SWIFT Code

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swift code

SWIFT Code, also known as a Bank Identifier Code (BIC), is a unique code assigned to bank and financial institutions for the purpose of identifying them in international transactions. The SWIFT network is used for sending money across borders, processing payments, and exchanging financial messages between banks globally.

In Sri Lanka, like other countries, each bank has its own SWIFT code that helps international transactions reach the correct financial institution. The SWIFT code is typically an 8 or 11character string that uniquely identifies a bank. It consists of four components:

  1. Bank code (4 characters) – The name of the bank (e.g., BCEY for Bank of Ceylon).
  2. Country code (2 characters) – The country where the bank is located (e.g., LK for Sri Lanka).
  3. Location code (2 characters) – Specifies the bank’s main office or city location (e.g., LX for Colombo).
  4. Branch code (3 characters, optional) – Used if you need to identify a specific branch (e.g., 001 for a particular branch, Colombo city office).

For instance, the Bank of Ceylon has the SWIFT code CEYLLKLX, where:

  • BCEY: Refers to Bank of Ceylon.
  • LK: Stands for Sri Lanka.
  • LX: Represents the bank’s location in Colombo (or a particular branch).

The SWIFT code ensures that international payments, such as wire transfers, reach the correct bank in Sri Lanka. However, while the SWIFT code identifies the bank on a global scale, it does not pinpoint a specific branch.

Branch Code: Identifying Local Branch

While the SWIFT code is used for international transactions, domestic transactions within Sri Lanka use a branch code to identify specific bank branches. This code helps to route payments and other transactions to the correct local branch.

In Sri Lanka, the Bank of Ceylon (and many other banks) uses a system where each branch has its own unique branch code. For example:

  • 7010 is the bank code for Bank of Ceylon.
  • Branches like Addalachchenai might have the code 448.

When sending money domestically within Sri Lanka, these branch codes are critical for directing funds accurately to the right branch of the bank. In a transaction, the sender will provide both the bank code and the branch code to ensure that the transfer reaches the intended location.

IBAN: International Bank Account Number

The International Bank Account Number (IBAN) is another critical tool for ensuring the smooth processing of international transactions. An IBAN is an internationally recognized system of identifying bank accounts across national borders. It standardizes the format of account numbers to make international payments easier and more secure.

As of now, Sri Lanka does not use the IBAN system as part of its regular banking procedures.

How These Codes Work Together?

When transferring money to or from Sri Lanka, understanding how these codes work together is crucial:

  • For international transfers, you will need the SWIFT code of the recipient bank.
  • For domestic transfers, the bank code and branch code will direct the funds to the correct location within Sri Lanka.
  • Sri Lankan banks does not use the IBAN and no need to fill the code.

The SWIFT code, and branch code system are all integral components of the banking infrastructure in Sri Lanka, each serving a specific function in the facilitation of payments and financial transactions. For specific BIC and branch codes, refer particular bank details as follows:

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