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Your Guide to Bank of America SWIFT Codes
sshepard / Getty Images When transferring money between banks, the sending bank has to have some way to identify the bank it’s transferring the funds to. In the case of international money transfers, banks use a SWIFT code, which is a bank identification code that uniquely identifies the receiving bank. Here’s everything you need to know about your Bank of America SWIFT code, including how this number is different from your routing number. What Is a SWIFT Code?A SWIFT code — also known as a bank identifier code — is used for international wire transfers. The code identifies the bank where the money is being sent. Here’s a breakdown of the characters used in Bank of America’s SWIFT code and what they mean:
How To Find Your Bank of America SWIFT CodeBank of America, Member FDIC, has two SWIFT codes — one for U.S. dollars and one for foreign currency. If you’re unsure of the type of currency in your account, you should default to the SWIFT code for U.S. dollars, according to Bank of America. You can find Bank of America’s SWIFT codes here.
Don’t Miss: How To Avoid Bank of America Checking Account Fees How Is Your Bank of America SWIFT Code Used?Your Bank of America SWIFT code will allow you to receive money from an international bank. For example, if you run a business and a customer who lives and banks in a foreign country wants to wire you money using a SWIFT code, these are the steps the customer would take:
Related: Here’s How To Find Your Bank of America Routing Number Bank of America SWIFT Code vs. Routing NumberBank of America’s routing numbers and SWIFT codes might seem like the same type of identifying numbers, but they’re not. Here’s an FAQ section to break down the differences: What are SWIFT codes and routing numbers used for?SWIFT codes are used for international transactions of an electronic nature, including buying and selling securities, transferring money and corporate actions, notifications and instructions. Routing numbers are used for domestic electronic transactions, including funds transfer, direct deposit, bill payments and digital checks. Also Check Out: Here’s How To Find Your Bank of America Routing Number Who developed the SWIFT code or routing number?SWIFT codes were developed by the Society for Worldwide Interbank Financial Telecommunication, which is a global member-owned cooperative that serves as the worldwide leader in secure financial messaging services such as the SWIFT network. The ABA routing number was developed by the American Bankers Association. The ABA represents banks of all sizes and types, particularly those with $250 million or less in assets. How many characters are in a SWIFT code or a routing number?A SWIFT code is composed of eight or 11 characters. The reason there’s variance is that characters 9, 10 and 11 are optional. An ABA routing number is composed of nine numbers. What other names are used to refer to a SWIFT code or routing number?A SWIFT code is also known as a BIC, BIC code or bank identifier code. A routing number is also known as an ABA number, a check routing number and a routing transit number, or RTN. Want to know more? Check out SWIFT Codes: What They Are and How To Find Them. Information is accurate as of Sept. 21, 2022. Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article. Cynthia Measom is a personal finance writer and editor with over 12 years of collective experience. Her articles have been featured in MSN, AOL, Yahoo Finance, INSIDER, Houston Chronicle, The Seattle Times and The Network Journal. She attended the University of Texas at Austin and earned a Bachelor of Arts degree in English. Learn More How do I find my Bank of America SWIFT code?To find your SWIFT code, log into your online banking, or take a look at a recent bank statement. You can also use the handy tools available here to look up or verify the SWIFT code you need. Getting the correct SWIFT code for your payment is important.
Is SWIFT code same for all branches?Is a SWIFT code the same for all branches? This varies by bank. Some banks use the same SWIFT code for all their branches while other banks designate a unique SWIFT code for each branch. If you are unsure of which code to use, you can typically use the bank's head office SWIFT code to send money.
What is bank SWIFT code in USA?A SWIFT code (also called a BIC code) is an alphanumeric code used to identify specific banks in the US and around the world. An important part of international money transfers, SWIFT codes are often used for international wire transfers and currency exchange.
How do I know which SWIFT code to use?To find a bank's swift code, go to their website to see if its listed in their international payments section or FAQs. Or, call the bank and ask an employee for the swift code. Alternatively, use a swift code website, like theswiftcodes.com. You might find your own bank's swift code on your bank statement.
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