GMT)
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also see this http://www.swift.com/biconline/index.cfm?fuseaction=display_...

but call your bank to be sure.
Note from asker:
My question is "why would a European client/agency ask for SWIFT code if they already have the routing number. Shouldn't they know? Thanks
Peer comment(s):
agree Marek Daroszewski (MrMarDar) : http://en.wikipedia.org/wiki/Swift_code
12 mins
thanks
agree Gina Ferlisi
38 mins
agree orientalhorizon : with Marek, we use it everyday in international banking clearance.
44 mins
agree V_Nedkov
4 hrs
Something went wrong...
8 hrs

not a routing number

SWIFT is not a routing number but a number for an interbank messaging system. It is used to prevent money-laundering and other criminal activities, as well as for many other purposes. When you transfer money, you must supply the bank's SWIFT number. What is done with it, isn't clear to me, but has something to do with ensuring that the funds are being laundered.

Here is some further info:
http://en.wikipedia.org/wiki/Society_for_Worldwide_Interbank...

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Note added at 8 hrs (2008-01-23 15:10:36 GMT)
--------------------------------------------------

Oops. I just saw orientalhorizon's note above.
Something went wrong...
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