What is a SWIFT code?
A SWIFT code consists of 8 or 11 characters.
How to use Swift Code?
Swift code is very important for All freelancer because if they want to withdraw money from the market place, they need – Name, Banks Name, Bank Account Number, and Swift Code.
If you want to receive money from a foreign Bank or withdraw money from Freelancing marketplace, then you need this Swift Code.
As for example, If you want to withdraw money from Google Adsense in your BASIC BANK LIMITED’ KHULNA BRANCH Account, then you need your Name, your Banks Name, your Bank Account Number, and BASIC BANK LIMITED’ KHULNA BRANCH’s Swift Code.
Name: Md. Mohi Uddin
Banks Name: BASIC BANK LIMITED
Bank Account Number: 025 151 524 6826
BASIC BANK LIMITED’ KHULNA BRANCH’s Swift Code: BKSIBDDHH025
Understanding the swift code
As for example: If we analysis this 0088-0451-63970 telephone phone number we shall get Country code, area code, phone number.
0088: Country code
0451: Area code
63970: Phone number
Swift code consists of eight or eleven characters. Whenever an eight-character code is used, then it is referring to the headquarters (main office) of the institution. Here is how an 11-character code is broken down and what each section of characters represents. Let’s we analysis this 8 and 11-character swift code like this phone number:
As for example: If we analysis this BKSIDBDH025 SWIFT Code we shall get, Bank code, Country code, Banks head office code and branch code.
BKSI: BASIC BANK LIMITED (Bank)
BD: Bangladesh (Country)
DH: Dhaka (Head office)
025: Branch Code
BKSI – BD – DH – 025
In Section 1 (the first 4-characters “BKSI”): This code is used to identify the institution’s global presence (all branches and all divisions around the world). For example, “BKSI” is used for “Dutch Bangla Bank”
In Section 2 (5th and 6th characters “BD”): This two-letter code represents the country code. and follows the ISO 3166-1 alpha-2 standard for representing country codes. For example, “BD” for “Bangladesh”.
In Section 3 (7th and 8th characters “DH”): These characters represent the banks head office location code (e.g. “DH” is the code for “Dhaka” that means BASIC BANK LIMITED s head office in Dhaka, and also the second character (8th in the B.I.C.) sometimes carries this information:
If it is equal to “1”, then it denotes a passive participant in the SWIFT network.
If it is equal to “2”, then it typically denotes a “reverse billing” BIC, meaning that the recipient of the message has to pay for the message.
In Section 4 (9th to 11th characters “025”): These final three characters form a “branch code” that refers to the particular branch of the institution. Here this BASIC BANK LIMITED’s particular branch is KHULNA. If this section is omitted, then we have an 8-character swift code that is assumed to refer to the HEAD OFFICE of the institution. Also, a typical naming convention is that in the case we are referring to the main offices of an institution, this branch code is “XXX”.
The SWIFT code is 8 or 11 characters, made up of:
4 letters: Institution Code or bank code.
2 letters: ISO 3166-1 alpha-2 country code
2 letters or digits: location code
3 letters or digits: branch code, optional (‘XXX’ for primary office). Where an 8-digit code is given, it may be assumed that it refers to the primary office.
If the second character is “1”, then it denotes a passive participant in the SWIFT network
If the second character is “2”, then it typically indicates a reverse billing BIC, where the recipient pays for the message as opposed to the more usual mode whereby the sender pays for the message.
You just need to read this Note: I have found the wrong swift code or BIC Code in many websites. For this I will request to all readers, please confirm your swift code from your branch or your bank’s official website. For your help, We have given official website address here. We have tried to ensure 100% correct swift code or BIC Code. On top of that, if you find any wrong information on our website, please let us know by comment or using this “wrong information complain form“. you can contact us at any time by using our contact form.