SWIFT CODE related study

What is SWIFT CODE?
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) (also known as ISO 9362, SWIFT-BIC, BIC code, SWIFT ID or SWIFT code) is a standard format of Business Identifier Codes approved by the International Organization for Standardization (ISO). It is a unique identification code for both financial and non-financial institutions. (When assigned to a non-financial institution, a code may also be known as a Business Entity Identifier or BEI.) These codes are used when transferring money between banks, particularly for international wire transfers, and also for the exchange of other messages between banks. The codes can sometimes be found on account statements. SWIFT and BIC codes are basically the same.
The SWIFT code is 8 or 11 characters,
Example: BBBBUS3MXXX

• BBBB 4 letters: Institution Code or bank code.
• US 2 letters: ISO 3166-1 alpha-2 country code
• 3M 2 letters or digits: location code
• If the second character is "0", then it is typically a test BIC as opposed to a BIC used on the live network.
• If the second character is "1", then it denotes a passive participant in the SWIFT network
• If the second character is "2", then it typically indicates a reverse billing BIC, where the recipient pays for the message as opposed to the more usual mode whereby the sender pays for the message.
• XXX 3 letters or digits: branch code, optional ('XXX' for primary office)

Where an 8-digit code is given, it may be assumed that it refers to the primary office.

SWIFT Code Bank

SWIFT Code Bank used to Transfer fund to International banks. SWIFTCode Bank are provide the broadest coverage of national bank identifiers. SWIFT Code is identifying Bank Country branches. SWIFT Code Bank is unique for each branch.
 Swift Code is a standard format of Bank Identifier Codes (BIC) and it is unique identification code for a particular bank. These codes are used when transferring money between banks, particularly for international wire transfers. Banks also used the codes for exchanging other messages between them.
The Swift code consists of 8 or 11 characters. When 8-digits code is given, it refers to the primary office. The code formatted as below;

AAAA BB CC DDD

• First 4 characters - bank code (only letters)
• Next 2 characters - ISO 3166-1 alpha-2 country code (only letters)
• Next 2 characters - location code (letters and digits) (passive participant will have "1" in the second character)
• Last 3 characters - branch code, optional ('XXX' for primary office) (letters and digits)

Currently, there are over 40,000 “live” Swift codes. The "live" codes are for the partners who are actively connected to the Swift network. On top of that, there are more than 50,000 additional codes, which are used for manual transactions. These additional codes are for the passive participants.
The registrations of Swift Codes are handled by Society for Worldwide Interbank Financial Telecommunication (“SWIFT”) and their headquarters is located in La Hulpe, Belgium. SWIFT is the registered trademarks of S.W.I.F.T. SCRL with a registered address at Avenue Adèle 1, B-1310 La Hulpe, Belgium.

What is the difference between swift and BIC?

BIC and IBANN are used in EU (and some other OECD countries) for inter bank transfers. SWIFT is used everywhere for interbank transfers. In the US - IBAN system is not (yet, hopefully) available, so you have to use SWIFT. The codes may look the same, but these are different systems.

Below link are the SWIFT codes for all banks in Bangladesh. These SWIFT codes are only the active participants who are connected to SWIFT network. The passive participant’s codes are excluded from the list.

https://www.theswiftcodes.com/bangladesh/

What is MT103 (SWIFT)?

The MT103 is a SWIFT message format used for making payments. MT103 SWIFT payments are known as international wire transfers, telegraphic transfers, standard EU payments (SEPA payments), LVTS in Canada, etc.

MT103 fields
Field	Field Name
:20	Transaction Reference Number
:23B	Bank Operation Code
:32A	Value Date / Currency / Interbank Settled
:33B	Currency / Original Ordered Amount
:50A, F or K	Ordering Customer (Payer)
:52A or D	Ordering Institution (Payer's Bank)
:53A, B or D	Sender's Correspondent (Bank)
:54A, B or D	Receiver's Correspondent (Bank)
:56A, C or D	Intermediary (Bank)
:57A, B, C or D	Account with Institution (Beneficiary's Bank)
:59 or 59A	Beneficiary
:70	Remittance Information (Payment Reference)
:71A	Details of Charges (BEN / OUR / SHA)
:72	Sender to Receiver Information
:77B	Regulatory Reporting

