when preparing for immigration, studying abroad, conducting cross-border trade, launching overseas business lines, etc., there will be a need for cross-border remittance. But why do you need to fill in SWIFT when making remittances? Sometimes you have to fill in IBAN /BSB/ ABA No./FedWire No. / Sort Code, what are they?
Because the transaction systems complied by different countries and regions are different, it is necessary to provide a designated identification code for remittances to different parts of the world. For example, IBAN is required for remittances to Europe; FedWire No. is required for remittances to the United States; Sort Code is required for remittances to the United Kingdom. And SWIFT Code, because it has been widely used all over the world, has basically become one of the necessary information for remittance.
1. Identification code for international remittance - SWIFT
SWIFT is short for Society for Worldwide Interbank Financial Telecommunication, A SWIFT code is a standard format for a business identifier code. Every bank that belongs to the SWIFT network has one or more SWIFT codes that correlate to the bank’s business identifier code or codes. The terms SWIFT and BIC are sometimes mentioned together on banking sites since these codes or IDs are the same.
When someone needs to transfer money internationally, they’ll need the SWIFT code for the receiving bank and the recipient’s account number.
SWIFT Code consists of 8 or 11 characters and can be split into 4 parts to identify banking institutions, countries, locations, and branches. The first 4 digits are the abbreviation of the receiving bank, the 5th and 6th digits are the countries, and the 7th to 11th digits are the area identification code. For example, BKCHCNBJ400, the first 4 BKCH stands for BANK OF CHINA, CN stands for CHINA, and BJ400 stands for Guangdong Province. BKCHCNBJ400 is the SWIFT of the Bank of China Guangdong Branch.
2. Identification code used in the receiving area
IBAN｜For European remittance
IBAN is short for International Bank Account Number, which is also an international numbering system used to identify bank accounts related to cross-border transactions. Unlike SWIFT Code, the international bank code, IBAN is not only used to identify the bank, but can identify the designated account within the bank, and is often used in international transactions related to the European Union or Europe. The IBAN number is a string of up to 34 characters. The IBAN numbering regulations include country code + bank code + region + account number + verification code. When the IBAN account number is not used in the euro area, an additional manual intervention fee will be charged.FedWire｜For U.S. money transfers
FedWire, an electronic transfer system developed by the Federal Reserve Bank (FED), provides transfer and clearing services for remittances within and outside the United States. Fedwire Number (also known as ABA Number / Routing Number) can be used to identify different banks or financial institutions in the United States to facilitate transactions such as local money transfers or international money transfers. Composed of 9 digits (8 digits + 1 verification code), it is mainly used in the United States and North America.BSB ｜Suitable for remittance of AUD/NZD to Australia
BSB Number is the wire transfer clearing network code used in Australia and other places, namely Bank State Branch Number. Mainly used in Australian and New Zealand dollar banks and when clearing payments to Australia. Usually it is 6 numbers.Sort Code｜For remittances from GBP to the UK
Sort Code is SC. Just like the IBAN number is usually required for remittances to the UK, and a Sort Code is also required for remittances to GBP so that the clearing bank can transfer the funds to the correct UK bank account.
We can usually find the Sort Code by logging into the bank account or checking the bank statement to receive payment.TRANSIT NO| For remittance of Canadian dollars to Canada
TRANSIT NO is CC, which must be provided to remit Canadian dollars to Canada. It consists of 9 digits (4 digits of bank number + 5 digits of branch number).
Traditional wire transfer is too cumbersome. If you fill in the wrong information, the remittance will be unsuccessful and you will lose a lot of handling fees and your precious time.
In fact, cross-border remittance does not need to be so complicated! Epay remittance is much easier! Using Epay to send money to any country or region in the world, you only need to select the region and currency in the Epay system and fill in the payee information. The process is simple and easy to operate, and the arrival time is fast.
Come to Epay official website to consult customer service to learn more!