Beginner’s Guide: How to Correctly Fill in SWIFT Code for International Remittance

Image Source: unsplash

When making an international remittance, you must accurately fill in the SWIFT code. The SWIFT system covers more than 200 countries and regions worldwide, connecting over 11,000 institutions and processing approximately 33.6 million transactions daily. As long as you enter the correct SWIFT code in the designated field at the bank, the funds can safely and quickly reach the recipient’s account. Incorrect entries can lead to remittance failure, with statistics showing an error rate as high as 35%. You need to pay special attention to the order of entry and the accuracy of letters and numbers to avoid common mistakes.

Key Points

• Accurately filling in the SWIFT code is critical to the success of international remittances; errors can lead to remittance failure and additional fees.
• Obtain the SWIFT code through the bank’s official website, the SWIFT website, or official customer service to ensure authoritative and reliable information.
• Use uppercase letters and numbers when filling in, pay attention to code length and branch information, and avoid spelling or spacing errors.
• Verify the recipient’s name, account number, and bank details before remitting to prevent delays or risks due to mismatched information.
• Contact the bank promptly to rectify errors, monitor the remittance status, and ensure the funds arrive safely and quickly.

Introduction to SWIFT Code

Definition

The SWIFT code is a unique identifier for international financial institutions. You must fill in this code when making international remittances. The SWIFT code is established by the Society for Worldwide Interbank Financial Telecommunication (SWIFT) and is recognized by the International Organization for Standardization (ISO). It complies with the ISO 9362 standard. Each bank, including those in Hong Kong, has a unique SWIFT code. You can think of it as the bank’s “ID number.” Currently, over 11,000 banks and financial institutions worldwide participate in the SWIFT system, covering more than 200 countries and regions. SWIFT is headquartered in Brussels, Belgium, and is jointly managed by member banks.

Structure

The SWIFT code typically consists of 8 or 11 characters. You can understand its structure through the table below:

For example, the SWIFT code for The Hongkong and Shanghai Banking Corporation is HSBCHKHHXXX. An 8-digit code represents the bank’s headquarters, while an 11-digit code includes specific branch information.

Function

When making international remittances, the SWIFT code plays a key role:

• Uniquely identifies the recipient bank, ensuring funds reach the target account accurately.
• Improves transaction accuracy, reducing delays and risks due to incorrect information.
• Speeds up processing, allowing funds to reach the recipient’s account faster.
• Enhances security, preventing fraud and operational errors.

Tip: When filling in the SWIFT code, you must verify the recipient bank’s code and related information to avoid remittance failure or delays due to errors.

Preparation for International Remittance

Image Source: unsplash

Obtaining the SWIFT Code

When preparing for an international remittance, you must first accurately obtain the recipient bank’s SWIFT code. You can query through the following official and authoritative channels:

1. Visit the SWIFT website (www.swift.com), use the BIC search tool, enter the bank name, country, and city to quickly find the target bank’s SWIFT code.
2. Log in to the bank’s official website, where information is usually available under “Contact Us,” “International Services,” or “Customer Service” pages. For example, if you are remitting to a Hong Kong bank, you can check its official website.
3. Call the bank’s official customer service hotline or consult through their online customer service system to obtain the latest and most accurate SWIFT code.
4. When using well-known third-party financial platforms, ensure the platform’s credibility and information security to avoid errors.

Tip: When filling in the SWIFT code, you must use uppercase letters and numbers to avoid confusion or input errors.

Key Information

Before making an international remittance, you also need to prepare the following key information:

1. Recipient’s name and detailed address, ensuring accurate spelling.
2. The recipient’s account number at the receiving bank.
3. The full name of the receiving bank, its city, and country.
4. The receiving bank’s SWIFT code or other identifiers (e.g., BIC, ABA).
5. Remittance currency and amount (mainly in USD), and monitor real-time exchange rate changes.
6. If the receiving bank is in Europe or other regions, provide the IBAN account number.
7. The remitter’s identity information to meet the bank’s compliance and anti-money laundering requirements.

Incomplete information can lead to multiple risks. For example, inaccurate recipient information may result in funds not reaching the account, incorrect bank account details can affect transfer processing, and missing identity information may fail bank verification. You may also incur additional handling fees or exchange rate losses due to missing information.

Filling Steps

Image Source: pexels

Filling Location

When making an international remittance, the location for filling in the SWIFT code varies by channel. You can refer to the following methods:

1. In-Person at the Bank Counter: You need to fill out a remittance application form at the bank counter. The SWIFT code is typically entered in the recipient bank information section. Bank staff will guide you to ensure the information is complete.
2. Online Banking: After logging into online banking, navigate to the international remittance page. The system will prompt you to enter the recipient bank’s information, including the SWIFT code. You simply need to input the correct code in the designated field.
3. Mobile Banking: Open the mobile banking app and select the international remittance service. The system will also require you to fill in the recipient bank’s SWIFT code. Follow the on-screen prompts to input the code.

