Скачать или смотреть SWIFT Code and Its formation II BIC II International Trade

SWIFT Code and Its formation II BIC II International Trade
In this video I talked about SWIFT. Swift stands for Society for Worldwide Interbank Financial Telecommunication. It’s a Belgium based cooperative society where members are Banks & financial institutions as well as its product is financial telecommunication. The said cooperative society provides a network with 24/7 basis real-time transmission facilities that enables banks & financial institutions worldwide to send and receive information about financial transactions in a secure, standardized and reliable environment using swift codes.

What is Swift code?
A SWIFT code — sometimes also called a SWIFT number — is a standard format for Business Identifier Code that means BIC. It’s used to identify banks and financial institutions globally as it’s a unique ID of a Bank or financial institution like an international Bank ID or like a virtual address.

How it’s formatted?
SWIFT codes comprise of 8 or 11 Characters. Where an 8-characters swift code is given, it has to be assumed that it refers to the primary office, main office or head office of any bank or financial institution. On the other hand, where an eleven characters swift code is given, it has to be assumed that it refers to the branch office of any bank or financial institution. Bankers may use three cross symbol in the case of eight characters swift code to fulfill the eleven characters swift format. For counting number of Characters in swift code, such three cross symbol ‘XXX’ should be eliminated because cross symbol is not the part of swift code.

You may be surprised to hear that swift network or swift code is not used to make any local or international payment. Yes, it’s a right statement because swift code is used for providing LC, BG, payment order & other financial information etc. All branches of a bank don’t have any swift code. Only branches which deal foreign transactions will have a swift code. I think you got a clear idea about swift.

Background music: Sound Discoveries Channel under Creative Commons Attribution licence

Fair Use Disclaimer:
For Bangladeshi Contents:
This channel may use some copyrighted materials without specific authorization of the owner but contents used here falls under the “Fair Use” as described in The Copyright Act 2000 Law No. 28 of the year 2000 of Bangladesh under Chapter 6, Section 36 and Chapter 13 Section 72. According to that law allowance is made for "fair use" for purposes such as criticism, comment, news reporting, teaching, scholarship, and research. Fair use is a use permitted by copyright statute that might otherwise be infringing. Non-profit, educational or personal use tips the balance in favor of fair use.

For USA Contents: This channel may use some copyrighted materials without specific authorization of the owner but contents used here falls under the “Fair Use” Copyright Disclaimer under Section 107 of the Copyright Act 1976, allowance is made for "fair use" for purposes such as criticism, comment, news reporting, teaching, scholarship, and research. Fair use is a use permitted by copyright statute that might otherwise be infringing. Non-profit, educational or personal use tips the balance in favor of fair use.

My Social & professional media links-
Linkedin:   / shahjalal77  
FaceBook page:   / shahjalaliba  
Twitter:   / shahjalal2001  
Site Link:    / knowledgeboosterpro  
#SwiftCode #BIC
#How_It_is_formatted
#An_International_Trade
#KnwoledgeBoosterPro
#how_To

Related Tags
swift code,SWIFT code meaning,SWIFT code finder,Bank SWIFT code Bangladesh,SWIFT meaning,what is swift code,swift code bank,how to find swift code,my bank has no swift code,how to get swift code,swift,bank swift code,swift code tutorial,no swift code my branch,bic swift code,what is a bank swift code,swift code for beginners,bank identifier code,types of codes in banking,swift code finder,bic code finder,code find,what is swift code in bank account,what is swift code in bank account,swift tutorial,how to find swift code,swift bic code,history of swift,swift functions,11 characters swift code,8 characters swift code,knowledge booster pro,shah jalal,supply chain specialist,How to,to