Swift Code (BIC Code) - Explained in Hindi - YouTube

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Namaskar, my name is Mukul and you are welcome to the Asset Yogi

Where we unlock the knowledge of finance

Many subscribers asked me about the SWIFT code

So in this video, we will see what is SWIFT code, and how does it work?

See, when you do an international business transaction

Let's say you are in India

And you want to bring money from any individual or

company in your account.

For that, you will need the SWIFT code

Sometimes, a question comes from the people that

There is no SWIFT code in our bank branch

What should we do in this situation? Should we open an

account in some other bank? Or you can take the money in that account only?

I will answer all these questions in this video.

So watch the video till the end.

Let's go straight towards the blackboard.

As I have told earlier if any bank deals with an international transaction

Then it will need a SWIFT code

A unique code is assigned to the particular branch of the bank.

If we talk about the full form of SWIFT then it is

Society For Worldwide Interbank Financial Telecommunication

So whenever a bank wants to transfer the money to some other country

So the code of the branch is needed

To whichever branch it is sending the money

Then an encrypted message is sent

That this much amount is being transferred

And once it is received,

the money is wire transferred

So we also call it Bank Identifier Code

So if you hear BIC Code somewhere

Then it means you have to give the SWIFT code there.

And who approves these codes?

These are approved by the International Organization

For Standardization

We call it ISO in short

Now, I will tell you with an example

how does it work?

Assume a company whose account is in Bank of America

Let's say it wants to send some money from the USA

to the account of a particular individual who lives in India

Let's say you want this money

Let's say your account is in Allahabad Bank and your account is in

Bandra branch then you will need the SWIFT code of

Bandra branch of Allahabad

Its SWIFT code is ALLAINBBBOB

This is an eleven digit code

Generally, an eleven digit code is assigned to every branch

What does it mean? The first four digits are the bank code

So, ALLA for Allahabad bank

After that, the next two digits are country code

So, IN for India

The next two digits are the location codes

So for Mumbai or earlier, it was Bombay

So for that, it is BB

After that, the last three digits are branch codes.

So for Bandra branch there is a 3 digit code, BOB

Generally, for every branch, you will get an 11 digit code

But sometimes it can be 8 digit code for you

The primary branch, the head office of the Allahabad bank

It has only 8 digit code. The last three digits are not here because it is the head office

So there can be a code of 8 digits for the primary branch

So I think the concept of SWIFT code is clear to you

Now we will discuss that sometimes people have questions that

The bank which we have an account in doesn't have a SWIFT code

Many small branches are there where they do not deal with the international

transactions. So in this case,

which SWIFT code do you have to give or

you have to change your account

Do you have to open your account in the branch that has a SWIFT code?

No. It's nothing like that. You don't have to open your account in this type of branch

You can operate the account in whichever bank you have

And what do you have to do in such cases?

You can give the SWIFT code of the nearest branch.

Whoever deals in an international transaction.

You can call the customer care, you will know the nearest

the branch where the SWIFT code is available. You can give that code

After that, the money will be transferred to your account by tracking the account number

So that's all in this video

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