So what is a Swift Code? A SWIFT CODE is an international bank code that identifies particular banks worldwide. A Swift Code is also known as a Bank Identifier Code (BIC). CommBank uses SWIFT CODES to send money to overseas banks.
It consists of 8 or 11 characters. CommBank’s SWIFT CODE is CTBAAU2S. You’ll need to give this code to anyone sending money to you from overseas. The code is made up of letters and numbers as follows:
SWIFT CODES and BIC CODES are the same thing and the terms are interchangeable. Other terms used by banks overseas include: CHIPS (Clearing House Inter-Bank Payment System) – US and Canada only NCC (National Clearing Code) BSC (Bank Sort Code) IFSC (Indian Financial System Code).
If you’re sending money to someone overseas, you’ll need to get the recipients SWIFT or SWIFT CODE in order to do the transfer. Please note: when entering a SWIFT or SWIFT CODE in NetBank, do not enter spaces, hyphens or special characters.
My Conclusion
It is more than likely that at some point, during your Internet Marketing Journey, that you’re gonna need to get a SWIFT or SWIFT CODE. No worries. If you have any experience with sending or receiving money through a service like “Western Union“, this will be very similar. Click on this line to see how to get you Swift Code
So there you have it. Keep it simple, take your time and learn as you go.
I hope this post on “WHAT IS A SWIFT CODE”, has pointed you into the right direction!
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