Imagine this—you're about to receive an international payment from a client. They want to make a wire transfer and need your bank’s SWIFT code to process the payment. But you are not sure where to find it. 

If you have ever been perplexed by international transfers or been confused in finding the SWIFT code, don't panic, this guide will make it easy for you. Let’s understand how to find the correct SWIFT code for your bank. 

What is a SWIFT Code?

A SWIFT code is an 8-11-character alphanumeric code that instructs foreign banks precisely where to transfer your funds. It is generated by the Society for Worldwide Interbank Financial Telecommunication (SWIFT) network and acts as your bank's global identity, telling the name of the bank, country, and location. 

Imagine it as a PIN code but for world banking. SWIFT code is also called BIC code and is used for the identification of banks and facilitation of transactions to the correct recipient in international wire transfers.

Without the proper SWIFT code, your transaction may fail, be delayed, or even end up somewhere else.

SWIFT Code Format

Here’s a breakdown of a SWIFT code:

1. Bank code: This is the starting four letters of the code that tell the bank name. For example, HDFC and SBIN (State Bank of India).

2. Country code: The Next two letters are the abbreviation for the country where the bank is located. For Indian banks, the code is IN. 

3. Location code: The following two letters indicate the primary location of the bank (the city or region). For example, the location code for Mumbai is BB.

4. Branch code: This constitutes the last three letters or numbers and is optional. 

Example: The SWIFT code for the State Bank of India Karol Bagh, Delhi branch is SBININBB875.

Here:

• SBIN is the bank code

• IN is the country code

• BB is the location code

• 875 is the branch code

Why Do You Require a SWIFT/BIC Code? (Indian Transaction Use Cases)

SWIFT code is important for sending and receiving international payments. 

Its typical use cases are:

• Receiving wire transfers: If you’re an exporter, freelancer, or employee receiving payments from abroad, such as salary, business payments, or remittances, you'll need to share your SWIFT code with the sender. This also applies to inward remittances from friends or family living overseas. 

• Making payments to international suppliers: When importing goods or services, you’ll need the recipient’s SWIFT code to make payments to foreign vendors.

• Sending money abroad: A SWIFT code is also necessary for sending money abroad for education, investments, or personal use.

For instance, if you're an Indian exporter getting paid by the US, your buyer's bank will require your Indian bank's SWIFT code to finalise the transaction smoothly. One incorrect digit, and your money might be stuck.

How to Find Your Bank's SWIFT Code: A Step-by-Step Guide

There are multiple ways to find your bank’s SWIFT code. 

• Utilise an Online SWIFT code locator: You can easily find your bank’s SWIFT code using sites like SWIFT.com or your own bank's webpage. Infinity’s SWIFT Code Finder can also quickly find the SWIFT code. Just select the country, bank, and location, and you’ll get the SWIFT code in no time. 

• Look at your bank statement: Some banks include the SWIFT code on monthly account statements. It’s usually printed along with other account details.

• Go to your bank's website: Many banks have a dedicated section for international banking or wire transfers, where they list their SWIFT codes for different branches or services.

• Call or visit your bank: If you're unsure or can’t find the code online, you can call your bank’s customer service or visit the nearest branch to get the accurate SWIFT code.

Always check the code from authentic sources prior to transferring.

SBI SWIFT Codes: How to Find Your Particular Code

If you're a customer with State Bank of India (SBI), the following is how you can discover your particular SWIFT code:

• SBI Internet Banking: Sign in and click on the "International Banking" tab.

• SBI Branch Locator: Go to the SBI website and check for branch-based SWIFT codes.

• SBI Customer Service: A simple phone call can check the correct code.

Every SBI branch that handles international transactions has a specific SWIFT code, so ensure you're using the right one for your particular branch.

Finding SWIFT Codes in India: Regional Guidance 

If you are searching for a SWIFT code in India, do the following:

• Check Your Bank's Website – Indian banks usually publish their SWIFT codes.

• Contact Your Local Branch – They will give you the correct code.

• RBI Website – Some banks provide their SWIFT information in the RBI's official materials.

West Bengal Example:

If you require a SWIFT code for a West Bengal bank, the procedure is the same. However, some of the smaller branches do not have their own SWIFT codes and use a central processing branch's code (such as Kolkata's).

Always double-check before making a transfer.

Common SWIFT Code Errors and How to Avoid Them

Errors with SWIFT codes can result in delayed or failed payments. Here are some of the most common errors and how to avoid them:

• Incorrect code usage: One misplaced letter or number can make your funds reach the wrong bank or cancel your transaction. Always confirm the correct SWIFT code from your bank’s official website or by calling customer service. Remember that large banks may have different SWIFT codes for different branches or services (e.g., retail vs. corporate accounts)

• Using an old SWIFT code: Banks occasionally update their codes, so double-check always. Always do a double verification before sharing the SWIFT Code with the client. 

• Typo and format errors: Double-check each character. Memorise your bank's SWIFT code and note it down for safekeeping

• Mixing up SWIFT codes and IFSC codes: IFSC is used for domestic transactions, and SWIFT is used for worldwide payments.