How to read SWIFT CODE:METWAU4BTSY (SUNCORP METWAY LIMITED-BRISBANE-TREASURY?OPERATIONS)
SWIFT Code/ BIC Code Format:
SWIFT code is 8 or 11 characters: -e.g. METWAU4BTSY
4 letters: Institution Code or bank code: - METW AU4BTSY
2 letters: ISO 3166-1 alpha-2 country code: - METW AU 4BTSY
2 letters or digits: location code. - METWAU 4B TSY
Second character is 0": Then it is a test BIC as opposed to a BIC used on the live network.
Second character is 1": Then it denotes a passive participant in the SWIFT network
Second character is 2": Then it 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.
3 letters or digits: branch code, optional (XXX for primary office) METWAU4B TSY
Where an 8-digit code is given, it may be assumed that it refers to the primary office.
What is SWIFT Code or BIC?
SWIFT Organization has defined standard format of Business Identifier Codes which is called as SWIFT code or BIC Code.
This is an unique identification code for both financial and non-financial institutions whic can be used while doing international wire transfers, and also for the exchange of other messages between banks.
SWIFT handles the registration of SWIFT codes across the world.
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The Australian BSB (Bank/ State/ Branch) code is a 6-digit code that precedes the actual bank account number which is used to identify individual branch of a financial institution in Australia. The first 3 digits represent the bank institution code, and the last 3 digits represent the actual branch code for the beneficiary account. The BSB code is required for all wires going to Australia.
BSB Number is used in Australian Paper Clearing System (APCS) and Bulk Electronic Clearing System (BECS) payment systems. In APCS payment system, BSB and Account number are used to identify the account to be debited and are printed on the cheque. Meanwhile in BECS system, BSB and account numbers are used when transferring funds via the Direct Entry System.
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