Tip: Regardless of the channel, the SWIFT code is a mandatory field. Only by filling it correctly can the bank process your international remittance smoothly.

Precautions

When filling in the SWIFT code, you must pay attention to the code length and branch information. SWIFT codes come in 8-digit and 11-digit formats:

• The 8-digit code represents the bank’s headquarters. For example, the headquarters code for The Hongkong and Shanghai Banking Corporation is HSBCHKHH.
• The 11-digit code adds a 3-digit branch code to the 8-digit headquarters code, used to identify specific branches. For example, HSBCHKHHXXX represents a specific branch.
• When filling in the branch code, you should follow the information provided by the recipient bank, adding three digits or letters after the 8-digit headquarters code. If you are unsure about the branch code, consult the recipient or check the bank’s official website.
• When querying the SWIFT code, you can visit the Society for Worldwide Interbank Financial Telecommunication’s website , input the 8-digit bank code, and find the corresponding 11-digit branch code.

Note: You must use uppercase letters and numbers when filling in the SWIFT code. Do not arbitrarily add spaces or symbols. The bank system typically validates the SWIFT code automatically to help reduce errors.

Error Examples

When filling in the SWIFT code, common mistakes include:

1. Spelling errors. For example, you might write HSBCHKHH as HSBKCHHH, resulting in incorrect letter order.
2. Spacing errors. Adding or omitting spaces in the code makes it unrecognizable, causing the remittance to be returned.
3. Inaccurate code. Entering an incorrect branch code prevents the bank from locating the specific branch, resulting in funds not reaching the account.
4. Letter-number confusion. For example, mistaking the number “1” for the letter “I” or the letter “O” for the number “0.”
5. Failure to verify information. Not checking the SWIFT code character by character leads to errors, affecting the progress of the international remittance.

Real case: A user entered an extra space when filling in the SWIFT code, resulting in the remittance being returned, incurring additional handling fees, and delaying the arrival time.

Suggestion: Before submitting an international remittance application, carefully verify the SWIFT code and other key information character by character. You can use the bank’s official query tools to ensure accuracy. The bank system generally validates SWIFT codes automatically, helping you identify and correct errors.

Consequences of Filling Errors

Remittance Failure

When making an international remittance, if the SWIFT code is entered incorrectly, the bank cannot accurately locate the recipient bank, and the funds will not reach the account. You may encounter the following situations:

1. If you just submitted the remittance and the funds have not been sent, you can cancel the remittance through online or mobile banking, usually without incurring fees.
2. If the funds have already been sent, you must contact the sending bank to request a SWIFT code correction or fund return, which will incur two-way handling fees (outgoing and return).
3. If you do not address the issue promptly, the funds will be returned, still incurring two-way handling fees.
4. If the bank cannot identify the recipient bank, the remittance will fail. The bank will provide feedback on the failure in the system but generally will not proactively notify you by phone. You need to check the progress via online or mobile banking.

You should note that SWIFT code errors directly cause international remittance failures, affecting fund security and arrival speed.

Remedies

If you encounter a SWIFT code error, you can take the following remedies:

• Contact the sending bank promptly, explain the SWIFT code error, and the bank can assist in canceling or correcting the transaction.
• Provide the correct SWIFT code and related remittance information to facilitate reprocessing by the bank.
• Monitor the remittance status continuously to ensure the funds reach the account successfully.
• Understand the bank’s refund policy and processing time, and follow up promptly if funds are returned.
• After resolving the issue, use the correct SWIFT code to reinitiate the international remittance.

During the remedy process, you need to prepare remittance receipts and identity documents. The bank typically charges a handling fee, and processing may take longer. You should act quickly to avoid fund delays or losses.

Verification and Inquiry

Official Channels

When making an international remittance, verifying the accuracy of the SWIFT code is crucial. You can query through the following authoritative channels:

1. Visit integrated query websites (e.g., http://www.gendan5.com/swiftcode.html), enter the bank name and city to obtain the SWIFT code with one click.
2. Visit the bank counter directly or call the bank’s customer service hotline (e.g., Bank of China 95566 or Hong Kong bank official hotlines) to consult staff.
3. Log in to the SWIFT website (swift.com), use the BIC search tool, enter the bank’s English name, country, and city to find the target bank’s SWIFT code.
4. Use professional third-party websites (e.g., swiftcode.cn), select the bank, city, and branch to quickly query the required information.
5. Search for “SWIFT code query” on Baidu or other search engines, access relevant web applications, and click the query button after entering bank information.
6. Log in to the SWIFT website , enter the bank code and city pinyin, select the country “China,” enter the verification code, and check the BIC code to confirm the specific SWIFT code.