SWIFT CATEGORY 1 MESSAGE - MT103 ONLY Field Tag Field Name Required contents for Straight-through Messages :20 Transaction Reference Number Sender's Unique Number :23B Bank Operation Code Use ‘CRED’ unless otherwise specifically agreed. :32A Value Date/Currency/Interbank Settled Amount YY MM DD CAD Amount :33B Currency/Original Ordered Amount ccyAmount :50A or :50K Ordering Customer Definition: The customer ordering the transaction Format: A – Account # & BIC/BEI K – Account # & Name and Address :52A Ordering Institution If required, Use only Option A If "Sending Bank" has more than 1 account in same currency with Scotiabank, message will not be a straight through, unless each account has a unique SWIFT TID. :53B Sender's Correspondent Definition: Use only where there are multiple account relationships in the currency of the transaction, between the Sender and the Receiver and one of these accounts is to be used for reimbursement. Must contain / + 7 digit account number (no spaces). :56A Intermediary Use only Option A The SWIFT BIC of the Head Office of the Account with Institution must be included. Leave BLANK if the "Account with the Institution" SWIFT BIC is the same or if it is the Receiving Bank (i.e. NOSCCATT). :57A Account with Institution or Definition: The financial institution at which the Ordering Party requests the Beneficiary to be paid. Format Option: SWIFT BIC alone or SWIFT BIC plus //CC + 9 digit Canadian Sort Code (no spaces) in Subfield 1. Leave BLANK, if NOSCCATT. :57B :57D Account with Institution or Account with Institution Use only for branches of receiver. Must contain //CC + 9 digit Canadian Sort Code (no spaces). Name and address of receiving branch plus //CC + 9 digit Canadian Sort Code. :59 or :59A Beneficiary Definition: The Party designated by the Ordering Party as the ultimate recipient of the funds. Format: (no letter) – Account # & Name and Address A – Account # & BIC/BEI :70 Remittance Information Definition: Information, from the Ordering Party to the Beneficiary Customer, about the reason for the payment. :71A Details of Charges BEN/OUR/SHA :71F or 71G Senders or Receivers Charges Definition: (F) currency and amount of the transaction charges deducted by the Sender and by previous banks in the transaction chain. (G) currency and amount of the transaction charges due to the Receiver. Please use as appropriate to our arrangements with your Bank. :72 Sender to Receiver Information Use of Codes /BEN/ or/REC/ will result in a non straight-through message. 􀂮 Page - 2 SWIFT CATEGORY 2nn MESSAGE Field Tag Field Name Required contents for Straight-through Messages :19 MT201, 203 Sum of Amounts Definition: The sum of all amounts appearing in designated fields within the message. Format: 17 number :20 Transaction Reference Number Definition: The Sender's unambiguous identification of the transaction. Its detailed form and content are at the discretion of the Sender. Format: 16x :21 Related Reference Definition: The identification of a transaction to which the current transaction is related. Format: 16x :30 MT201, 203 Value Date Definition: The identification of a date in the transaction. Format: 6n Date in ISO Form (YY MM DD) :32A MT200, 202 Value Date, CAD/USD Amount Definition: CAD/USD amount in the transaction. Format Option: 6n 3a 15 number :32B MT201, 203 CAD/USD Amount CAD/USD, Amount of each individual transaction. :52A Ordering Institution Definition: If "Received From" the financial institution (or branch) initiating the transfer. Format Option: Use Option A :53B Sender's Correspondent Definition: Use only where there are multiple account relationships in the currency of the transaction, between the Sender and the Receiver and one of these accounts is to be used for reimbursement. Must contain / +7 digit account number (no spaces). :56A􀀭 Intermediary Use only Option A. The SWIFT BIC of the Head Office of the Account Institution must be included. Leave BLANK if the "Account with the Institution" SWIFT BIC is the same or if it is the Receiving Bank (i.e. NOSCCATT). :57A􀀭 :57D Account with Institution or Account with Institution Definition: The financial institution at which the Ordering Party requests the Beneficiary to be paid. Format Option: SWIFT BIC alone or SWIFT BIC plus //CC + 9 digit Canadian Sort Code (no spaces) in Subfield 1. Leave BLANK, if NOSCCATT. Name and address of receiving branch plus //CC + 9 digit Canadian Sort Code. :58A Beneficiary Institution Use Option A :72 Sender to Receiver Information Use of Codes /REC/ or /BEN/ will result in a non straight-through message. 􀀭 56A and 57A: Transactions in USD will require “repair”. Sort Codes for every financial institution in Canada are listed in a Directory available from the Canadian Payments Association