Posted on 07/19/2010 7:42:12 PM PDT by rudy45
I understand the concept of SWIFT codes, i.e. they are used when wiring money from one bank to another bank, either domestic or foreign.
I am unclear, however, why a given bank will have multiple SWIFT codes, depending on the department or branch of the bank. I would think and hope that by now, regardless of the bank, a customer could go into any branch of that bank and process the receipt of the wire transfer, because of that bank's computer systems? Does it make sense, therefore, that the sender must specify the code for a particular branch? Thanks.
Some of those SWIFT codes (just like ABA/ACH routing and transit numbers) may have belonged originally to other banks that were acquired over the years.
SWIFT is only used for international transfers, not US-based. Each department or perhaps “business unit” of a bank might have a different SWIFT code, sure. See : http://en.wikipedia.org/wiki/Society_for_Worldwide_Interbank_Financial_Telecommunication
Sometimes that service is outsourced that do the processing so they code recognizes both destinations, originations and carriers.
All of the answers thus far are accurate, and I'll add this reference concerning SWIFT addressing: SWIFT IBAN Transfers
I wonder if john kerry has ever been SWIFT coded?
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