Tip: When querying, protect your personal information and avoid entering sensitive data on unverified websites. If in doubt, prioritize the bank’s official website or the SWIFT website for authoritative and reliable information.

Information Confirmation

When filling in international remittance information, you must repeatedly confirm all details with the recipient. Here are key points to note:

1. Obtain the recipient’s name, account number, bank name, address, and SWIFT code, ensuring every item is accurate.
2. The accuracy of this information directly determines whether the funds will reach the account. You must verify each character, especially the SWIFT code and bank account number.
3. When confirming the SWIFT code with the recipient, ensure it matches other remittance information to avoid delays or failures due to inconsistencies.
4. Guard against fraud risks. Be cautious of phishing emails, fake payment confirmations, or forged accounts. For account changes, verify via phone or video with the recipient, and do not rely solely on emails or scanned documents.
5. Develop good habits, such as manually entering bank URLs, setting complex passwords, and enabling account transaction notification SMS to protect your funds.
6. If you encounter suspicious situations, contact the bank’s official customer service or report to the police immediately to block fund transfers.

Note: During the international remittance process, any oversight in information can lead to fund losses. You should adhere to “no shipment without payment confirmation” and request the recipient to provide the bank’s MT103 telex message, verifying the fund’s arrival to ensure each transaction is secure.

International Remittance Precautions

IBAN Relationship

When making international remittances, you often encounter IBAN and SWIFT codes. IBAN was established by the European Banking Standards Committee and later became the ISO 13616 international standard. EU countries and some Middle Eastern and Caribbean regions use IBAN. IBAN standardizes account formats across countries, including country codes, check digits, and bank account information. After adopting IBAN, cross-border transaction error rates in the EU dropped below 0.1%. When remitting to Europe, you usually need to provide both the SWIFT code and IBAN. The SWIFT code identifies the bank, while IBAN identifies the specific account. Chinese banks do not use IBAN, relying primarily on SWIFT codes. If you fail to provide an IBAN, some European banks may charge a correction fee of 5 to 15 USD.

Intermediary Bank Code

Some international remittances require filling in the intermediary bank’s SWIFT code. An intermediary bank is a transit bank for cross-border transfers. For example, when transferring USD to other countries, funds may pass through a U.S. intermediary bank. When filling in, prioritize using the SWIFT BIC code. If unsure about the intermediary bank code, consult the recipient bank or refer to remittance guidelines. Do not arbitrarily fill in nonexistent intermediary bank information to avoid affecting the arrival speed and amount.

System Validation

When filling in the SWIFT code, the bank system automatically validates the code’s format and validity. The system can help detect spelling errors, incorrect digit counts, and other issues, significantly reducing remittance failures due to errors. Before submitting, verify all information again to ensure the international remittance is completed smoothly.

When making an international remittance, accurately filling in the SWIFT code is critical. Only by providing complete recipient name, bank account number, and SWIFT code can the funds reach the account successfully. Information verification and standardized operations effectively mitigate risks and ensure transaction security. If you have questions, consult Hong Kong banks or professionals promptly to resolve issues and ensure each international remittance is completed successfully.

FAQ

Is there a difference between a SWIFT code and a BIC code?

When making international remittances, you will find that SWIFT codes and BIC codes are the same concept. Both are used to uniquely identify banks. You can use them interchangeably with confidence.

What if I don’t know the branch code?

You can directly fill in the 8-digit headquarters SWIFT code. For example, the headquarters code for Hong Kong banks is usually sufficient. If unsure, consult the recipient or bank customer service.

Is there a limit on the remittance amount?

When making international remittances through Hong Kong banks, there is typically an upper limit per transaction. For example, some banks set a single transaction limit of 50,000 USD, subject to bank regulations and real-time exchange rates.

How much is the handling fee for a SWIFT code error?

If you enter an incorrect SWIFT code, the bank will charge return and correction fees, typically around 20-50 USD per transaction, depending on the bank and exchange rate fluctuations.

Can I fill in the SWIFT code using mobile banking?

You can fill in the SWIFT code on a Hong Kong bank’s mobile banking app. The system automatically validates the format to help reduce errors. Simply follow the on-screen prompts.

You now know that accurately filling out a SWIFT code is key to a successful international transfer, but the tedious format and risk of errors bring a lot of hassle. If you want to say goodbye to complex SWIFT codes, costly correction fees, and long waits, and manage your global funds in a simpler, more efficient way, then BiyaPay is your best choice. We simplify all the complex processes so you don’t have to worry about data entry errors. We also offer remittance fees as low as 0.5% and ensure same-day delivery. More importantly, we provide a single account that allows you to manage both fiat and digital currencies, bringing unprecedented flexibility and convenience to your global financial life. Register now and use our real-time exchange rate converter to take control of every transaction, making your international remittance journey secure, efficient, and hassle-free.