What is SWIFT Code?
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SWIFT transfers typically take between one to five business days, depending on the countries involved, currency conversion requirements, and whether intermediary banks are used. Transfers between banks with direct relationships may process faster. Check with your bank for specific timelines based on your destination country and transfer details.
Yes, a SWIFT code is also known as a BIC (Bank Identifier Code). Banks and financial institutions use both terms interchangeably. You can use either term when making international transfers, as they refer to the same identification code.
Not all banks have SWIFT codes. Only banks connected to the SWIFT network can process international transfers directly. Most major banks in India have SWIFT codes for cross-border transactions. Smaller co-operative banks or regional banks may not be SWIFT-enabled and might require intermediary banks to facilitate international transactions.
Your bank cannot send money overseas if you use the wrong SWIFT code. In some cases, funds may be routed to the wrong bank entirely. Always verify the SWIFT code with the recipient or through your bank before initiating an international transfer to avoid complications and ensure smooth processing.
Traditional bank-to-bank wire transfers typically require a SWIFT code to ensure funds reach the correct destination securely. However, some digital payment platforms and money transfer services use different networks for international transfers. For standard international banking transactions, a SWIFT code remains the most widely used and reliable method.
Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empanelled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein
Introduction
If you’ve ever sent or received money from abroad, you’ve likely encountered the term “SWIFT code”. It’s a unique identification code used by banks worldwide to process international transfers securely and accurately. Knowing your bank’s SWIFT code ensures that funds are routed correctly, whether you’re sending money overseas or receiving payments from abroad.
This guide explains what a SWIFT code is, how it works, how it differs from an IFSC code, and simple ways to find your bank’s SWIFT code when you need it. For customers managing international banking needs, Kotak Mahindra Bank provides secure and compliant solutions to support cross-border transactions.
Table of Contents
What is a SWIFT Code?
A SWIFT code, also known as BIC (Bank Identifier Code), is a unique alphanumeric identifier assigned to banks and financial institutions globally. SWIFT (Society for Worldwide Interbank Financial Telecommunication) assigns these codes to banks. It ensures that international money transfers reach the correct bank and branch securely.
The primary purpose of a SWIFT code is to facilitate secure communication between banks during cross-border transactions. When you send money internationally, your bank uses the recipient's SWIFT code to identify their bank and route the funds accurately.
Think of it as a postal code for banks—it tells the sending bank exactly where the money needs to go. Without this code, banks cannot verify the recipient's financial institution, resulting in rejected or delayed transfers.
How Does a SWIFT Code Format Work?
A SWIFT code follows a standardised format that helps banks identify each other during international transactions. The code consists of eight to eleven characters, and each segment provides specific information.
Component
Characters
Represents
Example
Bank Code
4 letters
Bank name (abbreviated)
KKBK
Country Code
2 letters
Country location
IN
Location Code
2 characters
City or head office
BB
Branch Code
3 characters (optional)
Specific branch or head office
XXX
SWIFT codes contain no spaces, hyphens, or special characters. When sending wire transfers, you do not need to include the branch code in the SWIFT code.
Is SWIFT Code the Same as IFSC Code?
No, SWIFT codes and IFSC codes serve different purposes. SWIFT codes are used for international transfers, while IFSC codes are specifically used for domestic transfers within India.
Here is a detailed comparison:
Feature
SWIFT Code
IFSC Code
Used For
International transfers between countries
Domestic transfers within India only
Format
8-11 alphanumeric characters
11 alphanumeric characters
Issued By
SWIFT network
RBI
Payment Systems
Cross-border wire transfers, SEPA payments
NEFT, RTGS, IMPS
Example
KKBKINBBXXX
KKBK0000123
When to use a SWIFT code: You need it for sending or receiving money internationally through wire transfer. The SWIFT code identifies the receiving bank globally and ensures funds are routed correctly across borders.
When to use an IFSC code: IFSC codes are required for electronic fund transfers between banks within India. These transfers include NEFT (National Electronic Funds Transfer), RTGS (Real Time Gross Settlement), and IMPS (Immediate Payment Service). The IFSC code helps identify the specific bank branch within India where the recipient's account is held.
What Is an IBAN Number?
IBAN, like SWIFT, is a globally recognised standard for international money transfers. While most countries use the SWIFT standard, some—like countries in Europe—use the IBAN standard. Countries that operate as per the IBAN standard have an IBAN code instead of a SWIFT code. When transferring funds to banks in countries following the IBAN standard, NRIs will have to provide the recipient bank’s IBAN number instead of the SWIFT code.
IBANs can be up to 34 characters long and include a country code, check digits, bank identifier, and account number. Find country-specific information on IBAN’s official website.
What is Kotak’s SWIFT Code?
You will need to provide Kotak Mahindra Bank’s SWIFT code (KKBKINBB) when transferring funds to a Kotak account through wire transfer. Ensure that you enter the correct SWIFT code when transferring money to your Kotak account to prevent any delays.
Conclusion
SWIFT codes act as global identifiers for banks, enabling secure and accurate international money transfers. They differ from IFSC codes, which are used exclusively for domestic transactions within India. SWIFT codes follow a standardised eight-to-eleven-character format that includes the bank, country, location, and branch information.
Always verify the code before use to ensure seamless transactions. For international banking and NRI services, Kotak Mahindra Bank provides compliant solutions to help customers manage cross-border financial needs efficiently.
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