PSIBINBB482 | SWIFT codes

Swift code PSIBINBB482

Swift code: PSIBINBB482
Bank: Punjab And Sind Bank
Branch: Fatehpuri Branch
Bank address: Delhi, India

All SWIFT codes of Punjab And Sind Bank

All banks of India

What's SWIFT code

A SWIFT code, which stands for Society for Worldwide Interbank Financial Telecommunication code, is an international bank code that identifies particular banks worldwide. It's also known as a Bank Identifier Code (BIC). These codes are used when transferring money between banks, particularly for international wire transfers or SEPA payments, and also for the exchange of other messages between banks.

A SWIFT code can be 8 or 11 characters long

The first 4 characters are the bank code (letters only).
The next 2 characters are the country code (letters only).
The next 2 characters are the location code (letters and digits).
If the second character is "0", then it is typically a test BIC as opposed to a BIC used on the live network.
The last 3 characters are optional and represent the branch code (letters and digits).
This part is optional and helps specify a particular branch of the bank.

For example, in the SWIFT code CITIUS33XXX:

CITI represents the bank code for Citibank;
US is the country code for the United States;
33 is the location code for New York;
XXX is an optional branch code.

FAQ

What is a SWIFT code?

A SWIFT code is a unique identification code assigned to every financial and non-financial institution. This code is used for transferring money securely between banks across the globe. It consists of 8 to 11 characters that signify the bank's name, country, location, and branch.

Why do I need a SWIFT Code for international transfers?

For international wire transfers, a SWIFT code is essential to ensure that your money reaches the correct bank and branch. Without this code, there may be delays or the possibility of the funds being sent to the wrong institution. It acts as a global identifier for each bank.

Is there a difference between a SWIFT Code and an IBAN?

Yes, there is a difference. While a SWIFT code identifies the bank and its branch, an International Bank Account Number (IBAN) is used to identify an individual account involved in the international transaction. Both are required for international money transfers.

Can a bank have more than one SWIFT Code?

Yes, a bank can have multiple SWIFT codes. Large banks with several branches in different countries or regions might have different SWIFT codes for each branch or service offered. It's important to use the correct SWIFT code corresponding to the specific branch where you have your account.