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Understanding SWIFT/BIC Codes and Their Role in International Transfers

The article from MSN Money discusses SWIFT/BIC codes, which are essential for international bank transfers. SWIFT stands for Society for Worldwide Interbank Financial Telecommunication, and BIC stands for Bank Identifier Code. These codes uniquely identify banks globally, ensuring that international payments are routed correctly. Each SWIFT/BIC code consists of 8 or 11 characters: the first four identify the bank, the next two specify the country, the following two indicate the location, and the last three (if present) denote the branch. The article explains how these codes facilitate secure and efficient cross-border transactions by providing a standardized method for banks to communicate. It also touches on the importance of verifying the correct SWIFT/BIC code to avoid delays or errors in transfers, and briefly mentions alternatives like IBAN for European transfers, but emphasizes the global necessity of SWIFT codes for international banking.

Read the Full MSN Article at:
[ https://www.msn.com/en-us/money/personalfinance/understanding-swift-bic-codes-and-their-role-in-international-transfers/ar-BB1qMCaI ]