What is SWIFT?
SWIFT (Society for Worldwide Interbank Financial Telecommunications) is like an interconnected body for all the Banks globally which ensures quick and accurate transfer of information, funds, etc. For this purpose each Bank has been assigned a unique code (also called BIC or Business Identifier Code) through which they are identified. In certain cases these codes specify a specific branch of the Bank.
What does the SWIFT Code Look like?
So SWIFT Code is an 8-11 alphanumeric code and has the following characteristics
Wait, isn’t IFSC Code used for the same purpose?
Well, technically yes but there is a Subtle difference between the 2. IFSC Code is used to locate Bank Branches within India, it is NOT an internally recognised Code. SWIFT is a Global Code, and can be used to identify Banks anywhere across the Globe.
But where is this SWIFT Code used?
SWIFT comes in Handy when you’re dealing with International Payments - both sending and receiving.
Ok, now let’s look at the SWIFT Code for Punjab National Bank.
As explained abode the first 4 letters represent the Bank Code. For Punjab National Bank this is “PUNB”
Next 2 Letters are “IN”
Next 2 Letters represent the Head Office of PNB which is “BB”.
So SWIFT Code for Punjab National Bank is PNBINBBXXX.
Last 4 Letters represent the Location of the Branch. I've attached a list of all the branches of PNG along with their SWIFT Codes
SWIFT (Society for Worldwide Interbank Financial Telecommunications) is like an interconnected body for all the Banks globally which ensures quick and accurate transfer of information, funds, etc. For this purpose each Bank has been assigned a unique code (also called BIC or Business Identifier Code) through which they are identified. In certain cases these codes specify a specific branch of the Bank.
What does the SWIFT Code Look like?
So SWIFT Code is an 8-11 alphanumeric code and has the following characteristics
- First 4 letters is the Bank Code
- Next 2 Letters represent the Country Code (IN for India)
- Next 2 Letters represent the Location of Head Office of that particular Bank
- Last 3 Letters represent the Location of Branch.
Wait, isn’t IFSC Code used for the same purpose?
Well, technically yes but there is a Subtle difference between the 2. IFSC Code is used to locate Bank Branches within India, it is NOT an internally recognised Code. SWIFT is a Global Code, and can be used to identify Banks anywhere across the Globe.
But where is this SWIFT Code used?
SWIFT comes in Handy when you’re dealing with International Payments - both sending and receiving.
Ok, now let’s look at the SWIFT Code for Punjab National Bank.
As explained abode the first 4 letters represent the Bank Code. For Punjab National Bank this is “PUNB”
Next 2 Letters are “IN”
Next 2 Letters represent the Head Office of PNB which is “BB”.
So SWIFT Code for Punjab National Bank is PNBINBBXXX.
Last 4 Letters represent the Location of the Branch. I've attached a list of all the branches of PNG along with their SWIFT Codes
