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Because SWIFT code is the only international identification for the specific bank.

Read more about in this link: http://en.wikipedia.org/wiki/Society_for_Worldwide_Interbank_Financial_Telecommunication

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14y ago

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Is swift code and routing number the same?

No the swift code and routing number are not the same. The swift code is used when transferring money internationally. The routing number is American based and used when transferring money in America.


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To wire transfer money internationally, you typically need to provide your bank with the recipient's name, account number, and the SWIFT code of their bank. Your bank will then send the funds through the SWIFT network to the recipient's bank, where they can access the money. Fees and processing times may vary depending on the banks involved.


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A SWIFT banking code stands for Society for Worldwide Interbank Financial Telecommunication. This code is used internationally to identify a bank for international money transfers. It is similar to the bank routing number used in the U.S. to identify a bank. For example, if you did work for an international company, they might request your bank's SWIFT code in order to correctly transfer money into your bank account.


What do I need to wire money internationally?

To wire money internationally, you typically need the recipient's full name, bank account number, SWIFT code, and the recipient's bank address. Additionally, you may need to provide identification and complete a form at your bank or financial institution.


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