If you are transferring or receiving international money from Commonwealth Bank, entering Swift Code CommonWealth Bank code must be done sooner. If you do not have this code, then your transaction will not work. Today we will introduce you to this code of Commonwealth Bank.
In the previous post, Info Credit Free introduces people to personal loans for debt consolidation, to get information about it, you can read Five steps to get personal loans for debt consolidation. Now, let find knowledge about Swift Code Commonwealth Bank to transfer or receive international money in the post today.
SWIFT CODE COMMONWEALTH BANK
Just like a lot of article posts such as open bank account online Australia, credit reporting services, credit rating companies…, this post about Swift Code Commonwealth Bank includes some main parts. They are: “What is a Swift Code Commonwealth Bank?”, “The Structure of Swift Code Commonwealth Bank?”.
1. What is a Swift Code Commonwealth Bank?
The SWIFT code is an international bank code that identifies specific banks around the world. It is also called a Bank Identifier Code (BIC). Commonwealth bank uses the SWIFT code to send money to foreign banks. The SWIFT code consists of 8 or 11 characters. Commonwealth Bank SWIFT code is CTBAAU2S. People need to provide this code to anyone who sends you money from abroad.
The code is made up of letters and numbers as follows:
The SWIFT and BIC codes are the same and the terms are interchangeable. If you are sending money to someone overseas, you will need to receive the recipient’s SWIFT to make the transfer.
Note: When entering SWIFT in NetBank, you do not enter spaces, hyphens, or special characters.
2. The Structure of Swift Code Commonwealth Bank?
The SWIFT code consists of 8 or 11 characters. For an example, get the following “AAAABBCCDDD” quickly imagined. This can be broken down as follows:
- First four letters (“AAAA”): Organization code or bank code – This code is used to determine the global presence of the organization (all branches and all departments) in the whole world.
- 5th character and 6 – 2 letters (“BB”): This letter represents the ISO 3166-1 alpha – 2 country code. Example: CA for “Canada”,
- 7th character and 8 – 2 letters or digits (“CC”): This represents the position code. For example, “KK” is the location code for Copenhagen, “FF” is the location code for “Frankfurt”, etc. Also, the second character sometimes carries this information: If the second character is “0”, then it is usually the test BIC as opposed to the BIC used on the live network.
- If the second character as “1”, then it represents a passive participant in the SWIFT network
- If the second character as “2”, it usually indicates a reverse billing BIC in which the payee for the message as opposed to the more conventional mode whereby the payer pays for the message.
- Characters 9 to 11 – 3 letters or digits (“DDD”): These last three characters form a “branch code” that points to a specific branch of a bank. If this section is missing or (optional) is filled in by “XXX”, then we are processing an 8-character speedy code, which signifies PRIMARY (also known as Head Office) of the main organization. A typical naming convention is in the case where we refer to the main offices of a financial institution, the branch code is “XXX”.
When the 8 digit code is provided, it can be assumed that it refers to the main office, however, the quick code of the main office banking institution can be used with or without the “XXX” “, depending on the transfer request you are working.
Indeed, there are a lot of big banks in the world for people choosing to transfer or receive international money. However, people should consider carefully. If people want to choose a bank to get a loan, people need to have a good credit score if you want to get a loan with the best interest rate. In order to know your credit history is good or not, you should check credit frequently from the credit check agencies.
Hillary (Team Content) – Info Credit Free